The Cape Cod Five Cents Savings Bank nearly doubled its net income for the period ended March 31, reporting $3 million in profits, compared to $1.6 million for the same period last year.

Increases in net interest and non interest income, coupled with decreases in operating expenses and loan loss provision, led to the solid improvement in year-over-year net income, according to a statement.

"We are quite pleased with these results and they make it possible for us to continue to add to our capital and reserves. As always, we appreciate the confidence that our customers and the Cape Cod and Islands communities place in us, a locally managed, conservative community bank," said Dorothy A. Savarese, president and CEO.