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HINGHAM INSTITUTION FOR SAVINGS QUARTERLY RESULTS

 HINGHAM, Mass, July 22 /PRNewswire/ -- Hingham Institution for Savings (NASDAQ: HIFS) announced a loss for the quarter ended June 30, 1993 of $1,317,000 or $1.04 per share. Robert H. Gaughen, Jr., president and chief executive officer, attributed the loss to $1,398,000 of nonrecuring expense relating to the proxy contest which resulted in the election of an opposition slate of directors at the April 29, 1993 Annual Meeting. He stated that these expenses were primarily legal expenses incurred as a result of previous management's extensive efforts at preserving their existing positions.
 Additionally, new management conducted a thorough review of the carrying value of foreclosed properties, which review resulted in additional write downs of $400,000 which are reflected in this quarter's earnings.
 Gaughen also stated that the total of real estate owned and nonaccruals at quarter end equaled $6,322,000 as opposed to $7,088,000 at the end of the first quarter of 1993. He further stated that a new management team is in place and looks forward to effectively resolving the bank's persistent asset quality problem while simultaneously commencing an aggressive community lending effort.
 HINGHAM INSTITUTE FOR SAVINGS
 Consolidated Statements of Operations
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 (In thousands except per share amounts)
 (Unaudited)
 Interest and dividend income:
 Loans $1,421 $1,934 $2,891 $3,893
 Investment securities 889 974 1,836 1,948
 Interest bearing
 deposits 22 22 38 52
 Total interest income 2,332 2,930 4,765 5,893
 Interest expense:
 Deposits 1,025 1,486 2,094 3,092
 Federal Home Loan Bank
 advances 164 198 345 434
 Total interest expense 1,189 1,684 2,439 3,526
 Net interest income 1,143 1,246 2,326 2,367
 Provision for possible
 loan losses 63 50 63 50
 Net interest income after
 provision for possible
 loan losses 1,080 1,196 2,263 2,317
 Non-interest income:
 Fees on deposit accounts 64 56 122 108
 Gain on sale of
 investments 218 153 572 336
 Fidelity Bond Insurance
 Settlement 0 0 515 0
 Other 41 38 65 73
 Total non-interest income 323 247 1,274 517
 Non-interest expense:
 Expenses related to proxy
 contest 1,398 0 1,508 0
 Salaries and employee
 benefits 374 382 749 750
 Data processing 73 73 149 152
 Occupancy and equipment 87 91 167 177
 Foreclosed properties, net 468 227 549 420
 Real estate held for
 investment, net 0 59 291 100
 Legal 30 25 69 44
 Deposit insurance 88 71 176 142
 Other 201 207 364 435
 Total non-interest
 expense 2,719 1,135 4,022 2,220
 Income (loss) before
 income tax expense (1,316) 308 (485) 614
 Income tax expense 1 1 2 2
 Net income (loss) (1,317) 307 (487) 612
 Income (loss) per common
 share (1.04) 0.25 (0.39) 0.49
 Weighted average shares
 outstanding 1,267 1,250 1,262 1,250
 See Accompanying Notes to Consolidated Financial Statements
 HINGHAM INSTITUTION FOR SAVINGS
 CONSOLIDATED BALANCE SHEETS
 (unaudited)
 (in thousands)
 June 30, Dec. 31,
 1993 1992
 ASSETS
 Cash and due from banks $2,420 $2,509
 Interest-bearing deposits
 in banks 7,074 941
 Total cash and cash
 equivalents 9,494 3,450
 Securities held for sale --
 market value of $63,604,000
 in 1993, and $66,494,000
 in 1992 62,990 66,183
 Loan, net of allowance for
 possible loan losses of
 $1,389,000 in 1993 and
 $1,501,000 in 1992 66,277 69,465
 Real estate owned or sub-
 stantively repossessed 4,620 2,938
 Real estate held for
 investment 0 2,796
 Accrued interest receivable 966 996
 Deferred income tax asset 400 400
 Federal Home Loan Bank stock,
 at cost 1,000 1,000
 Banking premises and equip-
 ment, net 1,566 1,620
 Other assets 683 612
 Total $147,996 $149,460
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits $118,679 $119,885
 Federal Home Loan Bank
 advances 15,000 15,000
 Accrued interest payable 320 409
 Mortgagors' escrow 152 148
 Other liabilities 536 306
 Total liabilities 134,687 135,748
 Stockholders' equity:
 Preferred stock, $1 par
 value, 2,500,000 shares
 authorized; none issued --- ---
 Common stock, $1 par value,
 5,000,000 shares author-
 ized; 1,267,840 and
 1,253,000 shares issued
 and outstanding 1,268 1,253
 Additional paid-in
 capital 8,425 8,380
 Retained earnings 3,616 4,103
 Total 13,309 13,736
 Net unrealized loss on
 marketable equity
 securities 0 (24)
 Total stockholders'
 equity 13,309 13,712
 Total $147,996 $149,460
 See accompanying Notes to Consolidated Financial Statements.
 -0- 7/22/93
 /CONTACT: Robert H. Gaughen, Jr., president, Hingham Institution for Savings, 617-749-2200/
 (HIFS)


CO: Hingham Institution for Savings ST: Massachusetts IN: FIN SU: ERN

CM -- NE020 -- 4849 07/22/93 18:12 EDT
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