2010 Annual Report
A MESSAGE FROM THE PRESIDENT
Click here for full 2010 Annual Report
The economic context in 2010 included conflicting signals and trends. While the U.S. stock market performed quite well in 2010 and corporate earnings improved, the average individual did not see significant gains in 2010 and unemployment and strained governmental budgets continued to be an issue. Lower real estate prices and dueling concerns over deflation and inflation continued to be causes for concern. Businesses and consumers were all impacted by the rebalancing of consumption and debt.
In the same way that the navigational instruments featured in this report were essential to 19th century mariners, our core values were invaluable in navigating through the buffeting financial seas of the last year.
Our vision - allowed us to keep a keen watch on all that mattered - the economy, changing regulations and our customers.
Our strength - provided a level of confidence, for Cape Cod Five management and employees, and for those who sought the safe harbor of a financially sound institution.
Our independence - played an equally important role, allowing us to focus only on the journey at hand, just as we have since 1855.
Finally, our commitment to the community gave us the resolve to stay true to our mission of being an essential part of and provider to the unique towns that make up the Cape and Islands.
Guided by its core values, The Cape Cod Five Cents Savings Bank was able to achieve good financial results in 2010, exceeding 2009. The Bank increased net income, which enabled it to continue to build capital and reserves, and position itself for the future. There was success across all business lines. The Bank continued in its commitment to serve its communities, making a total of $804 million in loans to consumers and businesses, growing its Trust assets under management and maintaining its number one position in deposit market share in Barnstable County. The increase in customers and revenue made it possible for the Bank to add 13 new job positions over the past year. In addition, between the Bank and its Charitable Foundation, over $750,000 was donated to non-profits on the Cape and Islands. In a new initiative, the Bank opened a Representative Office on Nantucket and secured regulatory approval to open a branch there. We have detailed some of the financial and strategic milestones and achievements accomplished during the year later in this report.
The Bank, like individuals and other businesses, continues to adjust to a world with constrained economic growth and much more regulation. This is a time for the careful balancing of risk and growth. However, our mission of providing responsible financial products to our customers, making a positive impact on our community, and carefully managing our risk profile remains unchanged.
I want to thank the Board, management team and all the employees at the Bank for their hard work and willingness to adapt to changing circumstances. Most importantly, it is their sincere focus on serving our customers and communities that enables the Bank to continue to have the privilege of fulfilling its mission of providing community banking for the Cape and Islands.
Whether crossing a difficult stretch of open ocean or an uncertain span in the economy, there are no more valuable assets than the experience, tools and innate qualities necessary to navigate through them and to safely reach your goal. We are proud to say we engaged all of those resources in 2010. We will do the same in the years ahead.
Dorothy A. Savarese
President & Chief Executive Officer
The Cape Cod Five Cents Savings Bank
Equal Housing Lender.
Member 
