Hingham Savings Declares Regular and Special Dividend

Rhea-AI Summary

HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS) has declared a quarterly cash dividend of $0.47 per share, marking a 4% increase from the previous $0.45. The dividend will be paid on January 13, 2021 to stockholders of record as of January 4, 2021. Additionally, a special dividend of $0.70 per share will also be paid on the same date. This marks the 108th consecutive quarterly dividend for the Bank, with regular increases seen over the last twenty-five years and special dividends declared in each of the last twenty-six years.

Positive

• Regular quarterly dividend increased by 4% to $0.47 per share.
• Special dividend of $0.70 per share announced.
• 108th consecutive quarterly dividend declared.

Negative

• None.

HINGHAM, Mass., Nov. 24, 2020 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS) (“the Bank”), Hingham, Massachusetts, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.47 per share. This represents an increase of 4% over the previous regular quarterly dividend of $0.45 per share. The dividend will be paid on January 13, 2021 to stockholders of record as of January 4, 2021.

In addition to the regular quarterly dividend, the Bank's Board of Directors announced that it will pay a special dividend of $0.70 per share. This special dividend will also be paid on January 13, 2021 to stockholders of record as of January 4, 2021. In November 2019, the Bank declared a special dividend of $0.60 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. 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 108th 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-six years, typically in the fourth quarter. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective 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.”

Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, and Washington, D.C.

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