HINGHAM, Mass., July 15, 2022 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended June 30, 2022.
Earnings
Net income for the quarter ended June 30, 2022 was $3,191,000 or $1.49 per share basic and $1.45 per share diluted, as compared to $20,422,000 or $9.54 per share basic and $9.28 per share diluted for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2022 was 3.43%, and the annualized return on average assets was 0.34%, as compared to 25.51% and 2.83% for the same period in 2021. Net income per share (diluted) for the second quarter of 2022 decreased by 84% over the same period in 2021.
Core net income for the quarter ended June 30, 2022, which represents net income excluding the after-tax gains and losses on securities, both realized and unrealized, and the after-tax gains on the disposal of fixed assets, was $15,260,000 or $7.12 per share basic and $6.93 per share diluted, as compared to $13,795,000 or $6.44 per share basic and $6.27 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the second quarter of 2022 was 16.42%, and the annualized core return on average assets was 1.63%, as compared to 17.24% and 1.91% for the same period in 2021. Core net income per share (diluted) for the second quarter of 2022 increased by 11% over the same period in 2021.
Net income for the six months ended June 30, 2022 was $15,055,000 or $7.02 per share basic and $6.83 per share diluted, as compared to $36,772,000 or $17.18 per share basic and $16.73 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first six months of 2022 was 8.20%, and the annualized return on average assets was 0.83%, as compared to 23.67% and 2.58% for the same period in 2021. Net income per share (diluted) for the first six months of 2022 decreased by 59% over the same period in 2021.
Core net income for the six months ended June 30, 2022, which represents net income excluding the after-tax gains and losses on securities, both realized and unrealized, and the after-tax gains on the disposal of fixed assets, was $30,365,000 or $14.17 per share basic and $13.78 per share diluted, as compared to $27,520,000 or $12.86 per share basic and $12.52 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first six months of 2022 was 16.55%, and the annualized core return on average assets was 1.68%, as compared to 17.72% and 1.93% for the same period in 2021. Core net income per share (diluted) for the first six months of 2022 increased by 10% over the same period in 2021.
See Page 9 for a Non-GAAP reconciliation between net income and core net income. In calculating core net income, the Bank did not make any adjustments other than those relating to after-tax gains and losses on equity securities, realized and unrealized and after-tax gains on the disposal of fixed assets.
Balance Sheet and Capital Management
Total assets were $3.996 billion at June 30, 2022, representing 33% annualized growth year-to-date and 34% growth from June 30, 2021.
Net loans increased to $3.508 billion at June 30, 2022, representing 34% annualized growth year-to-date and 33% growth from June 30, 2021. Growth was concentrated in the Bank’s commercial real estate portfolio.
Total deposits, including wholesale deposits, were $2.468 billion at June 30, 2022, representing 6% annualized growth year-to-date and 5% growth from June 30, 2021. Total retail and business deposits increased to $1.763 billion at June 30, 2022, representing 6% annualized growth year-to-date and 7% growth from June 30, 2021. Non-interest-bearing deposits, included in retail and business deposits, increased to $399.5 million at June 30, 2022, representing 5% annualized growth year-to-date and 12% growth from June 30, 2021. During the first half of 2022, the Bank used wholesale funds to help fund the strong loan growth experienced during the period.
Book value per share was $171.23 as of June 30, 2022, representing 7% annualized growth year-to-date and 12% growth from June 30, 2021. In addition to the increase in book value per share, the Bank has declared $2.99 in dividends per share since June 30, 2021, including a special dividend of $0.75 per share declared during the fourth quarter of 2021. The Bank increased its regular quarterly dividend in each of the last four quarters.
On June 29, 2022, the Bank’s Board of Directors declared a regular cash dividend of $0.59 per share. This represents an increase of 4% over the previous regular quarterly dividend of $0.57 per share. The dividend will be paid on August 10, 2022 to stockholders of record as of August 1, 2022. This will be the Bank’s 114th consecutive quarterly dividend and the Bank has consistently increased regular quarterly cash dividends over the last twenty-seven years. The Bank has also declared special cash dividends in each of the last twenty-seven years, typically in the fourth quarter.
