Hingham Institution for Savings (HIFS) Q4 2024 earnings summary

Executive summary

• Net income for 2024 was $28.2M ($12.85 diluted EPS), up 7% year-over-year; core net income was $12.3M ($5.61 diluted EPS), down 15% year-over-year.

• Q4 2024 net income was $11.4M ($5.16 diluted EPS), up 79% year-over-year; core net income was $4.8M ($2.16 diluted EPS), up 154% year-over-year.

• Return on average equity for 2024 was 6.68%; core return on average equity was 2.92%.

• Total assets decreased 1% to $4.46B; net loans decreased 1% to $3.87B, reflecting lower originations.

• Retail and business deposits grew 7% to $1.997B; non-interest-bearing deposits rose 17% to $397.5M.

Financial highlights

• Book value per share rose 5% to $198.03; five-year CAGR in book value per share was 11.3%.

• Net interest margin for Q4 2024 was 1.24%, up from 1.07% in Q3 2024 and 0.89% in Q4 2023.

• Efficiency ratio improved to 52.30% in Q4 2024 from 71.58% in Q4 2023.

• Non-performing assets and loans remained low at 0.03% and 0.04% of total assets and loans, respectively.

• No charge-offs or foreclosed property recorded in 2024.

Outlook and guidance

• Management expects improving conditions as assets reprice higher and liabilities reprice lower.

• Continued focus on deposit growth, operational efficiency, and recruiting in key markets.

• Annual Meeting of Shareholders scheduled for April 30, 2025.