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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

 

 

 

 

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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
Federal Deposit Insurance Corporation.

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