It’s up, up and away for Hingham Savings Bank, which posted a 22 percent year-over-year increase in net income in the third quarter fueled by double-digit increases in deposits, loans and total assets.

Net income for the quarter ended Sept. 30 was $2.18 million compared to $1.79 million for the same period last year. Year-to-date net income this year was $5.78 million; last year through three quarters, net income was at $4.49 million – a 29 percent increase.

Hingham said deposits increased 28.1 percent to $629 million, loans were up 10.2 percent to $700 million, and total assets jumped 12.5 percent to $914 million – all over September 2008 figures.

"These results are after a significant provision for loan losses of $400,000 during the third quarter, for a total of $1.4 million for the first nine months of 2009," said Hingham President Robert H. Gaughen Jr.

"At Sept. 30, non-performing assets totaled 1.35 percent of total assets, down from 1.51 percent reported at June 30, 2009. Continued increases in our net interest margin along with diligent cost control have produced real bottom line improvements and have helped offset additional provisions for loan losses at a time when markets are uncertain," Gaughen said in a press release.