Hingham Institution for Savings Announces Annual Earnings.HINGHAM Hingham (hĭng`əm), resort town (1990 pop. 19,821), Plymouth co., E Mass., S of Boston, on the south shore of Hingham Bay; inc. 1635. Hingham is primarily residential with some diverse light industry. Its bay shore draws annual visitors. , Mass. -- HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts Hingham is a town in Plymouth County on the South Shore of Massachusetts. The population was 29,882 at the 2000 census. Hingham is located 8 miles south of the Boston city limits. announced its earnings for 2006. Net income for the year ended December 31, 2006 was $4,640,000 or $2.19 per share ($2.19 basic) as compared to $6,171,000 or $2.92 per share ($2.95 basic) in 2005. Net income for the fourth quarter ended December 31, 2006 was $990,000 or $0.47 per share ($0.47 basic) compared to $1,545,000 or $0.73 per share ($0.74 basic) for the fourth quarter ended December 31, 2005. The Bank's return on average equity for 2006 was 9.18%, and the return on average assets was 0.71%. Strong growth trends of recent years continued in 2006 with a 10% increase in total assets, a 12% increase in total deposits, and a 10% increase in total loans over those of December 31, 2005. Asset quality continued to remain strong. As of December 31, 2006, the Bank had no foreclosed property and two nonperforming loans representing a minimal 0.02% of total assets. President Robert H. Gaughen, Jr. stated, "The interest rate environment continues to be challenging. The entire industry continues to experience pressures associated with margin compression and a flat yield curve Flat Yield Curve A chart that shows that the yields of bonds with short maturities are equal to the yields of bonds with longer maturities. . Although this is a less than ideal situation, we have been successful in partially offsetting the impact by continuing to generate profitable growth. Our challenge in 2007 will be to maintain our quality growth and effective cost control in a challenging interest rate environment." Total assets as of December 31, 2006 were $691,652,000 as compared to $628,251,000 at December 31, 2005. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased from $48,458,000 on December 31, 2005 to $51,818,000 on December 31, 2006 with a concomitant concomitant /con·com·i·tant/ (kon-kom´i-tant) accompanying; accessory; joined with another. concomitant adjective Accompanying, accessory, joined with another increase in book value per share from $23.01 on December 31, 2005 to $24.47 on December 31, 2006. Hingham Institution for Savings is a Massachusetts-chartered savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. located in Hingham, Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest in the Commonwealth. The Bank's main offices are located on Main Street, Hingham, Massachusetts 02043, phone (781) 749-2200. The Bank also maintains branch offices in South Hingham and the neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. towns of Cohasset, Hull, Scituate, and Weymouth. It opened its newest branch office in Boston's South End on October 2, 2006. The Bank's shares of common stock are listed and traded on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol HIFS. [TABLE OMITTED] [TABLE OMITTED] |
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