Monitor the $30.6M non-performing CRE loan in Washington D.C. and the $3.0M specific reserve — resolution timing and outcome will drive credit costs. Also watch for a potential special dividend in Q4, as the bank has declared special dividends in 29 of the last 31 years.
Price Chart
Executive Summary
Hingham Institution for Savings reported Q3 2026 GAAP net income of $12.7M ($5.72 diluted EPS), down 27.1% YoY from $7.85, driven by a sharp decline in equity securities gains ($1.0M vs $11.3M). However, core net income (excluding equity gains) rose 39.1% to $5.37 diluted EPS, with net interest margin expanding 49bp YoY to 2.23% and non-interest-bearing deposits growing 20.2%. The mixed picture — GAAP earnings decline masking core operating improvement — is the key tension for investors.
Key Financial Metrics
Key Facts
- GAAP diluted EPS $5.72 vs $7.85 YoY, down 27.1%
- Core diluted EPS $5.37 vs $3.86 YoY, up 39.1%
- Net interest margin expanded 49bp YoY to 2.23%
- Non-interest-bearing deposits grew 20.2% YoY to $520.2M
- Non-performing assets/total assets rose to 0.89% from 0.71% a year ago
- No shares repurchased under $20M buyback program approved Dec 2025
- Book value per share grew 11.5% YoY to $235.93
Financial Impact
Core operating earnings improved ~39% YoY, but GAAP earnings fell 27% due to lower equity gains. Net interest income rose 29.3% to $25.0M in Q3.
Risk Factors
- Non-performing assets increased to 0.89% of total assets, with a large $30.6M CRE loan under active workout
- GAAP earnings decline may spook momentum-oriented investors despite core operating improvement
- Limited loan growth (0.1% YoY) constrains earnings power in a rising rate environment
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3382783 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | Press Release | $294.82 | awaiting T+20 | — | $302.64 (+2.65%) |
Jul 17, 2026 14w ago | Press Release | $291.63 $301.87 | ▲ +3.51% | ▼ −0.61% | $302.64 (+3.78%) |
Apr 17, 2026 27w ago | Press Release | $288.66 $266.84 | ▼ −7.56% | ▼ −11.76% | $302.64 (+4.84%) |
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