2021 ANNUAL REPORT
F i n a n c i a l H i g h l i g h t s
25.8 30.4 38.9 50.8 67.5
1.66 1.92 2.18 2.47 2.83
87.29 99.67 115.75 137.02 165.52
2.08
1.77
1.58
1.42
1.32
17 18 19 20 21
17 18 19 20 21
17 18 19 20 21
Net Income
($ in millions)
Dividends Declared*
($ per share)
Book Value
($ per share)
2,285 2,409 2,590 2,857 3,431
1,506 1,573 1,821 2,139 2,393
1,834 2,009 2,227 2,495 2,999
17 18 19 20 21
17 18 19 20 21
17 18 19 20 21
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:
2021 was another outstanding year for Hingham
Institution for Savings.
We earned a record $67.5 million for our owners, a
33% increase from 2020. Our return on average equity
of 20.62% and our return on average assets of 2.25%
again placed us among the most profitable banks in
the country. Net loans increased by 20% to $2.999
billion, deposits increased by 12% to $2.393 billion, and total assets increased by 20% to $3.431
billion. Non-interest bearing deposits grew by 24%, primarily in our commercial customer base.
Book value per share rose 20.8% in 2021 from $137.02 to $165.52 per share. This excludes capital
returned to the owners through regular and special dividends - we declared $2.83 in dividends
per share in 2021. The trailing five year compound annual growth rate in book value per share,
an important measure of long-term value creation, was 17.0%. The efficiency ratio in 2021 was
21.31%, a reflection of our disciplined approach to expense control. This was an extraordinary year
for the Bank and it has set the bar for future performance higher.
Although these financial results were strong, we can never lose sight of the fact that results in any
given year do not fully describe the real accomplishments and progress at Hingham. Our long-term
objective is to generate superior returns on equity capital through a disciplined strategy combining
a commercial real estate lending business with a relationship-focused deposit business serving
families, nonprofits, real estate investors, and institutions. We build these businesses slowly - one
employee at a time, one relationship at a time, one loan at a time. There are no shortcuts.
Against the backdrop of the pandemic, our commercial real estate business continued to grow
steadily last year. Three senior commercial real estate lenders joined us in 2021 and they have
become an integral part of our team. We continue to believe the most attractive markets for our
business are dense, coastal cities with favorable demographics and concentrations of multifamily
real estate.
Book Value
Per Share
$7.35
We completed our fifth full year of operations in Washington, D.C., with a high-quality portfolio
approaching $650 million in loans outstanding. We are almost finished building our Washington
office in Georgetown by the Canal. This will be a home for our growing local team of four commercial
lenders and relationship managers, as well as distributed staff.
In 2021, we began laying the basis for what we believe could be a meaningful business in the
San Francisco Bay Area. The market has attractive structural economic characteristics, including
the presence of a vibrant technology sector, links to Asia, land supply restrictions, and a cluster
of research universities that produce the intangible assets that are critical drivers in our economy.
Importantly for Hingham, there is also a substantial concentration of small multifamily housing
stock. In our first year, we completed diligence on our operational partners, started outreach to
prospective customers, and began lending.
For talented commercial real estate lenders in Boston, Washington, D.C., and San Francisco,
Hingham is an ideal home. We offer a stable platform for long-term growth, a commitment to
independence, and a disciplined approach to lending and investing through cycles. If you are
customer focused, with strong valuation skills and a track record of origination, please contact
Patrick directly. We would like the opportunity to get to know you and explain our model. If this
sounds like someone you know, we would appreciate you referring them to us.
Our Specialized Deposit Group continued building on its success in 2021. Our deposit strategy -
digital excellence, virtually no fees, and personalized service provided by dedicated relationship
managers - is compelling. We are committed to scaling this group to handle larger and more
complex customers, with the people, technology, and infrastructure to manage significant
relationships across multiple deposit-focused verticals and geographies. 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.
