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Hingham Institution for Savings (HIFS)

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Previous Close198.54
Open203.24
Bid0.00 x 1000
Ask0.00 x 2200
Day's Range200.00 - 205.64
52 Week Range125.55 - 216.82
Volume5,178
Avg. Volume3,452
Market Cap439.432M
Beta (5Y Monthly)N/A
PE Ratio (TTM)9.95
EPS (TTM)20.66
Earnings DateJan 14, 2021 - Jan 18, 2021
Forward Dividend & Yield1.80 (0.91%)
Ex-Dividend DateOct 02, 2020
1y Target EstN/A
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  • GlobeNewswire

    Hingham Savings Reports Third Quarter 2020 Results

    HINGHAM, Mass., Oct. 13, 2020 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced third quarter results for 2020. EarningsNet income for the quarter ended September 30, 2020 was $15,206,000 or $7.12 per share basic and $6.96 per share diluted, as compared to $9,033,000 or $4.23 per share basic and $4.14 per share diluted for the same period last year.  The Bank’s annualized return on average equity for the third quarter of 2020 was 22.23%, and the annualized return on average assets was 2.26%, as compared to 15.33% and 1.40% for the same period in 2019.  Net income per share (diluted) for the third quarter of 2020 increased by 68% over the same period in 2019. Core net income for the third quarter of 2020, which represents net income excluding the after-tax gains and losses on securities, both realized and unrealized, was $12,394,000 or $5.80 per share basic and $5.68 per share diluted, as compared to $8,801,000 or $4.12 per share basic and $4.03 per share diluted for the same period last year.  The Bank’s annualized core return on average equity for the third quarter of 2020 was 18.12%, and the annualized core return on average assets was 1.84%, as compared to 14.94% and 1.37% for the same period in 2019.  Core net income per share (diluted) for the third quarter of 2020 increased by 41% over the same period in 2019.Net income for the nine months ended September 30, 2020 was $33,729,000 or $15.79 per share basic and $15.46 per share diluted, as compared to $27,563,000 or $12.92 per share basic and $12.63 per share diluted for the same period last year.  The Bank’s annualized return on average equity for the first nine months of 2020 was 17.19%, and the annualized return on average assets was 1.68%, as compared to 16.17% and 1.47% for the same period in 2019.  Net income per share (diluted) for the first nine months of 2020 increased by 22% over the same period in 2019.Core net income for the nine months ended September 30, 2020 was $31,809,000 or $14.89 per share basic and $14.58 per share diluted, as compared to $24,182,000 or $11.33 per share basic and $11.08 per share diluted for the same period last year.  The Bank’s annualized core return on average equity for the first nine months of 2020 was 16.21%, and the annualized core return on average assets was 1.59%, as compared to 14.19% and 1.29% for the same period in 2019.  Core net income per share (diluted) for the first nine months of 2020 increased by 32% over the same period in 2019.See page 9 for a Non-GAAP reconciliation between net income and core net income.  In calculating core net income, the Bank does not make any adjustments other than those relating to after-tax gains and losses on securities, realized and unrealized.Balance SheetTotal assets increased to $2.719 billion at September 30, 2020, representing 7% annualized growth year-to-date and 10% growth from September 30, 2019.Net loans totaled $2.359 billion at September 30, 2020, representing 8% annualized growth year-to-date and 10% growth from September 30, 2019.  Growth was concentrated in the Bank’s commercial real estate portfolio. Total deposits, including wholesale deposits, increased to $2.027 billion at September 30, 2020, representing 15% annualized growth year-to-date and 19% growth from September 30, 2019.  Total retail and business deposits increased to $1.532 billion at September 30, 2020, representing 10% annualized growth year-date and 8% growth from September 30, 2019.  Non-interest bearing deposits, included in retail and business deposits, increased to $303.8 million at September 30, 2020, representing 37% annualized growth year-to-date and 31% growth from September 30, 2019.  During the first nine months of 2020, the Bank continued to reduce the balance of excess reserves held at the Federal Reserve Bank and reallocated its wholesale funding mix between wholesale time deposits and Federal Home Loan Bank advances in order to reduce the cost of funds.Book value per share was $130.24 as of September 30, 2020, representing 17% annualized growth year-to-date and 17% growth from September 30, 2019.  In addition to the increase in book value per share, the Bank has declared $2.31 in dividends per share since September 30, 2019, including a special dividend of $0.60 per share declared during the fourth quarter of 2019.  The Bank increased its regular dividend per share in each of the last four quarters.Operational Performance MetricsThe net interest margin for the quarter ended September 30, 2020 increased 69 basis points to 3.46%, as compared to 2.77% for the same period last year.  The Bank has benefited from a sharp decline in the cost of interest-bearing liabilities, including both interest-bearing retail and commercial deposits, as well as wholesale funding from the Federal Home Loan Bank, brokered time deposits and listing services time deposits.  