A boost in assets and loans led to a 3.1 percent year-over-year increase in The Cape Cod Five Cents Savings Bank’s profits.

The bank reported $13 million in net income for the year. Assets increased 6.7 percent to $2.11 billion, gross loans outstanding grew 9.5 percent to $1.58 billion and the capital level was increased by $13.1 million to $208 million.

In addition, the bank also reported a $1.1 million decrease in non-interest income, due mainly to lower gains on sale of mortgage loans, and a $2.8 million increase in operating expense, principally driven by higher costs of regulatory compliance, staff increases, and costs related to the bank’s expansion initiative on Nantucket, were more than offset by an increase in net interest income and a decrease in the loan loss provision as loan quality continued to be high.

"We are obviously pleased that through hard work and a focus on customer service by our employees, the bank was able to increase its customer base and generate good results despite these times of economic and regulatory uncertainty," said Dorothy A. Savarese, president and CEO.