Hingham Savings Declares Regular Dividend of $0.39 Per Share
June 26 2019 - 4:01PM
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS)
(“the Bank”), Hingham, Massachusetts, announced that its Board of
Directors has declared a regular quarterly cash dividend of $0.39
per share. This represents an increase of 3% over the previous
regular quarterly dividend of $0.38 per share. The dividend will be
paid on July 17, 2019 to stockholders of record as of July 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 102nd 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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