About Seamen’s

Annual Report

Letter from the President

To Our Community:

With my planned retirement in June, I wanted to publish an Annual Report that represented what I believe the Bank means to the community and so, in a nod towards my penchant for history, we have assembled a report that outlines the years of Seamen’s Bank from its beginning in April of 1851. It’s not surprising, given the success of Seamen’s, that during my tenure as President the Bank has been approached several times by other banks wishing to merge. It is that predilection for community, employee welfare, and history that guided me through those conversations. Indeed, our annual planning sessions have always been framed with one overriding goal that has become a standard phrase in those reports: to preserve and strengthen Seamen’s Bank as a mutually-chartered, fully-independent, community institution.

From a performance point of view, our decision to grow our loan portfolio proved to be very successful and this past fiscal year was marked by a substantial increase in real estate mortgage loans. Total loan footings grew by more than $31million – an increase in excess of 13%. Net interest income, a prime indicator of success in a small community bank, grew by $838,000 or 8.3%. Our deferred tax position was negatively affected by the corporate tax cut affecting our net income for the year but we expect to reap the advantages of that tax break in the coming fiscal periods. With the added strength of a strong capital position, we have the resources to continue to prosper in the coming years.

Of course, a true community bank does more than just provide banking products. Through their selfless participation in community events too numerous to mention here and, as members of various non-profit boards, our Community Team of employees and trustees exemplify the community-banking ideal. Adding to these efforts is the work of the Seamen’s Bank Charitable Foundation which remains an ongoing source of pride for us, distributing over $125,000 annually to local charities.

Seamen’s has always been more than just an employer and I consider it a privilege to have been a part of its history as President for the past 25 years. While my tenure as President may be ending, I expect to remain a part of Seamen’s Bank in my role as Chairman of the Board of Trustees and am confident that the historic legacies of Seamen’s Bank will endure. In closing, I remain grateful to my fellow employees and trustees of the Bank and to the customers and community at large for their contributions to the success of the 167-year-old tradition of community service that is Seamen’s Bank.

Respectfully,

John K. Roderick
President

Consolidated Statements of Income

Year ended March 31	2017	2018
Interest Income
Loans	9,583,000	10,393,000
Securities and Investments	1,318,000	1,402,000
Federal Funds Sold	99,000	171,000
Total Interest Income	11,000,000	11,966,000

Interest Expense
Interest on Deposits	991,000	1,027,000
Other Interest	16,000	108,000
Total Interest Expense	1,007,000	1,135,000
Net Interest Income	9,993,000	10,831,000

Provision for Loan Losses	–	40,000

Non-Interest Income
Fees on Deposits	187,000	180,000
Other Service Charges	455,000	471,000
Gain (Loss) on Security Sales	589,000	34,000
Other Gains and Losses	92,000	157,000
Other Non-Interest Income	104,000	115,000
Total Non-Interest Income	1,427,000	957,000

Non-Interest Expense
Salaries and Bennefits	5,342,000	5,893,000
Premises and Equipment	1,106,000	1,076,000
Other Non-Interest Expense	3,651,000	2,925,000
Total Non-Interest Expense	10,099,000	9,894,000

Income Before Taxes	1,321,000	1,854,000
State and Federal Taxes	396,000	1,050,000
Net Income	925,000	804,000

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

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Accounts
Account	Maintenance Fee
Personal NOW Balance of $1,000	none
less than $1,000	$5.00*
Money Market Balance of $2,500	none
less than $2,500	$5.00
Business Checking Balance of $2,500	none
less than $2,500	$8.00
NOW Business Checking Balance of $2,500	none
less than $2,500	$8.00
Other Charges
Non-Seamen's ATM Withdrawals	$1.00
Non-customer cash advance	1%/transaction
Non-customer notary service	$2.00/page
EFT Services Charge International Transactions	3%/transaction
Dormant Account Fee	$5.00/month*
Stop Payment	$20.00*
NSF Transfer Charge	$5.00
Overdraft Fee: Maximum $120.00 per day	$30.00/item*
NSF Return Item Fee: Maximum $120.00 per day	$30.00/item*
IRA Transfer	$25.00/transfer
The following may appear as an Advice of Debit on your Statement
ATM/Debit Card Replacement	$10.00
Lost Passbook Replacement	$15.00
Money Order Purchase	$3.00*
Treasurer's Check Purchase	$5.00*
Duplicate/Interim Statement	$4.00
Check Copy	$5.00
Statement Balancing Assistance	$15.00/hour
Account Research	$25.00/hour
Foreign Check Collection, plus other bank fee	$15.00
Escheatment Fee	$50.00
Excess Transactions	$10.00 per occurrence
Tax Levy Process Fee	$50.00
Check Printing Fees	Charges Vary*
Wire Transfers (May appear as an Advice of Debit on your statement)
Incoming, Depositor	$12.00
Outgoing, Domestic	$20.00
Outgoing, Foreign	$60.00

About Seamen’s

Annual Report

Letter from the President

Consolidated Statements of Income

Effective May 1, 2019

Please take notice that our Fee Schedule is changing. For more information or to obtain a print copy, please visit us at one of our locations or click here to view a printable version.