Hingham Institution For Savings Earnings (Issue #47)
Hingham Institution For Savings (NASDAQ: HIFS — $605.69m) reported a decrease in returns in Q4 2022 compared to Q4 2021. Return On Equity (ROE) dropped from 17.29% to 14.56%. However, this is still one of the highest for any bank. The company recorded $50,000 in recoveries in 2022 compared to $1,000 in charge-offs in 2021. Overall this is a comparatively worse year for Hingham. However, this would still be a record-breaking year for almost any other bank. Hingham might not improve every year or quarter, but it still remains in an extremely impressive realm. Further, while efficiency was down year/year the overall revenue from loans increased.
This is one of the few companies where it is important to compare it to others in the industry just as much as the company’s previous results. Otherwise, the view of the company can become very skewed.
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Until Thursday,
Soren