Hingham Institution for Savings Rebuffs $832.8M DC CRE LTV Claims, Reaffirms Q4 Financials
Hingham Institution for Savings disputed Wolfpack Research’s claim it lent $832.8 million in DC-area CRE at 75% LTV, clarifying 75% is a ceiling, not an average, and all loans remain performing. The bank reaffirmed its Q4 financials and said its March 10-K will include no material changes.
1. Company Rebuttal to Wolfpack Research Findings
Hingham Institution for Savings issued a formal response to a recent Wolfpack Research report, calling out material factual inaccuracies, errors of interpretation and unsupported conclusions in the short-seller’s analysis.
2. LTV and Collateral Valuation Errors
The bank highlighted a false assertion that it made $832.8 million in DC-area CRE loans at a reported 75% LTV, noting the 75% figure is a maximum allowable LTV limit rather than an average or actual loan-to-value metric.
3. Loan Performance and Underwriting Practices
All office and CRE loans identified in the report are current and performing, with borrowing entities possessing strong liquidity; the bank also clarified that construction advances are made on a draw basis, not in full at loan origin.
4. Financial Statements and Upcoming 10-K
Hingham reaffirmed its January 16 Q4 earnings release and FDIC Call Report as accurate and stated its March Annual Report on Form 10-K will reflect no material deviations from those filings.