Hingham Institution for Savings
Annual Report 2012

Plain-text annual report

13-2462 HIS Cov_Layout 1 3/19/13 11:35 AM Page 1 HULL 401 Nantasket Avenue Hull, MA 02045 NANTUCKET 35 Main Street Nantucket MA 02554 Coming in Summer 2013 NORWELL/HANOVER 5 Assinippi Avenue Hanover, MA 02339 SCITUATE 400 Gannett Road North Scituate, MA 02066 SOUTH WEYMOUTH 32 Pleasant Street South Weymouth, MA 02190 BRANCH OFFICES BOSTON BEACON HILL 80 Charles Street Boston, MA 02114 SOUTH END 540 Tremont Street Boston, MA 02116 COHASSET 13 Elm Street Cohasset, MA 02025 HINGHAM Main Office 55 Main Street Hingham, MA 02043 Loan Center 49 Main Street Hingham, MA 02043 Drive-Up 71 Main Street Hingham, MA 02043 SOUTH HINGHAM 37 Whiting Street Hingham, MA 02043 LINDEN PONDS 300 Linden Ponds Way Hingham, MA 02043 (serving Linden Ponds residents and employees) HINGHAM INSTITUTION FOR SAVINGS ESTABLISHED 1834 55 Main Street, Hingham, MA 02043 Tel: 781-749-2200 Fax: 781-740-4889 www.hinghamsavings.com Member FDIC/Member DIF Equal Housing Lender 2012 ANNUAL REPORT A TRADITION OF VALUE — A FUTURE OF SERVICE “Simple Banking - Honest Value – Happy Customers”. For 179 years, we have provided straight-forward banking products delivered in a professional manner with particular attention to the individual needs of our customers. This focus has produced a vibrant and growing institution. We believe that our past will shape our future. While remaining faithful to our traditions, we are focused on constantly improving our customer experience, expanding into new markets, and delivering a superior return to our shareholders. We are fortunate to be an integral part of the history of Hingham and the South Shore. In recent years, we have expanded our market area with the opening of new branches in the South End and Beacon Hill neighborhoods of Boston. We have been warmly welcomed in these neighborhoods. In addition to continuing our expansion in the city, we are also eagerly anticipating the summer opening of a branch on Nantucket’s historic Main Street. For many years we have provided loans to Island residents and businesses, and we look forward to expanding our services there. This past year, we redesigned and enhanced our online banking site for both personal and business banking. We are proud of the site’s improved customer interface and capabilities. We continue to evaluate new products and services for our customers, while retaining the simplicity that is the hallmark of the Bank. This simplicity allows us to act quickly and flexibly to support our customer’s personal and business needs. Our customers are a reflection of who we are at Hingham Savings. From business banking to personal banking, we are committed to those we serve. The following pages highlight several of our important customer relationships: (cid:0) Nantucket Looms has been a key player in the revitalization effort that gave Nantucket its cachet and contributes to its reputation as a unique vacation destination. (cid:0) Sing Ming Chan has applied his furniture and crafts knowledge to the creation of beautiful buildings and a highly successful real estate business. (cid:0) Land Rover continues to deliver industry-leading vehicles that have delighted automobile enthusiasts since 1948. (cid:0) Real estate developer John Woodin’s talent for project management has allowed him to expand his business from distressed rehabs to a spectacular multimillion dollar condominium development in Hingham. (cid:0) The Gegler family has smoothly transitioned from the suburbs to the city. FINANCIAL HIGHLIGHTS 13.3 12.1 10.2 1.30 1.25 1.19 1.09 1.04 8.0 6.3 08 09 10 11 12 08 09 10 11 12 Net Income ($ in millions) Dividends Declared ($ per share) 1,205.9 1,127.3 1,017.8 925.6 806.2 869.9 949.7 787.6 730.0 631.1 525.3 849.8 792.9 718.2 647.3 08 09 10 11 12 08 09 10 11 12 08 09 10 11 12 Assets ($ in millions) Deposits ($ in millions) Loans, net ($ in millions) FROM THE PRESIDENT This past year, we continued to demonstrate the extraordinary results that can be achieved by combining a focused strategy with efficient execution. We achieved record earnings of $13.3 million or $6.25 per share (basic and diluted). This represents a 10% increase over the previous year’s record earnings. We realized a return on average equity of 15.05%, and our return on average assets increased to 1.15%. On a regional and national basis, these are some of the strongest earnings metrics in our industry. Our consistent growth pattern of recent years