HINGHAM SAVINGS INCREASES REGULAR DIVIDEND TO $0.42 PER SHARE
March 25 2020 - 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 $0.42
per share. This represents an increase of 2% over the
previous regular quarterly dividend of $0.41 per share. The
dividend will be paid on April 15, 2020 to stockholders of record
as of April 6, 2020.
Robert H. Gaughen, Jr., Chairman and Chief
Executive Officer of the Bank, in announcing the dividend, stated,
“Although economic conditions have been extraordinary and the
near-term outlook remains uncertain, we remain intently focused on
careful capital allocation, defensive underwriting, and disciplined
cost control - the building blocks for compounding shareholder
capital through all stages of the economic cycle. The Bank
continues to produce strong operating 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 105th consecutive
quarterly dividend and we have consistently increased regular
quarterly cash dividends over the last twenty-five 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.
Robert H. Gaughen, Jr.Chairman & Chief
Executive OfficerHingham Institution for Savings
CONTACT: Patrick R. Gaughen, President &
Chief Operating Officer (781) 783-1761
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