F i n a n c i a l H i g h l i g h t s
23.4 25.8 30.4 38.9 50.8
1.56 1.66 1.92 2.18 2.47
75.50 87.29 99.67 115.75 137.02
1.77
1.58
1.42
1.32
1.24
16 17 18 19 20
16 17 18 19 20
16 17 18 19 20
Net Income
($ in millions)
Dividends Declared*
($ per share)
Book Value
($ per share)
2,015 2,285 2,409 2,590 2,857
1,366 1,506 1,573 1,821 2,139
1,606 1,834 2,009 2,227 2,495
16 17 18 19 20
16 17 18 19 20
16 17 18 19 20
Assets
($ in millions)
Deposits
($ in millions)
Loans, net
($ in millions)
*Dividends Declared: Dividends declared chart includes the total regular dividends declared (dark shading) and the total dividends declared
including any special dividends (light shading).
F r o m t h e C h a i r m a n a n d t h e P r e s i d e n t
To Our Business Partners:
2020 was another outstanding year
Institution for Savings.
for Hingham
We earned a record $50.8 million dollars for our owners,
a 30% increase from 2019. Our return on average equity
of 18.96% and our return on average assets of 1.88%
again place us among the most profitable banks in the
country. Net loans increased by 12% to $2.495 billion,
deposits increased by 17% to $2.139 billion, and total assets increased by 10% to $2.857 billion. Book
value per share rose 18.4% in 2020 from $115.75 to $137.02 per share. This excludes capital returned
to the ownership through regular and special dividends - we declared $2.47 in dividends per share
in 2020. The trailing five year compound annual growth rate in book value per share, an important
measure of long-term value creation, was 16.1%. The efficiency ratio in 2020 was 25.41%, a reflection
of our disciplined approach to expense control.
Although we are still operating in the midst of the COVID-19 pandemic and the full extent of the economic
damage remains unclear, we are cautiously optimistic that the range of outcomes has narrowed. Our
conservative approach to lending has served us well, with virtually no losses or loan forbearance, and
we had limited exposure to high risk assets. These outcomes result from the interplay of luck and skill.
We have been great beneficiaries of the former.
COVID-19 has been uniquely disruptive in the coastal urban markets in which we operate - Boston
and Washington, D.C. Cities are the absence of space between people - the very antithesis of social
distance. Throughout history, outbreaks of disease have been closely linked with urbanization and have
led to fear of cities. Over the past year, this fear has called into question their sustainability - will they
continue to be engines of cultural, technological, and economic growth and innovation? Questions of
sustainability were pressing even before COVID-19, particularly in our sister markets of San Francisco
and New York, where governance structures had ossified, business formation was discouraged, and
affordable housing development was blocked.
Book Value
Per Share
$7.35
We believe these obstacles are ultimately surmountable and will be swamped by the centuries long
secular trend towards urbanization, as cities provide a unique space for the agglomeration of human
capital. This is especially true when agglomeration effects are reinforced by research universities that
generate the intangible assets that drive our economy.
We have always approached investing, whether in our business, in real estate, in people, or in
technology, with a long-term perspective. With this perspective, we are occasionally presented with
unusual opportunities to act in times of general uncertainty - to deploy capital on attractive terms, to
develop new relationships with strong customers, to recruit talented staff, and to invest in digital tools
to reduce costs and deliver more value for our customers. In 2020, we were presented with such
opportunities and we have done our best to seize them.
We were an active lender throughout the year, accelerating our work after the onset of the pandemic.
We supported our strongest customers as they acquired new properties and we built new relationships
with strong sponsors that we hope to deepen in future years. At the height of the turmoil that gripped
Washington last year, we originated our largest loan ever to a national nonprofit, secured by its
headquarters building near the White House. We continued to expand our Commercial Real Estate
Group, onboarding a senior-level commercial real estate lender in Boston and actively recruiting in
both markets. We offer a stable platform for long-term growth, a commitment to independence, and
a disciplined focus on real estate lending through cycles. If you are a talented commercial real estate
lender, customer-focused with strong valuation skills, please call us.
Our Specialized Deposit Group continued building on its success in 2020. Our deposit strategy - digital
excellence, virtually no fees, and personalized service provided by dedicated relationship managers -
has become even more attractive to nonprofits, institutions, and mid-sized businesses this year after
they faced difficulty getting access to the Paycheck Protection Program at larger banks. If you are
a talented relationship manager in Boston, Washington, New York or San Francisco that works with
these kinds of deposit customers, please call Holly Cirignano, the Head of our Specialized Deposit
Group. She wants to talk with you.
