HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham,
Massachusetts announced third quarter results for 2018.
Net income for the quarter ended September 30,
2018 was $8,848,000 or $4.15 per share basic and $4.05 per share
diluted, as compared to $6,484,000 or $3.04 per share basic and
$2.97 per share diluted for the same period last year. The
Bank’s annualized return on average equity for the third quarter of
2018 was 17.06%, and the annualized return on average assets was
1.52%, as compared to 14.60% and 1.21% for the same period in
2017. Net income per share (diluted) for the third quarter of
2018 increased 36% over the same period of 2017.
Excluding the after-tax gains and losses on
securities, both realized and unrealized, core net income for the
third quarter of 2018 was $8,424,000 or $3.95 per share basic and
$3.85 per share diluted, as compared to $6,484,000 or $3.04 per
share basic and $2.97 per share diluted for the same period last
year. The Bank’s annualized core return on average equity for
the third quarter of 2018 was 16.24%, and the annualized core
return on average assets was 1.45%, as compared to 14.60% and 1.21%
for the same period in 2017. Core net income per share
(diluted) for the third quarter of 2018 increased by 30% over the
same period in 2017.
Net income for the nine months ended September
30, 2018 was $25,735,000 or $12.07 per share basic and $11.77 per
share diluted, as compared to $19,066,000 or $8.94 per share basic
and $8.75 per share diluted for the same period last year.
The Bank’s annualized return on average equity for the first nine
months of 2018 was 17.17%, and the annualized return on average
assets was 1.49%, as compared to 14.81% and 1.22% for the same
period last year. Net income per share (diluted) for the
first nine months of 2018 increased 35% over the same period in
2017.
Excluding the after-tax gains and losses on
securities, both realized and unrealized, core net income for the
nine months ended September 30, 2018 was $24,729,000 or $11.60 per
share basic and $11.31 per share diluted, as compared to
$19,017,000 or $8.92 per share basic and $8.72 per share diluted
for the same period last year. The Bank’s annualized core
return on average equity for the first nine months of 2018 was
16.50% and the annualized core return on average assets was 1.43%,
as compared to 14.77% and 1.22% for the same period last
year. Core net income per share (diluted) for the first nine
months of 2018 increased by 30% over the same period in 2017.
Growth in the first nine months of 2018 was
generally satisfactory, as deposits increased to $1.715 billion at
September 30, 2018, representing 19% annualized growth year-to-date
and 18% growth from September 30, 2017. This growth reflected
modest growth in retail and business deposits as well as the
increasing use of more attractively priced wholesale deposits in
lieu of comparable Federal Home Loan Bank advances. Net loans
increased to $1.976 billion, representing 10% annualized growth
year-to-date and 12% growth from September 30, 2017. Total
assets increased to $2.370 billion, representing 5% annualized
growth year-to-date and 7% growth from September 30, 2017.
During the first nine months of 2018, the Bank used a portion of
its cash balances to reduce outstanding Federal Home Loan Bank
advances and listing services time deposits, in order to minimize
the carrying cost of its on-balance sheet liquidity. Book
value per share was $98.35 as of September 30, 2018, representing
17% annualized growth year-to-date and 17% growth from September
30, 2017. In addition to the increase in book value per
share, the Bank declared $1.73 in dividends per share since
September 30, 2017, including a special dividend of $0.34 per share
declared during the fourth quarter of 2017. The Bank
announced increases in its regular quarterly dividend in both June
and September 2018.
Key credit and operational metrics remained
strong in the third quarter of 2018. At September 30, 2018,
non-performing assets totaled 0.02% of total assets, compared to
0.07% at December 31, 2017 and 0.05% at September 30, 2017.
Non-performing loans as a percentage of the total loan portfolio
totaled 0.02% at September 30, 2018, compared to 0.09% at December
31, 2017 and 0.06% at September 30, 2017. The Bank recorded
$1,000 in net recoveries for the first nine months of 2018 and
2017. At September 30, 2018, December 31 and September 30,
2017, the Bank did not own any foreclosed property. The
efficiency ratio was 29.17% for the third quarter of 2018, as
compared to 29.37% for the same period last year.
Non-interest expense as a percentage of average assets fell to
0.86% in the third quarter of 2018, as compared to 0.90% for the
same period last year.
Chairman Robert H. Gaughen, Jr. stated, “We are
pleased to report that returns on equity and assets remained
satisfactory in the third quarter of 2018, although balance sheet
growth was modest relative to capital generation. We remain
focused on careful capital allocation, defensive underwriting and
disciplined cost control - we believe these are the keys to
generating sustained value for our ownership.”
