Liquidity management appears increasingly volatile, evidenced by a sharp decline in cash and cash equivalents from $360 million in 2025Q3 to $5.2 million in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 37.43M | 35.79M | 11.89M | 19.75M | 55.85M | 59.01M | 45.59M | 33.17M | 35.87M | 27.44M | 25.14M | 20.22M | 18.15M | 15.92M | 13.67M | 16.82M | 13.61M | 6.6M | 6.15M | 5.25M | 5.02M | 6.99M | 6.97M | 3.27M | 7.17M | 6.31M | 6.05M | 3.56M | 3.5M | 2.7M | 2.2M |
| Operating CF Growth % | 694.41% | 200.95% | -39.79% | -64.63% | -5.35% | 29.43% | 37.46% | -7.52% | 30.71% | 9.17% | 24.29% | 11.41% | 14.01% | 16.48% | -18.74% | 23.56% | 106.3% | 7.25% | 17.13% | 4.64% | -28.16% | 0.2% | 113.27% | -54.36% | 13.53% | 4.37% | 69.72% | 1.8% | 29.63% | 22.73% | -33.33% |
| Net Income | 50.28M | 54.55M | 28.19M | 26.37M | 37.52M | 67.46M | 50.77M | 38.93M | 30.4M | 25.76M | 23.42M | 19.35M | 22.26M | 13.37M | 13.29M | 12.06M | 10.23M | 8.04M | 6.29M | 4.49M | 4.64M | 6.17M | 5.82M | 5.35M | 5.98M | 5.09M | 4.23M | 3.25M | 3M | 2.7M | 2M |
| Depreciation & Amortization | 756K | 752K | 750K | 685K | 494K | 543K | 703K | 652K | 638K | 650K | 730K | 766K | 770K | 664K | 618K | 531K | 443K | 630K | 722K | 450K | 751K | 1.29M | 1.49M | 1.24M | 873K | 448K | 400K | 402K | 600K | 300K | 400K |
| Deferred Taxes | 2.01M | 5.71M | 4.76M | 3.24M | -4.6M | 1.3M | 450K | 1.04M | -957K | -371K | -541K | -723K | 168K | -241K | 154K | 73K | -674K | -459K | -474K | -189K | -162K | -62K | 6K | 69K | 178K | -24K | -108K | -32K | 0 | 0 | 0 |
| Other Non-Cash Items | -16.03M | -27.44M | -20.36M | -14.16M | 26.26M | -10.71M | -5.34M | -5.58M | 4.65M | 1.75M | 1.01M | 832K | -5.34M | 714K | 1.22M | 1.86M | 1.73M | 1.76M | 334K | -168K | 287K | -196K | -457K | -630K | 80K | 104K | 284K | 189K | -100K | 200K | 100K |
| Working Capital Changes | 226K | 2.03M | -1.63M | 3.58M | -3.85M | 381K | -1.07M | -2.04M | 1.03M | -523K | 355K | -108K | 12K | 1.41M | -1.63M | 2.27M | 1.88M | -3.38M | -716K | 660K | -496K | -217K | 113K | -2.77M | 54K | 694K | 1.24M | -242K | 0 | -500K | -300K |
| Cash from Investing | 19.11M | -37.53M | 32.48M | -276.58M | -685.28M | -527.34M | -280.43M | -219.49M | -187.08M | -236.07M | -182.97M | -132.87M | -116.76M | -137.57M | -109.82M | -63.42M | -80.1M | -85.53M | -72.88M | -38.01M | -56.4M | -82.73M | -71.93M | -73.02M | -47.83M | -28.33M | -41.07M | -34.22M | -26.4M | -25.6M | -25.6M |
| Purchase of Investments | -16.4M | -9.4M | -17.2M | -2.89M | -9M | -18.86M | -20.06M | -6.64M | -13.54M | -3.71M | -8.97M | -5.88M | -31.9M | -42.75M | -76.07M | -55.88M | -77.17M | -60.91M | -94.93M | -62.95M | -46.04M | -29.96M | -51.53M | -62.57M | -14.97M | -26.65M | -13.86M | -22.75M | -14M | -11.5M | -4.3M |
| Sale/Maturity of Investments | 10.22M | 179K | 1.05M | 1.43M | 12.45M | 4.58M | 9.76M | 4.05M | 6.37M | 957K | 26.45M | 35.98M | 6.79M | 31.16M | 60.56M | 47.7M | 69.14M | 53.17M | 78.3M | 76.23M | 41.94M | 20.34M | 36.86M | 31.02M | 13.43M | 16.38M | 10.15M | 14.22M | 20.4M | 8.1M | 10.4M |