28 Years of
Performance
Assets
Assets
Assets
Assets
Assets
Net Loans
Net Loans
Net Loans
Net Loans
Net Loans
Book Value Per Share
Book Value Per Share
Book Value Per Share
Book Value Per Share
Book Value Per Share
1993*
1993*
1993*
1993*
1993*
1994*
1994*
1994*
1994*
1994*
1995*
1995*
1995*
1995*
1995*
1996*
1996*
1996*
1996*
1996*
1997
1997
1997
1997
1997
1998
1998
1998
1998
1998
1999
1999
1999
1999
1999
2000
2000
2000
2000
2000
2001
2001
2001
2001
2001
2002
2002
2002
2002
2002
2003
2003
2003
2003
2003
2004
2004
2004
2004
2004
2005
2005
2005
2005
2005
2006
2006
2006
2006
2006
2007
2007
2007
2007
2007
2008
2008
2008
2008
2008
2009
2009
2009
2009
2009
2010
2010
2010
2010
2010
2011
2011
2011
2011
2011
2012
2012
2012
2012
2012
2013
2013
2013
2013
2013
2014
2014
2014
2014
2014
2015
2015
2015
2015
2015
2016
2016
2016
2016
2016
2017
2017
2017
2017
2017
2018
2018
2018
2018
2018
2019
2019
2019
2019
2019
2020
2020
2020
2020
2020
$ 147,889
$ 147,889
$ 147,889
$ 147,889
$ 147,889
$ 153,192
$ 153,192
$ 153,192
$ 153,192
$ 153,192
$ 175,409
$ 175,409
$ 175,409
$ 175,409
$ 175,409
$ 201,586
$ 201,586
$ 201,586
$ 201,586
$ 201,586
$ 222,584
$ 222,584
$ 222,584
$ 222,584
$ 222,584
$ 260,076
$ 260,076
$ 260,076
$ 260,076
$ 260,076
$ 291,183
$ 291,183
$ 291,183
$ 291,183
$ 291,183
$ 337,881
$ 337,881
$ 337,881
$ 337,881
$ 337,881
$ 386,181
$ 386,181
$ 386,181
$ 386,181
$ 386,181
$ 426,430
$ 426,430
$ 426,430
$ 426,430
$ 426,430
$ 483,954
$ 483,954
$ 483,954
$ 483,954
$ 483,954
$ 547,051
$ 547,051
$ 547,051
$ 547,051
$ 547,051
$ 628,251
$ 628,251
$ 628,251
$ 628,251
$ 628,251
$ 691,652
$ 691,652
$ 691,652
$ 691,652
$ 691,652
$
$
$
$
$
$
$
$
76,936
$
76,936
76,936
76,936
76,936
$ 100,398
$ 100,398
$ 100,398
$ 100,398
$ 100,398
$ 119,472
$ 119,472
$ 119,472
$ 119,472
$ 119,472
$ 151,166
$ 151,166
$ 151,166
$ 151,166
$ 151,166
$ 172,839
$ 172,839
$ 172,839
$ 172,839
$ 172,839
$ 204,774
$ 204,774
$ 204,774
$ 204,774
$ 204,774
$ 229,687
$ 229,687
$ 229,687
$ 229,687
$ 229,687
$ 266,568
$ 266,568
$ 266,568
$ 266,568
$ 266,568
$ 282,386
$ 282,386
$ 282,386
$ 282,386
$ 282,386
$ 320,692
$ 320,692
$ 320,692
$ 320,692
$ 320,692
$ 358,778
$ 358,778
$ 358,778
$ 358,778
$ 358,778
$ 415,538
$ 415,538
$ 415,538
$ 415,538
$ 415,538
$ 488,126
$ 488,126
$ 488,126
$ 488,126
$ 488,126
$ 539,104
$ 539,104
$ 539,104
$ 539,104
$ 539,104
7.35
$
7.35
7.35
7.35
$
7.35
$
$
$
8.24
$
8.24
8.24
8.24
$
8.24
$
$
$
9.17
$
9.17
9.17
9.17
$
9.17
$
$
$
9.87
$
9.87
9.87
9.87
$
9.87
$
$
$
10.93
$
10.93
10.93
10.93
$
10.93
$
$
$
12.05
$
12.05
12.05
12.05
$
12.05
$
$
$
12.83
$
12.83
12.83
12.83
$
12.83
$
$
$
14.46
$
14.46
14.46
14.46
$
14.46
$
$
$
16.38
$
16.38
16.38
16.38
$
16.38
$
$
$
18.48
$
18.48
18.48
18.48
$
18.48
$
$
$
19.68
$
19.68
19.68
19.68
$
19.68
$
$
$
21.29
$
21.29
21.29
21.29
$
21.29
$
$
$
23.01
$
23.01
23.01
23.01
$
23.01
$
$
$
24.47
$
24.47
24.47
24.47
24.47
$
$
$
$
25.85
25.85
25.85
25.85
$
25.85
$
$
$
$
28.20
28.20
28.20
28.20
$
28.20
$
$
$
$
30.74
30.74
30.74
30.74
$
30.74
$
$
$
$
34.24
34.24
34.24
34.24
$
34.24
$
$
$
$
38.70
38.70
38.70
38.70
$
38.70
$
$
$
$
43.65
43.65
43.65
43.65
$
43.65
$
$
$
$
48.49
48.49
48.49
48.49
$
48.49
$
$
$
$
57.08
57.08
57.08
57.08
$
57.08
$
$
$
$
64.83
64.83
64.83
64.83
$
64.83
$
$
$
$
75.50
75.50
75.50
75.50
$
75.50
$
$
$
$
87.29
87.29
87.29
87.29
$
87.29
$
$
$
$
99.67
99.67
99.67
99.67
$
99.67
$
$
$
$
115.75
115.75
115.75
115.75
$
115.75
$
$
$
$
137.02
137.02
137.02
137.02
$
137.02
$ 744,602
$ 744,602
$ 744,602
$ 744,602
$ 744,602
$ 806,193
$ 806,193
$ 806,193
$ 806,193
$ 806,193
$ 925,560
$ 925,560
$ 925,560
$ 925,560
$ 925,560
$ 1,017,845
$ 1,017,845
$ 1,017,845
$ 1,017,845
$ 1,017,845
$ 1,127,276
$ 1,127,276
$ 1,127,276
$ 1,127,276
$ 1,127,276
