Mutual Bank has reported net income for 2008 of $1 million, compared to net income for a year earlier of $580,000, a 72.4 percent increase.

Mutual Bank CEO Glen S. White presented the bank’s operations report to the board of directors during the annual meeting.

Despite the challenging economic climate, Mutual Bank realized significant growth in 2008, White said

The bank’s total deposits grew to a record high, up $7.5 million or a 3.9 percent increase over 2007, he said. Citing strategic initiatives instituted by the management team and dedication by branch managers and staff in embracing the bank’s service culture, White said that assets closed at a record high of $325 million.

Moreover, Mutual Bank’s mortgage loan portfolio grew over 45 percent

With a year-end surplus of $26.8 million, White said that Mutual Bank is well-capitalized and in a position to withstand any unforeseen future downturns.