Hingham Institution for Savings has reported $3.1 million in net income for the quarter ended Sept. 30, up from $2.8 million for the same period last year.

Net income for the nine months ended Sept. 30 was $8.95 million, an increase from $7.5 million for the same period last year.

Deposits increased by $31 million from Dec. 31, 2010 and $55 million from Sept. 30, 2010, representing a 6 percent annualized growth year to date and 8 percent from Sept. 30, 2010. Net loans increased by $44 million from Dec. 31, 2010 and $62 million from Sept. 30, 2010 representing 7 percent annualized growth year to date and 8 percent growth from the third quarter 2010. Total assets increased by $68 million from Dec. 31, 2010 and $94 million from Sept. 30, 2010.

 "We are pleased to report that our current quarterly earnings represent an 11 percent increase over the third quarter 2010 and a 19 percent increase over those of the first nine months of 2010," said President Robert H. Gaughen Jr. "Continued improvements in our net interest margin, effective cost control and prudent lending standards continue to produce real bottom line improvements. We remain focused on increasing shareholder value through quality growth and rigorous cost control."