The Cape Cod Five Cents Savings Bank has reported net income of $9 million for 2008, compared to $9.13 million in the same period in 2007 – a 1.4 percent decrease.

The decrease in net income was a result of increases in net interest income and non-interest income for the year being offset by increases in non-interest expense and the loan loss provision, the bank said.

The loan loss provision for the twelve month period was $3.2 million as the bank increased the loan loss reserve to over $13.3 million based on management’s assessment of its loan portfolio quality in light of current and anticipated ongoing economic weakness.

"As we all know, 2008 was a challenging and tumultuous year for most of the world," said Dorothy A. Savarese, president and chief executive officer. "At the Cape Cod Five, we worked hard to adapt to the changed financial environment, prepare for the future, and build our capital and reserves."