Hingham Institution for Savings has reported first-quarter net income of $1.6 million, compared to $1.3 million for the same period last year, an approximate 22 percent increase.

"We’re pleased to report continued growth and consistent strength as our quarterly earnings represent a 22 percent increase over the same period last year," said president Robert H. Gaughen Jr. "These results were achieved even after a significant provision of $550,000 was made to the loan loss allowance during this past quarter."

As of March 31, the bank said it had no foreclosed property on its books. Non-performing assets totaled 1.39 percent of total assets up from .91 percent at Dec. 31.