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, Cash Out 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 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

    157

    Origination Dollar Volume (All Markets)

    $61,565,000

    Employee count

    66

    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) 157 $61,565,000 $392,134 $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 157 $61,565,000 $392,134 $0 0.00%

    For 2021, Seamen's Bank's most frequently originated type of loan was Conventional, with 157 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 60 $18,850,000 $314,167 $0 0.00%
    Cash Out Refi 46 $20,310,000 $441,522 $0 0.00%
    Home Purchase 39 $19,995,000 $512,692 $0 0.00%
    Home Improvement 6 $1,470,000 $245,000 $0 0.00%
    Other 6 $940,000 $156,667 $0 0.00%

    For 2021, Seamen's Bank's most frequently cited loan purpose was Refi, with 60 originations. The 2nd most popular reason was Cash Out Refi, with 46 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 157 $61,565,000 $392,134 $0 0.00%

    For 2021, Seamen's Bank's most frequently cited loan duration was Other, with 157 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 63 $18,655,000 $296,111 $0 0.00%
    $400k-600k 46 $22,610,000 $491,522 $0 0.00%
    $100k-200k 25 $3,805,000 $152,200 $0 0.00%
    $600k-1MM 9 $6,595,000 $732,778 $0 0.00%
    $100,000 or less 7 $375,000 $53,571 $0 0.00%
    $1MM+ 7 $9,525,000 $1,360,714 $0 0.00%

    2021 saw Seamen's Bank place emphasis on $200k-400k loans with 63 originations, totaling $18,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 34 $14,510,000 $426,765 $0 0.00%
    $100k-150k 28 $10,530,000 $376,071 $0 0.00%
    $75k-100k 28 $8,150,000 $291,071 $0 0.00%
    $250k+ 27 $16,845,000 $623,889 $0 0.00%
    $50k-75k 23 $5,625,000 $244,565 $0 0.00%
    $50k or less 8 $1,370,000 $171,250 $0 0.00%

    Seamen's Bank lent most frequently to those with incomes in the $150k-250k range, with 34 originations. The second most popular income band? $100k-150k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 157 $61,565,000 $392,134 $0 0.00%

    Seamen's Bank lent most frequently to those with DTI ratios of Exempt%, with 157 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 145 $56,225,000 $387,759 $0 0.00%
    Not applicable 5 $2,975,000 $595,000 $0 0.00%
    Not provided 6 $2,010,000 $335,000 $0 0.00%
    Black 1 $355,000 $355,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.10%

    Seamen's Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.17%

    Seamen's Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 157 $61,565,000 $392,134

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    157 $61,565,000 $392,134

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    SIMMONS FIRST NATIONAL CORPORATION Conventional home mortgage Closing on a mortgage 1 20.0%
    SIMMONS FIRST NATIONAL CORPORATION Conventional home mortgage Trouble during payment process 2 40.0%
    SIMMONS FIRST NATIONAL CORPORATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Seamen's Bank 221 Commercial St Provincetown, MA 2657 Full Service B&M $220,650
    Seamen's Bank 2746 Sthy 6 Wellfleet, MA 2667 Full Service B&M $63,867
    Seamen's Bank 350 Route 6 North Truro, MA 2652 Full Service B&M $74,673
    Seamen's Bank 4355 State Highway North Eastham, MA 2651 Full Service B&M $79,882
    Seamen's Bank 56 Shank Painter Road Provincetown, MA 2657 Full Service B&M $46,711

    For 2021, Seamen's Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,517
    Net interest income $11,200
    Total noninterest income $1,718
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $110
    Trading account gains and fees $0
    Additional Noninterest Income $1,608
    Pre-tax net operating income $1,607
    Securities gains (or losses, -) $-10
    Income before extraordinary items $1,229
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,229
    Minority interest net income $0
    Net income $1,229
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,236

    Seamen's Bank's gross interest income from loans was $12,517,000.
    Seamen's Bank's net interest income from loans was $11,200,000.
    Seamen's Bank's fee based income from loans was $110,000.
    Seamen's Bank's net income from loans was $1,229,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,317
    Provision for credit losses $135
    Total noninterest expense $11,176
    Salaries and employee benefits $6,246
    Premises and equipment expense $1,057
    Additional noninterest expense $3,873
    Applicable income taxes $368
    Net charge-offs $0
    Cash dividends $0

    Seamen's Bank's interest expense for loans was $1,317,000.
    Seamen's Bank's payroll and benefits expense were $6,246,000.
    Seamen's Bank's property, plant and equipment expenses $1,057,000.

    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 3.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    Commercial & industrial loans 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 $510,844
    Deposits held in domestic offices $510,844
    Deposits by Individuals, partnerships, and corporations $492,961
    Deposits by U.S. Government $9
    Deposits by States and political subdivisions in the U.S. $17,874
    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 $204,308
    Demand deposits $116,773
    Nontransaction accounts $306,536
    Money market deposit accounts (MMDAs) $154,824
    Other savings deposits (excluding MMDAs) $65,534
    Total time deposits $86,178
    Total time and savings deposits $394,071
    Noninterest-bearing deposits $116,774
    Interest-bearing deposits $394,070
    Retail deposits $485,771
    IRAs and Keogh plan accounts $12,650
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $557,214
    Cash & Balances due from depository institutions $225,538
    Interest-bearing balances $223,126
    Total securities $65,953
    Federal funds sold & reverse repurchase $54
    Net loans and leases $255,056
    Loan and leases loss allowance $3,560
    Trading account assets $0
    Bank premises and fixed assets $6,981
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $3,632

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $557,214
    Total Liabilities $511,234
    Total deposits $510,844
    Interest-bearing deposits $394,070
    Deposits held in domestic offices $510,844
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $390

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $255,056
    Loan and leases loss allowance $3,560
    Total loans and leases (domestic) $258,616
    All real estate loans $241,107
    Real estate loans in domestic offices $241,107
    Construction and development loans $8,300
    Residential 1-4 family construction $5,242
    Other construction, all land development and other land $3,058
    Loans secured by nonfarm nonresidential properties $82,194
    Nonfarm nonresidential secured by owner-occupied properties $53,426
    Commercial real estate & other non-farm, non-residential $28,768
    Multifamily residential real estate $5,130
    1-4 family residential loans $145,483
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $17,922
    To non-U.S. addressees $0
    Loans to individuals $276
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $28
    Other loans to individuals $248
    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 $5,170
    Non 1-4 family restructured loans & leases $2,664
    Total loans and leases (foreign) $0

    Seamen's Bank had $255,056,000 of loans outstanding in 2021. $241,107,000 of loans were in real estate loans. $8,300,000 of loans were in development loans. $5,130,000 of loans were in multifamily mortgage loans. $145,483,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $28,000 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 $41,739 $285,884
    Nonfarm, nonresidential loans - <$100k 26 $859 $33,038
    Nonfarm, nonresidential loans - $100-250k 30 $3,602 $120,067
    Nonfarm, nonresidential loans - $250k-1MM 90 $37,278 $414,200
    Commercial & Industrial, US addressed loans - <$1MM 287 $17,519 $61,042
    Commercial & Industrial, US addressed loans - <$100k 218 $4,426 $20,303
    Commercial & Industrial, US addressed loans - $100-250k 46 $5,191 $112,848
    Commercial & Industrial, US addressed loans - $250k-1MM 23 $7,902 $343,565