Blue Hills Bancorp, Inc. Declares Quarterly and Special Cash Dividend; Announces Annual Meeting Date
February 22 2018 - 8:08AM
On February 21, 2018, the Board of Directors of Blue Hills Bancorp,
Inc. (NASDAQ:BHBK) declared a special dividend of $0.30 and a
regular quarterly cash dividend of $0.15 per common share, payable
on March 21, 2018 to stockholders of record as of March 7, 2018.
William Parent, President and Chief Executive Officer of Blue
Hills Bancorp, said, “Our decision to pay a special dividend in
2018 reflects the continued improvement in our operating
performance since becoming a public company in July 2014 and our
optimism for what lies ahead in 2018 and beyond. We
constantly evaluate all options with respect to managing our
significant excess capital position and believe that this special
dividend represents the best course of action available to the
Company and our shareholders at this time. Taking into account both
our regular dividend and special dividend, our stock currently
provides an attractive annualized yield of approximately 4.5% to
our investors based on our closing stock price on February 21,
2018. As we move forward, we will seek to deploy excess capital
through organic growth and dividend payments while continuing to
evaluate stock buybacks and acquisition opportunities in a
disciplined manner.”
Blue Hills Bancorp, Inc. also announced that its 2018 Annual
Meeting will be held on Wednesday, May 16, 2018 at 10:00 AM Eastern
Time. Stockholders of record as of the close of business on
March 29, 2018 are entitled to vote at the Annual Meeting, which
will be held at corporate headquarters at 500 River Ridge Drive,
Norwood, MA 02062.
ABOUT BLUE HILLS BANCORPBlue Hills Bancorp,
Inc., with corporate headquarters in Norwood, MA, had assets of
$2.7 billion at December 31, 2017 and operates 11 retail branch
offices in Boston, Dedham, Hyde Park, Milton, Nantucket, Norwood,
West Roxbury, and Westwood, Massachusetts. Blue Hills Bank is a
full service, community bank with its main office in Hyde Park,
Massachusetts. The Bank's three branches in Nantucket,
Massachusetts operate under the name, Nantucket Bank, a division of
Blue Hills Bank. The Bank provides consumer, commercial and
municipal deposit and loan products in Eastern Massachusetts
through its branch network, loan production offices and eCommerce
channels. The Bank offers commercial business and commercial real
estate loans in addition to cash management services and commercial
deposit accounts. The Bank also serves consumers through a full
suite of consumer banking products including checking accounts,
mortgage loans, equity lines of credit and traditional savings and
certificate of deposit accounts. The Bank has invested
substantially in online technology including online account opening
and funding, online mortgage applications, online banking, mobile
banking, bill pay and mobile deposits. Blue Hills Bank has been
serving area residents for over 145 years. For more information
about Blue Hills Bank, visit www.bluehillsbank.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTSThis press release, as well as other written
communications made from time to time by the Company and its
subsidiaries and oral communications made from time to time by
authorized officers of the Company, may contain statements relating
to the future results of the Company (including certain projections
and business trends) that are considered "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 (the PSLRA). Such forward-looking statements may be
identified by the use of such words as "believe," "expect,"
"anticipate," "should," "planned," "estimated," "intend" and
"potential." For these statements, the Company claims the
protection of the safe harbor for forward-looking statements
contained in the PSLRA.
The Company cautions you that a number of important factors
could cause actual results to differ materially from those
currently anticipated in any forward-looking statement. Such
factors include, but are not limited to: our ability to implement
successfully our business strategy, which includes significant
asset and liability growth; changes that could adversely affect the
business in which the Company and the Bank are engaged; prevailing
economic and geopolitical conditions; changes in interest rates,
loan demand, real estate values and competition; changes in
accounting principles, policies, and guidelines; changes in any
applicable law, rule, regulation or practice with respect to tax or
legal issues; and other economic, competitive, governmental,
regulatory and technological factors affecting the Company's
operations, pricing, products and services. For additional
information on some of the risks and important factors that could
affect the Company’s future results and financial condition, see
“Risk Factors” in the Company’s Annual Report on Form 10-K as filed
with the Securities and Exchange Commission. The forward- looking
statements are made as of the date of this release, and, except as
may be required by applicable law or regulation, the Company
assumes no obligation to update the forward-looking statements or
to update the reasons why actual results could differ from those
projected in the forward-looking statements.
Media and Investor Contact:William
Parent, 617-360-6520
Blue Hills Bancorp, Inc. (NASDAQ:BHBK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Blue Hills Bancorp, Inc. (NASDAQ:BHBK)
Historical Stock Chart
From Sep 2023 to Sep 2024