Hingham Institution for Savings (HIFS) AGM 2025 summary

Opening remarks and agenda

• Welcomed attendees to the 191st Annual Meeting, marking the 35th anniversary as a public company, with both in-person and online participation.

• Introduced board members, CPA firm representatives, and Inspector of Elections.

• Outlined meeting structure: formal business, management presentation, and Q&A session with stakeholders.

• Confirmed meeting recording, voting procedures, and Safe Harbor statement.

• Meeting agenda included financial results and operating highlights.

Overview of voting outcomes

• Quorum established with 1,898,480 shares present in person or by proxy.

• Five Class 1 directors elected for three-year terms with at least 1,118,263 votes each.

• Jacqueline Youngworth re-elected as clerk with 98.96% approval.

• Executive compensation approved by majority vote.

• Annual frequency for say-on-pay votes adopted by majority.

• Wolf & Company ratified as independent auditors with 1,889,610 votes.

• No voting outcomes were detailed in the available content.

Financial performance review

• 2024 annual earnings reached $28.2 million, higher than 2023 in one source but down from $37.5 million in another.

• Return on equity for 2024 was 12.20%, outperforming state and peer averages.

• Book value per share at year-end 2024 was $165.52, with a 5-year CAGR of 11.3%.

• Net loans grew to $3.91 billion in 2024, with a 5-year CAGR of 11.7%.

• Deposits totaled $2.35 billion in 2024, reflecting a 5-year CAGR of 6.5%.

• Efficiency ratio rose to over 60%, with 2024 at 63.79%, above historical levels but average for the industry.

• Net charge-offs remained low, reflecting strong credit quality.

• Deposit growth highlighted by a 23% year-over-year increase in checking deposits, accelerating to 30% annualized in Q1.

• Net interest margin improved from 84-85 bps to 150 bps in Q1, with further gains expected.