Hingham Institution for Savings Q2 net income more than doubles on higher loan yields, lower funding costs - HIFS News | RalliesHingham Institution for Savings Q2 net income more than doubles on higher loan yields, lower funding costs
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HIFS• Drivers and outlook
- The company said the improved net interest margin was driven by higher loan yields, growth in non-interest-bearing deposits, and lower funding costs.
- It continued to replace wholesale funds with retail and commercial deposits to lower its cost of funds.
- The company did not provide specific guidance for future quarters or full-year results.
Key financial details
| Metric | Actual |
|---|
| Q2 EPS | $11.49 |
| Q2 net income | $25.44 million |
| Q2 net interest income | $23.61 million |
| Q2 credit loss provision | $500,000 |
| Q2 net interest margin | 2.14% |
Quarterly results improve sharply
- Hingham Institution for Savings said second-quarter net income and earnings per share more than doubled from a year earlier.
- Core net income for the quarter rose 43% year over year, excluding equity security gains.
- Net interest margin improved to 2.14% from 1.66% a year ago, aided by lower funding costs.
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