Overview

* Hingham Institution for Savings' ( HIFS ) Q2 net income rises 129% yr/yr, core net income up 239%

* Net interest margin improves to 1.66%

* Total assets grow 0.4% yr/yr, focus on non-interest-bearing deposits

Outlook

* Company did not provide specific guidance for future quarters or full year.

* Company focuses on deposit growth and cost control strategies.

* Company's operational leverage critical for generating satisfactory returns.

Result Drivers

* NET INTEREST MARGIN - Improved to 1.66% due to lower cost of interest-bearing liabilities and higher yield on interest-earning assets

* NON-INTEREST DEPOSITS - Growth driven by focus on commercial and non-profit customer relationships

* NON-PERFORMING LOANS - Increase due to a single commercial real estate loan issue

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Loan $450,000

Loss

Provisio

n

Q2 Net 1.66%

Interest

Margin

Q2 $12.85

Pretax mln

Profit

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)