
Annual Report
Letter from the President
To Our Community:
“A mutual savings bank is essentially a community institution… Those responsible for the operations of a bank should know the problems in their community and participate in their intelligent solution.” Judge Robert A. Welsh, Seamen’s Bank President, on the Bank’s 100th Anniversary in 1951
Those words took on new meaning as we responded to the difficulties presented by the COVID-19 pandemic. The challenges faced by Seamen’s Bank and the community were unprecedented and yet, by working together, we accomplished much while maintaining a posture of health and safety.
Despite the uncertainties and risks of the past year, the resilience and heroism of our employees was evident as they balanced increased obligations of work and family. There were safety concerns, work modifications, and new responsibilities. Face masks, plastic face shields, social distancing, and in-lobby appointments became the norm. There was excitement over remote learning tools, an expansion of diversity equity and inclusion initiatives, and lately, the return of in-person community events. Our dedicated Commercial Loan professionals worked long hours to provide business customers with millions of dollars of federal loans under the SBA’s Paycheck Protection Program (PPP) and assisted them with the SBA’s COVID-19 Economic Injury Disaster Loan Program (EIDL). As well, our Residential Loan team helped with mortgage modifications and allowances. Other employees adapted to video conferencing and remote workstations while working at home. All of this took an abundance of commitment and teamwork.
The Seamen’s Bank Longpoint Charitable Foundation made a conscious effort to shift its giving to health and human services in support of those organizations most affected by the pandemic and those most in need. Once again, direct donations increased from the previous year and our Charitable Foundation continues to donate a remarkable amount for a bank the size of Seamen’s.
We are also able to report another successful financial year for your Bank. Deposits grew nearly 40%, fueled in part from the proceeds of PPP and EIDL loans. Total assets now exceed $500 million, a new milestone for Seamen’s Bank. Net income at fiscal year-end far exceeded budget projections keeping our capital significantly above the regulatory guidelines for a well-capitalized bank.
Much has changed since Judge Welsh wrote those words so long ago. Now in our 170th year, what has not changed is the purpose of Seamen’s Bank. We are a community bank; a bank where success is measured not by size, but by the strength of our relationships with our customers and our community.
As always, I am grateful for the support of our customers, and for the skills and efforts of our employees, trustees, corporators, all who contribute to the continued success of Cape Cod’s First Community Bank.
Respectfully,
Lori F. Meads
President and CEO
Consolidated Statements of Income
Year ended March 31 |
2021 |
2020 |
Interest Income | ||
Loans |
12,254,000 |
13,479,000 |
Securities and Investments |
1,064,000 |
1,292,000 |
Federal Funds Sold |
94,000 |
310,000 |
Total Interest Income |
13,415,000 |
15,078,000 |
Interest Expense | ||
Interest on Deposits |
2,047,000 |
2,473,000 |
Other Interest |
146,000 |
186,000 |
Total Interest Expense |
2,193,000 |
2,659,000 |
Net Interest Income |
11,219,000 |
12,419,000 |
Provision for Loan Losses |
290,000 |
150,000 |
Non-Interest Income | ||
Fees on Deposits |
107,000 |
158,000 |
Other Service Charges |
487,000 |
530,000 |
Gain (Loss) on Security Sales |
51,000 |
15,000 |
Other Gains and Losses |
1,319,000 |
192,000 |
Other Non-Interest Income |
73,000 |
121,000 |
Total Non-Interest Income |
2,037,000 |
1,016,000 |
Non-Interest Expense | ||
Salaries and Benefits |
6,339,000 |
6,220,000 |
Premises and Equipment |
1,107,000 |
1,129,000 |
Other Non-Interest Expense |
3,721,000 |
3,311,000 |
Total Non-Interest Expense |
11,167,000 |
10,660,000 |
Income Before Taxes |
1,799,000 |
2,625,000 |
State and Federal Taxes |
417,000 |
627,000 |
Net Income |
1,382,000 |
1,998,000 |
This statement has not been reviewed, or confirmed for accuracy, by the |

Seamen's Bank
NMLS ID# 419878
Routing# 211373461
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508.487.0035 local
855.227.5347 toll free
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