Hingham Institution for Savings
Annual Report 2024

Plain-text annual report

 Annual Report Fi n an c i al H i gh li ght s Assets ($ in millions) Loans, net ($ in millions) Deposits ($ 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). Net Income ($ in millions) Book Value ($ per share) Dividends Declared* ($ per share) 2,857 3,431 4,194 4,484 4,458 2,139 2,393 2,505 2,350 2,492 2,495 2,999 3,658 3,914 3,874 137.02 165.52 179.74 188.50 198.03 1.77 2.08 20 21 22 23 24 20 21 22 23 24 20 21 21 23 24 20 21 22 23 24 20 21 22 23 24 2.40 50.8 67.5 37.5 26.4 28.2 20 21 22 23 24 2.47 2.83 3.03 2.52 2.52 To Our Business Partners: As one of America’s oldest banks, we have been a stable partner for almost two hundred years to generations of families, nonprofits, businesses, and institutions that have entrusted us with their finances. In 1989, that partnership expanded when the Bank converted to public ownership. We have never lost sight of our obligations to both clients and ownership. We earned $28.2 million for our owners in 2024. As short-term rates started to fall and long-term rates remained elevated, our net interest margin began expanding again in 2024 and this expansion accelerated late in the year. Our return on average equity of 6.68% and return on average assets of 0.65% remained below our long-term performance and our expectations for the business. They reflect the extraordinary challenge we faced in 2023 and early 2024 given the highly unusual interest rate environment and our business model. We expect our performance to return to our long-term average as margins continue expanding with strong operating leverage. Strong results in our investment operations sustained us in 2024 during a period when core returns were not satisfactory. Net loans fell by 1% to $3.874 billion. Retail and commercial deposits, excluding our wholesale deposits, grew by 7% to $1.997 billion. Non-interest bearing demand deposits grew by 17%, the product of investments described over the last year. Book value per share rose 5% in 2024 from $188.50 to $198.03 per share. This excludes capital returned to the owners through regular dividends - we declared $2.52 in dividends per share in 2024. The trailing five year compound annual growth rate in book value per share, an important measure of long-term value creation, was 11.3%. In 2024, the efficiency ratio was 63.79% and operating expenses as a percentage of average assets remained at 67 basis points. Our structural operating efficiency remains a core advantage of our model. As we regularly note, our business generates returns for our owners through the efficient transformation of maturity, using deposits and borrowings to fund a loan portfolio composed primarily of real estate loans secured by multifamily properties. During normal economic conditions, the yield curve - a graphical representation of interest rates on debt for a range of maturities - has a positive slope and we benefit from turning short-term deposits and borrowings into somewhat longer term mortgages. From time to time, the yield curve “inverts” and short-term interest rates are higher than long-term interest rates. We emerged from the longest inversion on record in late 2024. We believe these challenges are well understood by our long-term owners and we are making certain changes to our model that will reduce our sensitivity to outlier inversions. While learning from these challenges, we do not profit from dwelling on them. Although we have employed certain strategies to reduce our risk in the event of additional increases in short-term rates, we see this as a low-probability scenario and we remain overwhelmingly liability sensitive. Our core model remains unchanged. Fro m t h e C h a ir m a n an d t h e P resi dent $7.35 32 Years of Performance Dollars in thousands except per share data. *Per share data for 1993, 1994, 1995 and 1996 adjusted for the 3 for 2 stock split. Book Value Per Share Assets ( ( Loans, Net ( ( Book Value Per Share ( ( Earnings Per Share (Basic) ( ( Return on Equity Efficiency Ratio 1993* ($ 147,889) ($ 76,936) ($ 7.35) ($ 0.10) 1.34% 108.32% 1994* ($ 153,192) ($ 100,398) ($ 8.24) ($ 1.33) 