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 Refi and Home Purchase 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 an above 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

    265

    Origination Dollar Volume (All Markets)

    $100,425,000

    Employee count

    70

    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) 265 $100,425,000 $378,962 $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 265 $100,425,000 $378,962 $0 0.00%

    For 2020, Seamen's Bank's most frequently originated type of loan was Conventional, with 265 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 127 $49,225,000 $387,598 $0 0.00%
    Home Purchase 75 $28,335,000 $377,800 $0 0.00%
    Cash Out Refi 51 $17,335,000 $339,902 $0 0.00%
    Other 11 $3,725,000 $338,636 $0 0.00%
    Home Improvement 1 $1,805,000 $1,805,000 $0 0.00%

    For 2020, Seamen's Bank's most frequently cited loan purpose was Refi, with 127 originations. The 2nd most popular reason was Home Purchase, with 75 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 265 $100,425,000 $378,962 $0 0.00%

    For 2020, Seamen's Bank's most frequently cited loan duration was Other, with 265 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 135 $40,405,000 $299,296 $0 0.00%
    $400k-600k 80 $38,050,000 $475,625 $0 0.00%
    $100k-200k 22 $3,280,000 $149,091 $0 0.00%
    $100,000 or less 12 $750,000 $62,500 $0 0.00%
    $600k-1MM 12 $8,840,000 $736,667 $0 0.00%
    $1MM+ 4 $9,100,000 $2,275,000 $0 0.00%

    2020 saw Seamen's Bank place emphasis on $200k-400k loans with 135 originations, totaling $40,405,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 67 $33,635,000 $502,015 $0 0.00%
    $150k-250k 63 $22,555,000 $358,016 $0 0.00%
    $100k-150k 55 $19,895,000 $361,727 $0 0.00%
    $75k-100k 34 $11,680,000 $343,529 $0 0.00%
    $50k-75k 25 $5,415,000 $216,600 $0 0.00%
    $50k or less 12 $1,880,000 $156,667 $0 0.00%

    Seamen's Bank lent most frequently to those with incomes in the $250k+ range, with 67 originations. The second most popular income band? $150k-250k, with 63 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 265 $100,425,000 $378,962 $0 0.00%

    Seamen's Bank lent most frequently to those with DTI ratios of Exempt%, with 265 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 250 $92,560,000 $370,240 $0 0.00%
    Not applicable 3 $3,405,000 $1,135,000 $0 0.00%
    Not provided 7 $2,735,000 $390,714 $0 0.00%
    Black 3 $1,015,000 $338,333 $0 0.00%
    Asian 2 $710,000 $355,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.67%

    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
    91.32%

    Seamen's Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 265 $100,425,000 $378,962

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 265 $100,425,000 $378,962

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    SIMMONS FIRST NATIONAL CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 33.3%
    SIMMONS FIRST NATIONAL CORPORATION Conventional home mortgage Closing on a mortgage 1 16.7%
    SIMMONS FIRST NATIONAL CORPORATION Conventional home mortgage Trouble during payment process 2 33.3%
    SIMMONS FIRST NATIONAL CORPORATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 16.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Seamen's Bank 221 Commercial Street Provincetown, MA 2657 Full Service B&M $165,081
    Seamen's Bank 2746 Sthy 6 Wellfleet, MA 2667 Full Service B&M $49,936
    Seamen's Bank 350 Route 6 North Truro, MA 2652 Full Service B&M $59,998
    Seamen's Bank 4355 State Highway North Eastham, MA 2651 Full Service B&M $59,864
    Seamen's Bank 56 Shank Painter Road Provincetown, MA 2657 Full Service B&M $43,672

    For 2020, Seamen's Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,566
    Net interest income $11,158
    Total noninterest income $1,956
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $125
    Trading account gains and fees $0
    Additional Noninterest Income $1,831
    Pre-tax net operating income $1,734
    Securities gains (or losses, -) $61
    Income before extraordinary items $1,389
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,389
    Minority interest net income $0
    Net income $1,389
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,340

