• Hingham Savings Reports Third Quarter 2024 Results

    Источник: Nasdaq GlobeNewswire / 11 окт 2024 16:01:01   America/New_York

    HINGHAM, Mass., Oct. 11, 2024 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended September 30, 2024.

    Earnings

    Net income for the quarter ended September 30, 2024 was $5,846,000 or $2.68 per share basic and $2.66 per share diluted, as compared to $3,297,000 or $1.53 per share basic and $1.50 per share diluted for the same period last year. The Bank’s annualized return on average equity for the third quarter of 2024 was 5.52%, and the annualized return on average assets was 0.54%, as compared to 3.25% and 0.31% for the same period last year. Net income per share (diluted) for the third quarter of 2024 increased by 77% compared to the same period in 2023.

    Core net income for the quarter ended September 30, 2024, which represents net income excluding the after-tax gain on equity securities, both realized and unrealized, and the after-tax gain on the disposal of fixed assets, was $3,163,000 or $1.45 per share basic and $1.44 per share diluted, as compared to $2,895,000 or $1.35 per share basic and $1.32 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the third quarter of 2024 was 2.99% and the annualized core return on average assets was 0.29%, as compared to 2.85% and 0.27% for the same period last year. Core net income per share (diluted) for the third quarter of 2024 increased by 9% over the same period in 2023.

    Net income for the nine months ended September 30, 2024 was $16,816,000 or $7.73 per share basic and $7.67 per share diluted, as compared to $20,056,000 or $9.33 per share basic and $9.14 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first nine months of 2024 was 5.35%, and the annualized return on average assets was 0.52%, as compared to 6.70% and 0.64% for the same period in 2023. Net income per share (diluted) for the first nine months of 2024 decreased by 16% over the same period in 2023.

    Core net income for the nine months ended September 30, 2024, which represents net income excluding the after-tax gain on securities, both realized and unrealized, and the after-tax gain on the disposal of fixed assets, was $7,558,000 or $3.47 per share basic and $3.45 per share diluted, as compared to $12,686,000 or $5.90 per share basic and $5.78 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first nine months of 2024 was 2.41%, and the annualized core return on average assets was 0.23%, as compared to 4.24% and 0.41% for the same period in 2023. Core net income per share (diluted) for the first nine months of 2024 decreased by 40% over the same period in 2023.

    See Page 10 for a reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and non-GAAP core net income. GAAP requires that gains and losses on equity securities, net of tax, realized and unrealized, be recognized in the Consolidated Statements of Income. In calculating core net income, the Bank did not make any adjustments other than those relating to after-tax gain on equity securities, realized and unrealized, and the after-tax gain on disposal of fixed assets.

    Balance Sheet

    Total assets were $4.450 billion at September 30, 2024, representing a 1% annualized decline year-to-date and 2% growth from September 30, 2023.

    Net loans were $3.863 billion at September 30, 2024, representing a 2% annualized decline year-to-date and 1% growth from September 30, 2023. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate and multifamily construction. The Bank continues to evaluate new opportunities in the San Francisco market, where interest in acquisitions and refinancing activity from the Bank’s customers began to pick up in 2024. In the third quarter of 2024, the Bank continued to experience loan prepayments more consistent with historic trends, including continued significant turnover in the Bank’s construction portfolio. As noted below, asset quality remained strong and finding high-quality loan assets remains a core business objective of the Bank.

    Retail and business deposits were $1.977 billion at September 30, 2024, representing 8% annualized growth year-to-date and 3% growth from September 30, 2023. Non-interest-bearing deposits, included in retail and business deposits, were $358.0 million at September 30, 2024, representing 7% annualized growth year-to-date and stable from September 30, 2023.

    Growth in non-interest bearing and money market balances in the first nine months of 2024 reflected the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. Investments in new relationship managers over the last nine months continued to contribute to deposit growth in the third quarter of 2024. The Bank continues to recruit actively for talented commercial bankers in Boston, Washington, and San Francisco, particularly as respected competitors have exited these markets or merged with larger regional banks.

    The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to be appealing to customers in times of uncertainty.

