Annual Report 2024

Board of Directors Chairman Message

As I write this letter, our continued priority as a Board of Directors is to ensure that the Credit Union is financially sound, our service standards are at the highest level and we will be in service well into the future.

Countless hours are spent in planning to ensure that we have done everything possible for each and every member. Our board is focused on long-term planning; and growth continues to be one of our major strategic goals, which will keep us competitive well into the future. We adapt and develop with our changing membership and always with future commitment and member satisfaction in mind.

It is our responsibility to ensure that we maintain that course that was set more than sixty years ago. It is also our charge to create a vision for the future. It is management’s responsibility to bring it to fruition. Our success is accomplished with hard work and dedication of a committed team led by our CEO and senior management.

It is my pleasure to report that 2024 was another extremely successful year. We are confident in knowing that even as we have grown over the last decade and expanded our field of membership, our service commitment to our current members remains at the highest level. I am very proud of that fact.

We are also grateful to our Supervisory Committee whose principle responsibility is to oversee a qualified independent audit. The results of that audit are shared within this report.

On behalf of the entire Board of Directors, thank you for allowing us to represent your interests and your trust in us as we move forward in 2025.

Sincerely,
Myron F. Burns
Chairman of the Board

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Supervisory Committee Chairman Message

The Supervisory Committee monitors the Credit Union’s operations and procedures on behalf of the membership. Our responsibilities include overseeing the direction and focus of the internal audit function, with the assistance of Firley, Moran, Freer & Eassa, CPA, initiating an annual external audit of the Credit Union’s financial records and control structure, commissioning member account verification and ensuring an ongoing review of closed accounts. The Supervisory Committee also serves as an ombudsman for members, responding confidentially to concerns, questions or complaints that have not otherwise been satisfactorily resolved.

Each year, we have an annual audit performed by an independent CPA firm to ensure SeaComm’s financial statement accurately and fairly present the financial condition of the Credit Union and that Management practices and procedures safeguard members’ assets. The past year, we contracted with Doeren Mayhew Assurance during to conduct the annual financial audit.

The financial statements as of 12/31/2024 fairly present, in all material respects the Credit Union’s financial position, results of operations and cash flows. Based on the results of the annual audit conducted by Doeren Mayhew Assurance it is the opinion of the Supervisory Committee that SeaComm continues to be financially strong and operationally effective with sound policies and procedures.

As your Supervisory Committee Chair, I extend thanks to my colleagues of the Supervisory Committee, the Board of Directors, Management and staff for their continued cooperation, assistance, and support.

Respectfully submitted,
Patrick Facteau
Committee Chair

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President and Chief Executive Officer Message

It is my pleasure to write and report that 2024 was another good year for your Credit Union. We exceeded our own expectations based upon our Board-approved goals. Member satisfaction, staff engagement and overall profitability remained high.

Our financial position continues to remain strong. SeaComm is well positioned and continues to remain on course for another year of growth. Year-end assets ended with $776,447,753 million. At the same time, our net operating expenses YTD were at 2.04%, well below our goal of 2.75%. We finished the year with a net income of $7.4 million, garnering us more than $119 million in undivided earnings to date. Our total dividend expense was $8.8 million, which was $2.9 million more than was budgeted and $2.1 million more than was paid out the year prior. The additional dividends offered our members a better rate of return on their certificates of deposit. Capital remains a key component to our financial health, as it is necessary to maintain adequate financial reserves for loan losses as our assets continue to grow. It ensures that we are able to withstand any uncertainty. Our risk-based capital requirement of at least 10% by the National Credit Union Administration, due to being a large complex credit union, ended at 27.41%, well above regulatory requirement. Our Tier 1 capital ended at 15.80% compared to 7% that is required by NCUA to be “well capitalized”.

