HINGHAM, Mass., March 25, 2020 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (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 Officer
Hingham Institution for Savings
CONTACT: Patrick R. Gaughen, President & Chief Operating Officer (781) 783-1761