Hingham Institution for Savings is a
Massachusetts-chartered savings bank located in Hingham,
Massachusetts. Incorporated in 1834, it is one of America’s
oldest banks. The Bank’s Main Office is located in Hingham
and the Bank maintains offices on the South Shore, in Boston (South
End and Beacon Hill), and on the island of Nantucket. The
Bank also provides commercial mortgage lending and private banking
services in the Greater Washington D.C. metropolitan area.
The Bank’s shares of common stock are listed and
traded on The NASDAQ Stock Market under the symbol HIFS.
HINGHAM INSTITUTION FOR
SAVINGSSelected Financial Ratios
| |
Three Months
Ended |
|
Nine Months
Ended |
| |
September 30, |
|
September
30, |
| |
2017 |
|
2018 |
|
2017 |
|
2018 |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Key Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
| Return on average
assets (1) |
1.21 |
% |
|
1.52 |
% |
|
1.22 |
% |
|
1.49 |
% |
| Return on average
equity (1) |
14.60 |
|
|
17.06 |
|
|
14.81 |
|
|
17.17 |
|
| Core return on average
assets (1) (5) |
1.21 |
|
|
1.45 |
|
|
1.22 |
|
|
1.43 |
|
| Core return on average
equity (1) (5) |
14.60 |
|
|
16.24 |
|
|
14.77 |
|
|
16.50 |
|
| Interest rate spread
(1) (2) |
2.89 |
|
|
2.67 |
|
|
2.93 |
|
|
2.72 |
|
| Net interest margin (1)
(3) |
3.04 |
|
|
2.93 |
|
|
3.08 |
|
|
2.93 |
|
| Non-interest expense to
average assets (1) |
0.90 |
|
|
0.86 |
|
|
0.94 |
|
|
0.88 |
|
| Efficiency ratio
(4) |
29.37 |
|
|
29.17 |
|
|
30.58 |
|
|
29.84 |
|
| Average equity to
average assets |
8.26 |
|
|
8.91 |
|
|
8.25 |
|
|
8.69 |
|
| Average
interest-earning assets to average interest-bearing
liabilities |
117.69 |
|
|
119.39 |
|
|
117.32 |
|
|
118.61 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
September 30,
2017 |
|
|
December 31, 2017 |
|
|
September 30, 2018 |
| (Unaudited) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Asset Quality
Ratios |
|
|
|
|
|
|
|
| Allowance for loan
losses/total loans |
0.68% |
|
0.68% |
|
0.68% |
| Allowance for loan
losses/non-performing loans |
1,078.04 |
|
735.74 |
|
2,807.44 |
| |
|
|
|
|
|
| Non-performing
loans/total loans |
0.06 |
|
0.09 |
|
0.02 |
| Non-performing
loans/total assets |
0.05 |
|
0.07 |
|
0.02 |
| Non-performing
assets/total assets |
0.05 |
|
0.07 |
|
0.02 |
| |
|
|
|
|
|
| Share
Related |
|
|
|
|
|
| Book value per
share |
$ |
84.27 |
|
$ |
87.29 |
|
$ |
98.35 |
| Market value per
share |
$ |
190.27 |
|
$ |
207.00 |
|
$ |
219.81 |
| Shares outstanding at
end of period |
2,132,750 |
|
2,132,750 |
|
2,132,750 |
(1) Annualized.
(2) Interest rate spread represents the difference between the
yield on interest-earning assets and cost of interest-bearing
liabilities.
(3) Net interest margin represents net interest income divided
by average interest-earning assets.
(4) The efficiency ratio represents non-interest expense,
divided by the sum of net interest income and non-interest income,
excluding gain on equity securities, net.
(5) Non-GAAP measurements that represent return on average
assets and return on average equity, excluding the after-tax gain
on equity securities, net.
