A shutter assembly having a foam insert or core enveloped by a cementitious shell is disclosed. The shell can also be provided with an optional hanger member that allows the shutter assembly to be mounted to a dwelling via a bracket affixed to an exterior wall surface thereof. The assembly is molded from a cementitious slurry including gypsum cement and water. An appropriate amount of the slurry is added onto a bottom mold surface portion to a desired depth. If the hanger member is to be used, it is placed onto the bottom mold surface portion prior to the introduction of the slurry. The foam insert or core is placed atop the slurry in a desired orientation, whereupon the top mold surface portion is closed over the bottom mold surface portion. After curing, the shutter assembly is removed from the mold and is ready for immediate use and/or further processing.