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
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 |
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