HINGHAM, Mass., Nov. 26, 2014 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (Nasdaq:HIFS), announced that its Board of Directors declared its regular quarterly cash dividend of $0.28 per share. The dividend will be paid on January 21, 2015 to stockholders of record as of January 10, 2015.
In addition to the regular quarterly dividend, the Bank's Board of Directors announced that it will pay a special dividend of $1.00 per share, which represents a 257% increase over the prior year's special dividend. This special dividend will also be paid on January 21, 2015 to stockholders of record as of January 10, 2015.
Robert H. Gaughen, Jr., President and Chief Executive Officer of the Bank, stated, "The Bank continues to produce strong returns on shareholder equity. These earnings are the product of conservative underwriting, disciplined cost control, and careful capital allocation. This is the twentieth consecutive year in which we have increased total cash dividends declared per share. Although we are a publicly traded company in form, we are a partnership in spirit. We believe that all of our partners should participate in our success through both capital appreciation and cash dividends. We have achieved remarkable results in 2014 through both core operating earnings and non-recurring items, and the special dividend reflects these results. We remain committed to a dividend policy that appropriately rewards our shareholders and maintains a strong capital base."
Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham, Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest in the Commonwealth. The Bank's main offices are located on Main Street, Hingham, Massachusetts 02043, phone (781) 749-2200. The Bank also maintains branch offices in South Hingham and the neighboring towns of Cohasset, Hull, Norwell, Scituate and Weymouth, as well as branches in the South End of Boston and on Beacon Hill and on the island of Nantucket.
The Bank's shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.