17.09% 61.46% 1995* ($ 175,409) ($ 119,472) ($ 9.17) ($ 0.98) 11.11% 54.25% 1996* $ 201,586) ( $ 151,166) ( $ 9.87) ( $ 1.05) ( 11.06% 53.36% 1997 ($ 222,584) ($ 172,839) ($ 10.93) ($ 1.36) 13.00% 50.10% 1998 $ 260,076) $ 204,774) $ 12.05) $ 1.53) 13.18% 48.72% 1999 ($ 291,183 ($ 229,687 ($ 12.83 ($ 1.65 13.07% 50.25% We emphasized last year that the most dangerous response to short-term challenges is to make changes that have long-term consequences. We will not add incremental risk, either in our lending or investment operations, and we continue to invest in the people and technology required for profitable growth. We will not enter new business lines where we do not have risk experience. We have a disciplined underwriting culture with zero losses on commercial lending for over ten years. We have always placed credit risk at the center of our approach. Given the turbulence in the commercial real estate markets, we believe this emphasis continues to be well-placed. Whether our financial results in a given year are extraordinary or disappointing, 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 - brick by brick. There are no shortcuts. Let’s review the bricks from 2024. Our Specialized Deposit Group (“SDG”) made excellent progress in 2024, with 17% growth in non-interest bearing checking balances and significant growth in new relationships to the Bank. This is the product of opportunities offered to us by the market and our work to exploit these opportunities. In the last two years, there has been significant consolidation in each of our markets, through historic bank failures or the sale of respected commercial banks with strong community ties. These failures and mergers invariably damage client relationships, result in more expensive and lower quality service for customers, and lead talented staff to look elsewhere. They reinforce our belief that there is strong, unmet demand for a nimble, service-oriented bank in Boston, Washington, and San Francisco. This is the opportunity the market provides to us. We must exploit this opportunity to create value. Over the last year, we have continued to recruit talented deposit-focused relationship managers to join us across all three of our markets. These relationship managers work hand in glove with a team of digital banking specialists that provide highly responsive service to our customers. If you are a talented senior or mid-level banker in Boston, Washington, New York or San Francisco, particularly with experience in deposit business development, please contact Patrick directly by phone or email. He would like to talk to you and we promise a confidential conversation about opportunities at ) ) ( ) ) ) ( ) ) ) ( ) ) ) ( 2000 ($ 337,881) ($ 266,568) ($ 14.46) ($ 2.07) 15.17% 47.78% 2001 ($ 386,181) ($ 282,386) ($ 16.38) ($ 2.49) 15.95% 45.31% 2002 ($ 426,430) ($ 320,692) ($ 18.48) ($ 2.91) 16.58% 45.42% 2003 ($ 483,954 ($ 358,778 ($ 19.68 ($ 2.58 13.53% 45.55% 2004 ($ 547,051 ($ 415,538 ($ 21.29 ($ 2.80 13.56% 49.48% 2005 ($ 628,251) ($ 488,126) ($ 23.01) ($ 2.95) 13.20% 48.50% 2006 ($ 691,652 ($ 539,104 ($ 24.47 ($ 2.19 9.18% 57.58% 2007 ($ 744,602)( ($ 593,915)( ($ 25.85)( ($ 2.12)( 8.40% 59.69% 2008 $ 806,193) $ 647,255) $ 28.20) $ 2.96) 11.08% 52.72% Hingham. We are particularly interested in deposit verticals where our low fee approach, combined with a highly responsive service model, could create value for your customers. In 2024, we completed our eighth full year of operations in Washington, D.C., with a high-quality loan portfolio exceeding $1.2 billion. We had strong growth in deposits in Washington, D.C. in 2024 where we enjoy our lowest cost of funds by a significant measure. Washington presents a long-term opportunity to deploy capital organically. We expanded our team in Washington, D.C. in 2024, adding an additional relationship manager in SDG late in the year, and we are actively searching for additional bankers to join us. Our minority equity investments in D.C. area banks continue to complement our core business operations. We remain committed to our expansion in the San Francisco market, as we believe that the Bay Area is a market with attractive