| Net Investment Activity | -6.18M | -9.22M | -16.16M | -1.46M | 3.45M | -14.29M | -10.3M | -2.59M | -7.18M | -2.76M | 17.48M | 30.09M | -25.11M | -11.59M | -15.51M | -8.17M | -8.03M | -7.74M | -16.63M | 13.28M | -4.1M | -9.62M | -14.67M | -31.55M | -1.54M | -10.27M | -3.71M | -8.54M | 6.4M | -3.4M | 6.1M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 25.52M | -28.04M | 48.77M | -273.83M | -686.2M | -511.45M | -268.61M | -216.25M | -178.77M | -233.06M | -200.35M | -162.32M | -91.53M | -123.65M | -90.11M | -52.11M | -69.07M | -77.52M | -55.18M | -50.96M | -51.28M | -72.91M | -56.91M | -41.12M | -45.91M | -17.05M | -37.21M | -25.1M | -32M | -21.7M | -31.6M |
| Cash from Financing | -31.36M | 19.51M | -55.02M | 257.27M | 720.3M | 505.5M | 216.68M | 142.49M | 91.95M | 240.93M | 219.75M | 196.44M | 172.99M | 137.16M | 67.15M | 95.08M | 81.71M | 111.36M | 53.34M | 47.26M | 57.7M | 75.19M | 57.44M | 56.03M | 34.08M | 41.94M | 40.27M | 28.08M | 34.2M | 18.5M | 24.4M |
| Dividends Paid | -7.02M | -5.5M | -5.48M | -6.77M | -6.58M | -5.78M | -4.93M | -4.35M | -3.69M | -3.45M | -3.24M | -4.56M | -2.92M | -2.81M | -2.72M | -2.61M | -2.44M | -2.27M | -2.16M | -2.12M | -2.11M | -2.05M | -1.91M | -1.82M | -1.64M | -1.5M | -1.31M | -1.08M | -900K | -700K | -500K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -214K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 1.65M | 244K | 1.27M | 1.06M | 316K | 233K | 152K | 214K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 114K | 243K | 30K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | 1.65M | 244K | 1.27M | 1.06M | 316K | 233K | 152K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 114K | 243K | 30K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 31.48M | 57.95M | 144.88M | -153.69M | 115.56M | 254.08M | 319.32M | 248.31M | 68.27M | 140.59M | 150.19M | 128.18M | 149.08M | 71.64M | 83.03M | 57.84M | 99.25M | 105.8M | 30.5M | 99.88M | 43.94M | 29.84M | 43.36M | 15.79M | 25.71M | 24.5M | 32.18M | 15.01M | 18.4M | 10.6M | 17M |
| Net Change in Cash | 25.18M | 17.78M | -10.65M | 444K | 90.87M | 37.17M | -18.16M | -43.83M | -59.25M | 32.3M | 61.92M | 83.79M | 74.38M | 15.51M | -29.01M | 48.48M | 15.23M | 32.42M | -13.39M | 14.5M | 6.32M | -554K | -7.51M | -13.72M | -6.59M | 19.93M | 5.24M | -2.58M | 11.3M | -4.3M | -10.6M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 369.61M | 351.83M | 362.48M | 362.03M | 271.16M | 233.99M | 252.15M | 295.98M | 355.23M | 322.93M | 261.01M | 177.22M | 102.85M | 87.33M | 116.34M | 67.86M | 52.64M | 20.22M | 33.6M | 19.1M | 12.78M | 13.34M | 20.85M | 34.57M | 41.16M | 21.23M | 15.99M | 18.57M | 7.3M | 11.6M | 10.6M |
| Cash at End | 386.82M | 369.61M | 351.83M | 362.48M | 362.03M | 271.16M | 233.99M | 252.15M | 295.98M | 355.23M | 322.93M | 261.01M | 177.22M | 102.85M | 87.33M | 116.34M | 67.86M | 52.64M | 20.22M | 33.6M | 19.1M | 12.78M | 13.34M | 20.85M | 34.57M | 41.16M | 21.23M | 15.99M | 18.6M | 7.3M | 35M |
| Interest Paid | 127.73M | 128.84M | 155.54M | 118.23M | 28.57M | 118.23M | 21.87M | 41.28M | 26.77M | 17.09M | 13.29M | 10.96M | 10.08M | 10.49M | 10.93M | 12.73M | 15.22M | 17.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 13.31M | 12.66M | 625K | 8.61M | 21.21M | 24.06M | 18.83M | 13.58M | 13.38M | 18.74M | 16.91M | 14.06M | 10.71M | 8.86M | 9.11M | 8.73M | 7.71M | 5.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 37.19M | 35.53M | 11.75M | 18.45M | 53.33M | 57.41M | 44.06M | 32.52M | 34.74M | 27.18M | 25.04M | 19.57M | 18.02M | 13.58M | 9.47M | 13.68M | 10.62M | 6.32M | 5.09M | 4.92M | 4M | 6.79M | 6.63M | 2.92M | 6.78M | 5.31M | 5.9M | 2.98M | 2.7M | 2.2M | 2.1M |
