Hingham Savings Increases Regular Dividend To $0.43 Per Share

Rhea-AI Summary

Hingham Institution for Savings (NASDAQ:HIFS) declared a quarterly cash dividend of $0.43 per share, marking a 2% increase from last quarter's $0.42. The dividend will be paid on July 15, 2020, to stockholders of record as of July 6, 2020. CEO Robert H. Gaughen, Jr. emphasized the bank's focus on capital allocation, defensive underwriting, and cost control amidst uncertain economic conditions. HIFS has consistently increased dividends for over 25 years and aims to return capital to shareholders through regular and special dividends.

Positive

• Quarterly cash dividend increased by 2% to $0.43 per share.
• 106th consecutive quarterly dividend payout.
• Strong returns on equity capital.
• Consistent capital return to shareholders over 25 years.

Negative

• None.

HINGHAM, Mass., June 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 $0.43 per share.  This represents an increase of 2% over the previous regular quarterly dividend of $0.42 per share.  The dividend will be paid on July 15, 2020 to stockholders of record as of July 6, 2020.

Robert H. Gaughen, Jr., Chairman and Chief Executive Officer of the Bank, in announcing the dividend, stated, “Although recent 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 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 106th 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.

Patrick R. Gaughen, President & Chief Operating Officer (781) 783-1761

FAQ

What is the new dividend amount for HIFS?

The new quarterly cash dividend for HIFS is $0.43 per share.

When will the HIFS dividend be paid?

The HIFS dividend will be paid on July 15, 2020.

What is the record date for HIFS dividend?

The record date for the HIFS dividend is July 6, 2020.

How often does Hingham Institution for Savings pay dividends?

Hingham Institution for Savings pays dividends quarterly.

Has HIFS increased its dividend regularly?

Yes, HIFS has consistently increased its quarterly cash dividends for over 25 years.