Assets of Victorian Teachers - a mutual bank - were A$480 in 1972. In 2015 they may pass $2 billion, Jonathan Hutchins, chair of the bank, wrote in the VTMB annual review for 2014."Over a 42 year history … there are still values that serve the mutual bank today as they did when the total assets were $480," Hutchins wrote in a warm introduction to a financial report strong on growth metrics and solidifying capital."These values are ethics, resilience, innovation, financial performance, co-operative principles and a caring and socially responsible approach to the education community," he wrote.He said the board "this year [undertook] a thorough review of our governance framework and performance. One of the highlights of the year for me was the report from external consultants, that across the mutual bank there is a strong focus of our staff to ensure they act in the members' interests."In striving to be a 'value based' organisation, this is high praise and reassurance to members that the bank continues to focus on providing the highest standard of financial products and services."To continue to grow past $2 billion of assets we are looking towards innovative new technologies and processes in the digital forum and across our entire service platform. "This includes new applications for mobile devices, upgrading core banking services, developing new products and services that address the changing demographics and financial environment in which we operate, but also maintaining our focus on the need to act in a fair and honest manner."CEO William Wolke outlined that pre-tax profit zipped to $18.9 million from $10.3 million, with no repeat of last year's HQ write down.Deposit growth of 7.9 per cent to $1.75 billion supported loan growth of five per cent to $1.49 billion.Total assets increased by eight per cent to $1.92 billion.Equity increased by $12.9 million to $150.8 million. The capital adequacy ratio VTMB put at 15.2 per cent.The return on average assets was 0.7 per cent -  not bad for the sector it is in.