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Cape Cod Five Nets $3.6M In Q1

May 20, 2011 | Reprints | Unlock Link | Print

capecodfive Cape Cod Five Savings Bank reported $3.6 million net income for the first quarter ended March 31, a 20.7 percent increase compared to the $3 million net income for the same time last year.

"The bank’s first quarter 2011 results were good and exceeded the comparable period last year," said Dorothy A. Savarese, president and CEO. "The improved earnings result from strong performance in all the bank’s business lines, quality loan growth and a lower loan loss provision."

She added: "During the quarter, we opened our first branch on Nantucket, which is the bank’s 15th branch overall. We continue to be very appreciative of the reception we are receiving from the Nantucket community and are pleased with the new account activity."

Banking & Lending