Hingham Institution for Savings has reported $2.3 million in net income for the quarter ended March 31 compared to $1.6 million for the same period last year.

Deposits increased by $113.6 million representing a 20 percent increase from March 31, 2009. Total loans increased by 9 percent and total assets increased by 15 percent over those for the first quarter of 2009, according to a statement.

"Our quarterly earnings represent a 47 percent increase over the same period last year," said President Robert H. Gaughen, Jr. "The growth in our balance sheet combined with a favorable interest rate environment and stringent expense control allowed us to achieve these impressive results."