Oxford-based Hometown Bank has reported net income of $2.3 million for 2010, a 32 percent increase from the previous year.

The bank also reported $222 million in assets for 2010, an increase of $9 million from the previous year, according to a statement.

"[Hometown Bank’s 2010 net income placed it] as one of the most profitable banks in the state," said President and CEO Matthew Sosik. "In fact, as of year-end 2010, Hometown Bank was the sixth highest rated mutual bank in the state by IDC Publishing."

Hometown Bank also recently re-elected four directors and elected officers for the coming year.

Steven H. Duvarney, James O’Coin, Daniel Rovero and Matthew Sosik were re-elected to new three-year terms on Hometown Bank’s board of directors, according to a statement. Hank LaMountain was elected as clerk of the corporation; Jeanne Katrenak was re-elected to her third year as board chair; and O’Coin was re-elected as the board’s vice chairman.