Annual Report 2014

Annual Report 2014
Provincetown Wharf oil 23.5” x 28” Lena Gurr n.d.
“Somehow, so potent is the spell over all that natives, artists and fishermen are friendly. They know each other best
by their first name. Not only is the artist welcome to come and sit and loaf and whittle or smoke in the boat
builder’s shop, but the boat builder, stopping along the street on his way home before painter and easel, is just as
welcome to view the growing work of art with appraising or even quisical eye, dropping a word of greeting or a
suggestion as to shadow and line, or just as likely departing in an understood silence . . . Where else in this land is
so diversified yet closely knit a village I know not.”
— Stephen Marsh, The Provincetown Guide Book, 1931
Gray Day Spring watercolor 19.5” x 26” Charles Webster Hawthorne n.d.
“One of the most frequent questions of the tourists is, ‘Where is the art colony?’”
— Mary Heaton Vorse, Time and the Town, 1942
To Our Community:
Seamen’s Bank has always been a community institution. Mutual banks like Seamen’s originated over 150
years ago to help working families and small businesses — entities that were deemed unprofitable by the
larger banks. Community service, not stockholder profit, was their raison d’etre. All of this
is as true now as it was when Seamen’s Bank began in 1851. It was also true in 1914
when Seamen’s Bank President William H. Young agreed to be the first President
of the Provincetown Art Association.
In 1916, partly as a result of Charles Hawthorne’s Cape Cod School of Art,
the Boston Globe recognized Provincetown as the biggest art colony in the world.
Hawthorne’s art classes had as many as 90 students and, when he and a group
of artists and townspeople began the Provincetown Art Association in 1914 to
exhibit their artworks, there were 147 originating members. It was truly a
community-wide effort and that effort continues to the present day. The
Provincetown Art Association and Museum is now a nationally recognized museum
and teaching facility. Our 2014 Annual Report celebrates their 100th anniversary.
Now in our 164th year and with assets exceeding $320
million, your Bank continues to grow. Our new Wellfleet
Office serves as a model branch office and its community
room has been well used by various groups. The Board of
Trustees has also just approved the proposed construction
of a new Loan Operations Center which will accommodate
the growth of our loan portfolio. Indeed, FYE loan growth
of 7% ($14 million) exceeded budget expectations putting
additional pressures on our already limited space. While
overall deposits exhibited a slight increase of 2%, our core
deposit levels increased by over 10%. Despite the persistent
challenges of a sluggish economy, low interest rates with
the resulting margin compression, and escalating regulatory
costs, we can report net income of $1.2 million at fiscal
year-end which has increased our capital ratio to a strong
11.4%. This level of capital easily exceeds the
recommended regulatory levels for a well-capitalized bank
and gives us a solid foundation for the future.
“T
he Provincetown Art
Association has depended on
the wisdom and philanthropy of
Seamen’s Bank since 1914 when
William Young was elected to be the
first President of the institution. One
hundred years later, President John
Roderick and the Board of Seamen’s
continues Young’s commitment and
support as PAAM moves forward
into the 21st century.”
— James Bakker, President,
Provincetown Art Association
and Museum
Outing at the North Truro home of William H. Young, 1916
Courtesy Provincetown Art Association and Museum
Our congratulations go out to the Provincetown Art Association and to all of our community institutions
that have withstood the test of time. In that spirit, the Seamen’s Bank Charitable Foundation annually provides
over $120,000 in support to community non-profits. We have also extended the reach of our charitable
commitments by establishing a match for individual Bank employee donations. Our community response
team can be seen participating in local events and on non-profit boards across the Lower Cape. As it has been
for over a century, our overriding goal is to remain an independent mutual bank and an integral part of the
communities we serve.
Beyond the numbers, it is the responsive support from the community and our customers that give true
value to a community bank. For that support and for the commitment from our Board of Trustees and our
employees, I remain grateful and confident in the continuing success of Seamen’s Bank.
