Hingham Institution for Savings saw its earnings increase 14 percent in the second quarter. Net income for the quarter was $3,368,000 as compared to $2,967,000 for the same period last year. The Bank’s annualized return on average equity for Q2 2012 was 15.40 percent, and the annualized return on average assets was 1.18 percent.

Deposits increased by $71.2 million, net loans increased by $56.3 million and total assets increased by $92.4 million from the same time last year. Stockholders’ equity increased to $87.8 million as of June 30, a 13 percent increase from June 30, 2011.

At June 30, non-performing assets totaled 0.74 percent of total assets, a decrease of 1.10 percent at the same time last year. The bank decreased its provision for loan losses to $200,000 compared to $300,000 for the same period in 2011. Foreclosure related expenses totaled $44,000 for the quarter ended Q2 2012, compared to $185,000 Q2 2011.

"We are pleased to report that our current quarterly earnings represent a 14 percent increase over the second quarter and our year to date earnings were 13 percent over the first half of 2011. We are also pleased to report the ongoing improvement in non-performing assets as the bank makes considerable progress in resolving our already modest level of problem credits," said President Robert H. Gaughen Jr., in a statement. "We continue to see strong performance year over year, reflecting our continued commitment to shareholder value through quality growth and effective cost control."