The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.
Operational Performance Metrics
The net interest margin for the quarter ended June 30, 2022 decreased 25 basis points to 3.21%, as compared to 3.46% for the same period last year. This decline was driven by a declining yield on interest-earning assets, resulting primarily from a lower yield on loans, combined with a higher cost of interest-bearing liabilities. The net interest margin for the six months ended June 30, 2022 decreased 25 basis points to 3.25%, as compared to 3.50% for the same period last year. This decline was driven by a declining yield on interest-earning assets, resulting primarily from a lower yield on loans.
Key credit and operational metrics remained strong in the second quarter. At June 30, 2022, non-performing assets totaled 0.02% of total assets, compared to 0.01% at both December 31, 2021 and June 30, 2021. Non-performing loans as a percentage of the total loan portfolio totaled 0.03% at June 30, 2022, compared to 0.01% at both December 31, 2021 and June 30, 2021.
The Bank recorded $50,000 in net recoveries in the first six months of 2022, as compared to $1,000 in net charge-offs for the same period last year.
The Bank did not own any foreclosed property at June 30, 2022, December 31, 2021 and June 30, 2021.
The efficiency ratio, as defined on page 4 below, fell slightly to 21.30% for the second quarter of 2022, as compared to 21.37% for the same period last year. Operating expenses as a percentage of average assets fell to 0.68% in the second quarter of 2022, as compared to 0.74% for the same period last year. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage.
These operational metrics reflect the Bank’s disciplined focus on credit quality and expense management.
Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in our core operations were adequate in the second quarter of 2022, although we face a range of headwinds, including significant near-term pressure on our net interest margin. In our business operations, we had significant growth across all three markets in our commercial real estate group with both new and existing relationship customers. We are carefully managing this growth moving forward, particularly as growth in our commercial deposits in the same period was modest by comparison. In our investment operations, we remain generally satisfied with the performance of our portfolio companies and we continue to increase our ownership of these companies as market conditions have presented opportunities to do so. As always, we remain focused on careful capital allocation, defensive underwriting and disciplined cost control - the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”
The Bank’s quarterly financial results are summarized in the earnings release, but shareholders are encouraged to read the Bank’s quarterly reports on Form 10-Q, which are generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended June 30, 2022 with the FDIC on or about August 5, 2022.
Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, and Washington, D.C., and provides commercial mortgage and banking services in the San Francisco Bay Area.
The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.
HINGHAM INSTITUTION FOR SAVINGS
Selected Financial Ratios
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2021 | 2022 | 2021 | 2022 | ||||||||