Respectfully,
John K. Roderick
President and CEO
Working on the art of customer service
Administration
John K. Roderick,
President/CEO
Lori F. Meads, Vice President
Treasurer
Michael K. Silva
Human Resources
Laurie Watts-Bumpus,
Vice President
Commercial Lending
Paul T. Garganigo,
Vice President
Nicole Dutra
Bob Jackson
Amy Silva
Consumer Lending
Mary H. Rose, Vice President
Linda Macara, Manager
Michelle Allmon
Marie Parker
Dianne Peters
Eunhee Rothwell
Barbara Schaible
Amy Smith
Ross Sormani
Bank Operations
Jean Leonard, Vice President
Cheryl Friese, Manager
Elaine Cabral
Nicole Conrad
Lynn Costa
Tim Johnson
Denise Lisbon
Peter Roderick
Arielle Leonard
Chief Risk Officer
Maria Larouco, Vice President
Security Officer
Brian Anderson
Purchasing
Teresa Morris
IT Administration
Lucas Strakele,
IT Director
Michael Andrini,
IT Systems Director
Compliance/Audit
Aime Mulligan
The Old Wharf watercolor
14” x 30”
Vollian Burr Rann n.d.
Main Office
Ann Marie Boni
Mecka Costa
Michael Foster
Dee Lane
Carole DeStefano
Trevor McCarthy
Amanda Morris
David Perry
Sheva Sparks-Russell
Shank Painter Road Complex
Rosa Buttrick, Manager
Eric Davis
Julie Hight
Kim Santos
Truro
Sandra Valentine-Roda,
Manager
June Hopf
Janice Roderick
Lorraine Previe
Stacey White
Wellfleet
Jennifer Jones-Kish, Manager
Bridget Creech
Vicki Hayes
Arlene Houser
Marie Pellegrino
Eastham
Colleen O’Duffy-Johnston,
Business Development
Officer
Sharon Adams
Sam Brintnall
Nan Watts
Amy Wheeler
Leading our community team
Chairman of the Board
John K. Roderick
President/CEO
John K. Roderick
Clerk of the Corporation
Paul R. Silva
Honorary Trustees
Ernest L. Carreiro, Jr.
Mylan J. Costa
Mark R. Silva
Robert F. Silva
Board of Investment
Betsi A. Corea
John E. Medeiros
John K. Roderick
Paul R. Silva
Paul M. Souza
Trustees
Betsi A. Corea
Christopher E. Enos*
Timothy F. McNulty*
John E. Medeiros
Donald E. Murphy
Donald Reeves*
John K. Roderick
Steven E. Roderick*
Paul R. Silva
Sandra L. Silva
Paul M. Souza
*
Auditors
Corporators
Helen Addison
Donna Aliperti
James Bakker
George D. Bryant
Ernest L. Carreiro, Jr.
Betsi A. Corea
Mylan J. Costa
Vincent H. Duarte
Brian Dunne
Christopher E. Enos
James Farley
Eliza S. Fitts
Matthew A. Frazier
Kenneth Freed
Peter D. Harrigan
Mark S. Janoplis
Michael Janoplis
W. Scott Kerry
Christopher W. King
Manuel Macara, Jr.
Kate Macaulay
Mary Joy McNulty
Timothy F. McNulty
John E. Medeiros
Robert Montano
George M. Mooney
Donald E. Murphy
Donald R. Reeves
David Roberts
Kristen Roberts
John K. Roderick
Steven E. Roderick
Warren J. Roderick, Jr.
Charles N. Rogers
Jeffrey Rogers
Craig Russell
Robert Russell
Jon Salvador
Fred E. Sateriale, III
Daniel J. Silva
Jason Silva
Mark R. Silva
Paul R. Silva
Sandra L. Silva
Paul M. Souza
John Thomas
Provincetown oil 15” x 18” George Elmer Browne n.d.
Core Values
“The core values of a mutual bank, a bank operated for
the benefit of the community and not for stockholder
profit, can be seen in many ways: providing a home
mortgage for the loan-worthy family that cannot qualify
under FNMA standards; providing low-cost deposit
accounts that give everyone the convenience of a
checking or savings account; maintaining a high dividend
on deposit accounts; supporting the small business owner
through the vagaries of a seasonal economy; providing
personal attention to customers regardless of financial
worth; and channeling charitable funds to the community.
Based on asset size, our donations far exceed those
provided by other area banks, and they continue to
grow.
Seamen’s Bank is pleased to support these worthy
organizations.”
