Hingham (HIFS) & Medifast (MED) Quick Updates

Continued progress at Hingham and leadership transition at Medifast

---

---

Disclosures: Long HIFS and MED

---

Highlights

Hingham

• Demonstrated progress. Core ROA: 0.72%; core ROE: 7.06% for FY 2025

• Q4 core metrics at 1.84% and 17.50%, respectively

• NIM to 1.89% for Q4, up 15bps; December NIM 1.96% annualized

• Assets +1.9% and loans +0.7% from the end of 2024

• Deposit + 2.9% including NIB deposits +17.7%

• Continued overhead discipline at 67bps

• NPAs at 0.69%; workout on DC loan continues

• Leverage at 9.46x at the end of 2025 compared to 10.32x at the end of 2024.

• Important regulatory approval secured (more below)