HINGHAM, Mass., May 11, 2015 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (Nasdaq:HIFS), Hingham, Massachusetts announced that for the second consecutive year, the Bank was ranked as the #1 thrift in the East and the #2 thrift in the nation by SNL Financial in that company's Top 100 Public Thrift rankings. The rankings were based on six financial metrics for the year ended December 31, 2014, including return on average assets, return on average tangible common equity, efficiency ratio, median three-year growth rate in tangible book value per share, nonperforming loans to total loans (NPLs/loans), and net charge-offs to average loans. The Bank narrowly missed a #1 national ranking in 2014.
The Bank was also ranked #1 in the Northeast and #6 nationally for 2014 by American Banker Magazine, in an annual list of the 200 most profitable publicly-traded community banks and thrifts. The American Banker Magazine rankings were based on three-year average return on equity (ROE), a key measure of long-term value creation for shareholders.
The Bank has received additional industry accolades for its 2014 performance; for a third year, Keefe, Bruyette & Woods included the Bank on the "2014 Bank Honor Roll", representing a group of 25 publicly-traded banking institutions selected from nearly 400 candidates for superior performance. Sandler O'Neill + Partners also included the Bank on its 2014 SM-All Stars List. This annual list recognizes high-performing small-cap banks and thrifts across the country.
President Robert H. Gaughen Jr. stated, "We were pleased with the recognition from SNL Financial and American Banker Magazine for our performance in 2014. At Hingham, we take our role as stewards of the shareholders' capital seriously. We remain focused on long-term compounding of shareholder capital through conservative underwriting, careful capital allocation, and measured growth. More important than performance in any one year, however, is our record of performance over time. Our commitment to long-term value creation is reflected in our top ranking by SNL Financial for nearly a decade."
Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham, Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest continuously operating banks in the United States. The Bank's main offices are located in Hingham, MA. The Bank also maintains branch offices in South Hingham and the neighboring towns of Cohasset, Hull, Norwell, Scituate and Weymouth, as well as branches in the South End of Boston and on Beacon Hill and on the island of Nantucket.
The Bank's shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.