— John K. Roderick, President and CEO,
Seamen’s Bank
Provincetown Art Association and Museum
Cape Cod Children’s Place
Pilgrim Monument and Provincetown Museum
Helping Our Women
Outer Cape Health Services
AIDS Support Group of Cape Cod
Provincetown Center for Coastal Studies
Provincetown Portuguese Festival
Wellfleet Historical Society
Community Development Partnership
Truro Center for the Arts at Castle Hill
Fine Arts Work Center
Latham Center
Lower Cape Outreach
West End Racing Club
Carrie A. Seamen Animal Shelter
Michael H. Cole Charitable Foundation
Nauset Regional Middle School
Nauset Regional High School
Provincetown High School
Provincetown Community TV
Provincetown Film Festival
Storybook School
Swim for Life
Truro Agricultural Fair, Sustainable Cape
Truro Concerts on the Green
Truro Historical Society
Wellfleet OysterFest
Wellfleet Harbor Actors Theater
WOMR Community Radio
Alzheimer’s Services of Cape Cod
Cape Cod Bay Challenge
Dexter Keezer Community Fund
Eastham Cultural Council
Great Provincetown Schooner Regatta
Hospice of Cape Cod
Lighthouse Charter School
Lower Cape Ambulance
Mass Appeal
Payomet Theater for the Arts
Truro Educational Enrichment Alliance
Provincetown Council on Aging
Provincetown Soup Kitchen
Senior Softball
Truro Public Library
Wild Care
David Asher Senior Dinner
Habitat for Humanity
Highland House Museum
Seashore Point
Wellfleet Blossoms
Wellfleet Montessori School
Mass Audubon
Tennessee Williams Theater Festival
Eastham Cultural Council
Provincetown Theater
Orleans Firebirds
Provincetown Lions Club
Provincetown Fishermen’s Memorial
“It was a sight to see one of his classes on the beach,
painting together, like a flock of bright-colored birds, trying to
follow Hawthorne’s words and block out not the detail but the
essential quality of the scene before them.”
— Mary Heaton Vorse, Time and the Town, 1942
Charles Webster Hawthorne established the
Cape Cod School of Art in 1899 and is
generally credited as the founder of the
Provincetown art colony. Hawthorne taught
his students to paint with bright colors in
natural sunlight (en plein air).
While Hawthorne’s school is known for
American Impressionism, the artist himself
created his primarily figurative paintings
with darker colors. His portraits were often
of local fishermen and their families.
Fish Wife oil 60” x 48” Charles Webster Hawthorne 1925
The Provincetown Art Association and
Museum (PAAM) is a nationally recognized,
year-round cultural institution that fuses the
creative energy of America’s oldest active
art colony with the natural beauty of outer
Cape Cod that has inspired artists for
generations.
PAAM was established to build a
permanent collection of works by artists of
outer Cape Cod, and to exhibit art that
would allow for unification within the
community. Integral to the community,
PAAM embodies the qualities that make
Provincetown an enduring American center
for the arts, and serves as the Cape’s most
widely-attended art museum.
As interest in the region’s contribution to
American art history continues to grow,
PAAM presents an ever-changing lineup of
exhibitions, lectures, classes and cultural
events that seek to promote and cultivate
appreciation for all branches of the fine arts
for which Provincetown is known.
Consolidated Statements of Income
Year ended March 31
Interest Income
Loans
Securities and Investments
Federal Funds Sold
Total Interest Income
Interest Expense
Interest on Deposits
Other Interest
Total Interest Expense
Net Interest Income
2014
$
9,173,000
1,471,000
26,000
$ 10,670,000
$
$
$
$
$
Provision for Loan Losses
Non-Interest Income
Fees on Deposits
Other Service Charges
Gain (Loss) on Security Sales
Other Gains and Losses
Other Non-Interest Income
Total Non-Interest Income
Non-Interest Expense
Salaries and Benefits
Premises and Equipment
Other Non-Interest Expense
Total Non-Interest Expense
Income Before Taxes
State and Federal Taxes
Net Income
2013
1,118,000
14,000
1,132,000
9,538,000
9,071,000
1,513,000
21,000
$ 10,605,000
$
$
155,000
$
$
$
$
$
$
70,000
198,000
118,000
63,000
82,000
477,000
938,000
$
4,621,000
874,000
3,045,000
8,540,000
$
1,781,000
573,000
1,208,000
1,364,000
4,000
1,368,000
9,237,000
$
$
$
$
235,000
119,000
164,000
1,256,000
459,000
2,233,000
4,566,000
844,000
3,072,000
8,482,000
2,918,000
1,004,000
1,914,000
Heritage Museum oil 16” x 20” Carol Whorf Westcott n.d.