This benefit was partially offset by a decline in the yield on interest-earning assets, driven primarily by the decline in the interest on excess reserves held at the Federal Reserve Bank of Boston and a lower yield on loans during the same period.Key credit and operational metrics remained strong in the third quarter. At September 30, 2020, non-performing assets totaled 0.23% of total assets, compared to 0.22% at December 31, 2019 and 0.05% at September 30, 2019.  Non-performing loans as a percentage of the total loan portfolio totaled 0.10% at September 30, 2020, compared to 0.25% at December 31, 2019 and 0.06% at September 30, 2019. At September 30, 2020, the Bank owned $3.9 million in foreclosed property, consisting exclusively of a residential property on Nantucket that was purchased at auction in January 2020 for $3.6 million.  This balance includes the capitalization of repairs and improvements completed by the Bank following acquisition.  This collateral secured a non-performing loan which comprised the substantial majority of non-performing assets at December 31, 2019.  The Bank listed the property located at 14 Orange Street for sale in July 2020.  Potential buyers are encouraged to contact our broker, Ms. Gloria Grimshaw of Jordan Real Estate, at 508-228-4449 (extension 109) or at gloria@jordanre.com directly.  At December 31, 2019 and September 30, 2019, the Bank did not own any foreclosed property. The Bank recorded $709,000 of net charge-offs for the first nine months of 2020, composed of four charge-offs offset by minor recoveries, as compared to $1,000 in net recoveries for the same period last year.  These charge-offs were primarily associated with residential mortgage loans subject to foreclosure.  The Bank continues to pursue recovery of these deficiencies via litigation.At September 30, 2020, the Bank had modified less than 1% of the Bank’s total loan portfolio by number and less than 3% by dollar in response to COVID-19.  The nature of these modifications was described in the Bank’s Form 10-Q for the second quarter of 2020 and, with de minimis exceptions, all such modifications were completed in the first and second quarters. All such modifications are performing in accordance with their modified terms or have returned to their original contractual terms.  The Bank has not extended and does not plan to extend further forbearance other than as may be required by law.  As previously noted, the Bank did not defer the collection of interest on any commercial mortgages.   The efficiency ratio, as defined on page 4 below, was 23.50% for the third quarter of 2020, as compared to 29.28% for the same period last year.  Operating expenses as a percentage of average assets remained stable at 0.81% in the third quarter of 2020, the same as the comparable period last year.  The Bank remains focused on reducing waste through an ongoing process of continuous improvement.Chairman Robert H. Gaughen Jr. stated, “During this rapidly developing period of economic uncertainty, there may be unusual opportunities - to deploy capital on attractive terms, to develop new relationships with strong customers, to recruit talented staff, and to invest in digital tools to reduce costs and deliver more value for our customers.  We are capitalizing on these opportunities.  In doing so, we remain focused on careful capital allocation, defensive underwriting and disciplined cost control - the building blocks for compounding shareholder capital through all stages of the economic cycle.  These remain constant, regardless of the macroeconomic environment in which we operate.”The Bank’s quarterly financial results are summarized in the earnings release, but shareholders are encouraged to read the Bank’s quarterly reports on Form 10-Q, which are generally available several weeks after the earnings release.  The Bank expects to file Form 10-Q for the quarter ended September 30, 2020 with the FDIC on or about November 4, 2020.Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks.  The Bank maintains offices in Boston, Nantucket, and Washington, D.C. The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.HINGHAM INSTITUTION FOR SAVINGS Selected Financial Ratios Three Months Ended  September 30, Nine Months Ended  September 30,  2019 2020 2019 2020 (Unaudited)                         Key Performance Ratios            Return on average assets (1)1.40% 2.26% 1.47% 1.68% Return on average equity (1)15.33  22.23  16.17  17.19  Core return on average assets (1) (5)1.37  1.84  1.29  1.59  Core return on average equity (1) (5)14.94  18.12  14.19  16.21  Interest rate spread (1) (2)2.42  3.31  2.36  2.93  Net interest margin (1) (3)2.77  3.46  2.69  3.15  Operating expenses to average assets (1)0.81  0.81  0.83  0.82  Efficiency ratio (4)29.28  23.50  30.70  26.10  Average equity to average assets9.16  10.18  9.08  9.79  Average interest-earning assets to average interest-             bearing liabilities120.49   124.72   120.31   122.96                September 30, 2019  December 31, 2019  September 30, 2020 (Unaudited)                         Asset Quality Ratios            Allowance for loan losses/total loans 0.70%  0.69%  0.71% Allowance for loan losses/non-performing loans 1,138.01   