Assets
Net Loans
29 Years of
Perf ormance
Assets
Assets
Net Loans
Net Loans
Book Value Per Share
Book Value Per Share
Book Value Per Share
Earnings Per Share (Basic)
Earnings Per Share (Basic)
Earnings Per Share (Basic)
Return on Equity
Return on Equity
Return on Equity
Efficiency Ratio
Efficiency Ratio
Efficiency Ratio
1993*
1994*
1993*
1993*
1995*
1994*
1994*
1996*
1995*
1995*
1997
1996*
1996*
1998
1997
1997
1999
1998
1998
2000
1999
1999
2001
2000
2000
2002
2001
2001
2003
2002
2002
2004
2003
2003
2005
2004
2004
2006
2005
2005
2007
2006
2006
2008
2007
2007
2009
2008
2008
2010
2009
2009
2011
2010
2010
2012
2011
2011
2013
2012
2012
2014
2013
2013
2015
2014
2014
2016
2015
2015
2017
2016
2016
2018
2017
2017
2019
2018
2018
2020
2019
2019
2021
2020
2020
2021
2021
$ 147,889
$ 153,192
$ 147,889
$ 147,889
$ 175,409
$ 153,192
$ 153,192
$ 201,586
$ 175,409
$ 175,409
$ 222,584
$ 201,586
$ 201,586
$ 260,076
$ 222,584
$ 222,584
$ 291,183
$ 260,076
$ 260,076
$ 337,881
$ 291,183
$ 291,183
$ 386,181
$ 337,881
$ 337,881
$ 426,430
$ 386,181
$ 386,181
$ 483,954
$ 426,430
$ 426,430
$ 547,051
$ 483,954
$ 483,954
$ 628,251
$ 547,051
$ 547,051
$ 691,652
$ 628,251
$ 628,251
$ 744,602
$ 691,652
$ 691,652
$ 806,193
$ 744,602
$ 744,602
$ 925,560
$ 806,193
$ 806,193
$ 1,017,845
$ 925,560
$ 925,560
$ 1,127,276
$ 1,017,845
$ 1,017,845
$ 1,205,884
$ 1,127,276
$ 1,127,276
$ 1,356,441
$ 1,205,884
$ 1,205,884
$ 1,552,205
$ 1,356,441
$ 1,356,441
$ 1,768,528
$ 1,552,205
$ 1,552,205
$ 2,014,599
$ 1,768,528
$ 1,768,528
$ 2,284,599
$ 2,014,599
$ 2,014,599
$ 2,408,587
$ 2,284,599
$ 2,284,599
$ 2,590,346
$ 2,408,587
$ 2,408,587
$ 2,857,093
$ 2,590,346
$ 2,590,346
$ 3,431,165
$ 2,857,093
$ 2,857,093
$ 3,431,165
$ 3,431,165
$
$
$
76,936
$ 100,398
$
76,936
$
76,936
119,472
$
$ 100,398
$ 100,398
$ 151,166
$
119,472
$
119,472
$ 172,839
$ 151,166
$ 151,166
$ 204,774
$ 172,839
$ 172,839
$ 229,687
$ 204,774
$ 204,774
$ 266,568
$ 229,687
$ 229,687
$ 282,386
$ 266,568
$ 266,568
$ 320,692
$ 282,386
$ 282,386
$ 358,778
$ 320,692
$ 320,692
$ 415,538
$ 358,778
$ 358,778
$ 488,126
$ 415,538
$ 415,538
$ 539,104
$ 488,126
$ 488,126
$ 593,915
$ 539,104
$ 539,104
$ 647,255
$ 593,915
$ 593,915
$ 718,242
$ 647,255
$ 647,255
$ 792,910
$ 718,242
$ 718,242
$ 849,776
$ 792,910
$ 792,910
$ 949,662
$ 849,776
$ 849,776
$ 1,078,879
$ 949,662
$ 949,662
$ 1,238,656
$ 1,078,879
$ 1,078,879
$ 1,405,533
$ 1,238,656
$ 1,238,656
$ 1,605,647
$ 1,405,533
$ 1,405,533
$ 1,833,987
$ 1,605,647
$ 1,605,647
$ 2,009,288
$ 1,833,987
$ 1,833,987
$ 2,227,062
$ 2,009,288
$ 2,009,288
$ 2,495,331
$ 2,227,062
$ 2,227,062
$ 2,999,096
$ 2,495,331
$ 2,495,331