structural economic drivers, including a vibrant technology sector, physical and regulatory limitations on development, links to Asia, and a cluster of research universities that produce the intangible assets that are critical components of our economy. We noted last year that we believed the governance challenges the city faced were temporary and surmountable. The changes in governance in San Francisco over the last year give us greater confidence in this assessment. In 2024, we completed our third year of operations in the city, with a loan portfolio of approximately $125 million. We added our first SDG relationship manager early in the year, as well as two operational specialists in our Digital Banking Group that serve clients nationally, and we ended the year with approximately $27 million in deposits. We also added the first local commercial real estate lender to our San Francisco office at the end of the year and we believe this team has considerable momentum entering the new year. Our commercial lending activity remained somewhat muted last year, with new originations offset largely by payoffs and sales in our construction portfolio. Despite widespread uncertainty regarding the potential of gateway cities, we remain confident that the most attractive markets for our business are dense, coastal cities with favorable demographics and concentrations of multifamily real estate. The demand drivers in these markets, combined with the supply constraints stemming from geography and regulation, support consistent asset performance over time. We continue to see steady performance for multifamily properties in these markets, particularly in Washington, D.C. and Boston where rents and occupancy rates reflect sustained demand emerging from the pandemic. Eliminating waste remains a core strategic objective of the Bank. We continue to identify opportunities to standardize work and make it more visible, the preconditions for waste elimination. We look for opportunities to use technology to gain operational leverage, but it must serve us rather than the opposite. This work is ongoing and continuous. It is not an initiative, it is core to our culture. ) ( ) ) ) ) ( ) ) ) ) ( ) ) ) ) ( ) ) ) 2009 ($ 925,560 ($ 718,242 ($ 30.74 ($ 3.79 12.78% 49.20% 2010 $ 1,017,845) $ 792,910) $ 34.24) $ 4.81) 14.67% 44.91% 2011 ($ 1,127,276 ($ 849,776 ($ 38.70 ) ($ 5.68 ) 15.34% 42.88% 2012 ($ 1,205,884 ($ 949,662 ($ 43.65 ($ 6.25 15.05% 41.54% 2013 ($ 1,356,441 ($ 1,078,879 ($ 48.49 ($ 6.28 13.52% 43.26% 2014 ($ 1,552,205) ($ 1,238,656) ($ 57.08) ($ 10.46) 19.30% 37.19% 2015 $ 1,768,528 $ 1,405,533 $ 64.83 $ 9.09 ) 14.81% 36.32% 2016 ($ 2,014,599) ($ 1,605,647) ($ 75.50) ) ($ 10.99) ) 15.59% 32.15% Book Value Per Share In our investment operations, we grew our partial ownership in a number of outstanding businesses over 2024 and made several new investments, particularly in banking as market pessimism provided opportunities to acquire new positions or increase the size of existing investments at attractive prices. Management teams, working on our behalf, continued to improve these businesses in ways large and small. Our investments remain focused on finance - banks, insurers, payment companies, financial infrastructure providers, and ratings agencies. We also have material investments in technology companies that facilitate digital commerce and industrial firms. We benefit from studying and engaging with management teams at high performance companies, both in the banking industry and elsewhere. We recognize that these investment results will be volatile over time, but they are a complement to our core business and some of these businesses are likely to produce strong returns during periods where our core business may not. We recognize that the health of our business is ultimately dependent on the health and vitality of the cities in which we operate. We continue to finance projects in conjunction with nonprofit partners like the Black Economic Development Fund and Amazon’s Housing Equity Fund, as well as directly lending to nonprofits serving low income communities. Over the last three years, we have originated approximately $550 million