Seamen's Bank Mortgage Rates, Fees & Info

Provincetown, MA

LEI: 549300IT6BBMQGOVFG70

Tax ID: 04-1817540

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Seamen's Bank is a smaller bank specializing in Home Purchase and Refi loans. Seamen's Bank has a high proportion of conventional loans. Their top (well, only) market is Barnstable Town.

    Seamen's Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    190

    Origination Dollar Volume (All Markets)

    $70,230,000

    Employee count

    69

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 190 $70,230,000 $369,632 $0 0.00%
    Seamen's Bank's top markets include and Barnstable Town among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 190 $70,230,000 $369,632 $0 0.00%

    For 2018, Seamen's Bank's most frequently originated type of loan was Conventional, with 190 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 102 $42,340,000 $415,098 $0 0.00%
    Refi 61 $22,515,000 $369,098 $0 0.00%
    Cash Out Refi 13 $3,815,000 $293,462 $0 0.00%
    Home Improvement 7 $675,000 $96,429 $0 0.00%
    Other 7 $885,000 $126,429 $0 0.00%

    For 2018, Seamen's Bank's most frequently cited loan purpose was Home Purchase, with 102 originations. The 2nd most popular reason was Refi, with 61 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 190 $70,230,000 $369,632 $0 0.00%

    For 2018, Seamen's Bank's most frequently cited loan duration was Other, with 190 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 86 $24,580,000 $285,814 $0 0.00%
    $400k-600k 49 $22,685,000 $462,959 $0 0.00%
    $100k-200k 18 $2,730,000 $151,667 $0 0.00%
    $100,000 or less 16 $770,000 $48,125 $0 0.00%
    $600k-1MM 16 $11,420,000 $713,750 $0 0.00%
    $1MM+ 5 $8,045,000 $1,609,000 $0 0.00%

    2018 saw Seamen's Bank place emphasis on $200k-400k loans with 86 originations, totaling $24,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 41 $15,395,000 $375,488 $0 0.00%
    $150k-250k 41 $15,265,000 $372,317 $0 0.00%
    $250k+ 33 $17,985,000 $545,000 $0 0.00%
    $50k-75k 28 $6,350,000 $226,786 $0 0.00%
    $75k-100k 20 $6,180,000 $309,000 $0 0.00%
    $50k or less 14 $2,750,000 $196,429 $0 0.00%

    Seamen's Bank lent most frequently to those with incomes in the $100k-150k range, with 41 originations. The second most popular income band? $150k-250k, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 190 $70,230,000 $369,632 $0 0.00%

    Seamen's Bank lent most frequently to those with DTI ratios of Exempt%, with 190 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 171 $59,815,000 $349,795 $0 0.00%
    Not provided 10 $5,550,000 $555,000 $0 0.00%
    Not applicable 7 $4,625,000 $660,714 $0 0.00%
    Other Asian 1 $205,000 $205,000 $0 0.00%
    Asian 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.63%

    Seamen's Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    86.32%

    Seamen's Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 190 $70,230,000 $369,632

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $3,960,000 $990,000
    Single Family (1-4 Units):Site-Built 186 $66,270,000 $356,290

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    SIMMONS FIRST NATIONAL CORPORATION Conventional home mortgage Trouble during payment process 1 50.0%
    SIMMONS FIRST NATIONAL CORPORATION Home equity loan or line of credit (HELOC) Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Seamen's Bank 221 Commercial Street Provincetown, MA 2657 Full Service B&M $134,496
    Seamen's Bank 2746 Sthy 6 Wellfleet, MA 2667 Full Service B&M $39,310
    Seamen's Bank 350 Route 6 North Truro, MA 2652 Full Service B&M $52,406
    Seamen's Bank 4355 State Highway North Eastham, MA 2651 Full Service B&M $52,491
    Seamen's Bank 56 Shank Painter Road Provincetown, MA 2657 Full Service B&M $38,071