$ 1,205,884
$ 1,205,884
$ 1,205,884
$ 1,205,884
$ 1,205,884
$ 1,356,441
$ 1,356,441
$ 1,356,441
$ 1,356,441
$ 1,356,441
$ 1,552,205
$ 1,552,205
$ 1,552,205
$ 1,552,205
$ 1,552,205
$ 1,768,528
$ 1,768,528
$ 1,768,528
$ 1,768,528
$ 1,768,528
$ 2,014,599
$ 2,014,599
$ 2,014,599
$ 2,014,599
$ 2,014,599
$ 2,284,599
$ 2,284,599
$ 2,284,599
$ 2,284,599
$ 2,284,599
$ 2,408,587
$ 2,408,587
$ 2,408,587
$ 2,408,587
$ 2,408,587
$ 2,590,346
$ 2,590,346
$ 2,590,346
$ 2,590,346
$ 2,590,346
$ 2,857,093
$ 2,857,093
$ 2,857,093
$ 2,857,093
$ 2,857,093
$ 593,915
$ 593,915
$ 593,915
$ 593,915
$ 593,915
$ 647,255
$ 647,255
$ 647,255
$ 647,255
$ 647,255
$ 718,242
$ 718,242
$ 718,242
$ 718,242
$ 718,242
$ 792,910
$ 792,910
$ 792,910
$ 792,910
$ 792,910
$ 849,776
$ 849,776
$ 849,776
$ 849,776
$ 849,776
$ 949,662
$ 949,662
$ 949,662
$ 949,662
$ 949,662
$ 1,078,879
$ 1,078,879
$ 1,078,879
$ 1,078,879
$ 1,078,879
$ 1,238,656
$ 1,238,656
$ 1,238,656
$ 1,238,656
$ 1,238,656
$ 1,405,533
$ 1,405,533
$ 1,405,533
$ 1,405,533
$ 1,405,533
$ 1,605,647
$ 1,605,647
$ 1,605,647
$ 1,605,647
$ 1,605,647
$ 1,833,987
$ 1,833,987
$ 1,833,987
$ 1,833,987
$ 1,833,987
$ 2,009,288
$ 2,009,288
$ 2,009,288
$ 2,009,288
$ 2,009,288
$ 2,227,062
$ 2,227,062
$ 2,227,062
$ 2,227,062
$ 2,227,062
$ 2,495,331
$ 2,495,331
$ 2,495,331
$ 2,495,331
$ 2,495,331
Earnings Per Share (Basic)
Earnings Per Share (Basic)
Earnings Per Share (Basic)
Earnings Per Share (Basic)
$
$
Earnings Per Share (Basic)
$
$
0.10
$
0.10
0.10
0.10
$
0.10
$
$
$
1.33
$
1.33
1.33
1.33
$
1.33
$
$
$
0.98
$
0.98
0.98
0.98
$
0.98
$
$
$
1.05
$
1.05
1.05
1.05
$
1.05
$
$
$
1.36
$
1.36
1.36
1.36
$
1.36
$
$
$
1.53
$
1.53
1.53
1.53
$
1.53
$
$
$
1.65
$
1.65
1.65
1.65
$
1.65
$
$
$
2.07
$
2.07
2.07
2.07
$
2.07
$
$
$
2.49
$
2.49
2.49
2.49
$
2.49
$
$
$
2.91
$
2.91
2.91
2.91
$
2.91
$
$
$
2.58
$
2.58
2.58
2.58
$
2.58
$
$
$
2.80
$
2.80
2.80
2.80
$
2.80
$
$
$
2.95
$
2.95
2.95
2.95
$
2.95
$
$
$
2.19
$
2.19
2.19
2.19
2.19
$
$
$
$
$
2.12
2.12
2.12
2.12
2.12
$
$
$
$
$
2.96
2.96
2.96
2.96
2.96
$
$
$
$
$
3.79
3.79
3.79
3.79
3.79
$
$
$
$
$
4.81
4.81
4.81
4.81
4.81
$
$
$
$
$
5.68
5.68
5.68
5.68
5.68
$
$
$
$
$
6.25
6.25
6.25
6.25
6.25
$
$
$
$
$
6.28
6.28
6.28
6.28
6.28
$
$
$
$
10.46
10.46
10.46
10.46
$
10.46
$
$
$
$
$
9.09
9.09
9.09
9.09
9.09
$
$
$
$
10.99
10.99
10.99
10.99
$
10.99
$
$
$
$
12.08
12.08
12.08
12.08
$
12.08
$
$
$
$
14.25
14.25
14.25
14.25
$
14.25
$
$
$
$
18.24
18.24
18.24
18.24
$
18.24
$
$
$
$
23.76
23.76
23.76
23.76
$
23.76
Return on Equity
Return on Equity
Return on Equity
Return on Equity
Return on Equity
1.34%
1.34%
1.34%
1.34%
1.34%
17.09%
17.09%
17.09%
17.09%
17.09%
11.11%
11.11%
11.11%
11.11%
11.11%
11.06%
11.06%
11.06%
11.06%
11.06%
13.00%
13.00%
13.00%
13.00%
13.00%
13.18%
13.18%
13.18%
13.18%
13.18%
13.07%
13.07%
13.07%
13.07%
13.07%
15.17%
15.17%
15.17%
15.17%
15.17%
15.95%
15.95%
15.95%
15.95%
15.95%
16.58%
16.58%
16.58%
16.58%
16.58%
13.53%
13.53%
13.53%
13.53%
13.53%
13.56%
13.56%
13.56%
13.56%
13.56%
13.20%
13.20%
13.20%
13.20%
13.20%
9.18%
9.18%
9.18%
9.18%
9.18%
8.40%
8.40%
8.40%
8.40%
8.40%
11.08%
11.08%
11.08%
11.08%
11.08%
12.78%
12.78%
12.78%
12.78%
12.78%
14.67%
14.67%
14.67%
14.67%
14.67%
15.34%
15.34%
15.34%
15.34%
15.34%
15.05%
15.05%
15.05%
15.05%
15.05%
13.52%
13.52%
13.52%
13.52%
13.52%
19.30%
19.30%
19.30%
19.30%
19.30%
14.81%
14.81%
14.81%
14.81%
14.81%
15.59%
15.59%
15.59%
15.59%
15.59%
14.73%
14.73%
14.73%
14.73%
14.73%
14.97%
14.97%
14.97%
14.97%
14.97%
16.82%
16.82%
16.82%
16.82%
16.82%
18.96%
18.96%
18.96%
18.96%
18.96%
Efficiency Ratio
Efficiency Ratio
Efficiency Ratio
Efficiency Ratio
108.32%
108.32%
Efficiency Ratio
108.32%
108.32%
D o l l a r s i n t h o u s a n d s e x c e p t p e r s h a r e d a t a .