dollars in affordable housing and community development loans. Our family became associated with the Bank thirty two years ago, when years of mismanagement and poor lending threatened its very solvency. Since then, 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. Our noses remain to the grindstone, our heads to the sky. Very truly yours, $198.03 ( ) ) ( ) ) ( ) ) ( ) ) 2017 ($ 2,284,599 ($ 1,833,987 ($ 87.29 ( ($ 12.08 ( 14.73% 30.06% 2018 ($ 2,408,587) ($ 2,009,288) ($ 99.67) ($ 14.25) 14.97% 29.89% 2019 ()$ 2,590,346) ()$ 2,227,062) ()$ 115.75) ()$ 18.24) 16.82% 30.26% 2020 ($ 2,857,093) ($ 2,495,331) ($ 137.02) ($ 23.76) 18.96% 25.48% 2021 ($ 3,431,165 ($ 2,999,096 ($ 165.52 ($ 31.50 20.62% 21.31% 2022 ($ 4,193,799 ($ 3,657,782 ($ 179.74 ($ 17.49 10.01% 24.81% 2023 ($ 4,483,947 ($ 3,914,244 ($ 188.50 ($ 12.26 6.57% 57.18% 2024 ($ 4,457,771 ($ 3,873,662 ($ 198.03 ($ 12.95 6.68% 63.79% Robert H. Gaughen Jr. Chairman of the Board and Chief Executive Of¿cer Patrick R. Gaughen President and Chief Operating Of¿cer Girl Scouts of the Green and White Mountains Bedford, NH Pictured left to right: Stuart Rothberg - Director of Finance, Kristel Rigoli - Vice President, Revenue and Operations, Patricia Mellor - Chief Executive Officer, Carrie Green Loszewski - Vice President, Engagement Girl Scouts of the Green and White Mountains empowers girls across New Hampshire and Vermont to embrace their individuality and become confident leaders. Through engaging programs in STEM, the outdoors, entrepreneurship, and life skills, Girl Scouts discover their strengths, tackle challenges, and make a difference in their communities. The Girl Scouts selected Hingham because of the Bank’s commitment to nonprofits. They were impressed by the dedicated relationship manager who would serve as a strong advocate for their organization. Hingham also provides Girl Scouts of the Green and White Mountains unlimited deposit insurance coverage and access to Ramp, an AI-driven corporate finance automation and expense management solution. “We are so pleased to have a dedicated point of contact and the comfort of knowing our funds are protected at Hingham. This is a positive move for us and we look forward to a long lasting partnership.” Patricia Mellor CEO “Hingham is what relationship-based banking is all about. It is really helpful to be able to pick up the phone and talk to the team at Hingham when needed.” Jay Gross CEO Neal R Gross and Company Washington, D.C. Pictured Left to Right: Jay Gross - CEO Neal Gross - Chairman Jay Gross is the CEO of Coba Properties and Neal R Gross & Co, family-owned businesses based in Washington, D.C. Coba is focused on single- and multi-family real estate development projects. His properties are carefully renovated to preserve the character of the neighborhood while modernizing homes to make them safer, greener, and more enjoyable. In a complicated transaction involving three properties adjacent to Volta Park in historic Georgetown D.C., Jay enjoyed working with Jeff Geifman and Selam Eyassu who took the time to fully comprehend the scope of the project. He appreciated the team’s responsiveness, receptiveness to feedback, professionalism, and understanding of the marketplace. He trusts he can pick up the phone and talk to someone at any time. Gates Einsenhart Dawson Silicon Valley and Monterey, CA Pictured left to right: William L. Gates - Partner Will P. Krull - Associate Attorney James L. Dawson - Partner Gates Eisenhart Dawson is a premier law firm in Silicon Valley and Monterey. They service Silicon Valley’s executives with business, employment, real estate, and probate litigation needs, both in trial and on appeal. With a talented team and innovative approach, they tackle complex legal issues with an interdisciplinary approach. This manages risk, significantly improves strategy, and delivers better outcomes for their clients. The firm was frustrated after a bank merger left them working with a big bank, paying excessive fees and not receiving quality service. After hearing about Hingham’s highly personalized service model, free domestics wires, and remote check deposit solutions, they were quick to