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1999 Third Quarter - Cash Dividend Announced
| FROM: |
Robert H. Gaughen, Jr., President Hingham Institution for Savings Hingham, MA (NASDAQ - HIFS) |
| DATE: | September 23, 1999 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749-2200 |
PRESS RELEASE
9% INCREASE IN DIVIDEND ANNOUNCED
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts, announced that its Board of Directors declared a quarterly cash dividend of $0.12 per share. The dividend will be paid on October 22, 1999 to stockholders of record as of October 12, 1999.
In announcing the dividend, Robert H. Gaughen, Jr., President and Chief Executive Officer of the Bank, stated "This represents the seventh increase in our quarterly dividend in the past three years. We have great confidence in the bank's core earnings capacity. As previously announced, results for the second quarter of 1999 included an increase in net income over that of the same quarter in 1998 together with significant increases in loans, deposits, and stockholders' equity. Our earnings ratios continue to compare very favorably with those of our peers, and we are delighted that our shareholders are seeing a direct benefit."
In addition to regular quarterly cash dividends, Hingham Institution for Savings has declared special cash dividends in each of the last four 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.
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