| (Unaudited) | |||||||||||
| Key Performance Ratios | |||||||||||
| Return on average assets (1) | 2.83 | % | 0.34 | % | 2.58 | % | 0.83 | % | |||
| Return on average equity (1) | 25.51 | 3.43 | 23.67 | 8.20 | |||||||
| Core return on average assets (1) (5) | 1.91 | 1.63 | 1.93 | 1.68 | |||||||
| Core return on average equity (1) (5) | 17.24 | 16.42 | 17.72 | 16.55 | |||||||
| Interest rate spread (1) (2) | 3.39 | 3.11 | 3.42 | 3.18 | |||||||
| Net interest margin (1) (3) | 3.46 | 3.21 | 3.50 | 3.25 | |||||||
| Operating expenses to average assets (1) | 0.74 | 0.68 | 0.75 | 0.70 | |||||||
| Efficiency ratio (4) | 21.37 | 21.30 | 21.70 | 21.55 | |||||||
| Average equity to average assets | 11.08 | 9.92 | 10.89 | 10.17 | |||||||
| Average interest-earning assets to average interest-bearing liabilities | 127.44 | 124.97 | 126.78 | 125.39 | |||||||
| June 30, 2021 | December 31, 2021 | June 30, 2022 | ||||||||||
| (Unaudited) | ||||||||||||
| Asset Quality Ratios | ||||||||||||
| Allowance for loan losses/total loans | 0.69 | % | 0.68 | % | 0.68 | % | ||||||
| Allowance for loan losses/non-performing loans | 6,159.12 | 4,784.78 | 2,428.23 | |||||||||
| Non-performing loans/total loans | 0.01 | 0.01 | 0.03 | |||||||||
| Non-performing loans/total assets | 0.01 | 0.01 | 0.02 | |||||||||
| Non-performing assets/total assets | 0.01 | 0.01 | 0.02 | |||||||||
| Share Related | ||||||||||||
| Book value per share | $ | 153.02 | $ | 165.52 | $ | 171.23 | ||||||
| Market value per share | $ | 290.50 | $ | 419.88 | $ | 283.77 | ||||||
| Shares outstanding at end of period | 2,142,400 | 2,142,400 | 2,145,400 | |||||||||
| (1) | Annualized. |
| (2) | Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. |
| (3) | Net interest margin represents net interest income divided by average interest-earning assets. |
| (4) | The efficiency ratio represents total operating expenses, divided by the sum of net interest income and total other income (loss), excluding gain (loss) on equity securities, net and gain on disposal of fixed assets. |
| (5) | Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax gain (loss) on equity securities, net, and the after-tax gain on disposal of fixed assets. |
HINGHAM INSTITUTION FOR SAVINGS
Consolidated Balance Sheets
| (In thousands, except share amounts) | June 30, 2021 | December 31, 2021 | June 30, 2022 | |||||||||
| (Unaudited) | ||||||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ | 7,734 | $ | 5,428 | $ | 7,670 | ||||||
| Federal Reserve and other short-term investments | 198,590 | 265,733 | 303,223 | |||||||||
| Cash and cash equivalents | 206,324 | 271,161 | 310,893 | |||||||||
| CRA investment | 9,439 | 9,306 | 8,626 | |||||||||
| Other marketable equity securities | 69,311 | 79,167 | 68,459 | |||||||||
| Equity securities, at fair value | 78,750 | 88,473 | 77,085 | |||||||||
| Securities available for sale, at fair value | 5 | — | — | |||||||||
| Securities held to maturity, at amortized cost | 3,500 | 3,500 | 3,500 | |||||||||
| Federal Home Loan Bank stock, at cost | 14,732 | 29,908 | 47,316 | |||||||||
| Loans, net of allowance for loan losses of $18,231 at June 30, 2021, $20,431 at December 31, 2021 and $24,088 at June 30, 2022 | 2,630,332 | 2,999,096 | 3,507,936 | |||||||||
| Bank-owned life insurance | 12,822 | 12,980 | 13,150 | |||||||||
