Hingham Institution for Savings recorded a 13 percent increase in its net income during the first quarter this year, after excluding a one-time $5.7 million net gain associated with a life insurance transaction.

The bank’s total net income for the period ended March 31 was $9.4 million, but after accounting for that one-time line item, net income totaled $3.6 million, compared with $3.2 million in the same period last year.

Hingham Institution for Savings increased its net loans 18 percent, to $1.1 billion this year from $961 million last year. Total assets increased 17 percent to $1.4 billion. Deposits increased 15 percent to $1.01 billion from $876.9 million last year.

Net interest margin remained flat at 3.2 percent.

In a statement accompanying the bank’s recent earnings release, President Robert H. Gaughen Jr. acknowledged the recent passing of one of Hingham Institution for Savings’ own.

"It was with great grief, however, that we learned of the death of Deborah Jackson, our former senior vice president and treasurer, in March 2014. She was a remarkable person and a key element of our success. We took great pleasure in her success as president and chief operating officer of East Boston Savings Bank, where she led that bank in a period of rapid growth. She will be remembered by all of us at Hingham and our deepest condolences go to her family," he said.