Hingham Institution for Savings has reported $2.4 million in net income for the second quarter, compared to $2 million for the same period last year.

Net income for the first half of 2010 was $4.7 million, compared to $3.6 million for the same period last year. The bank’s return on average equity for the first half of 2010 was 14.01 percent, compared to 11.7 percent for the same period in 2009.

"We’re pleased to report continued growth and consistent strength as our quarterly earnings represent a 20 percent increase over the same period last year, and our earnings for the first half of 2010 represent a 32 percent increase over the first half of 2009," said President Robert H. Gaughen Jr. "This is on top of a 43 percent increase in second quarter earnings from 2008 to 2009 and a 33 percent increase in earnings for the first half of the year from 2008 to 2009. Although non-performing assets increased to 1.57 percent of total assets from 1.36 percent at Dec. 31, 2009, significant progress has been made on several non-performing loans which are now in the final stages of being resolved. We are actively pursuing resolution on these credits and believe that our conservative underwriting standards will continue to provide sufficient protection."