| Premises and equipment, net | 15,103 | 15,825 | 16,617 | |||||||||
| Accrued interest receivable | 5,158 | 5,467 | 6,111 | |||||||||
| Deferred income tax asset, net | — | — | 3,793 | |||||||||
| Other assets | 7,039 | 4,755 | 9,202 | |||||||||
| Total assets | $ | 2,973,765 | $ | 3,431,165 | $ | 3,995,603 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| Interest-bearing deposits | $ | 1,985,442 | $ | 2,003,717 | $ | 2,068,443 | ||||||
| Non-interest-bearing deposits | 358,195 | 389,148 | 399,478 | |||||||||
| Total deposits | 2,343,637 | 2,392,865 | 2,467,921 | |||||||||
| Federal Home Loan Bank advances | 285,600 | 665,000 | 1,140,000 | |||||||||
| Mortgagors’ escrow accounts | 8,321 | 9,183 | 11,822 | |||||||||
| Accrued interest payable | 158 | 198 | 1,003 | |||||||||
| Deferred income tax liability, net | 1,201 | 536 | — | |||||||||
| Other liabilities | 7,014 | 8,771 | 7,497 | |||||||||
| Total liabilities | 2,645,931 | 3,076,553 | 3,628,243 | |||||||||
| Stockholders’ equity: | ||||||||||||
| Preferred stock, $1.00 par value, 2,500,000 shares authorized, none issued | — | — | — | |||||||||
| Common stock, $1.00 par value, 5,000,000 shares authorized; 2,142,400 shares issued and outstanding at June 30, 2021 and December 31, 2021 and 2,145,400 shares issued and outstanding at June 30, 2022 | 2,142 | 2,142 | 2,145 | |||||||||
| Additional paid-in capital | 12,715 | 12,728 | 12,908 | |||||||||
| Undivided profits | 312,977 | 339,742 | 352,307 | |||||||||
| Accumulated other comprehensive income | — | — | — | |||||||||
| Total stockholders’ equity | 327,834 | 354,612 | 367,360 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,973,765 | $ | 3,431,165 | $ | 3,995,603 | ||||||
HINGHAM INSTITUTION FOR SAVINGS
Consolidated Statements of Income
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (In thousands, except per share amounts) | 2021 | 2022 | 2021 | 2022 | ||||||||||||
| (Unaudited) | ||||||||||||||||
| Interest and dividend income: | ||||||||||||||||
| Loans | $ | 26,215 | $ | 32,406 | $ | 52,964 | $ | 62,166 | ||||||||
| Debt securities | 18 | 33 | 18 | 66 | ||||||||||||
| Equity securities | 173 | 286 | 391 | 544 | ||||||||||||
| Federal Reserve and other short-term investments | 54 | 519 | 106 | 629 | ||||||||||||
| Total interest and dividend income | 26,460 | 33,244 | 53,479 | 63,405 | ||||||||||||
| Interest expense: | ||||||||||||||||
| Deposits | 1,692 | 2,102 | 3,799 | 3,606 | ||||||||||||
| Federal Home Loan Bank and Federal Reserve Bank advances | 212 | 1,431 | 656 | 1,923 | ||||||||||||
| Mortgage payable | — | — | — | — | ||||||||||||
| Total interest expense | 1,904 | 3,533 | 4,455 | 5,529 | ||||||||||||
| Net interest income | 24,556 | 29,711 | 49,024 | 57,876 | ||||||||||||
| Provision for loan losses | 550 | 2,449 | 828 | 3,607 | ||||||||||||
| Net interest income, after provision for loan losses | 24,006 | 27,262 | 48,196 | 54,269 | ||||||||||||
| Other income (loss): | ||||||||||||||||
| Customer service fees on deposits | 192 | 140 | 373 | 315 | ||||||||||||
| Increase in cash surrender value of bank-owned life insurance | 84 | 77 | 165 | 170 | ||||||||||||
| Gain (loss) on equity securities, net | 6,346 | (15,482 | ) | 9,713 | (19,639 | ) | ||||||||||
| Gain on disposal of fixed assets | 2,337 | — | 2,337 | — | ||||||||||||
| Miscellaneous | 21 | 20 | 36 | 46 | ||||||||||||