make the move. In turn, Hingham responded quickly to set up their accounts and services during the transition. MACHARIA Z. WEIR LYTLE “Hingham’s support of the local community aligns with the USES’ mission. We value our partnership with the Bank.” “The big banks have nothing on Hingham. They’re exactly the kind of banking partner we need - responsive and smart.” James Dawson Partner “We were very impressed with how efficiently our three companies and multiple bank accounts were transitioned to Hingham. The entire team at Hingham made this process incredibly smooth. Their professionalism, attention to detail, and commitment to customer service were evident every step of the way.” David McCarthy Operating Partner Keller Williams Realty Boston, MA Keller Williams is one of the largest real estate franchise companies in the country. David McCarthy is the Operating Partner of three Keller Williams real estate offices serving Boston-Metro, Boston MetroWest and Chestnut Hill. His leadership team and real estate agents seamlessly blend personalized service and hyper-local knowledge with state-of-the-art and consumer- friendly technology to exceed clients’ wants and needs in their home search. Like so many others, David and his team were impacted by a bank failure that left them without the personalized service and tools they rely on to operate their day-to-day business and ensure smooth closings for clients. The team at Hingham gave David the utmost confidence in his decision to switch by reviewing cash management services in depth and closely guiding his team through the onboarding process, resulting in no disruptions to daily operations. Nadia’s Initiative is a nonprofit based in Washington, D.C., dedicated to rebuilding communities in crisis and advocating globally for survivors of sexual violence. The Initiative’s current work is focused on the sustainable re-development of the Yazidi homeland in Sinjar, Iraq, where Nadia grew up. When ISIS launched their genocidal campaign, they not only killed and kidnapped Yazidis, but also destroyed the Yazidi homeland to ensure the community could never return. Founded by Nadia Mourad, the winner of the 2018 Nobel Peace Prize, the organization’s work is critical to rebuilding Sinjar and seeking justice for the Yazidi people. Nadia’s team needed a banking partner who valued efficiency and understood the impact of every dollar on their mission. They chose Hingham because of its low fees, streamlined international wire transfers, and fully insured deposits. This allows them to save time on financial operations and focus on their goals, paving the way for a long-term partnership. Nadia’s Initiative Washington, D.C. Pictured: Nadia Murad - Founder & President MACHARIA Z. WEIR LYTLE “Hingham’s support of the local community aligns with the USES’ mission. We value our partnership with the Bank.” “We are impressed with Hingham’s banking solutions for nonprofits - they understand our goals and make it easy for us to operate efficiently while ensuring our funds are fully insured.” Brandon Jacobsen Executive Director “The stability and service provided by Hingham allows us to keep our focus on our nonprofit mission.” Kelly Esguerra CFO Electronic Frontier Foundation San Francisco, CA Pictured left to right: Cindy Cohn - Executive Director Kelly Esguerra - CFO The Electronic Frontier Foundation (EFF) is a leading nonprofit organization based in San Francisco, CA, dedicated to safeguarding digital rights and civil liberties in the digital age. It actively fights against mass surveillance and advocates for robust encryption to ensure user privacy. Through impact litigation, policy advocacy, and grassroots activism, EFF works to ensure that technology serves the interests of freedom, justice, and innovation for everyone. In its pursuit to diversify funds and ensure full deposit insurance, EFF found Hingham to be an ideal partner. The combined FDIC and DIF coverage provides comprehensive insurance for all depositors of the Bank, guaranteeing full deposit insurance protection. The Bank’s high-touch service model, which prioritizes personalized attention and support, resonated with EFF’s values. At