Hingham Q2 net income rises 129%, core income up 239%
Overview
Hingham Institution for Savings' 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/Miss | Actual | Consensus Estimate |
Q2 Loan Loss Provision |
| $450,000 |
|
Q2 Net Interest Margin |
| 1.66% |
|
Q2 Pretax Profit |
| $12.85 mln |
|
Press Release: ID:nGNX3Z0ZC0
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