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 A Letter from the President
To our Community:
This August, the Cape Cod Pilgrim Memorial Association and our country will celebrate the 100th Anniversary of the laying of the cornerstone of the Pilgrim Memorial Monument. Our Annual Report is themed to that event. In the summer of 1907, President Theodore Roosevelt entered a congested Provincetown Harbor aboard the presidential yacht Mayflower. Eight battleships provided a corridor for the passage of the yacht through the harbor and 1,500 marines were stationed onshore for the waiting presidential carriage that was to carry the President to the monument site at the top of Town Hill. So large were the expected throngs, the Board of Trustees of Seamen's Savings Bank voted that "the Bank be kept open but one hour, from 9 to 10 o'clock and that a watchman be employed to stay in the building the nights of August 18th, 19th, and 20th." At that time the Bank was already 56 years old with 1,865 customers and deposits of $422,773. Today your Bank has over 17,000 accounts and $208,493,000 in deposited funds measured at fiscal year-end. While this deposit total represents a modest growth of 2.7% over last year, it is significant in that it has occurred in an environment where overall deposits on Cape Cod have dropped and the lack of funding in community banks has brought increasing pressures on interest costs. Loan growth was a healthy 8.6% helping to fuel net profits at year-end of $1,189,000. This solid profit level was achieved despite the difficult interest rate environment and the resulting margin compression. Net income was sufficient to boost our already-robust capital-to-asset ratio past the 11% mark, providing a strong base to meet the challenges and opportunities in the coming year.
Our commitment to the community continued unabated with record donations from the Seamen's Bank Long Point Charitable Foundation, another outstanding performance by the Seamen's Bank Walking Team, assistance in low-income housing programs, and employee participation throughout the Outer Cape in community organizations too numerous to mention here. In the coming year, we expect to expand on this commitment. As Cape Cod's First Community Bank, and a mutually-owned institution, we remain driven by customer and community service, and not by the financial demands of stockholders and investors. As President, I remain confident in our future and grateful to the Customers, Corporators, Trustees, and Employees of Seamen's Bank.
Respectfully,
John K. Roderick
President/C.E.O
Seamen's Bank
 View a PDF
of this year's
Annual Report
Consolidated Balance Sheet
| Year ended March 31 |
2007 |
2006 |
| Assets |
|
|
| Cash and Due from Banks |
$6,723,000 |
$5,290,000 |
| Securities |
61,379,000 |
72,905,000 |
| Federal Funds Sold |
2,971,000 |
2,374,000 |
| Loans |
173,332,000 |
159,528,000 |
| Reserve for Losses |
(2,523,000) |
(2,542,000) |
| Land, Buildings, Equipment |
4,396,000 |
4,627,000 |
| Other Real Estate |
0 |
0 |
| Other Assets |
4,558,000 |
5,061,000 |
| Total Assets |
$250,836,000 |
$247,243,000 |
|
Liabilities and Surplus
|
|
|
| Deposits |
$208,493,000 |
$203,026,000 |
| Other Liabilities |
15,067,000 |
18,928,000 |
| Total Liabilities |
$223,560,000 |
$221,954,000 |
|
Undivided Profits
|
$28,061,000
|
$26,872,000
|
| Net Unrealized Gains on Securities held for sale |
(785,000) |
(1,583,000) |
| Total Surplus |
$27,276,000 |
$25,289,000 |
|
Total Liabilities and Surplus
|
$250,836,000
|
$247,243,000
|
This statement has not been reviewed, or confirmed for accuracy, by the Federal Deposit Insurance Corporation. |
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