Hingham Savings Declares Regular Dividend of $0.38 per Share
March 27 2019 - 5:20PM
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS)
(“the Bank”), Hingham, Massachusetts, announced that its Board of
Directors has declared a regular quarterly cash dividend of $0.38
per share. This represents an increase of 3% over the
previous regular quarterly dividend of $0.37 per share. The
dividend will be paid on April 17, 2019 to stockholders of record
as of April 8, 2019.
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 101st consecutive quarterly
dividend and we have consistently increased regular quarterly cash
dividends over the last twenty four years.”
In addition to regular quarterly cash dividends,
the Bank has declared special cash dividends in each of the last
twenty-four 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 available 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’s Main Office is located in Hingham
and the Bank maintains offices on the South Shore, in Boston (South
End and Beacon Hill), and on the island of Nantucket. The
Bank also provides commercial mortgage lending and private banking
services in the Greater Washington D.C. metropolitan area.
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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