HINGHAM INSTITUTION FOR
SAVINGSConsolidated Balance Sheets
| (Dollars in
thousands, except per share data) |
September
30, 2017 |
|
December
31,2017 |
September
30, 2018 |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
9,792 |
|
$ |
10,852 |
|
$ |
10,043 |
|
Federal Reserve and other short-term investments |
|
341,294 |
|
|
344,377 |
|
|
286,449 |
| Cash and cash equivalents |
|
351,086 |
|
|
355,229 |
|
|
296,492 |
|
|
|
|
|
|
|
|
|
|
|
CRA investment |
|
7,390 |
|
|
7,341 |
|
|
7,605 |
|
Debt securities available for sale |
|
19 |
|
|
17 |
|
|
15 |
|
Other marketable equity securities |
|
24,892 |
|
|
26,946 |
|
|
32,099 |
| Securities, at fair value |
|
32,301 |
|
|
34,304 |
|
|
39,719 |
|
Federal Home Loan Bank stock, at cost |
|
26,863 |
|
|
27,102 |
|
|
21,682 |
|
Loans, net of allowance for loan losses of $12,128 at September 30,
2017, $12,537 at December 31, 2017 and $13,588 at September
30, 2018 |
|
1,769,830 |
|
|
1,833,987 |
|
|
1,976,422 |
|
Foreclosed assets |
|
— |
|
|
— |
|
|
— |
|
Bank-owned life insurance |
|
12,158 |
|
|
12,221 |
|
|
12,414 |
|
Premises and equipment, net |
|
14,049 |
|
|
14,068 |
|
|
14,458 |
|
Accrued interest receivable |
|
4,079 |
|
|
4,398 |
|
|
5,066 |
|
Deferred income tax asset, net |
|
1,601 |
|
|
1,301 |
|
|
1,128 |
|
Other assets |
|
2,973 |
|
|
1,989 |
|
|
2,981 |
| Total assets |
$ |
2,214,940 |
|
$ |
2,284,599 |
|
$ |
2,370,362 |
| |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
| Interest-bearing
deposits |
$ |
1,277,157 |
|
$ |
1,320,487 |
|
$ |
1,494,193 |
| Non-interest-bearing
deposits |
171,382 |
|
185,375 |
|
220,943 |
| Total
deposits |
1,448,539 |
|
1,505,862 |
|
1,715,136 |
| Federal Home Loan Bank
advances |
574,395 |
|
579,164 |
|
431,242 |
| Mortgage payable |
826 |
|
812 |
|
766 |
| Mortgagors’ escrow
accounts |
6,228 |
|
6,424 |
|
6,901 |
| Accrued interest
payable |
457 |
|
575 |
|
1,687 |
| Other liabilities |
4,777 |
|
5,604 |
|
4,883 |
| Total
liabilities |
2,035,222 |
|
2,098,441 |
|
2,160,615 |
| |
|
|
|
|
|
| Stockholders’
equity: |
|
|
|
|
|
| Preferred
stock, $1.00 par value, 2,500,000 shares authorized, none
issued |
— |
|
— |
|
— |
| Common
stock, $1.00 par value, 5,000,000 shares authorized; 2,132,750
shares issued and outstanding |
2,133 |
|
2,133 |
|
2,133 |
|
Additional paid-in capital |
11,706 |
|
11,750 |
|
11,843 |
| Undivided
profits |
161,554 |
|
165,596 |
|
195,771 |
|
Accumulated other comprehensive income |
4,325 |
|
6,679 |
|
— |
| Total
stockholders’ equity |
179,718 |
|
186,158 |
|
209,747 |
| Total
liabilities and stockholders’ equity |
$ |
2,214,940 |
|
$ |
2,284,599 |
|
$ |
2,370,362 |
| |
|
|
|
|
|
HINGHAM INSTITUTION FOR
SAVINGSConsolidated Statements of
Income
| |
Three Months
Ended |
|
Nine Months
Ended |
| |
September
30, |
|
September
30, |
| (In thousands, except per share amounts) |
|
2017 |
|
|
2018 |
|
2017 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
| Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
| Loans |
$ |
19,211 |
|
$ |
22,523 |
|
$ |
55,663 |
|
$ |
64,306 |
| Equity securities |
|
396 |
|
|
503 |
|
|
1,116 |
|
|
1,487 |
| Federal Reserve and other short-term
investments |
|
1,079 |
|
|
1,317 |
|
|
2,515 |
|
|
3,814 |
| Total interest and dividend income |
|
20,686 |
|
|
24,343 |
|
|
59,294 |
|
|
69,607 |
| Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
2,854 |
|
|
5,291 |
|
|
8,084 |
|
|
13,202 |
| Federal Home Loan Bank advances |
|
1,742 |
|
|
2,294 |
|
|
3,979 |
|
|
6,653 |
| Mortgage payable |
|
12 |
|
|
12 |
|
|
38 |
|
|
36 |
| Total interest expense |
|
4,608 |
|
|
7,597 |
|
|
12,101 |
|
|
19,891 |
| Net interest income |
|
16,078 |
|
|
16,746 |
|
|
47,193 |
|
|
49,716 |
| Provision for loan losses |
|
558 |
|
|
350 |
|
|
1,098 |
|
|
1,050 |
| Net interest income, after provision for
loan losses |
|
15,520 |
|
|
16,396 |
|
|
46,095 |
|
|
48,666 |
| Other income: |
|
|
|
|
|
|
|
|
|
|
|
| Customer service fees on deposits |
|
216 |
|
|
216 |