    Wholesale funds, which includes Federal Home Loan Bank borrowings, brokered deposits, and Internet listing service deposits were $2.015 billion at September 30, 2024, representing a 10% annualized decline year-to-date and 1% growth from September 30, 2023. In the first nine months of 2024, the Bank continued to manage its wholesale funding mix to optimize the cost of funds while taking advantage of the inverted yield curve by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $482.2 million at September 30, 2024, representing a 1% annualized decline year-to-date and a 2% decline from September 30, 2023. Borrowings from the Federal Home Loan Bank totaled $1.531 billion at September 30, 2024, representing a 13% annualized decline from December 31, 2023, and 1% growth from September 30, 2023. As of September 30, 2024, the Bank maintained an additional $815.5 million in immediately available borrowing capacity at the Federal Home Loan Bank of Boston and the Federal Reserve Bank, in addition to $368.1 million in cash and cash equivalents.

    Book value per share was $193.42 as of September 30, 2024, representing 3% annualized growth year-to-date and 4% growth from September 30, 2023. This growth is not consistent with the Bank’s long-term objectives. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since September 30, 2023.

    On September 25, 2024, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on November 13, 2024 to stockholders of record as of November 4, 2024. This was the Bank’s 123rd consecutive quarterly dividend.

    The Bank has also generally declared special cash dividends in each of the last twenty-nine years, typically in the fourth quarter, but did not declare a special dividend in 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

    Operational Performance Metrics

    The net interest margin for the quarter ended September 30, 2024 increased 11 basis points to 1.07%, as compared to 0.96% in the quarter ended June 30, 2024. This was the second consecutive quarter of continued expansion. This improvement was the result of an increase in the yield on earning assets combined with a decline in the cost of interest-bearing liabilities. The six basis points increase in the yield on earning assets was driven primarily by a higher yield on loans, as the Bank continued to originate loans at higher rates and reprice existing loans. The cost of interest-bearing liabilities fell three basis points, as the Bank began to reduce rates later in the third quarter and continued to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. The net interest margin in the final month of the third quarter of 2024 was 1.14% annualized.

    Key credit and operational metrics remained strong in the third quarter of 2024. At September 30, 2024, non-performing assets totaled 0.04% of total assets, compared to 0.03% at December 31, 2023 and 0.00% at September 30, 2023. Non-performing loans as a percentage of the total loan portfolio totaled 0.04% at both September 30, 2024 and December 31, 2023, as compared to 0.01% at September 30, 2023. The Bank did not record any charge-offs in the first nine months of 2024 or 2023. All non-performing assets and loans cited above were and are residential, owner-occupant loans.

    The Bank did not have any delinquent or non-performing commercial real estate loans as of September 30, 2024, December 31, 2023, or September 30, 2023. The Bank did not own any foreclosed property as of September 30, 2024, December 31, 2023 or September 30, 2023.

    The efficiency ratio, as defined on page 5 below, fell to 62.19% for the third quarter of 2024, as compared to 68.57% in the prior quarter and 62.55% for the same period last year. Operating expenses as a percentage of average assets rose to 0.68% for the third quarter of 2024, as compared to 0.67% for the prior quarter and the same period last year. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage, positioning the Bank to operate more efficiently in future.

    Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the third quarter of 2024 were significantly lower than our long-term performance, reflecting the challenge from the increase in short-term interest rates over the last twenty-four months and a historically long and deep inversion of the yield curve. These conditions have posed a significant - albeit ultimately temporary - challenge to our business model. Our core business has been particularly challenged during this period and our investment operations have been critical to sustaining some growth in book value per share in this environment. As our assets continue to reprice higher and our liabilities, including both deposits and wholesale funding, reprice lower, conditions have become somewhat more favorable for our model.

    While this market environment has been extraordinarily challenging, the Bank’s business model has been built over time to compound shareholder capital through economic cycles. During all such periods, we remain focused on careful capital allocation, defensive underwriting and disciplined cost control - the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate. I believe that over the past twenty-four months we have retained this focus and it will serve us well as our business emerges from this period.”

    The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended September 30, 2024 with the Federal Deposit Insurance Corporation (FDIC) on or about November 6, 2024.

    Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

    The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

     
    HINGHAM INSTITUTION FOR SAVINGS
    Selected Financial Ratios
        
     Three Months Ended
    September 30,
     Nine Months Ended
    September 30,
     2023 2024 2023 2024
    (Unaudited)           
                
    Key Performance Ratios           
    Return on average assets (1)0.31% 0.54% 0.64% 0.52%
    Return on average equity (1)3.25  5.52  6.70  5.35 
    Core return on average assets (1) (5)0.27  0.29  0.41  0.23 
    Core return on average equity (1) (5)2.85  2.99  4.24  2.41 
    Interest rate spread (1) (2)0.39  0.34  0.65  0.24 
    Net interest margin (1) (3)1.05  1.07  1.26  0.96 
    Operating expenses to average assets (1)0.67  0.68  0.68  0.67 
    Efficiency ratio (4)62.55  62.19  53.69  68.76 
    Average equity to average assets9.59  9.82  9.58  9.65 
    Average interest-earning assets to average interest-bearing liabilities120.53  120.59  121.28  120.14 


     September 30,
    2023
     December 31,
    2023
     September 30,
    2024
    (Unaudited)           
                
    Asset Quality Ratios     
    Allowance for credit losses/total loans 0.69% 0.68%  0.69%
    Allowance for credit losses/non-performing loans 13,528.72
      1,804.47   1,662.35 
               
    Non-performing loans/total loans 0.01  0.04   0.04 
    Non-performing loans/total assets 0.00  0.03   0.04 
    Non-performing assets/total assets 0.00  0.03   0.04 
               
    Share Related          
    Book value per share$186.74  $188.50  $193.42 
    Market value per share$186.75  $194.40  $243.31 
    Shares outstanding at end of period 2,152,400   2,162,400   2,180,250 


    (1) Annualized.
       
    (2) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
       
    (3) Net interest margin represents net interest income divided by average interest-earning assets.
       
    (4) The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding gain on equity securities, net and gain on disposal of fixed assets.
       
    (5) Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax gain on equity securities, net and the after-tax gain on disposal of fixed assets.
       


     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Balance Sheets
          
    (In thousands, except share amounts)September 30,
    2023
     December 31,
    2023
     September 30,
    2024
    (Unaudited)           
    ASSETS 
                
    Cash and due from banks$6,122  $5,654  $7,147 
    Federal Reserve and other short-term investments 347,419   356,823   360,953 
    Cash and cash equivalents 353,541   362,477   368,100 
                
    CRA investment 7,973   8,853   9,040 
    Other marketable equity securities 65,213   70,949   88,604 
    Securities, at fair value 73,186   79,802   97,644 
    Securities held to maturity, at amortized cost 3,500   3,500   6,493 
    Federal Home Loan Bank stock, at cost 62,457   69,574   62,812 
    Loans, net of allowance for credit losses of $26,381 at September 30, 2023, $26,652 at December 31, 2023 and $26,980 at September 30, 2024 3,808,599   3,914,244   3,863,105 
    Bank-owned life insurance 13,562   13,642   13,899 
    Premises and equipment, net 17,027   17,008   16,565 
    Accrued interest receivable 7,722   8,554   8,395 
    Deferred income tax asset, net 1,949   974    
    Other assets 15,179   14,172   12,743 
    Total assets$4,356,722  $4,483,947  $4,449,756 


    LIABILITIES AND STOCKHOLDERS’ EQUITY           
                
    Interest-bearing deposits$2,056,582  $2,010,918  $2,103,123 
    Non-interest-bearing deposits 359,070   339,059   358,009 
    Total deposits 2,415,652   2,349,977   2,461,132 
    Federal Home Loan Bank advances 1,509,000   1,692,675   1,530,500 
    Mortgagors’ escrow accounts 13,773   13,942   14,589 
    Accrued interest payable 8,311   12,261   11,025 
    Deferred income tax liability, net       1,739 
    Other liabilities 8,039   7,472   9,069 
    Total liabilities 3,954,775   4,076,327   4,028,054 
                
    Stockholders’ equity:           
    Preferred stock, $1.00 par value, 2,500,000 shares authorized, none issued        
    Common stock, $1.00 par value, 5,000,000 shares authorized; 2,152,400 shares issued and outstanding at September 30, 2023, 2,162,400 shares issued and outstanding at December 31, 2023 and 2,180,250 shares issued and outstanding at September 30, 2024 2,152   2,162   2,180 
    Additional paid-in capital 13,439   14,150   15,519 
    Undivided profits 386,356   391,308   404,003 
    Total stockholders’ equity 401,947   407,620   421,702 
    Total liabilities and stockholders’ equity$4,356,722  $4,483,947  $4,449,756 
                