108.32%
61.46%
61.46%
61.46%
61.46%
61.46%
54.25%
54.25%
54.25%
54.25%
54.25%
53.36%
53.36%
53.36%
53.36%
53.36%
50.10%
50.10%
50.10%
50.10%
50.10%
48.72%
48.72%
48.72%
48.72%
48.72%
50.25%
50.25%
50.25%
50.25%
50.25%
47.78%
47.78%
47.78%
47.78%
47.78%
45.31%
45.31%
45.31%
45.31%
45.31%
45.42%
45.42%
45.42%
45.42%
45.42%
45.55%
45.55%
45.55%
45.55%
45.55%
49.48%
49.48%
49.48%
49.48%
49.48%
48.50%
48.50%
48.50%
48.50%
48.50%
57.58%
57.58%
57.58%
57.58%
57.58%
59.69%
59.69%
59.69%
59.69%
59.69%
52.72%
52.72%
52.72%
52.72%
52.72%
49.20%
49.20%
49.20%
49.20%
49.20%
44.91%
44.91%
44.91%
44.91%
44.91%
42.88%
42.88%
42.88%
42.88%
42.88%
41.54%
41.54%
41.54%
41.54%
41.54%
43.26%
43.26%
43.26%
43.26%
43.26%
37.19%
37.19%
37.19%
37.19%
37.19%
36.32%
36.32%
36.32%
36.32%
36.32%
32.15%
32.15%
32.15%
32.15%
32.15%
30.06%
30.06%
30.06%
30.06%
30.06%
29.89%
29.89%
29.89%
29.89%
29.89%
30.26%
30.26%
30.26%
30.26%
30.26%
25.41%
25.41%
25.41%
25.41%
25.41%
* P e r s h a r e d a t a f o r 1 9 9 3 , 1 9 9 4 , 1 9 9 5 a n d 1 9 9 6 a d j u s t e d f o r t h e 3 f o r 2 s t o c k s p l i t .
() () () () () () () () () () () () () () () () () ()()()()()()()()()()()() () () () () () () () () () () () () () () () () () () () ()()()()()()()()() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()()()()()()()()()()()() () () () () () () () () () () () () () () () () () () () ()()()()()()()()() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()()()()()()()()()()()() () () () () () () () () () () () () () () () () () () () ()()()()()()()()() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()()()()()()()()()()()() () () () () () () () () () () () () () () () () () () () ()()()()()()()()() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()()()()()()()()()()()() () () () () () () () () () () () () () () () () () () () ()()()()()()()()() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () Technology became even more integral to our business, driven by changes in consumer preferences
during the pandemic. We believe these changes are permanent, not transitory. The pandemic has
pulled forward years of digital adoption. We need to align our investments in our digital capabilities with
our customers’ needs - particularly for digital-first account acquisition - and we need to build a deeper
team in this area.
In our investment operations, we avoided permanent impairment and exploited opportunities to commit
additional capital to our public equity investments on attractive terms. Our investments are focused on
finance - banks, insurers, payment networks and processors and facilitators, financial infrastructure
providers, and ratings agencies. We also have material investments in technology companies that
facilitate digital commerce. We made our first private equity investment in a de novo bank in 2020 and
we continue to seek opportunities to leverage our long duration capital and our operational insights. Our
equity investments - both public and private - inform and are informed by our core business operations.
Despite progress over the past year, we remain dissatisfied by the cost and quality of our business
operations. Banking is an extraordinarily competitive business. Developing operational and financial
leverage is fundamental to our ability to survive. Our technology stack rests on core infrastructure that
limits our ability to innovate and requires substantial new investments in middleware, API wrappers,
and alternate data repositories. Digitization of workflows and information storage make a cost-effective,
geographically distributed workforce possible, but we have yet to build it. We continue to execute tasks
internally that should be outsourced to specialty providers.
Finding and eliminating this waste has never been an “initiative” at Hingham. It cannot be accomplished
in one fell swoop. It is a discipline, the product of continuous improvement in every area of our business.
The Red Queen was right when she said:
Book Value
Per Share
$137.02
Although COVID-19 has accelerated digital adoption in our customer base, it has also catalyzed change
across our industry, prompting a renewed focus by otherwise comfortable competitors on cost control.
Like Alice in Wonderland, we must be prepared to run at least twice as fast to outpace them.
Even as we focus on our performance, we recognize our unique good fortune. Our philanthropic activities
this year remained aligned with our business focus on multifamily housing and serving nonprofits. We
originated well over $100 million in loans secured by affordable housing in 2020, including a significant
volume of government-subsidized properties. We were an early investor in the Washington Housing
Initiative, a new nonprofit loan fund focused on preserving and expanding affordable housing in greater
Washington D.C. We also substantially increased our giving focus on education, where disparities in
access and quality have become so visible.
Since our family became associated with the Bank twenty-eight years ago, it has been our objective
to build one of America’s great banks, characterized by superior long-term financial results, a fortress
balance sheet that provides unquestionable assurance to our depositors, and an enduring culture of
growth and success. We are well on our way.
Very truly yours,
‘A slow sort of country! Now, here, you see, it takes all the running you can do, to keep in the
same place. If you want to get somewhere else, you must run at least twice as fast as that!’
Robert H. Gaughen Jr.