Our financial strength continues to be nationally recognized. BauerFinancial, an independent rating company, recently awarded us their Superior Five-Stars. They analyze the performance of U.S. Banks and Credit Unions. The star ratings classify each credit union based upon a complex formula which factors in relevant data including, but not limited to: capital, historical trends, loan delinquencies, differences in the book and market values of the investment portfolio, profitability, repossessed assets, reserves, charge-offs, regulatory compliance and asset quality. It has deemed SeaComm as safe, financially sound and we are operating well above their regulatory capital requirements.

Our intense focus to ensure our members receive an exceptional service experience are at the core of our overall strategy. This is accomplished in tandem with recognizing the importance of members feeling valued in every interaction they have with us. Specifically this is accomplished by offering the very best in financial products, rates and delivery channels. Member Loyalty rewards are large part of it. To ensure these remain in focus, the Board, myself and the senior leadership team continue to make this part of our regular agenda for ongoing strategy discussions.

In addition, during the year we received certification as a Great Place to Work. We were very happy to report that after we received the results, 90% of our employees who participated in the survey say SeaComm is a great place to work. Some of what we learned is that 96% felt good about the way we contribute to the community; 93% stated that management is honest and ethical in its business practices; 94% agree that management is competent at running the business; 96% say when you join the company, you are made to feel welcome; it was also said, management has a clear of where the organization is going and how to get there; and 92% say they are proud to tell others they work for SeaComm. We are extremely proud to be included within this privileged group across the country.

A highlight of the year was a special recognition as we closed out our 60th anniversary on June 6 for our last remaining charter member Earl Jackson. As part of this event, we unveiled new plaques for our tool boxes which sit in our lobbies that name the original ten who signed our Charter to begin what we have today.

We continue to make a difference in the communities in which we do business through our Beyond the Branch Program and the direct financial commitments we made during the year. We have continued to ensure that the food pantries, hospitals, fire departments, little leagues and other charitable organizations have received the benefit of SeaComm’s mission of “People Helping People” by contributing more than $300,000 in community sponsorships and support.

We are extremely grateful to our 55,550 members who have put their trust in us, and we will continue to work diligently to remain strong in order to be able to serve well into the future.

Respectfully submitted,
Scott Wilson
President & Chief Executive Officer

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ASSETS

• 2022 - $775.13M
• 2023 - $799.35M
• 2024 - $776.44M

UNDIVIDED EARNINGS

• 2022 - $105.31M
• 2023 - $111.69M
• 2024 - $119.06M

NET INCOME

• 2022 - $7.16M
• 2023 - $7.60M
• 2021 - $7.36M

DIVIDENDS TO MEMBERS

• 2022 - $4.05M
• 2023 - $6.73M
• 2024 - $8.81M

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2024 Financials

Click here to view the Income Statement, as printed in the Annual Report.

Click here to view the Statement of Condition, as printed in the Annual Report.

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Community Support

At SeaComm, we’re committed to the credit union philosophy of: “People Helping People.” We’re focused on making our communities a better place to live, and we believe there’s no better way to do that than by giving back. That’s why we proudly support local organizations to help strengthen the neighborhoods we serve and improve the quality of life for residents within our membership area. Our team are your neighbors, we’re deeply involved with the community through volunteer efforts and board service.

$428,000 in Donations & Sponsorships

• NYS Sheriff’s Association Summer Camp
• Canton Neighborhood Center
• Homeward Bound Adirondack
• 4H Camp Overlook
• City of Plattsburgh
• United Way
• Lights on The River
• Massena Little League
• Ogdensburg Youth Sports Team
• Alice Hyde Medical Center
• Snowtown USA
• Canton College Foundation
• Zoo New York
• Salvation Army
• Champlain Valley Fair
• Red Cross
• JCEO Food Pantry
• Victims Center of Jefferson County
• Toys for Tots
• North Country Veterans Association
• Empty Arms Vermont
• St. Lawrence Health
• Potsdam Central Booster Club
• Autism Alliance of Northeastern New York
• Foothills Art Society
• Deep Root Center
• American Cancer Society

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Beyond the Branch

• 30 Total Events
• 4000+ Community Members Impacted

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Achievements & Impact

• 4 years selected as a Great Place to Work™
• 55,000+ total members
• