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Annual Report

Letter from the President 

To Our Community:

Face masks, hand sanitizers, social distancing, and self-quarantine. At the close of our fiscal year end, the coronavirus has brought with it a new normal and never has community been so important. “Non-essential” businesses are either closed or operating in some
limited fashion and, at this point, it is impossible to foresee the totality of the economic impact on the oncoming tourist season. For the first time in our history, we have had to close our lobbies, but we continue to serve using drive-up windows, walk-up windows and special appointments.

As it has for 169 years, Seamen’s Bank continues to support its community. Special loan programs and loan modifications have been utilized. Millions of dollars in small business loans have been provided to our business customers in the short space of only a
few weeks. Support initiatives for our first responders and essential business workers have included the distribution of hand sanitizers, face masks, and simple thank-you gifts for those on the “front lines”. These are truly unprecedented times and a new nationwide
theme has become commonplace: We are all in this together.

Looking back at our just-completed fiscal year, I am pleased to report that your Bank was able to produce record net income totaling just short of $2million, sufficient to build our all-important capital ratio to 11.51%, well beyond regulatory requirements. Also worthy of note was our residential mortgage program, which continues to expand, and our increased deposit base helping to fund that expansion.

Beyond the gratifying financial success of the past 12 months, there were several workplace initiatives geared to continuing our quest to be the quintessential community bank. A Career- Path Program was instituted for employees along with enhanced training opportunities for all officers and staff. Expanded banking hours, mortgage programs, website updates and branch deposit procedures were all introduced as a result of our efforts to augment the customer experience. The Seamen’s Bank Charitable Foundation continues to be a source of pride with remarkable contribution totals for a bank of our size. We hope to continue like undertakings through the development of a Community Development Outreach Committee in the coming months even as we battle the COVID-19 pandemic. To be sure, we will certainly face serious headwinds with the economic fallout from COVID-19 but, with the help of our employees, customers, and trustees, I remain confident in our abilities to serve and prosper.

400 years ago, the Pilgrims relied on their strong sense of community to brave the elements of a new world. It was all about community. It is not so different now.

Respectfully,


Lori F. Meads
President and CEO

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Consolidated Statements of Income

Year ended March 31

2019

2020

Interest Income    
Loans

12,443,000

13,479,000

Securities and Investments

1,381,000

1,292,000

Federal Funds Sold

368,000

310,000

Total Interest Income

14,192,000

15,078,000

     
Interest Expense    
Interest on Deposits

1,654,000

2,473,000

Other Interest

397,000

186,000

Total Interest Expense

2,051,000

2,659,000

Net Interest Income

12,141,000

 12,419,000

     
Provision for Loan Losses

285,000

150,000

     
Non-Interest Income    
Fees on Deposits

167,000

158,000

Other Service Charges

506,000

530,000

Gain (Loss) on Security Sales

139,000

15,000

Other Gains and Losses

128,000

192,000

Other Non-Interest Income

99,000

 121,000

Total Non-Interest Income

1,039,000

1,016,000

     
Non-Interest Expense    
Salaries and Benefits

5,931,000

6,220,000

Premises and Equipment

1,116,000

1,129,000

Other Non-Interest Expense

3,258,000

3,311,000

Total Non-Interest Expense

10,305,000

10,660,000

     
Income Before Taxes

2,590,000

2,625,000

State and Federal Taxes

653,000

627,000

Net Income

1,937,000

1,998,000

     

This statement has not been reviewed, or confirmed for accuracy, by the
Federal Deposit Insurance Corporation.

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All Rights Reserved.
NMLS ID# 419878