| Total other income (loss) | 8,980 | (15,245 | ) | 12,624 | (19,108 | ) | ||||||||||
| Operating expenses: | ||||||||||||||||
| Salaries and employee benefits | 3,459 | 3,862 | 6,985 | 7,506 | ||||||||||||
| Occupancy and equipment | 325 | 315 | 731 | 689 | ||||||||||||
| Data processing | 482 | 648 | 943 | 1,262 | ||||||||||||
| Deposit insurance | 227 | 518 | 450 | 801 | ||||||||||||
| Foreclosure and related | 7 | 8 | (75 | ) | (13 | ) | ||||||||||
| Marketing | 104 | 315 | 228 | 506 | ||||||||||||
| Other general and administrative | 708 | 713 | 1,500 | 1,837 | ||||||||||||
| Total operating expenses | 5,312 | 6,379 | 10,762 | 12,588 | ||||||||||||
| Income before income taxes | 27,674 | 5,638 | 50,058 | 22,573 | ||||||||||||
| Income tax provision | 7,252 | 2,447 | 13,286 | 7,518 | ||||||||||||
| Net income | $ | 20,422 | $ | 3,191 | $ | 36,772 | $ | 15,055 | ||||||||
| Cash dividends declared per share | $ | 0.51 | $ | 0.59 | $ | 1.00 | $ | 1.16 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 2,142 | 2,145 | 2,140 | 2,144 | ||||||||||||
| Diluted | 2,200 | 2,203 | 2,198 | 2,204 | ||||||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 9.54 | $ | 1.49 | $ | 17.18 | $ | 7.02 | ||||||||
| Diluted | $ | 9.28 | $ | 1.45 | $ | 16.73 | $ | 6.83 | ||||||||
HINGHAM INSTITUTION FOR SAVINGS
Net Interest Income Analysis
| Three Months Ended June 30, | ||||||||||||||||
| 2021 | 2022 | |||||||||||||||
| AVERAGE BALANCE | INTEREST | YIELD/ RATE (8) | AVERAGE BALANCE | INTEREST | YIELD/ RATE (8) | |||||||||||
| (Dollars in thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Loans (1) (2) | $ | 2,567,437 | $ | 26,215 | 4.08 | % | $ | 3,350,290 | $ | 32,406 | 3.87 | % | ||||
| Securities (3) (4) | 65,463 | 191 | 1.17 | 109,378 | 319 | 1.17 | ||||||||||
| Federal Reserve and other short-term investments | 205,636 | 54 | 0.11 | 239,797 | 519 | 0.87 | ||||||||||
| Total interest-earning assets | 2,838,536 | 26,460 | 3.73 | 3,699,465 | 33,244 | 3.59 | ||||||||||
| Other assets | 51,008 | 47,480 | ||||||||||||||
| Total assets | $ | 2,889,544 | $ | 3,746,945 | ||||||||||||
| Interest-bearing deposits (5) | $ | 1,970,226 | 1,692 | 0.34 | $ | 2,048,311 | 2,102 | 0.41 | ||||||||
| Borrowed funds | 257,117 | 212 | 0.33 | 912,034 | 1,431 | 0.63 | ||||||||||
| Total interest-bearing liabilities | 2,227,343 | 1,904 | 0.34 | 2,960,345 | 3,533 | 0.48 | ||||||||||
| Non-interest-bearing deposits | 335,541 | 408,033 | ||||||||||||||
| Other liabilities | 6,503 | 6,782 | ||||||||||||||
| Total liabilities | 2,569,387 | 3,375,160 | ||||||||||||||
| Stockholders’ equity | 320,157 | 371,785 | ||||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,889,544 | $ | 3,746,945 | ||||||||||||
| Net interest income | $ | 24,556 | $ | 29,711 | ||||||||||||
| Weighted average spread | 3.39 | % | 3.11 | % | ||||||||||||
| Net interest margin (6) | 3.46 | % | 3.21 | % | ||||||||||||
| Average interest-earning assets to average interest-bearing liabilities (7) | 127.44 | % | 124.97 | % | ||||||||||||
| (1) | Before allowance for loan losses. |
| (2) | Includes non-accrual loans. |
| (3) | Excludes the impact of the average net unrealized gain or loss on securities. |
| (4) | Includes Federal Home Loan Bank stock. |
| (5) | Includes mortgagors' escrow accounts. |
| (6) | Net interest income divided by average total interest-earning assets. |
