Page 1

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 ) July 13 , 2021 Patrick R. Gaughen , President and Chief Operating Officer ( 781 ) 783-1761 HINGHAM REPORTS SECOND QUARTER 2021 RESULTS HINGHAM INSTITUTION FOR SAVINGS ( NASDAQ : HIFS ) , Hingham , Massachusetts announced second quarter results for 2021 . Earnings Net income for the quarter ended June 30 , 2021 was $ 20,422,000 or $ 9.54 per share basic and $ 9.28 per share diluted , as compared to $ 16,338,000 or $ 7.65 per share basic and $ 7.50 per share diluted for the same period last year . The Bank's annualized return on average equity for the second quarter of 2021 was 25.51 % , and the annualized return on average assets was 2.83 % , as compared to 25.28 % and 2.41 % for the same period in 2020. Net income per share ( diluted ) for the second quarter of 2021 increased by 24 % over the same period in 2020 . Core net income for the quarter ended June 30 , 2021 , which represents net income excluding the after - tax gains and losses on securities , both realized and unrealized , and the after - tax gains on the disposal of fixed assets , was $ 13,795,000 or $ 6.44 per share basic and $ 6.27 per share diluted , as compared to $ 10,936,000 or $ 5.12 per share basic and $ 5.03 per share diluted for the same period last year . The Bank's annualized core return on average equity for the second quarter of 2021 was 17.24 % , and the annualized core return on average assets was 1.91 % , as compared to 16.92 % and 1.61 % for the same period in 2020. Core net income per share ( diluted ) for the second quarter of 2021 increased by 25 % over the same period in 2020 . Net income for the six months ended June 30 , 2021 was $ 36,772,000 or $ 17.18 per share basic and $ 16.73 per share diluted , as compared to $ 18,523,000 or $ 8.67 per share basic and $ 8.50 per share diluted for the same period last year . The Bank's annualized return on average equity for the first six months of 2021 was 23.67 % , and the annualized return on average assets was 2.58 % , as compared to 14.50 % and 1.39 % for the same period in 2020. Net income per share ( diluted ) for the first six months of 2021 increased by 97 % over the same period in 2020 . Core net income for the six months ended June 30 , 2021 , which represents net income excluding the after - tax gains and losses on securities , both realized and unrealized , and the after - tax gains on the disposal of fixed assets , was $ 27,520,000 or $ 12.86 per share basic and $ 12.52 per share diluted , as Page 1 of 10