HINGHAM, Mass., Nov. 21, 2022 (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 $0.63 per share. This represents an increase of 3% over the previous regular quarterly dividend of $0.61 per share. The dividend will be paid on January 11, 2023 to stockholders of record as of January 2, 2023.
In addition to the regular quarterly dividend, the Bank's Board of Directors announced that it will pay a special dividend of $0.63 per share. This special dividend will also be paid on January 11, 2023 to stockholders of record as of January 2, 2023. In November 2021, the Bank declared a special dividend of $0.75 per share.
Robert H. Gaughen, Jr., Chairman and Chief Executive Officer of the Bank, in announcing the dividend, stated, "Returns on equity and assets have been modest in 2022 and should be viewed in the context of continuing significant pressure on the net interest margin as the Bank's balance sheet adjusts to significantly higher short-term interest rates. Such adjustments are particularly challenging for our business model. During such periods, we remain 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. These remain constant, regardless of the macroeconomic environment in which we operate.
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 116th consecutive quarterly dividend and we have consistently increased regular quarterly cash dividends over the last twenty-seven years. The Bank has also declared special cash dividends in each of the last twenty-eight 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