| (7) | Total interest-earning assets divided by total interest-bearing liabilities. |
| (8) | Annualized. |
HINGHAM INSTITUTION FOR SAVINGS
Net Interest Income Analysis
| Six Months Ended June 30, | ||||||||||||||||
| 2021 | 2022 | |||||||||||||||
| AVERAGE BALANCE | INTEREST | YIELD/ RATE (8) | AVERAGE BALANCE | INTEREST | YIELD/ RATE (8) | |||||||||||
| (Dollars in thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Loans (1) (2) | $ | 2,532,473 | $ | 52,964 | 4.18 | % | $ | 3,214,720 | $ | 62,166 | 3.87 | % | ||||
| Securities (3) (4) | 64,699 | 409 | 1.26 | 102,179 | 610 | 1.19 | ||||||||||
| Federal Reserve and other short-term investments | 205,263 | 106 | 0.10 | 240,273 | 629 | 0.52 | ||||||||||
| Total interest-earning assets | 2,802,435 | 53,479 | 3.82 | 3,557,172 | 63,405 | 3.56 | ||||||||||
| Other assets | 49,366 | 50,219 | ||||||||||||||
| Total assets | $ | 2,851,801 | $ | 3,607,391 | ||||||||||||
| Interest-bearing deposits (5) | $ | 1,926,769 | 3,799 | 0.39 | $ | 2,038,252 | 3,606 | 0.35 | ||||||||
| Borrowed funds | 283,752 | 656 | 0.46 | 798,607 | 1,923 | 0.48 | ||||||||||
| Total interest-bearing liabilities | 2,210,521 | 4,455 | 0.40 | 2,836,859 | 5,529 | 0.39 | ||||||||||
| Non-interest-bearing deposits | 323,736 | 395,991 | ||||||||||||||
| Other liabilities | 6,873 | 7,522 | ||||||||||||||
| Total liabilities | 2,541,130 | 3,240,372 | ||||||||||||||
| Stockholders’ equity | 310,671 | 367,019 | ||||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,851,801 | $ | 3,607,391 | ||||||||||||
| Net interest income | $ | 49,024 | $ | 57,876 | ||||||||||||
| Weighted average spread | 3.42 | % | 3.17 | % | ||||||||||||
| Net interest margin (6) | 3.50 | % | 3.25 | % | ||||||||||||
| Average interest-earning assets to average interest-bearing liabilities (7) | 126.78 | % | 125.39 | % | ||||||||||||
| (1) | Before allowance for loan losses. |
| (2) | Includes non-accrual loans. |
| (3) | Excludes the impact of the average net unrealized gain or loss on securities. |
| (4) | Includes Federal Home Loan Bank stock. |
| (5) | Includes mortgagors' escrow accounts. |
| (6) | Net interest income divided by average total interest-earning assets. |
| (7) | Total interest-earning assets divided by total interest-bearing liabilities. |
| (8) | Annualized. |
HINGHAM INSTITUTION FOR SAVINGS
Non-GAAP Reconciliation
The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax gain (loss) on equity securities, net, and after-tax gain on disposal of fixed assets.
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (In thousands, unaudited) | 2021 | 2022 | 2021 | 2022 | ||||||||||||
| Non-GAAP reconciliation: | ||||||||||||||||
| Net income | $ | 20,422 | $ | 3,191 | $ | 36,772 | $ | 15,055 | ||||||||
| (Gain) loss on equity securities, net | (6,346 | ) | 15,482 | (9,713 | ) | 19,639 | ||||||||||
| Income tax expense (benefit) (1) | 1,399 | (3,413 | ) | 2,141 | (4,329 | ) | ||||||||||
| Gain on disposal of fixed assets | (2,337 | ) | — | (2,337 | ) | — | ||||||||||
| Income tax expense | 657 | — | 657 | — | ||||||||||||
| Core net income | $ | 13,795 | $ | 15,260 | $ | 27,520 | $ | 30,365 | ||||||||
| (1) | The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the (gain) loss on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary. |
| CONTACT: | Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761 |