Consolidated Balance Sheets
Year ended March 31
Assets
Cash and Due from Banks
Securities
Federal Funds Sold
Loans
Reserve for Losses
Fixed Assets
Other Real Estate Owned
Other Assets
Total Assets
2014
2013
$
12,705,000
82,862,000
3,481,000
216,929,000
(2,599,000)
6,213,000
0
3,752,000
$ 323,343,000
7,910,000
88,227,000
2,386,000
202,464,000
(2,476,000)
5,640,000
0
4,021,000
$ 308,172,000
Liabilities
Deposits
Other Liabilities
Total Liabilities
$ 276,912,000
9,328,000
$ 286,240,000
$ 271,312,000
316,000
$ 271,628,000
Undivided Profits
Net Unrealized Gains
Total Surplus
$
37,103,000
$
$
37,103,000
$
Total Liabilities and Surplus
$ 323,343,000
$
35,526,000
1,018,000
36,544,000
$ 308,172,000
Reserve for Loan Losses
March 31
Beginning Balance
Recoveries
Less: Charge-Offs
Plus: Provision for Losses
Ending Balance
$
2014
2,476,000
$
(32,000)
155,000
$
2,599,000
$
2013
2,404,000
43,000
(41,000)
70,000
2,476,000
Changes in Equity Capital
Total Capital
Net Income
Prior Year Changes
Other Comprehensive Income
FAS 158
Net Unrealized Gains (Losses)
on Securities
Ending Equity Capital
April 1, 2013 to
March 31, 2014
$ 36,544,000
1,208,000
(1,112,000)
April 1, 2012 to
March 31, 2013
$ 33,661,000
1,914,000
(143,000)
94,000
$
369,000
37,103,000
94,000
$
1,018,000
36,544,000
History
“For the past century, Provincetown has welcomed,
nurtured and inspired artists from all over the world —
not just to create, but to connect with the town and its
people. Only in Provincetown could this unique
relationship between artists and community members
become the defining experience of this fabled,
outermost point of Cape Cod. Life in Provincetown has
for the past 100 years been charted from the interactions
between these two groups — from destitute artists
trading paintings for lodging from owners of local
homes or guesthouses, to fishermen offering a share of
their day’s catch to an artist who might otherwise go
without, to the walls of local cafes and homes lined with
artwork given in exchange for simple kindnesses. ”
— Christine McCarthy, Executive Director,
Provincetown Art Association and Museum
Photo by A. J. Philpott for the Boston Sunday Globe 1916
Recognition
First Lady Michelle Obama presented the 2013 National
Arts and Humanities Youth Program Award to Lynn
Stanley, PAAM’s Curator of Education and recipient of
the Arts Foundation of Cape Cod’s Educator of the Year
Award, at the White House.
The award, the highest national honor awarded to such
programs, recognizes and supports outstanding programs
that lay new pathways to creativity and achievement.
These programs excite and engage a range of students,
cultivating imagination, collaboration, discipline and
academic success, with demonstrable results. They also
provide safe harbors after-school, weekends and evenings
for children and youth in some of our country’s most
at-risk urban and rural settings.
“Through the opportunities the museum provides during
out-of-school time, young people are embraced by the
museum. Not surprisingly, they respond by embracing
the museum as their community center and, in some
cases, as a lifeline. All are exposed to quality arts-learning
opportunities, the likes of which are rare in such a
remote and isolated part of the state.”
Originality
The white-line woodblock print, influenced by Abstract
Expressionism, Cubism and Japanese woodblock prints,
has been called the only unique American art form. This
method of using a single block grove cut to keep colors
separate (hence leaving white lines in the final prints) was
developed by the Provincetown Printers in 1915.
— H. Mark Smith, YouthReach Program Manager,
Massachusetts Cultural Council
“How is anybody going to write about the painters of
Provincetown? Who can deal with this complicated
subject? To me it is as enormous and as difficult to
handle as would be the love life of whales.”
Lighthouse, Provincetown woodblock for white-line print 14” x 16”
Ferol Sibley Warthen c. 1952
— Mary Heaton Vorse, Time and the Town, 1942
The Model Stand oil 29” x 22.5” Herman Maril n.d.