$ 2,999,096
$ 2,999,096
7.35
0.10
1.34%
108.32%
$
$
$
$
$
$
8.24
7.35
7.35
1.33
0.10
0.10
$
$
$
$
$
$
9.17
8.24
8.24
0.98
1.33
1.33
$
$
$
$
$
$
9.87
9.17
9.17
1.05
0.98
0.98
$
$
$
$
$
10.93
9.87
9.87
$
1.36
1.05
1.05
$
$
$
$
12.05
$
10.93
10.93
$
1.53
1.36
1.36
$
$
$
$
12.83
$
12.05
12.05
$
1.65
1.53
1.53
$
$
$
$
14.46
$
12.83
12.83
$
2.07
1.65
1.65
$
$
$
$
16.38
$
14.46
14.46
$
2.49
2.07
2.07
$
$
$
$
18.48
$
16.38
16.38
$
2.91
2.49
2.49
$
$
$
$
19.68
$
18.48
18.48
$
2.58
2.91
2.91
$
$
$
$
21.29
$
19.68
19.68
$
2.80
2.58
2.58
$
$
$
$
23.01
$
21.29
21.29
$
2.95
2.80
2.80
$
$
$
$
24.47
$
23.01
23.01
$
2.19
2.95
2.95
$
$
$
$
25.85
$
24.47
24.47
$
2.12
2.19
2.19
$
$
$
$
$
28.20
25.85
25.85
$
2.96
2.12
2.12
$
$
$
$
$
30.74
28.20
28.20
$
3.79
2.96
2.96
$
$
$
$
$
34.24
30.74
30.74
$
4.81
3.79
3.79
$
$
$
$
$
38.70
34.24
34.24
$
5.68
4.81
4.81
$
$
$
$
$
43.65
38.70
38.70
$
6.25
5.68
5.68
$
$
$
$
$
48.49
43.65
43.65
$
6.28
6.25
6.25
$
$
$
$
$
57.08
48.49
48.49
$
10.46
6.28
6.28
$
$
$
$
$
64.83
57.08
57.08
$
9.09
10.46
10.46
$
$
$
$
$
75.50
64.83
64.83
$
10.99
9.09
9.09
$
$
$
$
$
87.29
75.50
75.50
$
12.08
10.99
10.99
$
$
$
$
$
99.67
87.29
87.29
$
14.25
12.08
12.08
$
$
$
$
$
115.75
99.67
99.67
$
18.24
14.25
14.25
$
$
$
$
$
137.02
115.75
115.75
$
23.76
18.24
18.24
$
$
$
$
$
165.52
137.02
137.02
$
31.50
23.76
23.76
$
$
17.09%
1.34%
1.34%
61.46%
108.32%
108.32%
11.11%
17.09%
17.09%
54.25%
61.46%
61.46%
11.06%
11.11%
11.11%
53.36%
54.25%
54.25%
13.00%
11.06%
11.06%
50.10%
53.36%
53.36%
13.18%
13.00%
13.00%
48.72%
50.10%
50.10%
13.07%
13.18%
13.18%
50.25%
48.72%
48.72%
15.17%
13.07%
13.07%
47.78%
50.25%
50.25%
15.95%
15.17%
15.17%
45.31%
47.78%
47.78%
16.58%
15.95%
15.95%
45.42%
45.31%
45.31%
13.53%
16.58%
16.58%
45.55%
45.42%
45.42%
13.56%
13.53%
13.53%
49.48%
45.55%
45.55%
13.20%
13.56%
13.56%
48.50%
49.48%
49.48%
9.18%
13.20%
13.20%
57.58%
48.50%
48.50%
8.40%
9.18%
9.18%
59.69%
57.58%
57.58%
11.08%
8.40%
8.40%
52.72%
59.69%
59.69%
12.78%
11.08%
11.08%
49.20%
52.72%
52.72%
14.67%
12.78%
12.78%
44.91%
49.20%
49.20%
15.34%
14.67%
14.67%
42.88%
44.91%
44.91%
15.05%
15.34%
15.34%
41.54%
42.88%
42.88%
13.52%
15.05%
15.05%
43.26%
41.54%
41.54%
19.30%
13.52%
13.52%
37.19%
43.26%
43.26%
14.81%
19.30%
19.30%
36.32%
37.19%
37.19%
15.59%
14.81%
14.81%
32.15%
36.32%
36.32%
14.73%
15.59%
15.59%
30.06%
32.15%
32.15%
14.97%
14.73%
14.73%
29.89%
30.06%
30.06%
16.82%
14.97%
14.97%
30.26%
29.89%
29.89%
18.96%
16.82%
16.82%
25.48%
30.26%
30.26%
20.62%
18.96%
18.96%
21.31%
25.48%
25.48%
$
165.52
165.52
$
31.50
31.50
20.62%
20.62%
21.31%
21.31%
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 .
