| The Cape Cod Five Cents Savings Bank posted $12.2 million in net income and held onto the number one spots in deposit market share and residential mortgage market share in Barnstable County last year, the bank said at its recent annual meeting.
Total assets also increased 8 percent to $2.7 billion at year-end 2014. Last year the bank originated 1,703 residential mortgages totaling $612 million, and its commercial loan portfolio closed out the year at $591.3 million, a record high for the bank.
“We are incredibly grateful for the trust that our customers place in us each and every day that enables the bank to continue on its trajectory of financial strength and make important investments to better serve customers in the future,” President and CEO Dorothy A. Savarese said in a statement.
The bank’s trust and asset management department posted a 16.9 percent increase in assets under management and exceeded $1 billion for the first time.
Combined donations from Cape Cod Five and Cape Cod Five’s Charitable Foundation exceeded $1 million, another first for the bank.
Cape Cod Five also opened a new loan production office in Provincetown and new full-service banking centers in Nantucket and Wareham.
At the meeting, Christopher J. Ward of Centerville was elected as a new Corporator. Karen L. Gardner of Waquoit and John “Jack” C. Dawley of Burlington were elected as new trustees.
