Cape Cod Five Cents Saving Bank reported $6.7 million in net income for the first half of 2011, a nearly 21 percent increase compared to $5.6 million in net income for the same time last year.

The return on average assets for the first half of the year was 69 basis points, up from the 58 basis points recorded for the comparable prior year period. Increases in net interest income and non-interest income combined with a decrease in loan loss provision were the primary drivers for the improvement and offset the rise in operating expenses, according to a statement.

"We are pleased with our improved financial results, but we remain very cautious in regard to the fragile economic recovery," said Dorothy A. Savarese, president and CEO. "As we have said for some time, job growth, housing and government debt levels still need to find long-term solutions to create a stable environment that promotes a healthy economy."