|
|
662 |
|
|
638 |
| Increase in bank-owned life insurance |
|
67 |
|
|
65 |
|
|
196 |
|
|
193 |
| Gain on equity securities, net |
|
— |
|
|
544 |
|
|
77 |
|
|
1,290 |
| Miscellaneous |
|
44 |
|
|
42 |
|
|
136 |
|
|
129 |
| Total other income |
|
327 |
|
|
867 |
|
|
1,071 |
|
|
2,250 |
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee benefits |
|
3,008 |
|
|
3,146 |
|
|
9,245 |
|
|
9,534 |
| Occupancy and equipment |
|
422 |
|
|
421 |
|
|
1,305 |
|
|
1,313 |
| Data processing |
|
321 |
|
|
353 |
|
|
929 |
|
|
1,042 |
| Deposit insurance |
|
279 |
|
|
258 |
|
|
795 |
|
|
757 |
| Foreclosure |
|
11 |
|
|
(33) |
|
|
14 |
|
|
(41) |
| Marketing |
|
85 |
|
|
136 |
|
|
325 |
|
|
428 |
| Other general and administrative |
|
692 |
|
|
698 |
|
|
2,121 |
|
|
2,088 |
| Total operating expenses |
|
4,818 |
|
|
4,979 |
|
|
14,734 |
|
|
15,121 |
| Income before income taxes |
|
11,029 |
|
|
12,284 |
|
|
32,432 |
|
|
35,795 |
| Income tax provision |
|
4,545 |
|
|
3,436 |
|
|
13,366 |
|
|
10,060 |
| Net income |
$ |
6,484 |
|
$ |
8,848 |
|
$ |
19,066 |
|
$ |
25,735 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Cash dividends declared per share |
$ |
0.34 |
|
$ |
0.36 |
|
$ |
0.98 |
|
$ |
1.05 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
2,133 |
|
|
2,133 |
|
|
2,133 |
|
|
2,133 |
| Diluted |
|
2,180 |
|
|
2,188 |
|
|
2,180 |
|
|
2,187 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
| Basic |
$ |
3.04 |
|
$ |
4.15 |
|
$ |
8.94 |
|
$ |
12.07 |
| Diluted |
$ |
2.97 |
|
$ |
4.05 |
|
$ |
8.75 |
|
$ |
11.77 |
HINGHAM INSTITUTION FOR
SAVINGSNet Interest Income Analysis
| |
Three Months Ended September 30, |
| |
2017 |
|
|
2018 |
|
| |
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/RATE
(8) |
|
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE
(8) |
|
| (Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans (1) (2) |
$ |
1,733,650 |
|
$ |
19,211 |
|
4.43 |
% |
|
|
$ |
1,973,987 |
|
$ |
22,523 |
|
4.56 |
% |
| Securities (3) (4) |
50,696 |
|
396 |
|
3.12 |
|
|
|
52,166 |
|
503 |
|
3.86 |
|
| Federal Reserve and
other short-term investments |
332,367 |
|
1,079 |
|
1.30 |
|
|
|
262,943 |
|
1,317 |
|
2.00 |
|
| Total
interest-earning assets |
2,116,713 |
|
20,686 |
|
3.91 |
|
|
|
2,289,096 |
|
24,343 |
|
4.25 |
|
| Other assets |
35,471 |
|
|
|
|
|
|
|
38,380 |
|
|
|
|
|
| Total
assets |
$ |
2,152,184 |
|
|
|
|
|
|
|
$ |
2,327,476 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits (5) |
$ |
1,265,731 |
|
2,854 |
|
0.90 |
|
|
|
$ |
1,503,771 |
|
5,291 |
|
1.41 |
|
| Borrowed funds |
532,836 |
|
1,754 |
|
1.32 |
|
|
|
413,497 |
|
2,306 |
|
2.23 |
|
| Total
interest-bearing liabilities |
1,798,567 |
|
4,608 |
|
1.02 |
|
|
|
1,917,268 |
|
7,597 |
|
1.58 |
|
| Demand deposits |
171,680 |
|
|
|
|
|
|
|
197,838 |
|
|
|
|
|
| Other liabilities |
4,242 |
|
|
|
|
|
|
|
4,927 |
|
|
|
|
|
| Total
liabilities |
1,974,489 |
|
|
|
|
|
|
|
2,120,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’
equity |
177,695 |
|
|
|
|
|
|
|
207,443 |
|
|
|
|
|
| Total
liabilities and stockholders’ equity |
$ |
2,152,184 |
|
|
|
|
|
|
|
$ |
2,327,476 |
|
|
|
|
|
| Net interest
income |
|
|
$ |
16,078 |
|
|
|
|
|
|
|
$ |
16,746 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
spread |
|
|
|
|
2.89 |
% |
|
|
|
|
|
|
2.67 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin
(6) |
|
|
|
|
3.04 |
% |
|
|
|
|
|
|
2.93 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average
interest-earning assets to average interest-bearing
liabilities (7) |
|
|
|
|
117.69 |
% |
|
|
|
|
|
|
119.39 |
% |
(1) Before allowance for loan losses.(2) Includes
non-accrual loans.(3) Excludes the impact of the average net
unrealized gain or loss on securities.(4) Includes Federal Home
Loan Bank stock.(5) Includes mortgagors' escrow accounts.(6) Net
interest income divided by average total interest-earning
assets.(7) Total interest-earning assets divided by total
interest-bearing liabilities.(8) Annualized.