* 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 .
() () () () () () () () () () () () () () () () () ()()()()()()()()()()()()() () () () () () () () () () () () () () () () () () () () ()()()()()()()()()() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()()()()()()()()()()()()() () () () () () () () () () () () () () () () () () () () ()()()()()()()()()() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()()()()()()()()()()()()() () () () () () () () () () () () () () () () () () () () ()()()()()()()()()() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () We made significant progress in 2021 building the technology infrastructure and organization to
support our growth. Dan Bagley joined our team as the Chief Information Officer in October and we
are embarking on a project to significantly enhance our core commercial technology capabilities for
clients. We completed the first integration of a third party solution into our core via a standardized
set of application programming interfaces (API). This infrastructure was required to work with a
wider range of third party partners and potential customers. We are also firmly committed to a
geographically distributed business, with remote and hybrid teams across the country. We want
the best people on our team; they should have the opportunity to live where they do their best work.
Eliminating waste remains a core strategic objective of the Bank. Our continuous improvement
process increasingly recognizes the “money value of time.” With a small team, time is one of our
few binding constraints. We must find ways to increase the velocity of our operations, maintain
our narrow focus, and leverage that time. There is a natural tension between our cultural frugality
and speed. We increasingly resolve this tension in favor of speed, with the understanding that
operational leverage - not only pure expense control - is what will drive efficiency over time. To this
end, we have made substantial progress outsourcing non-differentiated work this year to specialty
service providers.
In our investment operations, we grew our partial ownership in a range of outstanding businesses.
Management teams, working on our behalf, continued to improve these businesses in ways large
and small. Our investments are focused on finance - banks, insurers, payment companies, financial
infrastructure providers, and ratings agencies. We also have material investments in enterprise
software and technology companies that facilitate digital commerce. Our investments - public
and private, debt and equity - inform and are informed by our core business operations. When
we invest in smaller companies, we look for opportunities to provide both capital and operational
expertise. We continue to benefit from studying and engaging with management teams at high
performance companies.
Book Value
Per Share
$165.52
Even as we focus on our performance, we recognize that our profitability is ultimately dependent on
the health and vitality of the cities in which we operate. We made nearly $100 million in affordable
housing and community development loans in 2021, and we made a large long-term investment in
the San Francisco Housing Accelerator Fund (SFHAF). Rebecca Foster and her team at SFHAF
combine deep real estate market knowledge with smart, innovative approaches that use public,
private, and philanthropic capital to expand the supply of affordable housing in San Francisco. If
you share our commitment to that mission, please reach out to them to see how you can support it.
Since our family became associated with the Bank twenty-nine 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,
Robert H. Gaughen Jr.
Chairman of the Board and Chief Executive Officer
Patrick R. Gaughen
President and Chief Operating Officer
Assets
Assets
Net Loans
Net Loans
Book Value Per Share
Book Value Per Share
Earnings Per Share (Basic)
Earnings Per Share (Basic)
Return on Equity
Return on Equity
Efficiency Ratio
Efficiency Ratio
1993*
1993*
1994*
1994*