continued with a 10% increase in total deposits, a 12% increase in total loans and a 7% increase in total assets. Asset quality continued to strengthen from already impressive levels. At December 31, 2012, non-performing assets totaled a mere 0.28% of total assets; down from 0.92% of total assets at the prior year end. Our strong credit culture and intense Board involvement have served us well during these past years of economic turmoil. Our company-wide efforts at cost control continue to contribute to our financial strength. With an efficiency ratio of 41.54%, we have been able to achieve impressive rates of growth while also maintaining one of the leanest of expense ratios. For the 18th consecutive year, we increased cash dividends declared per share. These financial results; the impressive growth; the strong asset quality; the tight expense control and the industry leading earnings performance, are all the product of an experienced, talented and committed group of banking professionals. From our Board committees to our front line staff, there is a unanimity of purpose. We seek to provide our customers simple and effective banking services that meet their needs and are delivered in a straight-forward and efficient fashion. This allows us to provide extremely competitive rates and services to our customers and strong returns to our shareholders. This past year, we continued to enhance our deposit offerings with improvements to our retail and business online banking products. We also implemented a remote deposit capture capability, electronic bank statements and other incremental upgrades. These improvements and the success of our newest branch office on Beacon Hill contributed to our steady growth. We are an independent community bank with a proud and storied history. Our success of this past year confirms our belief in the future of this 179 year-old institution. We are committed to the constant evolution that is necessary while remaining true to our fundamentally conservative traditions. I am grateful to our customers, shareholders, staff and directors for their support this past year, and I look forward to our continued success in 2013. Very truly yours, Robert H. Gaughen, Jr. President & CEO NANTUCKET LOOMS N antucket Looms is known around the world for its production hand weavings and one-of-a- kind textiles. The shop was incorporated in 1968 by Andy Oates and Bill Euler, who had also managed the restoration upholstery and drapes for the Jared Coffin House. A long line of distinguished commissions followed for clients including I.M. Pei, Chanel, and the National Gallery of Art. Since 1993, Nantucket Looms has been privately owned by Elizabeth Winship. Over the last decade, she has successfully expanded on the rich offerings of this studio. After hearing positive recommendations from other commercial mortgage customers on Nantucket, Elizabeth was referred to Hingham Savings by one of Nantucket’s real estate brokers. She was interested in purchasing a property for her store and weaving operations. In 2009, she purchased a property on Main Street at a very attractive price. She credits the fast response of Loan Officer Shawn Sullivan and our streamlined loan process for being able to take full advantage of a wonderful opportunity. We are proud to have Elizabeth as a home mortgage customer as well. We are a portfolio lender and our flexible approach to financing sets us apart. For us, it is a privilege to visit with and learn about the businesses of our customers. We also appreciate that timing is very important to our business customers. As a locally managed bank, we are able to make fast, informed decisions on loan requests. Our loan process is designed to close commercial real estate loans for our customers smoothly and without delay. Hingham Savings will be opening a branch on Main Street this summer, just a few doors down from Nantucket Looms. Our Branch Manager & Loan Officer is longtime Nantucket resident Sara Congdon. Shown here with Elizabeth Winship, Sara is looking forward to talking with island merchants and residents about how Hingham Savings will best serve their deposit and financing needs. successful working relationships. Our loan officers are an experienced group of professionals, each of whom has been with the Bank for many years. They can speak with confidence about our credit standards and expectations. Our customers know that the partner they worked with on prior projects will be there for their next loan. SING MING CHAN S ing Ming Chan is a local business owner with retail stores in the Boston area. He characterizes his real estate endeavors as a hobby, but his investments have been enormously successful. Mr. Chan specializes in renovating multifamily apartment buildings and high-end condominium conversions. His family background in furniture making brings an appreciation of quality craftsmanship. This recently completed multifamily on East Broadway in South Boston features many fine details, including a wooden spiral staircase, and custom dentil moldings on the exterior entryways. Mr. Chan understands the changing market in South Boston and these quality touches will surely be appreciated. Mr. Chan came to Hingham Savings by referral from a family member who had worked with Vice President Shawn Sullivan on a commercial proposal. Since 2009, we have financed five separate properties for Mr. Chan in South Boston, all of which have been beautifully restored. Shawn and Mr. Chan have a strong partnership based on a rare combination of mutual respect and trust – the kind that only comes from a conscious effort to know our customers and build LAND ROVER T im Porelle has operated his successful Land Rover dealerships in Hanover and Hyannis for the past thirteen years. Whether you are reading one of the many glowing customer testimonials on the Land Rover website or attending an off-road experience, the message is consistent: these dealerships live up to the “Land Rover Way” with an ever- evolving product line, knowledgeable personnel, and a loyal customer community. Relationships are important to Tim. He prefers to do his banking with a community bank. Our Norwell/Hanover branch is located directly across the street from the dealership. Tim stopped by to meet with Assistant Vice President & Branch Manager Denise Quirk last year. It was evident to him that we share his core business values, and he has been banking with us ever since. He appreciates the individual service that Denise provides on every aspect of his business banking. Even as we have invested in new technologies to support our customers, we recognize that our true distinction is found in the manner in which we deliver these services. Our relationship with Tim testifies to our commitment. DERBY BROOK TOWN HOMES John Woodin of Realty Assets, Inc. has a 25-year history of development success in the Boston area. His most recent project in South Hingham is his most ambitious: Derby Brook is a 20-unit, condominium townhouse development. Currently in the second phase of development, the 2,000 square-foot townhome-style condos are upscale and traditional in style, featuring high-end amenities, a private road and wooded surroundings. The project also includes a percentage of affordable units. The response to the development has been overwhelmingly positive, and John anticipates building out the entire Derby Brook development by the end of this year, selling out at 15% higher than projections. John was referred to Hingham Savings by another Hingham customer in 2001, and he has partnered with us ever since. He especially enjoys working with Assistant Vice President & Loan Officer Janice Spiess. As General Contractor, he manages every aspect of his projects, and he appreciates our accessibility. His phone calls are answered promptly, and we are always available for a meeting or to provide the assistance that will keep his construction projects running smoothly. Janice’s thorough understanding of the construction process and our streamlined, no red-tape policy keep his projects on track and on budget. We are a locally managed bank. Our officers live and work in the communities we serve. We understand the importance of fast, knowledgeable service, especially when working with time-sensitive home purchases. Our loan decisions are made locally, and our officers personally see each loan through the entire process. We work with our customers to find the best possible fit for their mortgage financing needs and ensure that their loan transaction with us is a best-in-class experience. Long after the closing, our customer relationships continue; every mortgage is serviced in-house, which means you will always reach a real person at Hingham Savings whenever you call us about your loan. GEGLER RESIDENCE G ene and Mary Gegler raised their young family in Hingham. When their children began attending high school in the Boston area, they decided to move to the city. For three years, they rented while exploring various neighborhoods, allowing them to decide just where they wanted to live. Last year, they attended an open house and fell in love with a garden condominium deep in the heart of the South End. As community members, the Gegler's were already familiar with Hingham Savings. On a referral from one of our Directors, they called on Tony Tierno, Assistant Vice President & South End Branch Manager, for their mortgage financing. As it turned out, Tony already knew the property that the Geglers were interested in purchasing. Not only were the condominium developers, David Goldman and Dennis Kanin, longtime customers of the Bank, but the finish work on the unit had also been done by another one of our commercial customers, Kennedy Design Build. It was a match that was meant to be. The Gegler’s new mortgage was processed smoothly and without delay, and they are happily settled in their new home. They are impressed with our high level of service and Gene often comments on how easy the Bank made the whole process for them. SENIOR OFFICERS Robert A. Bogart Vice President & Treasurer Peter R. Smollett Vice President Commercial Lending Shawn T. Sullivan Vice President Commercial Lending William M. Donovan Jr. Vice President Administration Robert H. Gaughen, Jr. President & Chief Executive Officer William G. Bowers, Jr. Vice President Commercial Lending Alexander L. Boyd Vice President Commercial Lending Michael J. Sinclair Vice President Retail Lending Patrick R. Gaughen Vice President Chief Strategy & Corporate Development Thomas I. Chew Vice President Branch Operations BOARD OF DIRECTORS Howard M. Berger, Esq. Michael J. Desmond Marion J. Fahey Ronald D. Falcione Kevin W. Gaughen, Esq. Patrick R. Gaughen Robert H. Gaughen, Jr., Esq. Julio R. Hernando, Esq. Brian T. Kenner, Esq. Robert A. Lane, Esq. Scott L. Moser Stacey M. Page Robert K. Sheridan Edward L. Sparda Donald M. Tardiff M.D. Geoffrey C. Wilkinson, Sr. Jacqueline M. Youngworth FINANCIAL HIGHLIGHTS Selected Financial Data The following information does not purport to be complete and is qualified in its entirety by the more detailed information contained in the Bank’s Annual Report on Form 10-K. Total assets … … … … … … … … … Securities available for sale… … … … Loans: Residential loans … … … … … … … Commercial mortgage … … … … … Construction … … … … … … … … Other … … … … … … … … … … … Allowance for loan losses … … … … Deposits … … … … … … … … … … Federal Home Loan Bank advances… Stockholders’ equity … … … … … … 2012 2011 2010 2009 2008 (In Thousands) At December 31, $ 1,205,884 102,866 $ 1,127,276 96,689 $ 1,017,845 95,071 $ 925,560 96,374 $ 806,193 87,380 457,217 438,037 60,390 869 7,999 869,886 234,355 92,799 408,607 404,343 42,269 1,090 7,516 787,573 247,471 82,265 385,525 383,361 29,065 958 6,905 729,960 207,580 72,736 350,433 348,700 23,228 833 5,737 631,087 222,636 65,293 299,866 317,162 33,315 799 4,530 525,334 214,994 59,825 2012 2011 Years Ended December 31, 2009 2010 2008 (Dollars in Thousands, Except Per Share Amounts) Income Statement Data: Total interest and dividend income …………… Total interest expense…………………………… Net interest income …………………… Provision for loan losses …………………… Other income …………………………………… Operating expenses ..………………………… Income before income taxes ……………. Income tax provision .………………………… Net income ……………………………… Earnings per common share: Basic……………………………………………… Diluted…………………………………………… Financial Ratios: Return on average assets……………………… Return on average equity……………………… Average equity to average assets……………… Interest rate spread……………………………. Net yield on average earning assets…………… Dividend payout ratio (basic) ………………… Efficiency ratio…………………………………… Cash dividends declared per common share …… Book value per common share ………………… $ $ $ $ $ 48,831 $ 10,937 37,894 725 1,666 16,434 22,401 9,111 13,290 48,444 $ 12,618 35,826 1,100 1,700 16,091 20,335 8,273 $ 12,062 $ 46,825 $ 15,098 31,727 1,300 1,627 14,978 17,076 6,848 10,228 $ 44,798 $ 17,599 27,199 1,700 2,008 14,371 13,136 5,091 8,045 $ 6.25 $ 5.68 $ 4.81 $ 3.79 $ 6.25 $ 5.67 $ 4.81 $ 3.79 $ 43,309 21,980 21,329 805 1,664 12,123 10,065 3,780 6,285 2.96 2.96 1.15 % 15.05 7.62 3.25 3.38 20.80 41.54 $ 1.30 43.65 $ 1.14 % 15.34 7.44 3.36 3.50 22.01 42.88 1.25 $ 38.70 $ 1.05 % 14.67 7.14 3.20 3.37 24.74 44.91 1.19 $ 34.24 $ 0.93 % 0.81 % 12.78 7.26 3.11 3.30 28.76 49.20 1.09 30.74 $ $ 11.08 7.33 2.52 2.86 35.14 52.72 1.04 28.20 COMPARATIVE STOCK PERFORMANCE GRAPH The chart which appears below sets forth the percentage change, on an annual basis, in the cumulative total return on the Bank’s Common Stock since December 31, 2007 through December 31, 2012. For comparative purposes, changes in the cumulative total return on the three indices of publicly traded stocks (the “Indices”) are also set forth on the chart. The NASDAQ Composite Index reflects the total return of a group of stocks in a cross section of industries. Many of these stocks have substantially larger market capitalizations than the Bank. The SNL Bank and Thrift Index tracks a national group of publicly traded bank and thrift institutions. The final Index, SNL New England Thrift Index, tracks a peer group of all publicly traded thrift institutions located in New England. SNL Securities is a research and publishing firm spe- cializing in the collection and dissemination of data on the bank- ing, thrift, and financial services industries. The chart begins with an equal base value of $100 for the Bank’s stock and for each of the Indices on December 31, 2007 and reflects year-end closing prices and dividends paid thereafter by the Bank and by the companies which comprise the Indices. The chart assumes full reinvestment of such dividends. Information about the Indices has been obtained from sources believed to be reliable, but neither the accuracy nor the complete- ness of such information is guaranteed by the Bank. Index Hingham Institution for Savings NASDAQ Composite SNL New England Thrift SNL Bank and Thrift Period Ending 12/31/07 100.00 100.00 100.00 100.00 12/31/08 87.69 60.02 105.24 57.51 12/31/09 111.43 87.24 100.14 56.74 12/31/10 167.02 103.08 102.64 63.34 12/31/11 184.07 102.26 101.63 49.25 12/31/12 246.63 120.42 107.91 66.14 TOTAL RETURN PERFORMANCE Hingham Institution for Savings NASDAQ Composite SNL New England Thrift SNL Bank and Thrift 300 — 250 — 200 — 150 — 100 — 50 — 0 — 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 CONSOLIDATED BALANCE SHEETS ASSETS December 31, 2012 2011 (In Thousands) Cash and due from banks ……………………………………………………………. Short-term investments ……………………………………………………………… Cash and cash equivalents ………………………………………………………. $ Certificates of deposit………………………………………………………………… Securities available for sale, at fair value …………………………………………… Federal Home Loan Bank stock, at cost ……………………………………………. Loans, net of allowance for loan losses of $7,999,000 in 2012 and $7,516,000 in 2011 …………………………………. Foreclosed assets …………………………………………………………………… Bank-owned life insurance ………………………………………………………… Premises and equipment, net ………………………………………………………… Accrued interest receivable ………………………………………………………… Prepaid FDIC assessment ……………………………………………………………. Deferred income tax asset, net ……………………………………………………… Other assets ………………………………………………………………………… Total assets ……………………………………………………………………… 7,961 79,373 87,334 13,737 102,866 14,105 949,662 471 14,945 14,180 2,667 1,364 2,556 1,997 $ 1,205,884 $ 8,918 107,422 116,340 13,405 96,689 13,373 849,776 3,629 14,524 10,597 2,858 1,871 2,704 1,510 $ 1,127,276 LIABILITIES AND STOCKHOLDERS’ EQUITY Deposits ……………………………………………………………………………… Federal Home Loan Bank advances ………………………………………………… Mortgage payable …………………………………………………………………… Mortgagors’ escrow accounts ……………………………………………………… Accrued interest payable ……………………………………………………………. Other liabilities………………………………………………………………………. Total liabilities …………………………………………………………………... $ 869,886 234,355 1,065 3,231 478 4,070 1,113,085 $ 787,573 247,471 1,107 2,517 475 5,868 1,045,011 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; 2,125,750 shares issued and outstanding at December 31, 2012 and December 31, 2011 …………………………………………………………… Additional paid-in capital ……………………………………………………… Undivided profits ……………………………………………………………… Accumulated other comprehensive income …………………………………… Total stockholders’ equity ………………………………………………… Total liabilities and stockholders’ equity ……………………………………… — — 2,126 10,519 79,930 224 92,799 $ 1,205,884 2,126 10,500 69,404 235 82,265 $ 1,127,276 CONSOLIDATED STATEMENTS OF NET INCOME Interest and dividend income: Loans ……………………………………………………………………… Debt securities …………………………………………………………… Equity securities…………………………………………………………… Short-term investments and certificates of deposit ……………………… Total interest and dividend income …………………………………… Interest expense: Deposits…………………………………………………………………… Federal Home Loan Bank advances ……………………………………… Mortgage payable ………………………………………………………… Total interest expense ………………………………………………… Net interest income …………………………………………………………… Provision for loan losses ……………………………………………………… Net interest income, after provision for loan losses ………………………… Other income: Customer service fees on deposits………………………………………… Increase in Bank-owned life insurance…………………………………… Miscellaneous …………………………………………………………… Total other income …………………………………………………… Operating expenses: Salaries and employee benefits …………………………………………… Data processing …………………………………………………………… Occupancy and equipment ……………………………………………… Deposit insurance ………………………………………………………… Foreclosure………………………………………………………………… Marketing ………………………………………………………………… Other general and administrative ………………………………………… Total operating expenses……………………………………………… Income before income taxes ………………………………………………… Income tax provision ………………………………………………………… Net income ……………………………………………………………… Earnings per common share: Basic ……………………………………………………………………… Diluted …………………………………………………………………… Years Ended December 31, 2012 2010 2011 (In Thousands, Except Per Share Amounts) $ $ $ $ 47,753 526 198 354 48,831 5,858 5,014 65 10,937 37,894 725 37,169 1,008 421 237 1,666 9,643 884 1,709 611 336 654 2,597 16,434 22,401 9,111 13,290 6.25 6.25 $ $ $ $ 47,191 749 153 351 48,444 6,751 5,799 68 12,618 35,826 1,100 34,726 987 450 263 1,700 8,894 883 1,528 701 1,038 650 2,397 16,091 20,335 8,273 12,062 5.68 5.67 $ $ $ $ 44,878 1,418 106 423 46,825 8,125 6,903 70 15,098 31,727 1,300 30,427 893 459 275 1,627 8,371 853 1,280 1,074 726 501 2,173 14,978 17,076 6,848 10,228 4.81 4.81 STOCKHOLDER INFORMATION (cid:1) Hingham Institution for Savings 55 Main Street Hingham, MA 02043 (781) 749-2200 President and Chief Executive Officer Robert H. Gaughen, Jr. Investor Inquiries William M. Donovan, Jr. Vice President –Administration TransferAgent and Registrar Computershare 250 Royall St. Canton, MA 02021 (800) 288-9541 Online Registered Shareholder Access www.computershare.com/investor Stockholder Inquiries Computershare For Hingham Institution for Savings P.O. Box 358015 Pittsburgh, PA 15252-8015 (800) 288-9541 Independent Registered Public Accounting Firm Wolf & Company, P.C. 99 High Street Boston, MA 02110 Special Counsel WilmerHale 60 State Street Boston, MA 02109 (cid:1) Data Stock Hingham Institution for Savings’ common shares are listed and traded on The NASDAQ Stock Market under the symbol HIFS. As of December 31, 2012, there were approximately 352 stockholders of record, holding 731,079 outstanding shares of common stock. These shares do not include the number of persons who hold their shares in nominee or street name through various brokerage firms. The following table presents the quarterly high and low bid prices for the Bank’s common stock reported by NASDAQ. 2012 First Quarter Second Quarter Third Quarter Fourth Quarter 2011 First Quarter Second Quarter Third Quarter Fourth Quarter High Low $ 56.94 61.40 66.99 82.34 $ 51.51 53.00 57.50 50.00 $ 47.90 53.79 57.74 59.55 $ 42.80 44.77 45.75 46.15 The closing sale price of the Bank’s common stock at December 31, 2012 was $62.60 per share. Form 10-K and Proxy Statement A copy of the Bank’s Annual Report on Form 10-K and Proxy Statement for the fiscal year ended December 31, 2012, as filed with the Federal Deposit Insurance Corporation, may be obtained without charge by any stockholder of the Bank upon written request addressed to the Investor Relations Department. Additionally, the Bank’s Annual Report on Form 10-K and the at are Proxy www.hinghamsavings.com electronically Statement available 13-2462 HIS Cov_Layout 1 3/19/13 11:35 AM Page 1 HULL 401 Nantasket Avenue Hull, MA 02045 NANTUCKET 35 Main Street Nantucket MA 02554 Coming in Summer 2013 NORWELL/HANOVER 5 Assinippi Avenue Hanover, MA 02339 SCITUATE 400 Gannett Road North Scituate, MA 02066 SOUTH WEYMOUTH 32 Pleasant Street South Weymouth, MA 02190 BRANCH OFFICES BOSTON BEACON HILL 80 Charles Street Boston, MA 02114 SOUTH END 540 Tremont Street Boston, MA 02116 COHASSET 13 Elm Street Cohasset, MA 02025 HINGHAM Main Office 55 Main Street Hingham, MA 02043 Loan Center 49 Main Street Hingham, MA 02043 Drive-Up 71 Main Street Hingham, MA 02043 SOUTH HINGHAM 37 Whiting Street Hingham, MA 02043 LINDEN PONDS 300 Linden Ponds Way Hingham, MA 02043 (serving Linden Ponds residents and employees) HINGHAM INSTITUTION FOR SAVINGS ESTABLISHED 1834 55 Main Street, Hingham, MA 02043 Tel: 781-749-2200 Fax: 781-740-4889 www.hinghamsavings.com Member FDIC/Member DIF Equal Housing Lender 2012 ANNUAL REPORT 

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