Hingham Institution for Savings Q2 net income more than doubles on higher loan yields, lower funding costs

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

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)