1995*
1995*
1996*
1996*
1997
1997
1998
1998
1999
1999
2000
2000
2001
2001
2002
2002
2003
2003
2004
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015
2015
2016
2016
2017
2017
2018
2018
2019
2019
2020
2020
2021
2021
$ 147,889
$ 147,889
$ 153,192
$ 153,192
$ 175,409
$ 175,409
$ 201,586
$ 201,586
$ 222,584
$ 222,584
$ 260,076
$ 260,076
$ 291,183
$ 291,183
$ 337,881
$ 337,881
$ 386,181
$ 386,181
$ 426,430
$ 426,430
$ 483,954
$ 483,954
$ 547,051
$ 547,051
$ 628,251
$ 628,251
$ 691,652
$ 691,652
$ 744,602
$ 744,602
$ 806,193
$ 806,193
$ 925,560
$ 925,560
$ 1,017,845
$ 1,017,845
$ 1,127,276
$ 1,127,276
$ 1,205,884
$ 1,205,884
$ 1,356,441
$ 1,356,441
$ 1,552,205
$ 1,552,205
$ 1,768,528
$ 1,768,528
$ 2,014,599
$ 2,014,599
$ 2,284,599
$ 2,284,599
$ 2,408,587
$ 2,408,587
$ 2,590,346
$ 2,590,346
$ 2,857,093
$ 2,857,093
$ 3,431,165
$ 3,431,165
76,936
$
76,936
$ 100,398
$ 100,398
$
119,472
$
119,472
$ 151,166
$ 151,166
$ 172,839
$ 172,839
$ 204,774
$ 204,774
$ 229,687
$ 229,687
$ 266,568
$ 266,568
$ 282,386
$ 282,386
$ 320,692
$ 320,692
$ 358,778
$ 358,778
$ 415,538
$ 415,538
$ 488,126
$ 488,126
$ 539,104
$ 539,104
$ 593,915
$ 593,915
$ 647,255
$ 647,255
$ 718,242
$ 718,242
$ 792,910
$ 792,910
$ 849,776
$ 849,776
$ 949,662
$ 949,662
$ 1,078,879
$ 1,078,879
$ 1,238,656
$ 1,238,656
$ 1,405,533
$ 1,405,533
$ 1,605,647
$ 1,605,647
$ 1,833,987
$ 1,833,987
$ 2,009,288
$ 2,009,288
$ 2,227,062
$ 2,227,062
$ 2,495,331
$ 2,495,331
$ 2,999,096
$ 2,999,096
1.34%
1.34%
17.09%
17.09%
11.11%
11.11%
11.06%
11.06%
13.00%
13.00%
13.18%
13.18%
13.07%
13.07%
15.17%
15.17%
15.95%
15.95%
16.58%
16.58%
13.53%
13.53%
13.56%
13.56%
13.20%
13.20%
9.18%
9.18%
8.40%
8.40%
11.08%
11.08%
12.78%
12.78%
14.67%
14.67%
15.34%
15.34%
15.05%
15.05%
13.52%
13.52%
19.30%
19.30%
14.81%
14.81%
15.59%
15.59%
14.73%
14.73%
14.97%
14.97%
16.82%
16.82%
18.96%
18.96%
20.62%
20.62%
108.32%
108.32%
61.46%
61.46%
54.25%
54.25%
53.36%
53.36%
50.10%
50.10%
48.72%
48.72%
50.25%
50.25%
47.78%
47.78%
45.31%
45.31%
45.42%
45.42%
45.55%
45.55%
49.48%
49.48%
48.50%
48.50%
57.58%
57.58%
59.69%
59.69%
52.72%
52.72%
49.20%
49.20%
44.91%
44.91%
42.88%
42.88%
41.54%
41.54%
43.26%
43.26%
37.19%
37.19%
36.32%
36.32%
32.15%
32.15%
30.06%
30.06%
29.89%
29.89%
30.26%
30.26%
25.48%
25.48%
21.31%
21.31%
10.93
$
10.93
$
12.05
$
12.05
$
12.83
$
12.83
$
14.46
$
14.46
$
16.38
$
16.38
$
18.48
$
18.48
$
19.68
$
19.68
$
21.29
$
21.29
$
23.01
$
23.01
$
$
24.47
24.47
$
$
25.85
25.85
$
$
28.20
28.20
$
$
30.74
30.74
$
$
34.24
34.24
$
$
38.70
38.70
$
$
43.65
43.65
$
$
48.49
48.49
$
$
57.08
57.08
$
$
64.83
64.83
$
$
75.50
75.50
$
$
87.29
87.29
$
$
99.67
99.67
$
$
115.75
115.75
$
$
137.02
137.02
$
$
165.52
165.52
$
1.36
1.36
$
$
1.53
1.53
$
$
1.65
1.65
$
$
2.07
2.07
$
$
2.49
2.49
$
$
2.91
2.91
$
$
2.58
2.58
$
$
2.80
2.80
$
$
2.95
2.95
$
$
2.19
2.19
$
$
2.12
2.12
$
$
2.96
2.96
$
$
3.79
3.79
$
$
4.81
4.81
$
$
5.68
5.68
$
$
6.25
6.25
$
$
6.28
6.28
$
$
10.46
10.46
$
$
9.09
9.09
$
$
10.99
10.99
$
$
12.08
12.08
$
$
14.25
14.25
$
$
18.24
18.24
$
$
23.76
23.76
$
$
31.50
31.50
$
$
$
$
7.35
$
0.10
7.35
$
0.10
$
$
8.24
$
1.33
8.24
$
1.33
$
$
9.17
$
0.98
9.17
$
0.98
$
$
9.87
$
1.05
9.87
$
1.05
$
() () () () () () () () () () () () () () () () () ()()()()()()()()()()()()() () () () () () () () () () () () () () () () () () () () ()()()()()()()()()() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()()()()()()()()()()()()() () () () () () () () () () () () () () () () () () () () ()()()()()()()()()() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () Autism Speaks
New York, NY
Pictured: Joe Vanyo, Chief Operating Officer and Lisa Goring, Strategic Initiatives
and Innovation Officer
Since 2005, Autism Speaks has served people with autism and their families,
across the spectrum and throughout their lives. As part of its core program, Autism
Speaks connects families to resources and critical support, funds research to further
personalized care, and advocates for policies and funding to protect the rights,
services, and support of people with autism.
