A shutter assembly having a foam insert or core enveloped by a cementitious or urethane-based shell. 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 can be molded from a cementitious slurry including gypsum cement and water, or alternatively, from a two part urethane filled with lightweight fly ash. An appropriate amount of the slurry or urethane-based material 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 or urethane-based material. The foam insert or core is placed atop the slurry or urethane-based material 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.