274.57   699.75               Non-performing loans/total loans 0.06   0.25   0.10  Non-performing loans/total assets 0.05   0.22   0.09  Non-performing assets/total assets 0.05   0.22   0.23               Share Related            Book value per share$111.47  $115.75  $          130.24  Market value per share$189.00  $210.20  $          184.00  Shares outstanding at end of period 2,133,750   2,135,750   2,136,900  (1) Annualized. (2) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. (3) Net interest margin represents net interest income divided by average interest-earning assets. (4) The efficiency ratio represents total operating expenses, divided by the sum of net interest income and total other income, excluding gain on equity securities, net. (5) Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax gain on equity securities, net.HINGHAM INSTITUTION FOR SAVINGS Consolidated Balance Sheets(In thousands, except share amounts)September 30, 2019 December 31, 2019 September 30, 2020 (Unaudited)         ASSETS                   Cash and due from banks$10,233 $9,057 $9,816 Federal Reserve and other short-term investments 221,022  243,090  229,555 Cash and cash equivalents 231,255  252,147  239,371           CRA investment 7,948  7,910  8,604 Debt securities available for sale 11  11  6 Other marketable equity securities 38,981  39,265  48,744 Securities, at fair value 46,940  47,186  57,354 Federal Home Loan Bank stock, at cost 23,615  24,890  18,985 Loans, net of allowance for loan losses of $15,090         at September 30, 2019, $15,376 at December 31, 2019         and $16,780 at September 30, 2020 2,140,514  2,227,062   2,358,983 Foreclosed assets —  —  3,926 Bank-owned life insurance 12,661  12,727  12,895 Premises and equipment, net 14,339  14,548  15,294 Accrued interest receivable 4,912  4,926  5,116 Deferred income tax asset, net 1,303  1,213  1,176 Other assets 4,833  5,647  6,045 Total assets$2,480,372 $2,590,346 $2,719,145 LIABILITIES AND STOCKHOLDERS’ EQUITYInterest-bearing deposits$1,474,113 $1,583,280 $1,722,970 Non-interest-bearing deposits 231,616  237,554  303,774 Total deposits 1,705,729  1,820,834  2,026,744 Federal Home Loan Bank advances 519,900  505,200  399,031 Mortgage payable 703  687  — Mortgagors’ escrow accounts 7,544  7,815  8,105 Accrued interest payable 2,198  960  274 Other liabilities 6,445  7,627  6,679 Total liabilities 2,242,519  2,343,123  2,440,833           Stockholders’ equity:         Preferred stock, $1.00 par value,         2,500,000 shares authorized, none issued —  —   — Common stock, $1.00 par value, 5,000,000 shares         authorized; 2,133,750 shares issued and outstanding at          September 30, 2019, 2,135,750 shares issued and outstanding         and December 31, 2019 and 2,136,900 shares issued and         outstanding at September 30, 2020 2,134  2,136   2,137 Additional paid-in capital 12,073  12,234  12,371 Undivided profits 223,646  232,853  263,804 Accumulated other comprehensive income —  —  — Total stockholders’ equity 237,853  247,223  278,312 Total liabilities and stockholders’ equity$2,480,372 $2,590,346 $2,719,145 HINGHAM INSTITUTION FOR SAVINGS Consolidated Statements of Income Three Months Ended  Nine Months Ended  September 30,  September 30, (In thousands, except per share amounts)2019 2020 2019  2020 (Unaudited)            Interest and dividend income:            Loans$26,153 $26,193 $74,049 $77,759 Equity securities 518  441  1,503  1,402 Federal Reserve and other short-term investments 1,527  47  4,716  844 Total interest and dividend income 28,198  26,681  80,268  80,005 Interest expense:            Deposits 7,585  3,285  20,805  13,618 Federal Home Loan Bank and Federal Reserve Bank advances 3,099  567  9,766  4,456 Mortgage payable 11  —  33  3 Total interest expense 10,695  3,852  30,604  18,077 Net interest income 17,503  22,829  49,664  61,928 Provision for loan losses 302  350  1,282  2,113 Net interest income, after provision for loan losses 17,201  22,479  48,382  59,815 Other income:            Customer service fees on deposits 213  181  598  501 Increase in cash surrender value of bank-owned life insurance 61  51  185  168 Gain on equity securities, net 298  3,607  4,337  2,463 Gain on disposal of fixed assets —  —  —  218 Miscellaneous 42  33  125  114 Total other income 614  3,872  5,245  3,464 Operating expenses:            Salaries and employee benefits 3,290  3,210  9,614  9,877 Occupancy and equipment 453  503  1,354  1,432 Data processing 419  502  1,154  1,466 Deposit insurance 22  212  530  649 Foreclosure 34  167  101  321 Marketing 188  116  497  400 Other general and administrative 811  718  2,276  2,281 Total operating expenses 5,217  5,428  15,526  16,426 Income before income taxes 12,598  20,923  38,101  46,853 Income tax provision 3,565  5,717  10,538  13,124 Net income$9,033 $15,206 $27,563 $33,729              Cash dividends declared per share$0.40 $0.45 $1.17 $1.30              Weighted average shares outstanding:            Basic 2,134  2,137  2,133  2,137 Diluted 2,183  2,183  2,182  2,181              Earnings per share:            Basic$4.23 $7.12 $12.92 $15.79 Diluted$4.14 $6.96 $12.63 $15.46 HINGHAM INSTITUTION FOR SAVINGS Net Interest Income Analysis Three Months Ended September 30,    2019  2020   AVERAGE BALANCE INTEREST YIELD/ RATE (8)  AVERAGE BALANCE  INTEREST YIELD/ RATE (8)  (Dollars in thousands)                  (Unaudited)                                     Loans (1) (2)$2,191,324 $26,153 4.77% $2,391,761 $26,193 4.38% Securities (3) (4) 58,133  518 3.56   63,151  441 2.79  Federal Reserve and other short-term investments 279,802  1,527 2.18   184,710  47 0.10  Total interest-earning assets 2,529,259  28,198 4.46   2,639,622  26,681 4.04  Other assets 43,578        48,456       Total assets$2,572,837       $2,688,078                          Interest-bearing deposits (5)$1,616,151  7,585 1.88  $1,756,238  3,285 0.75  Borrowed funds 482,975  3,110 2.58   360,271  567 0.63  Total interest-bearing liabilities 2,099,126  10,695 2.04   2,116,509  3,852 0.73  Non-interest-bearing deposits 230,505        290,803       Other liabilities 7,514        7,156       Total liabilities 2,337,145        2,414,468       Stockholders’ equity 235,692        273,610       Total liabilities and stockholders’ equity$2,572,837       $2,688,078       Net interest income   $17,503       $22,829                       Weighted average spread      2.42%       3.31%                    Net interest margin (6)      2.77%       3.46%                    Average interest-earning assets to average                  interest-bearing liabilities (7) 120.49%       124.72%      (1) Before allowance for loan losses.  (2) Includes non-accrual loans.  (3) Excludes the impact of the average net unrealized gain or loss on securities.  (4) Includes Federal Home Loan Bank stock.  (5) Includes mortgagors' escrow accounts.  (6) Net interest income divided by average total interest-earning assets.  (7) Total interest-earning assets divided by total interest-bearing liabilities.  (8) Annualized.HINGHAM INSTITUTION FOR SAVINGS Net Interest Income Analysis Nine Months Ended September 30,    2019  2020   AVERAGE BALANCE INTEREST YIELD/ RATE (8)  AVERAGE BALANCE INTEREST YIELD/ RATE (8)  (Dollars in thousands)                  (Unaudited)                                     Loans (1) (2)$2,134,186 $74,049 4.63% $2,347,466 $77,759 4.42% Securities (3) (4) 57,118  1,503 3.51   66,107  1,402 2.83  Federal Reserve and other short-term investments 270,882  4,716 2.32   211,847  844 0.53  Total interest-earning assets 2,462,186  80,268 4.35   2,625,420  80,005 4.06  Other assets 41,483        46,361       Total assets$2,503,669       $2,671,781                          Interest-bearing deposits (5)$1,548,791  20,805 1.79  $1,621,175  13,618 1.12  Borrowed funds 497,694  9,799 2.63   513,925  4,459 1.16  Total interest-bearing liabilities 2,046,485  30,604 1.99   2,135,100  18,077 1.13  Non-interest-bearing deposits 222,280        267,162       Other liabilities 7,635        7,947       Total liabilities 2,276,400        2,410,209       Stockholders’ equity 227,269        261,572       Total liabilities and stockholders’ equity$2,503,669       $2,671,781       Net interest income   $49,664       $61,928                       Weighted average spread      2.36%       2.93%                    Net interest margin (6)      2.69%       3.15%                    Average interest-earning assets to average                  interest-bearing liabilities (7) 120.31%       122.96%      (1) Before allowance for loan losses.  (2) Includes non-accrual loans.  (3) Excludes the impact of the average net unrealized gain or loss on securities.  (4) Includes Federal Home Loan Bank stock.  (5) Includes mortgagors' escrow accounts.  (6) Net interest income divided by average total interest-earning assets.  (7) Total interest-earning assets divided by total interest-bearing liabilities.  (8) Annualized.HINGHAM INSTITUTION FOR SAVINGS Non-GAAP ReconciliationThe table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax gain on equity securities, net.            Three Months Ended Nine Months Ended  September 30, September 30, (In thousands, unaudited)2019  2020  2019  2020            Non-GAAP reconciliation:            Net income$9,033  $15,206  $27,563  $33,729  Gain on equity securities, net (298)  (3,607)  (4,337)  (2,463) Income tax expense (1) 66   795   956   543  Core net income$8,801  $12,394  $24,182  $31,809  (1) The equity securities are held in a tax-advantaged subsidiary corporation.  The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.        COVID-19 Modifications TableThe table below presents the number and outstanding balances of loans that the Bank has modified as a result of COVID-19 compared as a percentage of the total number and outstanding balances of the Bank's loan portfolio as of September 30, 2020, by loan category.  This table reflects all modifications in effect as of September 30, 2020 and as loans return to the original contractual terms, they are no longer reflected on this table. Outstanding Modified % Modified    of Loans Balance (2)  of Loans Balance  of Loans Balance (In thousands, unaudited)                                 Residential Real Estate (1)2,473 $688,008  24 $7,815 0.97% 1.14% Commercial Real Estate1,396  1,517,821  10  48,841 0.72  3.22  Construction64  157,333  —  — —  —  Commercial and Consumer551  9,729  —  — —  —  Total Loans4,484 $2,372,891  34 $56,656 0.76% 2.39% (1)  Includes Home Equity lines of credit (2)  Gross loans, before net deferred loan origination costs and the allowance for loan losses.CONTACT:    Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