Autism Speaks began working with Hingham in 2020 to become eligible for the
Paycheck Protection Program during the early days of the COVID-19 pandemic. With
Hingham’s expert guidance through the challenging process, Autism Speaks received
the critical financial assistance they needed to ensure their continued support of the
autism community.
“With Hingham’s partnership, we were able to support the
autism community during a critical time.”
Joe Vanyo
Chief Operating Officer
Anno.Ai
Minnetonka, MN | Reston, VA | San Antonio, TX | Chicago, IL
“Real, authentic relationships are the foundation of a
successful business. The partnership we’ve built with our
team at Hingham has been invaluable to us.”
Steven Witt
Chief Executive Officer
In 2019, Steven Witt co-founded Anno.Ai, a software company that uses artificial
intelligence to enhance the precision and effectiveness of machine learning models at
scale. Anno.Ai partners with government and commercial customers, enabling them to
overcome operational challenges and maintain tactical advantages to accomplish their
mission.
Steven and his team needed a bank that understood their financial needs, would be
available at a moment’s notice to solve problems, and with whom they could build a
direct personal relationship. With Hingham as their banking partner, they can focus on
optimizing their cutting edge artificial intelligence technology.
Pediatric Brain Tumor Foundation
Atlanta, GA | Fairview, NC
Pictured: Geoff Still - Chief Financial Officer (right), with his sons Eze (left) and David
(center). Eze is a brain cancer survivor.
The Pediatric Brain Tumor Foundation (PBTF) has been a leader in the brain tumor
and childhood cancer communities since its founding in 1991. Its tireless fundraising
program provides financial relief to families, offers patient family education and
emotional support, and funds research for a cure.
Like other nonprofits, PBTF had difficulty obtaining a Paycheck Protection Program
loan during the COVID-19 pandemic and sought out Hingham through personal
relationships. PBTF has appreciated the personal attention they receive from their
dedicated team of relationship managers at Hingham. Hingham’s support has
allowed them to refocus on their mission fundraising program and providing support
to families in need.
“Hingham’s support of the local community aligns with
“Hingham made our organization a priority during a time of
the USES’ mission. We value our partnership with the
uncertainty. It’s refreshing to work with a bank who deeply
Bank.”
values our mission and the children and families we serve.”
MACHARIA Z. WEIR LYTLE
Geoff Still
Chief Financial Officer
Middle East Institute
Washington, DC
“The loan process with Hingham was efficient and
straightforward. It is clear that Hingham appreciates the
value of our time.”
Tamara Kalandiya
Chief Financial and Operating Officer
George Camp Kaiser founded the Middle East Institute (MEI) in 1946 with a vision of
creating a space where global leaders could collaborate to increase knowledge and
awareness and promote a better understanding of the Middle East in the United States.
Since its founding, the Middle East Institute has evolved over time to include centers
focused on policy analysis, education, and arts and culture.
In 2020, MEI completed a major renovation and expansion of its headquarters near
Dupont Circle, blending preservation of historic elements with green features and
accessibility. Following the completion of the project, it worked with Hingham to
structure new mortgage financing to support MEI’s long-term mission.
Castle Square Tenants Organization
Boston, MA
Pictured left to right: Jameelah Julien - Community Engagement Manager,
Ann Moy - President, Deborah Backus - Executive Director,
Vivian Lee - Senior Advisor
The Castle Square Tenants Organization (CSTO) was formed in 1987 to preserve the
affordability of the Castle Square Apartments located in the heart of Boston’s South
End neighborhood. In 2010, CSTO became majority owner of the 500 unit apartment
building which offers direct services and programming in workforce training, health
and wellness and STEM for low and moderate income youths, adults and seniors.