Chairman of the Board and Chief Executive Officer
Patrick R. Gaughen
President and Chief Operating Officer
Book Value Per Share
Book Value Per Share
Book Value Per Share
Book Value Per Share
Book Value Per Share
Book Value Per Share
$
$
$
$
$
$
7.35
7.35
7.35
7.35
7.35
7.35
$
$
$
$
$
$
8.24
8.24
8.24
8.24
8.24
8.24
$
$
$
$
$
$
9.17
9.17
9.17
9.17
9.17
9.17
$
$
$
$
$
$
9.87
9.87
9.87
9.87
9.87
9.87
$
$
$
$
$
$
10.93
10.93
10.93
10.93
10.93
10.93
$
$
$
$
$
$
12.05
12.05
12.05
12.05
12.05
12.05
$
$
$
$
$
$
12.83
12.83
12.83
12.83
12.83
12.83
$
$
$
$
$
$
14.46
14.46
14.46
14.46
14.46
14.46
$
$
$
$
$
$
16.38
16.38
16.38
16.38
16.38
16.38
$
$
$
$
$
$
18.48
18.48
18.48
18.48
18.48
18.48
$
$
$
$
$
$
19.68
19.68
19.68
19.68
19.68
19.68
$
$
$
$
$
$
21.29
21.29
21.29
21.29
21.29
21.29
$
$
$
$
$
$
23.01
23.01
23.01
23.01
23.01
23.01
$
$
$
$
$
Assets
Assets
Assets
Assets
Assets
Assets
Net Loans
Net Loans
Net Loans
Net Loans
Net Loans
Net Loans
Return on Equity
Return on Equity
Return on Equity
Return on Equity
Return on Equity
Return on Equity
Efficiency Ratio
Efficiency Ratio
Efficiency Ratio
Efficiency Ratio
Efficiency Ratio
Efficiency Ratio
1993*
1993*
1993*
1993*
1993*
1993*
1994*
1994*
1994*
1994*
1994*
1994*
1995*
1995*
1995*
1995*
1995*
1995*
1996*
1996*
1996*
1996*
1996*
1996*
1997
1997
1997
1997
1997
1997
1998
1998
1998
1998
1998
1998
1999
1999
1999
1999
1999
1999
2000
2000
2000
2000
2000
2000
2001
2001
2001
2001
2001
2001
2002
2002
2002
2002
2002
2002
2003
2003
2003
2003
2003
2003
2004
2004
2004
2004
2004
2004
2005
2005
2005
2005
2005
2005
$ 147,889
$ 147,889
$ 147,889
$ 147,889
$ 147,889
$ 147,889
$ 153,192
$ 153,192
$ 153,192
$ 153,192
$ 153,192
$ 153,192
$ 175,409
$ 175,409
$ 175,409
$ 175,409
$ 175,409
$ 175,409
$ 201,586
$ 201,586
$ 201,586
$ 201,586
$ 201,586
$ 201,586
$ 222,584
$ 222,584
$ 222,584
$ 222,584
$ 222,584
$ 222,584
$ 260,076
$ 260,076
$ 260,076
$ 260,076
$ 260,076
$ 260,076
$ 291,183
$ 291,183
$ 291,183
$ 291,183
$ 291,183
$ 291,183
$ 337,881
$ 337,881
$ 337,881
$ 337,881
$ 337,881
$ 337,881
$ 386,181
$ 386,181
$ 386,181
$ 386,181
$ 386,181
$ 386,181
$ 426,430
$ 426,430
$ 426,430
$ 426,430
$ 426,430
$ 426,430
$ 483,954
$ 483,954
$ 483,954
$ 483,954
$ 483,954
$ 483,954
$ 547,051
$ 547,051
$ 547,051
$ 547,051
$ 547,051
$ 547,051
$ 628,251
$ 628,251
$ 628,251
$ 628,251
$ 628,251
$ 628,251
$
$
$
$
$
$
76,936
76,936
76,936
76,936
76,936
76,936
$ 100,398
$ 100,398
$ 100,398
$ 100,398
$ 100,398
$ 100,398
$ 119,472
$ 119,472
$ 119,472
$ 119,472
$ 119,472
$ 119,472
$ 151,166
$ 151,166
$ 151,166
$ 151,166
$ 151,166
$ 151,166
$ 172,839
$ 172,839
$ 172,839
$ 172,839
$ 172,839
$ 172,839
$ 204,774
$ 204,774
$ 204,774
$ 204,774
$ 204,774
$ 204,774
$ 229,687
$ 229,687
$ 229,687
$ 229,687
$ 229,687
$ 229,687
$ 266,568
$ 266,568
$ 266,568
$ 266,568
$ 266,568
$ 266,568
$ 282,386
$ 282,386
$ 282,386
$ 282,386
$ 282,386
$ 282,386
$ 320,692
$ 320,692
$ 320,692
$ 320,692
$ 320,692
$ 320,692
$ 358,778
$ 358,778
$ 358,778
$ 358,778
$ 358,778
$ 358,778
$ 415,538
$ 415,538
$ 415,538
$ 415,538
$ 415,538
$ 415,538
$ 488,126
$ 488,126
$ 488,126
$ 488,126
$ 488,126
$ 488,126
1.34%
1.34%
1.34%
1.34%
1.34%
1.34%
17.09%
17.09%
17.09%
17.09%
17.09%
17.09%
11.11%
11.11%
11.11%
11.11%
11.11%
11.11%
11.06%
11.06%
11.06%
11.06%
11.06%
11.06%
13.00%
13.00%
13.00%
13.00%
13.00%
13.00%
13.18%
13.18%
13.18%
13.18%
13.18%
13.18%
13.07%
13.07%
13.07%
13.07%
13.07%
13.07%
15.17%
15.17%
15.17%
15.17%
15.17%
15.17%
15.95%
15.95%
15.95%
15.95%
15.95%
15.95%
16.58%
16.58%
16.58%
16.58%
16.58%
16.58%
13.53%
13.53%
13.53%
13.53%
13.53%
13.53%
13.56%
13.56%
13.56%
13.56%
13.56%
13.56%
13.20%
13.20%
13.20%
13.20%
13.20%
13.20%
108.32%
108.32%
108.32%
108.32%
108.32%
108.32%
61.46%
61.46%
61.46%
61.46%
61.46%
61.46%
54.25%
54.25%
54.25%
54.25%
54.25%
54.25%
53.36%
53.36%
53.36%
53.36%
53.36%
53.36%
50.10%
50.10%
50.10%
50.10%
50.10%
50.10%
48.72%
48.72%
48.72%
48.72%
48.72%
48.72%
50.25%
50.25%
50.25%
50.25%
50.25%
50.25%
47.78%
47.78%
47.78%
47.78%
47.78%
47.78%
45.31%
45.31%
45.31%
45.31%
45.31%
45.31%
45.42%
45.42%
45.42%
45.42%
45.42%
45.42%
45.55%
45.55%
45.55%
45.55%
45.55%
45.55%
49.48%
49.48%
49.48%
49.48%
49.48%
49.48%
48.50%
48.50%
48.50%
48.50%
48.50%
48.50%
Earnings Per Share (Basic)
Earnings Per Share (Basic)
