An increase in deposits and assets boosted Hingham Institution for Savings’ earnings during 2011. The bank reported $12 million in net income for the year ended Dec. 31, 2011, compared to $10.2 million in 2010.
Net income for the fourth quarter rose to $3.1 million, up from $2.7 million for the fourth quarter 2010. The bank’s return on average equity for the year ending Dec. 31 was 15.3 percent, and the return on average assets was 1.14 percent.
Deposits increased by $58 million, or 8 percent, net loans increased by 7 percent and total assets by 11 percent from a year ago.
"We are pleased to report another year of record earnings, representing an 18 percent increase over those of 2010," said President Robert H. Gaughen Jr. "Over the past several years, despite the challenging business environment, we have developed a track record for delivering consistently strong performance. The continued improvement in our net interest margin, combined with effective cost control and prudent lending standards, have produced real bottom line results. We remain focused on increasing both shareholder value and ongoing dividends through quality growth and diligent cost control."