“As long as the Provincetown Art Association (PAA) has been in existence (1914), Seamen’s Bank has been involved.
PAA’s first President, William H. Young, was also President of Seamen’s Bank at the time of its founding. He served for
22 years as President of PAA holding the first meetings of the Association at his home in North Truro. Seamen’s Bank
and PAAM have had an incredible community relationship for nearly 100 years and in this year of the PAAM Centennial,
it is fitting that Seamen’s Bank remain at the forefront as the longest standing funder of this important institution.”
— Christine McCarthy, Executive Director Provincetown Art Association and Museum
We thank those who honor our community and have assisted in the creation of our Annual
Report including: Josephine, Romolo and Salvatore Del Deo; the Orleans, Eastham,
Wellfleet, Truro and Provincetown Libraries; and the staff of the Provincetown Art
Association and Museum. All of the artworks except the Fisherman’s Memorial and Clam Talk
on West Vine are in the permanent collection of PAAM.
Ahrens, Nyla. Provincetown: The Art Colony, A Brief History and Guide.
Provincetown, MA: Provincetown Art Association and Museum, 1997 revised 2000.
Cunningham, Michael. A Walk Through Provincetown.
New York: Crown Publishers, 2002.
Dunlap, David. Building Provincetown, The Book. Expected 2014.
Egan, Leona Rust. Provincetown as a Stage. Orleans, MA: Parnassus Imprints, 1994.
Forman, Deborah. Perspectives on the Provincetown Art Colony.
Atglen, PA: Schiffer Publishing, 2011.
Kern, Reva. “The History of the Provincetown Print”
Journal of the Wood Engravers Network. Ann Arbor, Michigan, 1998.
Krahulik, Karen Christel. Provincetown: From Pilgrim Landing to Gay Resort.
New York and London: New York University Press, 2005.
Lawless, Debra. Provincetown, A History of Artists and Renegades in a Fishing Village.
Charleston, SC: The History Press 2011.
Marsh, Stephen. The Provincetown Guide Book.
Provincetown, MA: Provincetown Art Association, 1931.
McCarthy, Christine and Foley, David. “PAAM100: A Century of Inspiration Part 1:
1914-1939” Provincetown, MA: Provincetown Art Association and Museum, 2013.
Moffett, Ross. The First Thirty-Three Years of the Provincetown Art Association
1914-1947. Provincetown, MA: Cape Cod Pilgrim Memorial Association, 1989.
Noelle, Alexander J. The Tides of Provincetown, Pivotal Years in American’s Oldest
Continuous Art Colony (1899-2011). New Britain, CT:
New Britain Museum of American Art, 2011.
Philpott, A.J. “Biggest Art Colony in the World,”
Sunday Boston Globe, August 27, 1916.
Provincetown Art Association Ninth Exhibition Catalogue, 1923.
Provincetown Fishermen’s Memorial
(twelfth scale model) edition in bronze, AP,
14” x 10” x 6” Romolo Del Deo 2013
Ruckstuhl, Irma. Old Provincetown in Early Photographs. Toronto, Ontario, Canada:
General Publishing Company, Ltd., 1987.
Seckler, Dorothy Gees, exhibition catalog edited by Kutchta, Ronald A.
“Provincetown Painters 1890s-1970s” Syracuse, New York:
Everson Museum of Art, 1977.
Smith, Whitney E. “The Federal Art Project in Provincetown, Massachusetts:
The Impact of a Relief Program on an Established Art Colony,”
University of NH, 2009.
Vorse, Mary Heaton. Time and the Town, A Provincetown Chronicle.
New York: The Dial Press, 1942.
“Arts & Economic Prosperity III, The Economic Impact of Nonprofit Arts and
Culture Organizations” Washington DC: Americans for the Arts, 2007.
Boston Transcript, October 17, 1916.
artsusa.org, buildingprovincetown.wordpress.com, forbes.com,
iamprovincetown.com, kinghiramslodge.org, paam.org, wmuseumaa.org
Cover photo by Anton Grassl.
Boats in Harbor watercolor 15” x 22” John Whorf n.d.
Clam Talk on West Vine oil on canvas 30” x 40” Salvatore Del Deo 2005
“There is no seaport or fishing town on the Atlantic coast that comes
quite up to Provincetown for the picturesque material. . . . it has endless color
. . . the romance of the sea hovers over it.”
— Boston Transcript October 17, 1916