Earnings Per Share (Basic)
Earnings Per Share (Basic)
Earnings Per Share (Basic)
Earnings Per Share (Basic)
$
$
$
$
$
$
0.10
0.10
0.10
0.10
0.10
0.10
$
$
$
$
$
$
1.33
1.33
1.33
1.33
1.33
1.33
$
$
$
$
$
$
0.98
0.98
0.98
0.98
0.98
0.98
$
$
$
$
$
$
1.05
1.05
1.05
1.05
1.05
1.05
$
$
$
$
$
$
1.36
1.36
1.36
1.36
1.36
1.36
$
$
$
$
$
$
1.53
1.53
1.53
1.53
1.53
1.53
$
$
$
$
$
$
1.65
1.65
1.65
1.65
1.65
1.65
$
$
$
$
$
$
2.07
2.07
2.07
2.07
2.07
2.07
$
$
$
$
$
$
2.49
2.49
2.49
2.49
2.49
2.49
$
$
$
$
$
$
2.91
2.91
2.91
2.91
2.91
2.91
$
$
$
$
$
$
2.58
2.58
2.58
2.58
2.58
2.58
$
$
$
$
$
$
2.80
2.80
2.80
2.80
2.80
2.80
$
$
$
$
$
$
2.95
2.95
2.95
2.95
2.95
2.95
$
$
$
$
$
$
$
2006
2006
2006
2006
2006
2006
$ 691,652
$ 691,652
$ 691,652
$ 691,652
$ 691,652
$ 691,652
$ 539,104
$ 539,104
$ 539,104
$ 539,104
$ 539,104
$ 539,104
2007
2007
2007
2007
2007
2007
2008
2008
2008
2008
2008
2008
2009
2009
2009
2009
2009
2009
2010
2010
2010
2010
2010
2010
2011
2011
2011
2011
2011
2011
2012
2012
2012
2012
2012
2012
2013
2013
2013
2013
2013
2013
2014
2014
2014
2014
2014
2014
2015
2015
2015
2015
2015
2015
2016
2016
2016
2016
2016
2016
2017
2017
2017
2017
2017
2017
2018
2018
2018
2018
2018
2018
2019
2019
2019
2019
2019
2019
2020
2020
2020
2020
2020
2020
$ 744,602
$ 744,602
$ 744,602
$ 744,602
$ 744,602
$ 744,602
$ 806,193
$ 806,193
$ 806,193
$ 806,193
$ 806,193
$ 806,193
$ 925,560
$ 925,560
$ 925,560
$ 925,560
$ 925,560
$ 925,560
$ 1,017,845
$ 1,017,845
$ 1,017,845
$ 1,017,845
$ 1,017,845
$ 1,017,845
$ 1,127,276
$ 1,127,276
$ 1,127,276
$ 1,127,276
$ 1,127,276
$ 1,127,276
$ 593,915
$ 593,915
$ 593,915
$ 593,915
$ 593,915
$ 593,915
$ 647,255
$ 647,255
$ 647,255
$ 647,255
$ 647,255
$ 647,255
$ 718,242
$ 718,242
$ 718,242
$ 718,242
$ 718,242
$ 718,242
$ 792,910
$ 792,910
$ 792,910
$ 792,910
$ 792,910
$ 792,910
$ 849,776
$ 849,776
$ 849,776
$ 849,776
$ 849,776
$ 849,776
$ 1,205,884
$ 1,205,884
$ 1,205,884
$ 1,205,884
$ 1,205,884
$ 1,205,884
$ 1,356,441
$ 1,356,441
$ 1,356,441
$ 1,356,441
$ 1,356,441
$ 1,356,441
$ 949,662
$ 949,662
$ 949,662
$ 949,662
$ 949,662
$ 949,662
$ 1,078,879
$ 1,078,879
$ 1,078,879
$ 1,078,879
$ 1,078,879
$ 1,078,879
$ 1,552,205
$ 1,552,205
$ 1,552,205
$ 1,552,205
$ 1,552,205
$ 1,552,205
$ 1,768,528
$ 1,768,528
$ 1,768,528
$ 1,768,528
$ 1,768,528
$ 1,768,528
$ 2,014,599
$ 2,014,599
$ 2,014,599
$ 2,014,599
$ 2,014,599
$ 2,014,599
$ 2,284,599
$ 2,284,599
$ 2,284,599
$ 2,284,599
$ 2,284,599
$ 2,284,599
$ 2,408,587
$ 2,408,587
$ 2,408,587
$ 2,408,587
$ 2,408,587
$ 2,408,587
$ 2,590,346
$ 2,590,346
$ 2,590,346
$ 2,590,346
$ 2,590,346
$ 2,590,346
$ 2,857,093
$ 2,857,093
$ 2,857,093
$ 2,857,093
$ 2,857,093
$ 2,857,093
$ 1,238,656
$ 1,238,656
$ 1,238,656
$ 1,238,656
$ 1,238,656
$ 1,238,656
$ 1,405,533
$ 1,405,533
$ 1,405,533
$ 1,405,533
$ 1,405,533
$ 1,405,533
$ 1,605,647
$ 1,605,647
$ 1,605,647
$ 1,605,647
$ 1,605,647
$ 1,605,647
$ 1,833,987
$ 1,833,987
$ 1,833,987
$ 1,833,987
$ 1,833,987
$ 1,833,987
$ 2,009,288
$ 2,009,288
$ 2,009,288
$ 2,009,288
$ 2,009,288
$ 2,009,288
$ 2,227,062
$ 2,227,062
$ 2,227,062
$ 2,227,062
$ 2,227,062
$ 2,227,062
$ 2,495,331
$ 2,495,331
$ 2,495,331
$ 2,495,331
$ 2,495,331
$ 2,495,331
24.47
24.47
24.47
24.47
24.47
24.47
$
$
$
$
$
$
25.85
25.85
25.85
25.85
25.85
25.85
$
$
$
$
$
$
28.20
28.20
28.20
28.20
28.20
28.20
$
$
$
$
$
$
30.74
30.74
30.74
30.74
30.74
30.74
$
$
$
$
$
$
34.24
34.24
34.24
34.24
34.24
34.24
$
$
$
$
$
$
38.70
38.70
38.70
38.70
38.70
38.70
$
$
$
$
$
$
43.65
43.65
43.65
43.65
43.65
43.65
$
2.19
2.19
2.19
2.19
2.19
2.19
$
$
$
$
$
$
2.12
2.12
2.12
2.12
2.12
2.12
$
$
$
$
$
$
2.96
2.96
2.96
2.96
2.96
2.96
$
$
$
$
$
$
3.79
3.79
3.79
3.79
3.79
3.79
$
$
$
$
$
$
4.81
4.81
4.81
4.81
4.81
4.81
$
$
$
$
$
$
5.68
5.68
5.68
5.68
5.68
5.68
$
$
$
$
$
$
6.25
6.25
6.25
6.25
6.25
6.25
$
$
$
$
$
$
48.49
48.49
48.49
48.49
48.49
48.49
$
$
$
$
$
6.28
6.28
6.28
6.28
6.28
6.28
$
$
$
$
$
$
$
$
$
$
$
57.08
57.08
57.08
57.08
57.08
57.08
$
$
$
$
$
$
64.83
64.83
64.83
64.83
64.83
64.83
$
10.46
10.46
10.46
10.46
10.46
10.46
$
$
$
$
$
$
9.09
9.09
9.09
9.09
9.09
9.09
$
$
$
$
$
$
$
$
$
$
$
75.50
75.50
75.50
75.50
75.50
75.50
$
10.99
10.99
10.99
10.99
10.99
10.99
$
$
$
$
$
$
$
$
$
$
$
87.29
87.29
87.29
87.29
87.29
87.29
$
12.08
12.08
12.08
12.08
12.08
12.08
$
$
$
$
$
$
$
$
$
$
$
99.67
99.67
99.67
99.67
99.67
99.67
$
14.25
