Hingham Institute for Savings has reported net income of $8.05 million for 2009 compared to $6.29 million in 2008, a 28 percent increase.

Net income for the fourth quarter was $2.27 million compared to $1.79 million for the same period in 2008.

Deposits increased $105.1 million, or 20 percent, total loans increased by 11 percent, and total assets increased by 15 percent, according to the bank.

"These results are especially pleasing in light of current events. Continued improvements in net interest margin have more than offset the bank’s additional $1 million in deposit insurance expense that impacted all federally insured institutions along with an $895,000 increase to our provision for loan losses," said President Robert H. Gaughen, Jr. "Additionally, the strength of our financial results has allowed us to be proactive in managing risk going forward. In 2009, we sold $25 million in fixed-rate residential mortgages (for a net gain of $454,000) along with taking advantage of low long-term rates and extending out maturities on our Federal Home Loan Bank advances."