United States

Profile: Hingham Institution For Savings (HIFS.A)

HIFS.A on American Stock Exchange

16 Mar 2018
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Hingham Institution for Savings (the Bank), incorporated on April 2, 1834, is a Massachusetts-chartered savings bank (the Bank). The Bank is principally engaged in the business of residential and commercial real estate mortgage lending, funded by a retail deposit network and borrowings. The Bank provides a range of financial services to individuals and small businesses through its approximately 10 offices in Boston and southeastern Massachusetts. Its primary deposit products are savings, checking, and term certificate accounts, and its primary lending products are residential and commercial mortgage loans secured by properties in Eastern Massachusetts.

The Bank offers personal checking accounts, money market and savings accounts, as well as longer term certificates of deposit for individuals, businesses, non-profits, cities and towns. The Bank offers online and mobile banking tools, including mobile check deposit. Its business banking services include business checking accounts, commercial real estate lending, security and cash management. Its cash management services include wire transfers, mobile banking, remote deposit capture, sweep accounts and mobile deposit. The Bank's lending services include home mortgage programs and commercial lending. Its home mortgage programs include fixed rate mortgages, adjustable rate mortgages and jumbo mortgages. Its other home mortgage programs include super jumbo mortgages, cooperative (co-op) financing, non-conforming condominium financing, foreign national mortgages, vacation and seasonal property mortgages, and interest only mortgages. It offers a range of solutions for financing commercial real estate. Hingham Unpledged Securities Corporation is the subsidiary of the Bank.

Lending Activities

The Bank's loan portfolio includes residential real estate, commercial real estate, construction, home equity, commercial and consumer segments. The Bank's principal focus is real estate mortgage lending. The portfolio primarily consists of residential owner-occupied real estate and loans for the construction of residential real estate. The Bank's lending activities are generally conducted in its primary market area. The Bank originates mortgage loans for the refinancing, acquisition or renovation of existing commercial real estate properties, such as apartments, offices, manufacturing and industrial complexes, small retail properties and various special purpose properties. The Bank's commercial mortgages total approximately $681.6 million. The Bank's construction loans total approximately $95.4 million in construction loans and consist of residential real estate for owner-occupants, speculative sale and long-term investment. The Bank originates a range of qualified and non-qualified mortgages on one- to four-family residential properties. The Bank's residential mortgages, including home equity lines of credit and second mortgages total approximately $635.5 million. The Bank offers personal installment (secured and unsecured) loans, revolving credit loans and passbook loans. The Bank's consumer and commercial loans total approximately $644,000. The Bank's net loan portfolio totals approximately $1.406 billion.

Investment Activities

The Bank's investment portfolio consists of overnight cash at Federal Reserve Bank of Boston and other correspondent banks; short-term fixed income investments, which include the United States Treasury debt securities, the United States Government Sponsored Enterprise (US GSE) debt securities and Federal Deposit Insurance Corporation (FDIC) insured certificates of deposit, and common equity investments. The Bank holds Federal Home Loan Bank of Boston (FHLB) stock. The Bank has an investment in Bank Owned Life Insurance. The Bank's securities available for sale amounts approximately $40.6 million. The Bank's investment portfolio totals approximately $320.7 million.

Sources of Funds

The Bank has approximately $1.217 billion in savings accounts, demand accounts, negotiable order of withdrawal (NOW) accounts, money market accounts and certificates of deposit. The Bank has over $402.5 million in borrowings from FHLB.

Company Address

Hingham Institution For Savings

55 Main St
HINGHAM   MA   02043-2522
P: +1781.7492200
F: +1781.7497835

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