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
  • 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

    140

    Origination Dollar Volume (All Markets)

    $52,920,000

    Employee count

    67

    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) 140 $52,920,000 $378,000 $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 140 $52,920,000 $378,000 $0 0.00%

    For 2019, Seamen's Bank's most frequently originated type of loan was Conventional, with 140 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 74 $28,360,000 $383,243 $0 0.00%
    Refi 35 $17,555,000 $501,571 $0 0.00%
    Cash Out Refi 14 $3,990,000 $285,000 $0 0.00%
    Other 9 $1,805,000 $200,556 $0 0.00%
    Home Improvement 8 $1,210,000 $151,250 $0 0.00%

    For 2019, Seamen's Bank's most frequently cited loan purpose was Home Purchase, with 74 originations. The 2nd most popular reason was Refi, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 140 $52,920,000 $378,000 $0 0.00%

    For 2019, Seamen's Bank's most frequently cited loan duration was Other, with 140 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 73 $21,585,000 $295,685 $0 0.00%
    $400k-600k 22 $10,050,000 $456,818 $0 0.00%
    $100k-200k 17 $2,675,000 $157,353 $0 0.00%
    $100,000 or less 11 $485,000 $44,091 $0 0.00%
    $600k-1MM 9 $6,775,000 $752,778 $0 0.00%
    $1MM+ 8 $11,350,000 $1,418,750 $0 0.00%

    2019 saw Seamen's Bank place emphasis on $200k-400k loans with 73 originations, totaling $21,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 31 $18,235,000 $588,226 $0 0.00%
    $150k-250k 28 $9,950,000 $355,357 $0 0.00%
    $100k-150k 26 $8,550,000 $328,846 $0 0.00%
    $50k-75k 23 $5,735,000 $249,348 $0 0.00%
    $75k-100k 18 $4,670,000 $259,444 $0 0.00%
    $50k or less 8 $1,250,000 $156,250 $0 0.00%

    Seamen's Bank lent most frequently to those with incomes in the $250k+ range, with 31 originations. The second most popular income band? $150k-250k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 140 $52,920,000 $378,000 $0 0.00%

    Seamen's Bank lent most frequently to those with DTI ratios of Exempt%, with 140 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 126 $45,840,000 $363,810 $0 0.00%
    Not applicable 4 $4,310,000 $1,077,500 $0 0.00%
    Black 6 $1,850,000 $308,333 $0 0.00%
    Not provided 3 $865,000 $288,333 $0 0.00%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.38%

    Seamen's Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.00%

    Seamen's Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 140 $52,920,000 $378,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $205,000 $205,000
    Single Family (1-4 Units):Site-Built 139 $52,715,000 $379,245

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Seamen's Bank 221 Commercial Street Provincetown, MA 2657 Full Service B&M $140,637
    Seamen's Bank 2746 Sthy 6 Wellfleet, MA 2667 Full Service B&M $37,037
    Seamen's Bank 350 Route 6 North Truro, MA 2652 Full Service B&M $54,178
    Seamen's Bank 4355 State Highway North Eastham, MA 2651 Full Service B&M $54,193
    Seamen's Bank 56 Shank Painter Road Provincetown, MA 2657 Full Service B&M $39,692

    For 2019, Seamen's Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,881
    Net interest income $12,342
    Total noninterest income $1,135
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $172
    Trading account gains and fees $0
    Additional Noninterest Income $963
    Pre-tax net operating income $2,735
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,064
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,064
    Minority interest net income $0
    Net income $2,064
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,064

    Seamen's Bank's gross interest income from loans was $14,881,000.
    Seamen's Bank's net interest income from loans was $12,342,000.
    Seamen's Bank's fee based income from loans was $172,000.
    Seamen's Bank's net income from loans was $2,064,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,539
    Provision for credit losses $130
    Total noninterest expense $10,612
    Salaries and employee benefits $6,146
    Premises and equipment expense $1,138
    Additional noninterest expense $3,328
    Applicable income taxes $671
    Net charge-offs $12
    Cash dividends $0

    Seamen's Bank's interest expense for loans was $2,539,000.
    Seamen's Bank's payroll and benefits expense were $6,146,000.
    Seamen's Bank's property, plant and equipment expenses $1,138,000.

    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 2.0%
    Nonfarm, nonresidential loans 4.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    Commercial & industrial loans 1.0%
    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 $330,464
    Deposits held in domestic offices $330,464
    Deposits by Individuals, partnerships, and corporations $326,839
    Deposits by U.S. Government $10
    Deposits by States and political subdivisions in the U.S. $3,615
    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 $106,042
    Demand deposits $56,179
    Nontransaction accounts $224,422
    Money market deposit accounts (MMDAs) $85,105
    Other savings deposits (excluding MMDAs) $36,694
    Total time deposits $102,624
    Total time and savings deposits $274,285
    Noninterest-bearing deposits $56,179
    Interest-bearing deposits $274,285
    Retail deposits $302,402
    IRAs and Keogh plan accounts $11,509
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $377,620
    Cash & Balances due from depository institutions $17,013
    Interest-bearing balances $11,608
    Total securities $63,688
    Federal funds sold & reverse repurchase $2,810
    Net loans and leases $282,920
    Loan and leases loss allowance $3,186
    Trading account assets $0
    Bank premises and fixed assets $7,467
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $3,722

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $377,620
    Total Liabilities $333,846
    Total deposits $330,464
    Interest-bearing deposits $274,285
    Deposits held in domestic offices $330,464
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $3,000
    Subordinated debt $0
    All other liabilities $382

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $282,920
    Loan and leases loss allowance $3,186
    Total loans and leases (domestic) $286,106
    All real estate loans $275,350
    Real estate loans in domestic offices $275,350
    Construction and development loans $11,815
    Residential 1-4 family construction $9,815
    Other construction, all land development and other land $2,000
    Loans secured by nonfarm nonresidential properties $70,426
    Nonfarm nonresidential secured by owner-occupied properties $51,114
    Commercial real estate & other non-farm, non-residential $19,312
    Multifamily residential real estate $7,681
    1-4 family residential loans $185,428
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $10,309
    To non-U.S. addressees $0
    Loans to individuals $455
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $455
    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 $6,001
    Non 1-4 family restructured loans & leases $3,052
    Total loans and leases (foreign) $0

    Seamen's Bank had $282,920,000 of loans outstanding in 2019. $275,350,000 of loans were in real estate loans. $11,815,000 of loans were in development loans. $7,681,000 of loans were in multifamily mortgage loans. $185,428,000 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 143 $40,993 $286,664
    Nonfarm, nonresidential loans - <$100k 26 $1,090 $41,923
    Nonfarm, nonresidential loans - $100-250k 28 $3,637 $129,893
    Nonfarm, nonresidential loans - $250k-1MM 89 $36,266 $407,483
    Commercial & Industrial, US addressed loans - <$1MM 237 $9,397 $39,650
    Commercial & Industrial, US addressed loans - <$100k 201 $4,223 $21,010
    Commercial & Industrial, US addressed loans - $100-250k 24 $2,238 $93,250
    Commercial & Industrial, US addressed loans - $250k-1MM 12 $2,936 $244,667