14.25
14.25
14.25
14.25
14.25
$
$
$
$
$
$
$
$
$
$
$
115.75
115.75
115.75
115.75
115.75
115.75
$
18.24
18.24
18.24
18.24
18.24
18.24
$
$
$
$
$
$
$
$
$
$
$
137.02
137.02
137.02
137.02
137.02
137.02
$
23.76
23.76
23.76
23.76
23.76
23.76
9.18%
9.18%
9.18%
9.18%
9.18%
9.18%
57.58%
57.58%
57.58%
57.58%
57.58%
57.58%
8.40%
8.40%
8.40%
8.40%
8.40%
8.40%
11.08%
11.08%
11.08%
11.08%
11.08%
11.08%
12.78%
12.78%
12.78%
12.78%
12.78%
12.78%
14.67%
14.67%
14.67%
14.67%
14.67%
14.67%
15.34%
15.34%
15.34%
15.34%
15.34%
15.34%
15.05%
15.05%
15.05%
15.05%
15.05%
15.05%
13.52%
13.52%
13.52%
13.52%
13.52%
13.52%
19.30%
19.30%
19.30%
19.30%
19.30%
19.30%
14.81%
14.81%
14.81%
14.81%
14.81%
14.81%
15.59%
15.59%
15.59%
15.59%
15.59%
15.59%
14.73%
14.73%
14.73%
14.73%
14.73%
14.73%
14.97%
14.97%
14.97%
14.97%
14.97%
14.97%
59.69%
59.69%
59.69%
59.69%
59.69%
59.69%
52.72%
52.72%
52.72%
52.72%
52.72%
52.72%
49.20%
49.20%
49.20%
49.20%
49.20%
49.20%
44.91%
44.91%
44.91%
44.91%
44.91%
44.91%
42.88%
42.88%
42.88%
42.88%
42.88%
42.88%
41.54%
41.54%
41.54%
41.54%
41.54%
41.54%
43.26%
43.26%
43.26%
43.26%
43.26%
43.26%
37.19%
37.19%
37.19%
37.19%
37.19%
37.19%
36.32%
36.32%
36.32%
36.32%
36.32%
36.32%
32.15%
32.15%
32.15%
32.15%
32.15%
32.15%
30.06%
30.06%
30.06%
30.06%
30.06%
30.06%
29.89%
29.89%
29.89%
29.89%
29.89%
29.89%
16.82%
16.82%
16.82%
16.82%
16.82%
16.82%
18.96%
18.96%
18.96%
18.96%
18.96%
18.96%
30.26%
30.26%
30.26%
30.26%
30.26%
30.26%
25.41%
25.41%
25.41%
25.41%
25.41%
25.41%
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Manomet
Elizabeth (Lizzie) Schueler, President
Plymouth, Massachusetts
For over 50 years, Manomet has been working to understand the science in our natural
world, often using birds as indicators. Founded as a bird research and conservation
organization, its science has expanded to focus on ecosystem management and
resilience, shorebird conservation, and educating tomorrow’s leaders. Science,
climate change, and a commitment to equity are the fundamental values underpinning
the organization today. From the north slope of Alaska to the southern tip of Argentina,
Manomet’s 40 scientists and staff develop partnerships to support a world where
ecosystems and human communities thrive together.
Manomet values Hingham’s genuine appreciation for its mission and the safety and
security of their bank.
“Hingham offers the financial safety and security we
need to advance our mission.”
Lizzie Schueler
Marc Savatsky
Boston Real Estate Developer and Investor
Owner, Choose Boston
Boston, Massachusetts
Marc Savatsky has experience developing a wide range of projects, from luxury
condominiums in Boston’s South End to the transformation of distressed properties and
under-utilized pieces of land in East Boston and Dorchester. Marc’s relationship with the
Bank developed over a decade ago when he transitioned careers from construction to
development and joined the team at New Boston Ventures, a well-known Boston real
estate company and long-time Hingham client. When Marc was ready to develop his
own projects, Hingham was ready to back him.
In Hingham, Marc found a partner with an intimate knowledge of the Boston real estate
market, particularly the construction markets in which he was active. Our ability to
move quickly, give feedback, and structure creatively provided Marc with unique value.
Marc’s business also relies on the Bank for all of its deposit needs, including managing
payments and rental deposits.
“Hingham’s support of the local community aligns with
“At Hingham, there’s always someone to talk to when
the USES’ mission. We value our partnership with the
Bank.”
evaluating a deal - no matter what time of day.”
MACHARIA Z. WEIR LYTLE
Marc Savatsky
Compass Working Capital
Sherry Riva, Founder and Chief Executive Officer
Boston, Massachusetts
“Hingham goes above and beyond to ensure our
needs are met. Our banker is always able to help
us.”
Sherry Riva
Since its founding, Compass Working Capital has been devoted to its mission of providing
financial coaching to families with low-incomes. By keeping clients informed on how to build
and protect their assets, Compass is supporting families to invest in opportunities such as
education, home ownership, and small business to position them for long-term success.
