Hingham Savings Declares Regular and Special Dividend
November 26 2019 - 3:01PM
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS)
(“the Bank”), Hingham, Massachusetts, announced that its Board of
Directors has declared a regular quarterly cash dividend of $0.41
per share. This represents an increase of 3% over the previous
regular quarterly dividend of $0.40 per share. The dividend will be
paid on January 15, 2020 to stockholders of record as of January 6,
2020.
In addition to the regular quarterly
dividend, the Bank's Board of Directors announced that it will pay
a special dividend of $0.60 per share. This
special dividend will also be paid on January 15, 2020 to
stockholders of record as of January 6, 2020. In November 2018, the
Bank declared a special dividend of $0.50 per share.
Robert H. Gaughen, Jr., Chairman and Chief
Executive Officer of the Bank, in announcing the dividend, stated,
“The Bank continues to produce strong returns on equity capital.
These returns are the product of conservative underwriting,
disciplined cost control, and careful capital allocation. The Bank
regularly considers all capital allocation options and continues to
return capital to the ownership through both regular and special
dividends. This will be our 104th consecutive quarterly dividend
and we have consistently increased regular quarterly cash dividends
over the last twenty-four years. The Bank has also declared special
cash dividends in each of the last twenty-five years, typically in
the fourth quarter. The Bank sets the level of the special dividend
based on the Bank’s capital requirements and the return on other
capital allocation options. 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.”
Hingham Institution for Savings is a
Massachusetts-chartered savings bank located in Hingham,
Massachusetts. Incorporated in 1834, it is one of America’s oldest
banks. The Bank maintains offices in Boston (South End and Beacon
Hill), across the South Shore, and in Nantucket. The Bank also
maintains an office in Washington, D.C., where it provides
commercial mortgage lending and commercial cash management
services.
The Bank’s shares of common stock are listed and
traded on The Nasdaq Stock Market under the symbol HIFS.
CONTACT: Patrick R. Gaughen, President &
Chief Operating Officer (781) 783-1761
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