Hingham Institution Company profile
About Hingham Institution for Savings
Hingham Institution for Savings (the Bank) is a Massachusetts-chartered savings bank (the Bank). The Bank is principally engaged in the business of residential and commercial real estate mortgage lending, funded by a retail deposit network and borrowings. The Bank provides a range of financial services to individuals and small businesses through its approximately 10 offices in Boston and southeastern Massachusetts. Its primary deposit products are savings, checking, and term certificate accounts, and its primary lending products are residential and commercial mortgage loans secured by properties in Eastern Massachusetts. The Bank offers personal checking accounts, money market and savings accounts, as well as longer term certificates of deposit for individuals, businesses, non-profits, cities and towns. The Bank's loan portfolio includes residential real estate, commercial real estate, construction, home equity, commercial and consumer segments.
Financial summary
BRIEF: For the fiscal year ended 31 December 2021, Hingham Institution for Savings interest income increased 4% to $110.5M. Net interest income after loan loss provision increased 20% to $99.4M. Net income increased 33% to $67.5M. Net interest income after loan loss provision reflects Net Interest Margin, Total - % increase of 8% to 3.48%, Net Interest Spread, Total - % increase of 12% to 3.4%.
Equity composition
Common Stock $1 Par, 12/10, 5M auth., 2,124,250 issd. Insiders control 42.35%. IPO: 12/88, 753,832 shares (unsubscribed portion of 1,250,000 issd. upon conversion from mutual to stock form) @ $8.50 by Keefe, Bruyette & Woods, Inc. 10/98, 3-for-2 stock split. FY'00-'01 Summ. Q's are as reported by the Company.
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