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Hingham Inst. for Savings HIFS

Hingham Institution for Savings is one of the oldest banks in the United States, originally chartered in 1834. The bank lends on commercial and residential real estate, funded by retail and commercial deposits, as well as wholesale funding and borrowings. It operates in Boston, Washington, D.C., and San Francisco.

Ticker
HIFS
Headquarters
Hingham, Massachusetts
CEO
Robert Gaughen
IPO year
1988
Sector
Banking
Website
hinghamsavings.com
Management
Team & leadership ↗

Notes & Takes

"Management. Management. Management. Robert Gaughen, CEO of HIFS, has done an outstanding job growing this bank since taking over in a proxy fight 33 years ago.

The bank focuses on multifamily real estate lending in Boston, Washington D.C., and San Francisco. Residential real estate should settle to around 7% – 8% of the total loan book by 2030.

"I expect NIM to be north of 2.25% for 2026. There is one outstanding loan worth $30 million that went into default in 2025. Still waiting to see what happens with this property and loan."

Commentary: January 2026

Company Financials

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Quarterly Headlines

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Hingham Inst. For Savings Q2 2026

Jun 30, 2026

  • Net income of $25.4 million with unrealized gains of $18.9 mill on the equity portfolio
  • Core net income of $10.6 million
  • Total assets of $4.5 billion flat YoY
  • Net loans of $3.9 billion flat YoY
  • Retail and commercial deposits of $2 billion up 4% YoY
  • Non interest bearing deposits were $504 mill up 15% YoY
  • Wholesale funds of $1.9 bill down 7% YoY
  • Book value per share was $230 up 13% YoY
  • NIM of 2.14%
  • $30 mill D.C. loan in non accrual - yet to be resolved

Hingham Inst. For Savings Q1 2026

Mar 31, 2026

  • Net income of $2.8 mill with unrealized losses of $9.9 mill on the equity portfolio
  • Core net income of $10.5 mill up 72%
  • Total assets of $4.5 billion flat YoY
  • Net loans of $3.9 billion flat YoY
  • Retail and commercial deposits of $2.1 bill up 2%
  • Non interest bearing deposits (included in the above figure) of $513 mill up 20%
  • Wholesale funds totaled $1.9 bill down 3.3%
  • Book value per share was $220 up 9.7% YoY
  • Net interest margin of 2.04%
  • $30 mill D.C. loan in non accrual - yet to be resolved
  • Foreclosed on assets in DC appraised at $6.7 mill with the borrower having $4.7 mill outstanding
  • Construction loan of $3.7 mill foreclosed - bank will sell and retain cash held at the bank - no losses from this transaction

Hingham Inst. For Savings Q4 2025

Dec 31, 2025

  • Net income of $20.7 million or $9.39 per diluted share, up 81%
  • Core net income of $10 million, up 110%
  • Total assets of $4.5 billion up 1.9%
  • Net loans of $3.9 billion, flat YoY
  • Retail and commercial deposits of $2 billion, up 2.9%
  • Non interest bearing deposits (included in above figure) of $467 million up 17%
  • Wholesale funds totaled $1.9 billion down 1.8%
  • Book value per share was $220 up 11% YoY
  • Received regulatory approval to repurchase up to $20 million of common equity
  • Net interest margin of 1.89% and 1.96% in the last month of the quarter
  • $30 million D.C. loan still in non-accrual - yet to be resolved

Hingham Inst. For Savings Q3 2025

Sep 30, 2025

  • Net income of $17.2 million or $7.85 per diluted share up 195% YoY
  • Core net income of $8.5 million or $3.86 per diluted share up 168% YoY
  • Total assets of $4.5 billion up 1.8% YoY
  • Net loans totaled $3.9 billion up 1.3% YoY
  • Retail and commercial deposits were $1.9 billion a decline of 0.7% YoY
  • Non interest bearing deposits included in the $1.9 billion figure totaled $432 million up 20.8%
  • Wholesale funds totaled $2 billion up 0.8% YoY
  • Book value per share of $211.67 up 9.4% YoY
  • Net interest margin of 1.74% for Q3
  • Non performing loans as a % of the total loan portfolio totaled 0.71%. In the 2nd quarter of 2025 the bank placed a commercial real estate loan with an outstanding balance of $30.6 million on nonaccrual, after the borrower failed to make the full payment due at maturity. The bank is working actively to identify a resolution that protects the bank's interests.