     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Statements of Income
          
       Three Months Ended Nine Months Ended
       September 30, September 30,
    (In thousands, except per share amounts)2023
     2024
     2023 2024
    (Unaudited)           
    Interest and dividend income:             
     Loans$40,245  $45,035  $114,467  $132,820 
     Debt securities 32   93   98   225 
     Equity securities 1,163   1,532   3,110   4,533 
     Federal Reserve and other short-term investments 3,598   2,802   10,078   8,374 
      Total interest and dividend income 45,038   49,462   127,753   145,952 
    Interest expense:              
     Deposits 20,010   21,371   50,618   64,658 
     Federal Home Loan Bank and Federal Reserve Bank advances 14,042   16,610   38,208   50,361 
      Total interest expense 34,052   37,981   88,826   115,019 
      Net interest income 10,986   11,481   38,927   30,933 
    Provision for credit losses 241   40   847   328 
     Net interest income, after provision for credit losses 10,745   11,441   38,080   30,605 
    Other income:              
     Customer service fees on deposits 131   136   410   411 
     Increase in cash surrender value of bank-owned life insurance 84   94   250   257 
     Gain on equity securities, net 486   3,442   9,424   11,876 
     Gain on disposal of fixed assets 44      44    
     Miscellaneous 59   52   176   156 
      Total other income 804   3,724   10,304   12,700 
    Operating expenses:              
     Salaries and employee benefits 4,069   4,237   12,560   12,768 
     Occupancy and equipment 435   408   1,206   1,233 
     Data processing 743   793   2,142   2,286 
     Deposit insurance 666   743   1,906   2,372 
     Foreclosure and related 29   15   (19)  61 
     Marketing 152   141   641   417 
     Other general and administrative 949   978   2,913   2,699 
      Total operating expenses 7,043   7,315   21,349   21,836 
    Income before income taxes 4,506   7,850   27,035   21,469 
    Income tax provision 1,209   2,004   6,979   4,653 
      Net income$3,297  $5,846  $20,056  $16,816 
                     
    Cash dividends declared per share$0.63  $0.63  $1.89  $1.89 
                   
    Weighted average shares outstanding:              
     Basic 2,151   2,180   2,149   2,177 
     Diluted 2,192   2,197   2,195   2,192 
                     
    Earnings per share:              
     Basic$1.53  $2.68  $9.33  $7.73 
     Diluted$1.50  $2.66  $9.14  $7.67 
                     


     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
      
     Three Months Ended
     September 30, 2023 June 30, 2024 September 30, 2024
     Average Balance (9) InterestYield/
    Rate (10)
     Average Balance (9) InterestYield/ Rate (10) Average Balance (9) InterestYield/
    Rate (10)
      
    (Dollars in thousands) 
    (Unaudited)                             
    Assets                             
    Loans (1) (2)$3,802,045  $40,245 4.23% $3,980,111  $44,665 4.49% $3,915,967  $45,035 4.56%
    Securities (3) (4) 107,432   1,195 4.45   119,477   1,638 5.48   122,715   1,625 5.25 
    Short-term investments (5) 264,160   3,598 5.45   202,379   2,745 5.43   207,446   2,802 5.36 
    Total interest-earning assets 4,173,637   45,038 4.32   4,301,967   49,048 4.56   4,246,128   49,462 4.62 
    Other assets 61,529         66,218         69,148       
    Total assets$4,235,166        $4,368,185        $4,315,276       
                                  
    Liabilities and stockholders’ equity:   `                         
    Interest-bearing deposits (6)$2,200,952   20,010 3.64% $2,149,753   22,141 4.12% $2,071,780   21,371 4.09%
    Borrowed funds 1,261,652   14,042 4.45   1,437,335   16,539 4.60   1,449,491   16,610 4.55 
    Total interest-bearing liabilities 3,462,604   34,052 3.93   3,587,088   38,680 4.31   3,521,271   37,981 4.28 
    Non-interest-bearing deposits 353,543         346,663         355,768       
    Other liabilities 12,958         15,503         14,577       
    Total liabilities 3,829,105         3,949,254         3,891,616       
    Stockholders’ equity 406,061         418,931         423,660       
    Total liabilities and stockholders’ equity$4,235,166        $4,368,185        $4,315,276       
    Net interest income    $10,986        $10,368        $11,481   
                                  
    Weighted average interest rate spread       0.39%        0.25%        0.34%
                                  
    Net interest margin (7)       1.05%        0.96%        1.07%
                                  
    Average interest-earning assets to average interest-bearing liabilities (8) 120.53%        119.93%        120.59%      


    (1) Before allowance for credit losses.
    (2) Includes non-accrual loans.
    (3) Excludes the impact of the average net unrealized gain or loss on securities.
    (4) Includes Federal Home Loan Bank stock.
    (5) Includes cash held at the Federal Reserve Bank.
    (6) Includes mortgagors' escrow accounts.
    (7) Net interest income divided by average total interest-earning assets.
    (8) Total interest-earning assets divided by total interest-bearing liabilities.
    (9) Average balances are calculated on a daily basis.
    (10) Annualized.
       