    Seamen's Bank's gross interest income from loans was $13,566,000.
    Seamen's Bank's net interest income from loans was $11,158,000.
    Seamen's Bank's fee based income from loans was $125,000.
    Seamen's Bank's net income from loans was $1,389,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,408
    Provision for credit losses $290
    Total noninterest expense $11,090
    Salaries and employee benefits $6,414
    Premises and equipment expense $1,115
    Additional noninterest expense $3,561
    Applicable income taxes $406
    Net charge-offs $51
    Cash dividends $0

    Seamen's Bank's interest expense for loans was $2,408,000.
    Seamen's Bank's payroll and benefits expense were $6,414,000.
    Seamen's Bank's property, plant and equipment expenses $1,115,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 3.0%
    Real Estate loans 3.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 4.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 3.0%
    HELOC loans 1.0%
    All other family 4.0%
    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 $433,377
    Deposits held in domestic offices $433,377
    Deposits by Individuals, partnerships, and corporations $420,466
    Deposits by U.S. Government $7
    Deposits by States and political subdivisions in the U.S. $12,904
    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 $158,790
    Demand deposits $82,666
    Nontransaction accounts $274,587
    Money market deposit accounts (MMDAs) $128,138
    Other savings deposits (excluding MMDAs) $49,452
    Total time deposits $96,997
    Total time and savings deposits $350,711
    Noninterest-bearing deposits $82,666
    Interest-bearing deposits $350,711
    Retail deposits $403,285
    IRAs and Keogh plan accounts $12,550
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $482,925
    Cash & Balances due from depository institutions $136,996
    Interest-bearing balances $132,048
    Total securities $65,889
    Federal funds sold & reverse repurchase $4,133
    Net loans and leases $264,929
    Loan and leases loss allowance $3,425
    Trading account assets $0
    Bank premises and fixed assets $7,179
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $3,799

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $482,925
    Total Liabilities $437,121
    Total deposits $433,377
    Interest-bearing deposits $350,711
    Deposits held in domestic offices $433,377
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $3,000
    Subordinated debt $0
    All other liabilities $744

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $264,929
    Loan and leases loss allowance $3,425
    Total loans and leases (domestic) $268,354
    All real estate loans $245,086
    Real estate loans in domestic offices $245,086
    Construction and development loans $12,446
    Residential 1-4 family construction $8,713
    Other construction, all land development and other land $3,733
    Loans secured by nonfarm nonresidential properties $71,008
    Nonfarm nonresidential secured by owner-occupied properties $53,702
    Commercial real estate & other non-farm, non-residential $17,306
    Multifamily residential real estate $5,351
    1-4 family residential loans $156,281
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $23,477
    To non-U.S. addressees $0
    Loans to individuals $419
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $419
    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 $5,684
    Non 1-4 family restructured loans & leases $2,799
    Total loans and leases (foreign) $0

    Seamen's Bank had $264,929,000 of loans outstanding in 2020. $245,086,000 of loans were in real estate loans. $12,446,000 of loans were in development loans. $5,351,000 of loans were in multifamily mortgage loans. $156,281,000 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 146 $40,301 $276,034
    Nonfarm, nonresidential loans - <$100k 32 $1,169 $36,531
    Nonfarm, nonresidential loans - $100-250k 27 $3,585 $132,778
    Nonfarm, nonresidential loans - $250k-1MM 87 $35,547 $408,586
    Commercial & Industrial, US addressed loans - <$1MM 451 $23,321 $51,710
    Commercial & Industrial, US addressed loans - <$100k 367 $8,614 $23,471
    Commercial & Industrial, US addressed loans - $100-250k 60 $7,143 $119,050
    Commercial & Industrial, US addressed loans - $250k-1MM 24 $7,564 $315,167