Hingham Institution for Savings in Massachusetts said Thursday that its second-quarter net income rose 22.6% to $3 million, from a year earlier, on growth of both deposits and loans. Earnings per share rose 22.8% to $1.40 per share, from a year earlier.
The $1.0 billion-asset company said that net loans grew 11 percent, to $827 million, from a year earlier, while deposits increased 10.7%, to $756 million. Net interest income rose 14.7%, to $8.82 million.
The provision for loan losses remained flat, at $300,000, as compared to the year-earlier period. Nonperforming assets, as a ratio of total assets, declined to 1.1% from 1.57% a year earlier.