The Newburyport Five Cents Savings Bank has reported net income of $5 million, a $13.7 million increase in loan growth and $29 million increase in deposits in 2009, according to a statement.

"Over the past year, we continued to make significant financial improvements even as the economy and the banking industry in particular experienced a very difficult period," said Richard Eaton, president and CEO.

The bank also announced that effective March 2011, Janice Morse, executive vice president and treasurer, will assume the role of president and CEO.

"Jan is a very capable, proven leader and will do a great job for us. For two years following Jan’s appointment, I will serve as the bank’s chairman allowing for a smooth transition," Eaton said.

"I’m honored and prepared to assume the president and CEO position next year and look forward to continuing to provide competitive products, services and superior customer service at the same time upholding our unwavering commitment to community engagement," said Morse.

Several trustees have been re-elected, including James T. Connolly Jr., Dorothy R. LaFrance, Jerry Lischke, Janice C. Morse and Charles W. Morse III. Mark I. Audette was elected as a new trustee.