欣厄姆银行 2024年度报告

FROM:Robert H. Gaughen, Jr., Chairman and Chief Executive OfficerHingham Institution for SavingsHingham, MA (NASDAQ: HIFS)DATE:October 10, 2025CONTACT:Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761 HINGHAM REPORTS THIRD QUARTER 2025 RESULTS HINGHAMINSTITUTION FOR SAVINGS(NASDAQ:HIFS),Hingham,Massachusettsannounced results for the quarter ended September 30, 2025. Earnings NetincomeforthequarterendedSeptember30,2025was$17,295,000or$7.93persharebasicand$7.85persharediluted,ascomparedto$5,846,000or$2.68persharebasicand$2.66persharedilutedforthesameperiodlastyear.TheBank’sannualizedreturnonaverageequityforthethirdquarterof2025was15.15%,andtheannualizedreturnonaverageassetswas1.54%,ascomparedto5.52%and0.54%forthesameperiodlastyear.Netincomepershare(diluted)forthethirdquarterof 2025 increased by 195.1% compared to the same period in 2024. CorenetincomeforthequarterendedSeptember30,2025,whichrepresentsnetincomeexcludingtheafter-taxnetgainonequitysecurities,bothrealizedandunrealized,was$8,509,000or$3.90persharebasicand$3.86persharediluted,ascomparedto$3,163,000or$1.45persharebasicand$1.44persharedilutedforthesameperiodlastyear.TheBank’sannualizedcorereturnonaverageequityforthethirdquarterof2025was7.45%andtheannualizedcorereturnonaverageassetswas0.76%,ascomparedto2.99%and0.29%forthesameperiodlastyear.Corenetincomepershare(diluted)for the third quarter of 2025 increased by 168.1% compared to the same period in 2024. NetincomefortheninemonthsendedSeptember30,2025was$33,833,000or$15.51persharebasicand$15.37persharediluted,ascomparedto$16,816,000or$7.73persharebasicand$7.67persharedilutedforthesameperiodlastyear.TheBank’sannualizedreturnonaverageequityforthefirstninemonthsof2025was10.07%,andtheannualizedreturnonaverageassetswas1.01%,ascomparedto5.35%and0.52%forthesameperiodin2024.Netincomepershare(diluted)forthefirst nine months of 2025 increased by 100.4% over the same period in 2024. Corenet incomefortheninemonths endedSeptember 30,2025,whichrepresentsnetincome excludingtheafter-taxnetgainonequitysecurities,bothrealizedandunrealized,was$22,087,000or$10.13persharebasicand$10.03persharediluted,ascomparedto$7,558,000or$3.47persharebasicand$3.45persharedilutedforthesameperiodlastyear.TheBank’sannualizedcorereturnonaverageequityforthefirstninemonthsof2025was6.57%,andtheannualizedcorereturnonaverageassetswas0.66%,ascomparedto2.41%and0.23%forthesameperiodin2024.Corenetincomepershare(diluted)forthefirstninemonthsof2025increasedby190.7%overthesameperiod in 2024. SeePage10forareconciliationbetweenGenerallyAcceptedAccountingPrinciples(“GAAP”)netincomeandNon-GAAPcorenetincome.UnderGAAP,gainsandlossesonequitysecurities,netoftax,realizedandunrealized,arerecognizedintheConsolidatedStatementsofIncome.Incalculatingcorenetincome,theBankdidnotmakeanyadjustmentsotherthanthoserelatingtotheafter-taxnetgainonequitysecurities,bothrealizedandunrealized.Inthefirstninemonthsof2024,bothnetincomeandcorenetincomewerepositivelyimpactedbylowerincometaxexpensedrivenbyexcesstaxbenefit associated with theexercise ofstock optionsand therevision ofstateincometaxestimates. Balance Sheet Totalassetsincreasedto$4.531billionatSeptember30,2025,representing2.2%annualizedgrowthyear-to-date and a 1.8% increase from September 30, 2024. Netloansincreasedto$3.914billionatSeptember30,2025,representing1.4%annualizedgrowthyear-to-dateanda1.3%increasefromSeptember30,2024.OriginationactivitywasconcentratedintheBoston and Washington D.C.markets and remained focused on stabilized multifamilycommercial real estate, although it remained below the Bank’s expectations given market conditions. Retailandcommercialdepositswere$1.991billionatSeptember30,2025,representinga0.4%annualizeddeclineyear-to-dateanda0.7%increasefromSeptember30,2024.Non-interest-bearingdeposits,includedinretailandcommercialdeposits,were$432.7millionatSeptember30,2025,representing 11.8% annualized growth year-to-date and 20.8% growth from September 30, 2024. Growthinnon-interestbearingdepositsinthefirstninemonthsof2025andoverthelastyearcontinuedtoreflecttheBank’sfocusondevelopinganddeepeningdepositrelationshipswithnewandexistingcommercialandnon-profitcustomers.TheBankcontinuestoinvestinitsSpecializedDepositGroup,activelyrecruitingfortalentedrelationshipmanagersinBoston,Washington,andSanFrancisco,particularlyasrespectedcompetitorsexitthesemarketsormergewithlargerregionalbanks. ThestabilityoftheBank’sbalancesheet,aswellasfullandunlimiteddepositinsurancethroughtheBank’sparticipation in the Massachusetts Depositors Insurance Fund,continues to appeal tocustomers in times of uncertainty. Wholesalefunds,which includes Federal Home Loan Bank(“FHLB”)borrowings,brokereddeposits,and Internetlistingservicetime deposits,were$2.032billion atSeptember30,2025representing2.7%annualizedgrowthyear-to-dateand0.8%growthfromSeptember30,2024,astheBankusedthesefundsto fundbalance sheetgrowth,and to alesserextent,replaceretailandcommercialdepositsin2025.Inthefirstninemonthsof2025,theBankcon