Hingham Savings Declares Regular and Special Dividend

Rhea-AI Summary

HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS) has declared a regular quarterly cash dividend of $0.55 per share, marking a 4% increase from the prior dividend of $0.53. Additionally, a special dividend of $0.75 per share will also be paid. Both dividends are scheduled for January 12, 2022, to stockholders of record as of January 3, 2022. This represents the Bank's 112th consecutive quarterly dividend, maintaining a tradition of increasing dividends over the past 26 years and declaring special dividends for 27 years.

Positive

• Regular quarterly cash dividend increased by 4% to $0.55 per share.
• Special dividend of $0.75 per share enhances shareholder returns.
• 112th consecutive quarterly dividend demonstrates consistent performance.
• Positive track record of increasing dividends over the last 26 years.

Negative

• None.

HINGHAM, Mass., Nov. 23, 2021 (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 $0.55 per share. This represents an increase of 4% over the previous regular quarterly dividend of $0.53 per share. The dividend will be paid on January 12, 2022 to stockholders of record as of January 3, 2022.

In addition to the regular quarterly dividend, the Bank's Board of Directors announced that it will pay a special dividend of $0.75 per share. This special dividend will also be paid on January 12, 2022 to stockholders of record as of January 3, 2022. In November 2020, the Bank declared a special dividend of $0.70 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 112th consecutive quarterly dividend and we have consistently increased regular quarterly cash dividends over the last twenty-six years. The Bank has also declared special cash dividends in each of the last twenty-seven 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., and provides commercial mortgage and banking services in the San Francisco Bay 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

FAQ

What is the dividend amount declared by HIFS?

Hingham Institution for Savings declared a regular quarterly cash dividend of $0.55 per share and a special dividend of $0.75 per share.

When will the dividends for HIFS be paid?

The dividends will be paid on January 12, 2022, to stockholders of record as of January 3, 2022.

How often does HIFS declare dividends?

Hingham Institution for Savings has declared dividends quarterly for 112 consecutive quarters.

What is the history of special dividends for HIFS?

HIFS has declared special dividends for the last 27 years, typically in the fourth quarter.

How does HIFS determine its dividend amounts?

Dividends are set based on the Bank’s capital requirements and the expected return on other capital allocation options.