The Cape Cod Five Cents Savings Bank has reported net income of $8.2 million in 2009, 8.7 percent below the $9 million in net income in 2008.

The 2009 net income allowed the bank’s capital to grow to $182.4 million, a $7.9 million or 4.5 percent increase compared to Dec. 31, 2008, maintaining the bank’s well capitalized position under all regulatory definitions, according to a statement.

The bank recorded a loan loss provision in 2009 of $7.2 million, up from $3.2 million in 2008. This increased the loan loss reserve to $18 million or 1.32 percent of loans at Dec. 31, 2009 up from $13.3 million or 0.96 percent of loans at Dec. 31, 2008.

"2009 was an historic year filled with many challenges. Despite economic uncertainty, increasing unemployment, a roller-coaster financial marketplace, an increase in complex federal and state regulations and an unexpected FDIC special assessment, the bank produced solid financial results and was able to use its core earnings to build up its reserves and maintain capital," said Dorothy A. Savarese, president and CEO.