Hingham Institution plunges after Q1 results

Hingham Institution For Savings

14/04/2023 15:53

** Hingham Institution for Savings  HIFS.O  shares down 11.45%,
on track for biggest daily pct decline since March 2020
    ** Shares fell to $204.62, lowest level since Nov 2020,
after reporting Q1 earnings after the closing bell on Thursday
    ** The Massachusetts-based bank lists checking, commercial
real estate lending, cash management, nonprofit banking,
government banking and startup banking as part of its business
services
    ** HIFS said net interest margin decreased 184 basis points
to 1.46% vs 3.30% in yr-ago period, citing "substantial increase
in the cost of interest-bearing liabilities... driven primarily
by the repricing of the Bank’s wholesale borrowings, wholesale
deposits and higher rates on the Bank’s retail and commercial
deposits."
    ** Shares triggered "death-cross" technical signal in late
March, with 50-day moving average falling below 200-day moving
avg
    ** HIFS shares down ~25 YTD after falling ~34 in 2022 
    







 (Reporting by Chuck Mikolajczak)
 ((charles.mikolajczak@tr.com; @ChuckMik;))