| FCF Growth % | 90.82% | 202.25% | -36.31% | -65.39% | -7.11% | 30.29% | 35.49% | -6.4% | 27.81% | 8.58% | 27.91% | 8.59% | 32.69% | 43.47% | -30.78% | 28.8% | 68.12% | 24.13% | 3.33% | 22.97% | -41% | 2.37% | 126.86% | -56.91% | 27.79% | -9.97% | 97.79% | 10.41% | 22.73% | 4.76% | -12.5% |
CRE concentration and funding
According to recent financial disclosures, Hingham's net income volatility, exemplified by the $2.9 million reported in 2026Q1, suggests that organic capital generation remains inconsistent, potentially limiting the institution's capacity to fund future loan growth without relying on external capital or further balance sheet optimization.
The wide variance in quarterly net income, often influenced by non-operating equity portfolio fluctuations, complicates the assessment of sustainable capital generation. Investors should monitor whether the current earnings trajectory provides a sufficient buffer to support the bank's CRE-heavy risk profile during periods of market stress.
As reported in quarterly filings, Hingham's investment activity remains characterized by modest purchase volumes, such as the $10.8 million in 2026Q1, which appears to be a tactical effort to manage liquidity rather than a strategic shift toward a larger, yield-generating securities portfolio.
The bank's investment strategy appears secondary to its primary focus on loan originations, with securities purchases often offset by sales or maturities. This suggests that the investment portfolio is utilized primarily as a liquidity management tool rather than a core driver of long-term interest income.
Based on historical cash flow data, Hingham has maintained a consistent dividend payout of $1.4 million per quarter for most periods, though the 2026Q1 increase to $2.9 million warrants further investigation regarding the sustainability of such distributions given the bank's recent earnings pressure.
While the dividend has historically been a stable component of capital return, the recent uptick in payout relative to net income suggests a potential tightening of the payout ratio. Analysts should evaluate whether this reflects management's confidence in future earnings or a departure from previous capital allocation discipline.
As indicated by the divergence between net income and operating cash flow, with an OCF/NI ratio of 4.60 in 2026Q1, the reported cash flow statement appears to mask significant underlying volatility driven by changes in trading assets and loan-related working capital adjustments.
The high OCF/NI ratio suggests that operating cash flow is heavily influenced by non-core balance sheet movements rather than pure earnings conversion. This discrepancy highlights the limitations of using traditional cash flow metrics to gauge the operational health of a bank with such high CRE concentration.
Quick answers to the most common questions about buying HIFS stock.
Hingham Institution for Savings (HIFS) generated $35.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hingham Institution for Savings (HIFS) generated $35.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Hingham Institution for Savings (HIFS) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Hingham Institution for Savings (HIFS) returned $5.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.