Hingham Institution for Savings Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
Net income for the year ended December 31, 2014 was $22,264,000 or $10.46 per share basic and $10.44 per share diluted as compared to $13,371,000 or $6.28 per share (basic and diluted) for 2013. The Bank's return on average equity for the year ended December 31, 2014 was 19.30%, and the return on average assets was 1.52% against 13.52% and 1.07% respectively a year ago. Excluding the income statement impact of this event, the Bank's return on average equity was 14.32% and return on average assets was 1.13% in 2014, as compared to 13.52% and 1.07% in 2013. Book value per share increased by 17.7% to $57.08 per share at December 31, 2014 from $48.49 per share at December 31, 2013. Net interest income was $46,257,000 against $38,840,000 a year ago. Income before income taxes was $33,406,000 against $22,611,000 a year ago.