HINGHAM INSTITUTION FOR
SAVINGSNet Interest Income Analysis
| |
Nine Months Ended September 30, |
|
| |
2017 |
|
2018 |
|
| |
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE
(8) |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE
(8) |
|
| (Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans (1) (2) |
$ |
1,675,563 |
|
$ |
55,663 |
|
4.43 |
% |
|
$ |
1,918,239 |
|
$ |
64,306 |
|
4.47 |
% |
| Securities (3) (4) |
49,202 |
|
1,116 |
|
3.02 |
|
|
52,870 |
|
1,487 |
|
3.75 |
|
| Federal Reserve and
other short-term investments |
321,335 |
|
2,515 |
|
1.04 |
|
|
289,018 |
|
3,814 |
|
1.76 |
|
| Total
interest-earning assets |
2,046,100 |
|
59,294 |
|
3.86 |
|
|
2,260,127 |
|
69,607 |
|
4.11 |
|
| Other assets |
35,261 |
|
|
|
|
|
|
38,668 |
|
|
|
|
|
| Total
assets |
$ |
2,081,361 |
|
|
|
|
|
|
$ |
2,298,795 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits (5) |
$ |
1,252,938 |
|
8,084 |
|
0.86 |
|
|
$ |
1,430,524 |
|
13,202 |
|
1.23 |
|
| Borrowed funds |
491,114 |
|
4,017 |
|
1.09 |
|
|
475,050 |
|
6,689 |
|
1.88 |
|
| Total
interest-bearing liabilities |
1,744,052 |
|
12,101 |
|
0.93 |
|
|
1,905,574 |
|
19,891 |
|
1.39 |
|
| Demand deposits |
161,037 |
|
|
|
|
|
|
188,441 |
|
|
|
|
|
| Other liabilities |
4,613 |
|
|
|
|
|
|
4,954 |
|
|
|
|
|
| Total
liabilities |
1,909,702 |
|
|
|
|
|
|
2,098,969 |
|
|
|
|
|
| Stockholders’
equity |
171,659 |
|
|
|
|
|
|
199,826 |
|
|
|
|
|
| Total
liabilities and stockholders’ equity |
$ |
2,081,361 |
|
|
|
|
|
|
$ |
2,298,795 |
|
|
|
|
|
| Net interest
income |
|
|
$ |
47,193 |
|
|
|
|
|
|
$ |
49,716 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
spread |
|
|
|
|
2.93 |
% |
|
|
|
|
|
2.72 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin
(6) |
|
|
|
|
3.08 |
% |
|
|
|
|
|
2.93 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average
interest-earning assets to average interest-bearing
liabilities (7) |
|
|
|
|
117.32 |
% |
|
|
|
|
|
118.61 |
% |
(1) Before allowance for loan losses.(2) Includes non-accrual
loans.(3) Excludes the impact of the average net unrealized gain or
loss on securities.(4) Includes Federal Home Loan Bank stock.(5)
Includes mortgagors' escrow accounts.(6) Net interest income
divided by average total interest-earning assets.(7) Total
interest-earning assets divided by total interest-bearing
liabilities.(8) Annualized.
Hingham Institution for ... (NASDAQ:HIFS)
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