  • Hingham Institution for Savings (NASDAQ:HIFS) Could Be A Buy For Its Upcoming Dividend
    Simply Wall St.

    Hingham Institution for Savings (NASDAQ:HIFS) Could Be A Buy For Its Upcoming Dividend

    Hingham Institution for Savings (NASDAQ:HIFS) stock is about to trade ex-dividend in 4 days. You can purchase shares...

  • GlobeNewswire

    Hingham Savings Increases Regular Dividend to $0.45 Per Share

    HINGHAM, Mass., Sept. 23, 2020 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS) (“the Bank”), Hingham, Massachusetts, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.45 per share. This represents an increase of 5% over the previous regular quarterly dividend of $0.43 per share. The dividend will be paid on October 14, 2020 to stockholders of record as of October 5, 2020. Robert H. Gaughen, Jr., Chairman and Chief Executive Officer of the Bank, in announcing the dividend, stated, “The Bank continues to produce strong returns on equity capital. The Bank regularly considers all capital allocation options and continues to return capital to the ownership through both regular and special dividends. This will be our 107th consecutive quarterly dividend and we have consistently increased regular quarterly cash dividends over the last twenty-five years. The Bank has also declared special cash dividends in each of the last twenty-five years, typically in the fourth quarter. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.”Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, and Washington, D.C.The Bank’s shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.CONTACT: Patrick R. Gaughen, President & Chief Operating Officer (781) 783-1761