    For 2018, Seamen's Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,446
    Net interest income $11,651
    Total noninterest income $1,057
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $180
    Trading account gains and fees $0
    Additional Noninterest Income $877
    Pre-tax net operating income $2,219
    Securities gains (or losses, -) $136
    Income before extraordinary items $1,770
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,770
    Minority interest net income $0
    Net income $1,770
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,662

    Seamen's Bank's gross interest income from loans was $13,446,000.
    Seamen's Bank's net interest income from loans was $11,651,000.
    Seamen's Bank's fee based income from loans was $180,000.
    Seamen's Bank's net income from loans was $1,770,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,795
    Provision for credit losses $245
    Total noninterest expense $10,244
    Salaries and employee benefits $5,964
    Premises and equipment expense $1,099
    Additional noninterest expense $3,181
    Applicable income taxes $585
    Net charge-offs $-7
    Cash dividends $0

    Seamen's Bank's interest expense for loans was $1,795,000.
    Seamen's Bank's payroll and benefits expense were $5,964,000.
    Seamen's Bank's property, plant and equipment expenses $1,099,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 7.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $331,360
    Deposits held in domestic offices $331,360
    Deposits by Individuals, partnerships, and corporations $326,096
    Deposits by U.S. Government $4
    Deposits by States and political subdivisions in the U.S. $5,260
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $109,952
    Demand deposits $55,446
    Nontransaction accounts $221,408
    Money market deposit accounts (MMDAs) $99,999
    Other savings deposits (excluding MMDAs) $35,693
    Total time deposits $85,716
    Total time and savings deposits $275,914
    Noninterest-bearing deposits $55,446
    Interest-bearing deposits $275,914
    Retail deposits $308,983
    IRAs and Keogh plan accounts $10,958
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $384,568
    Cash & Balances due from depository institutions $15,991
    Interest-bearing balances $8,585
    Total securities $71,346
    Federal funds sold & reverse repurchase $2,262
    Net loans and leases $282,618
    Loan and leases loss allowance $3,068
    Trading account assets $0
    Bank premises and fixed assets $7,782
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $4,569

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $384,568
    Total Liabilities $343,731
    Total deposits $331,360
    Interest-bearing deposits $275,914
    Deposits held in domestic offices $331,360
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $12,000
    Subordinated debt $0
    All other liabilities $371

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $282,618
    Loan and leases loss allowance $3,068
    Total loans and leases (domestic) $285,686
    All real estate loans $274,794
    Real estate loans in domestic offices $274,794
    Construction and development loans $14,028
    Residential 1-4 family construction $10,573
    Other construction, all land development and other land $3,455
    Loans secured by nonfarm nonresidential properties $73,898
    Nonfarm nonresidential secured by owner-occupied properties $51,215
    Commercial real estate & other non-farm, non-residential $22,683
    Multifamily residential real estate $8,994
    1-4 family residential loans $177,874
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $10,419
    To non-U.S. addressees $0
    Loans to individuals $485
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $485
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $9,126
    Non 1-4 family restructured loans & leases $4,921
    Total loans and leases (foreign) $0

    Seamen's Bank had $282,618,000 of loans outstanding in 2018. $274,794,000 of loans were in real estate loans. $14,028,000 of loans were in development loans. $8,994,000 of loans were in multifamily mortgage loans. $177,874,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 165 $41,869 $253,752
    Nonfarm, nonresidential loans - <$100k 40 $1,389 $34,725
    Nonfarm, nonresidential loans - $100-250k 40 $4,739 $118,475
    Nonfarm, nonresidential loans - $250k-1MM 85 $35,741 $420,482
    Commercial & Industrial, US addressed loans - <$1MM 243 $9,949 $40,942
    Commercial & Industrial, US addressed loans - <$100k 207 $4,219 $20,382
    Commercial & Industrial, US addressed loans - $100-250k 23 $1,801 $78,304
    Commercial & Industrial, US addressed loans - $250k-1MM 13 $3,929 $302,231