CSTO sought out Hingham in 2019 when faced with staff turnover at its former bank.
Since the transition, the CSTO staff has built a strong relationship with their bankers
at Hingham and are appreciative of the comprehensive support they receive.
“Hingham’s support of the local community aligns with
“Hingham recognizes the positive impact that affordable
the USES’ mission. We value our partnership with the
housing has on the community. We are pleased to have a
Bank.”
bank that believes in our cause.”
MACHARIA Z. WEIR LYTLE
Ann Moy
President
Aspiration
San Francisco, CA
Pictured left to right: Josh Black - Assistant Director, Evelyn Arellano - Program
Director, Allen Gunn - Executive Director
“We needed a trusted financial partner. Hingham offers
the stability we need in a bank.”
Allen Gunn
Executive Director
Aspiration Tech (“Aspiration”) is a values-driven nonprofit technology organization,
connecting nonprofit organizations, foundations, and activists with technology solutions
and data skills that help them better carry out their missions. By helping those working
for social justice to find and use the best software available, Aspiration aims to maximize
the impact and effectiveness of those who want to change the world.
When Aspiration looked for a new banking relationship, stability was a priority. In
addition to providing unlimited deposit insurance, Hingham provided a dedicated
relationship manager and customized digital banking tools. With Hingham’s support,
Aspiration can focus on its mission, not its banking.
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
2017
2018
At December 31,
2019
(In Thousands)
2020
2021
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
$
2,284,599
355,229
34,304
721,809
998,567
122,715
701
12,537
1,505,862
579,164
186,158
2017
$ 2,408,587
295,975
38,460
$ 2,590,346
252,147
47,186
$ 2,857,093
233,986
65,868
$
3,431,165
271,161
91,973
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,
2018
2019
(Dollars in Thousands, Except Per Share Amounts)
2020
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:
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
$
$
$
$
$
$
$
81,059
17,261
63,798
1,505
1,410
19,576
44,127
18,370
25,757
25,708
12.08
11.81
1.21 %
14.73
1.21
14.70
8.22
2.91
3.05
30.06
1.66
87.29
2,132,750
$
$
$
$
$
$
$
94,169
28,384
65,785
1,270
(1,735)
20,051
42,729
12,330
30,399
32,776
14.25
13.90
1.32 %
14.97
1.42
16.14
8.80
2.66
2.90
29.89
1.92
99.67
2,132,750
$
$
$
$
$
$
$
106,952
40,050
66,902
1,567
8,828
20,615
53,548
14,621
38,927
32,996
18.24
17.83
1.55 %
16.82
1.32
14.26
9.24
2.38
2.72
30.26
2.18
115.75
2,135,750
$
$
$
$
$
$
$
106,362
21,158
85,204
2,288
9,192
21,978
70,130
19,359
50,771
44,443
23.76
23.25
1.88 %
18.96
1.65
16.60
9.93
3.03
3.22
25.48
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, and gain
on disposal of fixed assets.
** The efficiency ratio represents total operating expenses, divided by the sum of net interest income and total other income, excluding gain on equity
securities, net and gain on disposal of fixed assets.
For complete financial information please refer to Form 10-K for the year ended December 31, 2021 filed with the Federal Deposit Insurance Corporation.
562,783
2,296,566
155,668
2,495
20,431
2,392,865
665,000
354,612
2021
110,491
8,026
102,465
3,028
15,308
22,076
92,669
25,211
67,458
56,563
31.50
30.65
2.25 %
20.62
1.89
17.29
10.93
3.40
3.48
21.31
2.83
165.52
2,142,400
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, 2021, there were approximately 186
stockholders of record, holding 74,442 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
2021
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
2020
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
$ 296.97
325.90
347.98
424.50
$ 216.82
181.50
215.00
230.02
$ 214.00
279.56
291.00
339.00
$ 129.89
125.55
154.57
182.65
The closing sale price of the Bank’s common stock at
December 31, 2021 was $419.88 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.
255 State Street
Boston, MA 02109
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, 2021 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.
BOSTON
COHASSET
HINGHAM
HULL
NANTUCKET
WASHINGTON, DC
www.hinghamsavings.com
Member FDIC/Member DIF | Equal Housing Lender