Hingham Institution for Savings said it has been ranked the top thrift in the East and the number two thrift in the country in a recent survey by SNL Financial, a firm that collects and analyzes data about the savings-and-loan and financial services sectors, among others.
In compiling the survey, SNL examined the 2013 annual performance of the 100 largest public thrifts in the country.
The survey’s rankings were based on such financial metrics as return on average assets, return on average tangible common equity, efficiency ratio, median three-year growth rate in tangible book value per share, nonperforming loans to total loans, and net charge-offs to average loans.
“San Diego-based BofI Holding Inc. was again crowned as the best performing thrift in SNL’s ranking of the 100 biggest public thrifts by asset size for calendar year 2013,” SNL said in a story about the survey.
In a statement, Hingham Institution for Savings president Robert H. Gaughen Jr. said: “We’re honored to learn of Hingham Savings’ top Eastern ranking by SNL Financial. Our measured balance sheet growth, cost discipline, and careful capital allocation have produced some of the industry’s strongest returns and a sixth consecutive year of record earnings. We remain committed to the fundamentally conservative strategies that have produced long-term value without undue risk.”
Besides its home town, Hingham Savings maintains branch offices in Cohasset, Hull, Scituate, Weymouth, and Norwell as well as in Boston’s South End and Beacon Hill neighborhoods, and on the island of Nantucket.
Chris Reidy can be reached at email@example.com.