Hingham Institution for Savings Q2 net income more than doubles on higher loan yields, lower funding costs
Hingham Institution for Savings HIFS | 0.00 |
Overview
US regional bank's Q2 net income and EPS more than doubled from a year earlier
Core net income for Q2 rose 43% yr/yr, excluding equity security gains
Net interest margin improved to 2.14% from 1.66% last year, aided by lower funding costs
Outlook
Company did not provide specific guidance for future quarters or full-year results
Result Drivers
NET INTEREST MARGIN EXPANSION - Co said improved net interest margin was driven by higher loan yields, growth in non-interest bearing deposits, and lower funding costs
FUNDING MIX OPTIMIZATION - Co continued to replace wholesale funds with retail and commercial deposits to lower its cost of funds
Company press release: ID:nGNX9j7FVq
Key Details
Metric |
Beat/Miss |
Actual |
Consensus Estimate |
Q2 EPS |
|
$11.49 |
|
Q2 Net Income |
|
$25.44 mln |
|
Q2 Net Interest Income |
|
$23.61 mln |
|
Q2 Credit Loss Provision |
|
$500,000 |
|
Q2 Net Interest Margin |
|
2.14% |
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