December 31, 2020 2021 2022 2023 2024 (In Thousands) Balance Sheet Data: Total assets $ 2,857,093 $ 3,431,165 $ 4,193,799 $ 4,483,947 $ 4,457,771 Cash & cash equivalents 233,986 271,161 362,033 362,477 351,830 Securities 65,868 91,973 66,696 83,302 119,837 Loans: Residential loans 657,575 563,914 528,586 516,550 483,341 Commercial mortgage 1,694,694 2,297,420 2,976,100 3,155,284 3,232,099 Construction 153,054 155,711 177,643 268,610 184,717 Other 7,412 2,482 442 452 485 Allowance for credit losses 17,404 20,431 24,989 26,652 26,980 Deposits 2,139,197 2,392,865 2,505,289 2,349,977 2,492,095 Federal Home Loan Bank advances 408,031 665,000 1,276,000 1,692,675 1,497,000 Stockholders’ equity 292,943 354,612 385,966 407,620 431,755 At or For the Years Ended December 31, 2020 2021 2022 2023 2024 (Dollars in Thousands, Except Per Share Amounts) Income Statement Data: Total interest and dividend income $ 106,362 $ 110,491 $ 139,028 $ 174,262 $ 195,896 Total interest expense 21,158 8,026 32,894 125,960 151,522 Net interest income 85,204 102,465 106,134 48,302 44,374 Provision for credit losses 2,288 3,028 4,508 1,118 328 Other income (loss) 9,192 15,308 (20,719) 16,303 21,479 Operating expenses 21,978 22,076 26,592 28,257 29,010 Income before income taxes 70,130 92,669 54,315 35,230 36,515 Income tax provision 19,359 25,211 16,796 8,859 8,324 Net income $ 50,771 $ 67,458 $ 37,519 $ 26,371 $ 28,191 Core net income * $ 44,443 $ 56,563 $ 54,569 $ 14,539 $ 12,304 Earnings per common share: Basic $ 23.76 $ 31.50 $ 17.49 $ 12.26 $ 12.95 Diluted $ 23.25 $ 30.65 $ 17.04 $ 12.02 $ 12.85 Financial Ratios: Return on average assets 1.88 % 2.25 % 0.98 % 0.63 % 0.65 % Return on average equity 18.96 20.62 10.01 6.57 6.68 Core return on average assets * 1.65 1.89 1.43 0.35 0.28 Core return on average equity * 16.60 17.29 14.56 3.62 2.92 Average equity to average assets 9.93 10.93 9.81 9.56 9.69 Interest rate spread 3.03 3.40 2.60 0.53 0.31 Net interest margin 3.22 3.48 2.81 1.17 1.04 Efficiency ratio ** 25.48 21.31 24.81 57.18 63.79 Cash dividends declared per common share $ 2.47 $ 2.83 $ 3.03 $ 2.52 $ 2.52 Book value per common share $ 137.02 $ 165.52 $ 179.74 $ 188.50 $ 198.03 Shares outstanding, at year end 2,137,900 2,142,400 2,147,400 2,162,400 2,180,250 * Non-U.S. GAAP measurements that represent net income, return on average assets and return on average equity, excluding the after-tax net gain (loss) on equity securities, both realized and unrealized, and the after-tax 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 (loss), excluding net gain (loss) on equity securities, both realized and unrealized, and gain on disposal of fixed assets. For complete financial information please refer to Form 10-K for the year ended December 31, 2024 filed with the Federal Deposit Insurance Corporation. Selected Financial Data Board of Directors Brian T. Kenner, Esq. Robert A. Lane, Esq. Robert H. Gaughen, Jr. Chairman and CEO Stacey M. Page Scott L. Moser Patrick R. Gaughen President and COO Jacqueline M. Youngworth Clerk of Corporation Julio R. Hernando, Esq. Michael J. Desmond Kevin W. Gaughen, Jr., Esq. Robert K. Sheridan, Esq. Kara Gaughen Smith Geoffrey C. Wilkinson, Sr. Ronald D. Falcione Ryan Joyce 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 43006 Providence, RI 02940 (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, 2024 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/investor-materials. 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, 2024, there were approximately 171 stockholders of record, holding 57,963 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 2024 First Quarter $ 202.00 $ 150.11 Second Quarter 187.80 160.00 Third Quarter 261.00 174.39 Fourth Quarter 300.00 228.40 2023 First Quarter $ 311.18 $ 223.00 Second Quarter 235.76 173.51 Third Quarter 229.99 181.00 Fourth Quarter 206.00 147.00 The closing sale price of the Bank’s common stock at December 31, 2024 was $254.14 per share. S to c k hol d e r I n fo rm at i o n Member FDIC/Member DIF | Equal Housing Lender www.hinghamsavings.com BOSTON NANTUCKET WASHINGTON, DC SAN FRANCISCO

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