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Annual Report

Letter from the President 

To Our Community:

As Seamen’s Bank begins its 168th year, I am pleased to report a successful year for your community bank.

Deposits increased by over 6% and, spurred by tax reform and a more favorable yield curve, our net income more than doubled to $1.9MM. Our mortgage loan program continues to flourish. We have increased our loan portfolio by 8.5%, contributing to total net interest income of $1.3MM, which represents a 12% increase over last fiscal year. With a capital ratio over 11% — which far exceeds regulatory standards — we are well prepared to meet the challenges ahead.

While numbers can show the financial position of the Bank, a successful community bank is much more than that. At Seamen’s Bank, we grow one customer at a time. Especially in a mutually-chartered bank like Seamen’s, success is more aptly measured by what it brings to the community: the mortgage that allows a couple to purchase their first home, the credit given to a small business owner for expansion, free checking accounts enabling banking services for everyone, extended banking hours, and products that facilitate banking in this digital age. Community banking means having a team of employees and board members who participate in their communities by
serving on local boards and supporting non-profit organizations. In addition, the Seamen’s Bank Charitable Foundation continues its generous financial support to organizations that enrich lives here on the Cape. While large megabanks monopolize the press and bolster Wall Street, it is the small community bank that remains a lifeblood in our neighborhoods.

Once again, our Annual Report celebrates the rich history of our towns and villages. With our history in community banking extending over 168 years, the values inherent in our support of those towns and villages remain the hallmark of Seamen’s Bank. As I begin my second year as President of your Bank, I remain enthusiastically confident in our future and grateful to a dedicated team that includes corporators, board members, employees, and loyal customers.

Respectfully,


Lori F. Meads
President and CEO

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Consolidated Statements of Income

Year ended March 31

2018

2019

Interest Income    
Loans

10,393,000

12,443,000

Securities and Investments

1,402,000

1,381,000

Federal Funds Sold

171,000

368,000

Total Interest Income

11,966,000

14,192,000

     
Interest Expense    
Interest on Deposits

1,027,000

1,654,000

Other Interest

108,000

397,000

Total Interest Expense

1,135,000

2,051,000

Net Interest Income

10,831,000

 12,141,000

     
Provision for Loan Losses

40,000

285,000

     
Non-Interest Income    
Fees on Deposits

180,000

167,000

Other Service Charges

471,000

506,000

Gain (Loss) on Security Sales

34,000

139,000

Other Gains and Losses

157,000

128,000

Other Non-Interest Income

115,000

 99,000

Total Non-Interest Income

957,000

1,039,000

     
Non-Interest Expense    
Salaries and Benefits

5,893,000

5,931,000

Premises and Equipment

1,076,000

1,116,000

Other Non-Interest Expense

2,925,000

3,258,000

Total Non-Interest Expense

9,894,000

10,305,000

     
Income Before Taxes

1,854,000

2,590,000

State and Federal Taxes

1,050,000

653,000

Net Income

804,000

1,937,000

     

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