Hingham Institution for Savings Q3 net income falls; net interest margin increases

Hingham Institution for Savings’ Q3 net income and diluted EPS declined year over year, while core net income and core diluted EPS rose sharply. Net interest income was $25.02 million, and the credit loss provision was $700,000.

The company said growth in non-interest-bearing deposits helped lower funding costs and support returns, while higher loan yields from new originations and repricing increased asset yields. It expects deposit growth to remain key to returns amid limited loan opportunities and said core returns are nearing acceptable levels but remain below long-term expectations.