     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
       
     Nine Months Ended September 30, 
     2023  2024 
     Average Balance (9)  Interest Yield/ Rate (10)  Average Balance (9)  Interest Yield/ Rate (10) 
    (Dollars in thousands)                   
    (Unaudited)                   
                        
    Loans (1) (2)$3,737,198  $114,467 4.08% $3,950,610  $132,820 4.48%
    Securities (3) (4) 103,454   3,208 4.13   119,477   4,758 5.30 
    Short-term investments (5) 267,922   10,078 5.02   206,029   8,374 5.41 
    Total interest-earning assets 4,108,574   127,753 4.15   4,276,116   145,952 4.55 
    Other assets 57,360         66,477       
    Total assets$4,165,934        $4,342,593       
                        
    Interest-bearing deposits (6)$2,215,719   50,618 3.05  $2,106,667   64,658 4.09 
    Borrowed funds 1,172,019   38,208 4.35   1,452,606   50,361 4.62 
    Total interest-bearing liabilities 3,387,738   88,826 3.50   3,559,273   115,019 4.30 
    Non-interest-bearing deposits 367,541         349,545       
    Other liabilities 11,362         14,780       
    Total liabilities 3,766,641         3,923,598       
    Stockholders’ equity 399,293         418,995       
    Total liabilities and stockholders’ equity$4,165,934        $4,342,593       
    Net interest income    $38,927        $30,933   
                        
    Weighted average interest rate spread       0.65%        0.24%
                        
    Net interest margin (7)       1.26%        0.96%
                        
    Average interest-earning assets to average interest-bearing liabilities (8) 121.28%        120.14%      


    (1) Before allowance for credit losses.
    (2) Includes non-accrual loans.
    (3) Excludes the impact of the average net unrealized gain or loss on securities.
    (4) Includes Federal Home Loan Bank stock.
    (5) Includes cash held at the Federal Reserve Bank.
    (6) Includes mortgagors' escrow accounts.
    (7) Net interest income divided by average total interest-earning assets.
    (8) Total interest-earning assets divided by total interest-bearing liabilities.
    (9) Average balances are calculated on a daily basis.
    (10) Annualized.
       


     
    HINGHAM INSTITUTION FOR SAVINGS
    Non-GAAP Reconciliation
     

    The Bank believes the presentation of the following non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of results of operations and financial condition of the Bank. Management uses these measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks.

    The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax gain on equity securities and the after-tax gain on disposal of fixed assets.

     Three Months Ended Nine Months Ended
     September 30, September 30,
    (In thousands, unaudited)2023 2024 2023
     2024
              
    Non-GAAP reconciliation:           
    Net income$3,297  $5,846  $20,056  $16,816 
    Gain on equity securities, net (486)  (3,442)  (9,424)  (11,876)
    Income tax expense expense (1) 116   759   2,086   2,618 
    Gain on disposal of fixed assets (44)     (44)   
    Income tax expense 12      12    
    Core net income$2,895  $3,163  $12,686  $7,558 
                    

    (1) The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.

    The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding gain on equity securities, net and gain on disposal of fixed assets.

     Three Months Ended  Nine Months Ended 
     September 30,
      June 30,
      September 30,
      September 30, 
    (In thousands, unaudited)2023  2024  2024  2023  2024 
                        
    Non-U.S. GAAP efficiency ratio calculation:                   
    Operating expenses$7,043   $7,294   $7,315   $21,349   $21,836  
                        
    Net interest income$10,986   $10,368   $11,481   $38,927   $30,933  
    Other income 804    2,733    3,724    10,304    12,700  
    Gain on equity securities, net (486)   (2,464)   (3,442)   (9,424)   (11,876) 
    Gain on disposal of fixed assets (44)           (44)     
    Total revenue$11,260   $10,637   $11,763   $39,763   $31,757  
                        
    Efficiency ratio 62.55 %  68.57 %  62.19 %  53.69 %  68.76 %
                             

    CONTACT:  Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761


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