Compass came to Hingham in 2019 when faced with client-service challenges at their former
bank. In addition to hands-on support, Hingham offered the deposit insurance and fraud
protection required to fulfill their business needs. Hingham is proud to serve as a banking
partner to an organization making such a meaningful impact in the greater Boston community.
Joe Manning
Owner, Manning & Associates Physical Therapy
Nantucket, Massachusetts
“With its personalized approach to lending, Hingham has
been a trustworthy partner over the years.”
Joe Manning
For 20 years, Joe Manning has been providing physical therapy services to patients on
Nantucket. In 2006, Joe opened Manning and Associates Physical Therapy - a premier
practice focused on sports and orthopedic injuries as well as pre and post operative care
for island residents and visitors.
With financing support from Hingham, Joe expanded his practice with the purchase of his
Amelia Drive property in 2015. The mixed-use building houses his physical therapy practice
on the main floor and apartments on the basement and second floors. Joe has gone on to
finance several other properties with Hingham including his personal residences and an
investment property that he sold in 2018. Joe appreciates the long-term partnership he has
built with Hingham and relies on many of the Bank’s digital tools to support his business.
S e l e c t e d F i n a n c i a l D a t a
B o a r d o f D i r e c t o r s
Balance Sheet Data:
Total assets
Cash & cash equivalents
Securities
Loans:
Residential loans
Commercial mortgage
Construction
Other
Allowance for loan losses
Deposits
Federal Home Loan Bank advances
Stockholders’ equity
Income Statement Data:
Total interest and dividend income
Total interest expense
Net interest income
Provision for loan losses
Other income (loss)
Operating expenses
Income before income taxes
Income tax provision
Net income
Core net income *
Earnings per common share:
Basic
Diluted
Financial Ratios:
2016
2017
At December 31,
2018
(In Thousands)
2019
2020
$
2,014,599
322,932
27,168
$ 2,284,599
355,229
34,304
$ 2,408,587
295,975
38,460
$ 2,590,346
252,147
47,186
$ 2,857,093
233,986
65,868
685,674
796,063
131,778
678
11,030
1,366,109
475,318
161,024
2016
$
$
$
$
$
71,769
13,385
58,384
1,135
1,735
19,215
39,769
16,346
23,423
23,202
10.99
10.89
721,809
998,567
122,715
701
12,537
1,505,862
579,164
186,158
741,841
1,150,535
127,274
542
13,808
1,573,154
606,600
212,576
725,524
1,327,126
186,094
782
15,376
1,820,834
505,200
247,223
656,220
1,693,215
153,020
7,438
17,404
2,139,197
408,031
292,943
At or For the Years Ended December 31,
2019
2018
2017
(Dollars in Thousands, Except Per Share Amounts)
$
$
$
$
$
81,059
17,261
63,798
1,505
1,410
19,576
44,127
18,370
25,757
25,708
12.08
11.81
$
$
$
$
$
94,169
28,384
65,785
1,270
(1,735)
20,051
42,729
12,330
30,399
32,776
14.25
13.90
$
$
$
$
$
106,952
40,050
66,902
1,567
8,828
20,615
53,548
14,621
38,927
32,996
18.24
17.83
2020
106,362
21,158
85,204
2,288
9,192
21,978
70,130
19,359
50,771
44,600
23.76
23.25
$
$
$
$
$
Return on average assets
Return on average equity
Core return on average assets *
Core return on average equity *
Average equity to average assets
Interest rate spread
Net interest margin
Efficiency ratio **
Cash dividends declared per common share
Book value per common share
Shares outstanding, at year end
1.22 %
15.59
1.21
15.44
7.85
2.99
3.10
32.15
1.56
$
$
75.50
2,132,750
1.21 %
14.73
1.21
14.70
8.22
2.91
3.05
30.06
1.66
$
$
87.29
2,132,750
1.32 %
1.55 %
1.88 %
14.97
1.42
16.14
8.80
2.66
2.90
29.89
1.92
$
$
99.67
2,132,750
16.82
1.32
14.26
9.24
2.38
2.72
30.26
2.18
$
$
115.75
2,135,750
18.96
1.65
16.66
9.93
3.03
3.22
25.41
2.47
$
$
137.02
2,137,900
* Non-GAAP measurement which represents net income excluding the after-tax gains and losses on securities, both realized and unrealized.
** 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.
Standing (left to right):
Seated (left to right):
Ronald D. Falcione
Robert A. Lane, Esq.
Michael J. Desmond
Scott L. Moser
Howard M. Berger, Esq.
Jacqueline M. Youngworth
Robert H. Gaughen, Jr., Esq.
Kara Gaughen Smith
Geoffrey C. Wilkinson, Sr.
Robert K. Sheridan, Esq.
Brian T. Kenner, Esq.
Julio R. Hernando, Esq.
Stacey M. Page
Kevin W. Gaughen, Jr., Esq.
Patrick R. Gaughen
S t o c k h o l d e r I n f o r m a t i o n
Stock Data
Hingham Institution for Savings’ common shares are
listed and traded on The NASDAQ Stock Market under the
symbol HIFS.
As of December 31, 2020, there were approximately
185 stockholders of record, holding 85,727 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
prices for the Bank’s common stock reported by NASDAQ.
High
Low
2020
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
2019
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
$ 216.82
181.50
215.00
230.02
$ 208.88
203.63
206.27
212.59
$ 129.89
125.55
154.57
182.65
$ 165.00
163.00
176.70
183.31
The closing sale price of the Bank’s common stock at
December 31, 2020 was $216.00 per share.
Hingham Institution for Savings
55 Main Street
Hingham, MA 02043
(781) 749-2200
Chairman and
Chief Executive Officer
Robert H. Gaughen, Jr.
Investor Inquiries
Patrick R. Gaughen
President and Chief Operating Officer
Transfer Agent and Registrar
Computershare
P.O. Box 505000
Louisville, KY 40233
(800) 288-9541
Online Registered Shareholder Access
www.computershare.com/investor
Independent Registered Public Accounting Firm
Wolf & Company, P.C.
99 High Street
Boston, MA 02110
Special Counsel
Goodwin Procter
100 Northern Avenue
Boston, MA 02210
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, 2020 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 Proxy Statement are available electronically at
www.hinghamsavings.com.