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FROM: amp;n Robert H. Gaughen, Jr., President
amp;namp;namp;namp;n Hingham Institution
for Savings
amp;namp;namp;namp;n Hingham, MA (Nasdaq
B HIFS)
DATE: amp;n March 28, 2003
CONTACT: William M. Donovan, Jr., Vice President (781) 749-2200
QUARTERLY DIVIDEND
ANNOUNCED
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq B HIFS), Hingham, Massachusetts, announced that its Board of Directors declared its regular quarterly cash dividend of $0.17 per share. The dividend will be paid on April 21, 2003 to stockholders of record as of April 10, 2003.
Robert H. Gaughen, Jr., President and Chief Executive Officer of the Bank, in announcing the dividend, stated "This thirty-seventh consecutive quarterly dividend is indicative of our belief in the continued effectiveness of our core business plan. Despite the previously announced impact of the retroactive tax increase on the first quarter 2003 earnings, we remain confident in the strength of our core earnings. As previously announced, the fourth quarter earnings for 2002 increased by 33% over those of the fourth quarter 2001. We believe that an appropriate dividend policy recognizes this success."
In addition to regular quarterly cash dividends, Hingham Institution for Savings has declared special cash dividends in each of the last eight years. Future 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 the oldest financial institution headquartered in Hingham and one of the oldest in Massachusetts. 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 Hull, Cohasset, Scituate, and South Weymouth.
The Bank's shares of common stock are listed and
traded on The Nasdaq Stock Market under the symbol HIFS.
