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FROM : DATE : CONTACT : HINGHAM INSTITUTION FOR SAVINGS PRESS RELEASE Robert H. Gaughen , Jr. , Chairman and Chief Executive Officer Hingham Institution for Savings Hingham , MA ( NASDAQ : HIFS ) April 14 , 2021 Patrick R. Gaughen , President and Chief Operating Officer ( 781 ) 783-1761 HINGHAM REPORTS FIRST QUARTER 2021 RESULTS HINGHAM INSTITUTION FOR SAVINGS ( NASDAQ : HIFS ) , Hingham , Massachusetts announced results for the quarter ended March 31 , 2021 . Earnings Net income for the quarter ended March 31 , 2021 was $ 16,350,000 or $ 7.65 per share basic and $ 7.45 per share diluted , as compared to $ 2,185,000 or $ 1.02 per share basic and $ 1.00 per share diluted for the same period last year . The Bank's annualized return on average equity for the first quarter of 2021 was 21.72 % , and the annualized return on average assets was 2.32 % , as compared to 3.46 % and 0.33 % for the same period last year . Net income per share ( diluted ) for the first quarter of 2021 increased by 645 % compared to the same period in 2020 . Core net income for the quarter ended March 31 , 2021 , which represents net income excluding the after - tax gains and losses on securities , both realized and unrealized , was $ 13,725,000 or $ 6.42 per share basic and $ 6.25 per share diluted , as compared to $ 8,479,000 or $ 3.97 per share basic and $ 3.88 per share diluted for the same period last year . The Bank's annualized core return on average equity for the first quarter of 2021 was 18.23 % and the annualized core return on average assets was 1.95 % , as compared to 13.44 % and 1.30 % for the same period last year . Core net income per share ( diluted ) for the first quarter of 2021 increased by 61 % over the same period in 2020 . See Page 8 for a Non - GAAP reconciliation between net income and core net income . In calculating core net income , the Bank does not make any adjustments other than those relating to after - tax gains and losses on securities , realized and unrealized . Balance Sheet and Capital Management Total assets were $ 2.844 billion at March 31 , 2021 , representing a 2 % annualized decline year - to - date and 7 % growth from March 31 , 2020. Asset growth was below loan growth as the Bank continued to Page 1 of 8