Hingham Inst. For Savings Q2 2025

Jun 30, 2025

  • Net income of $9.4 million or $4.28 per diluted share up 127% YoY
  • Core net income of $7.4 million or $3.39 per diluted share up 239% YoY
  • Total assets of $4.5 billion flat YoY
  • Net loans totaled $3.9 billion flat YoY
  • Retail and commercial deposits were $2 billion up 4% YoY
  • Non interest bearing deposits included in the $2 billion figure totaled $437 million up 27% YoY
  • Wholesale funds totaled $2 billion down 4% YoY
  • Book value per share of $204 up 6.8% YoY
  • Net interest margin of 1.66%. For the month of June NIM was 1.72%
  • Non performing loans as a % of the total loan portfolio was 0.81% There is a commercial real estate loan with an outstanding balance of $30 million that the borrower failed to make payment at maturity. The loan is secured by a development site for a significant multifamily development in Washington D.C. along with a conditional guarantee from a national homebuilder and an affordable home developer.

Hingham Inst. For Savings Q1 2025

Mar 31, 2025

  • Net income of $7.1 million or $3.24 per diluted share
  • Core net income was $6.1 million or $2.78 per diluted share
  • Total assets of $4.5 billion but flat from 1 year ago
  • Net loans totaled $3.9 billion flat from 1 year ago
  • Retail and commercial deposits totaled $2 billion up 9% YoY
  • Non interest bearing deposits included in $2 billion figure totaled $427 million up 23% YoY
  • Wholesale funds totaled $1.9 billion declining 9.5% YoY
  • Book value per share of $200 up 5.6% YoY
  • Net interest margin of 1.5%. This was the fourth consecutive quarter of continued expansion, which has continued to accelerate. This improvement was the result of a decline in the cost of interest-bearing liabilities, combined with an increase in the yield on interest-earning assets.
  • Non performing assets were 0% of total assets

Hingham Inst. For Savings Q4 2024

Dec 31, 2024

  • Net income of $11.3 million or $5.16 per diluted share
  • Core net income was $4.7 million or $2.16 per diluted share
  • Total assets of $4.4 billion down 1% from 1 year ago
  • Net loans totaled $3.8 billion down 1% from 1 year ago
  • Retail and commercial deposits totaled $1.9 billion up 7% YoY
  • Non interest bearing deposits included in the $1.9 billion figure totaled $397 million, up 17% YoY
  • Wholesale funds totaled $1.9 billion declining 9% YoY
  • Book value per share was $198 up 5% YoY
  • Net interest margin was 1.27%. ​​This was the third consecutive quarter of continued expansion and this expansion has started to accelerate modestly. This improvement was the result of a decline in the cost of interest-bearing liabilities, partially offset by a decline in the yield on interest-earning assets.
  • Non performing assets were 0% of total assets

Hingham Inst. For Savings Q3 2024

Sep 30, 2024

  • Net income of $5.8 million or $2.68 per diluted share
  • Core net income was $3.1 million or $1.44 per diluted share
  • Total assets were $4.4 billion up 2% YoY
  • Net loans totaled $3.8 billion up 1% YoY
  • Retail and business deposits were $1.9 billion up 3% YoY
  • Non interest bearing deposits included in the $1.9 billion were $358 million flat YoY
  • Wholesale funds totaled $2 billion up 1% YoY
  • Book value per share was $1.93 up 4% YoY
  • Net interest margin was 1.07%. This was the second consecutive quarter of continued expansion.
  • Non performing assets were 0% of total assets