Boston’s Wainwright Bank & Trust Co. reported consolidated net income of $2.2 million for the quarter ended June 30, compared to consolidated net income of $1.4 million for the same period in 2009.

In late June, Eastern Bank bought Wainwright Bank & Trust Co., for about $163 million in an all-cash transaction. The acquisition is expected to close in the fourth quarter, subject to regulatory clearance and approval from Wainwright shareholders. Wainwright will eventually be folded into Eastern after a transition period, when it will operate as a separate bank.

Consolidated net income for the six months ended June 30 was $4.3 million, an increase of $1.35 million from $2.95 million for the same six-month period in 2009.

"We are very pleased with our financial performance in the first half of 2010. Our interest margin has continued to improve as we have replaced maturing certificates of deposit and Federal Home Loan Bank advances with lower cost core deposits. We closed on the final portion of our New Markets Tax Credit allocation in June and have applied for an additional allocation in 2010," said Jan A. Miller, president and CEO. "Our residential lending has been very strong in 2010, and our commercial loan activity picked up in the second quarter as well. In late June, we announced our intent to merge with Eastern Bank and we are excited about the opportunities the combined banks will present to our retail, nonprofit and commercial customers."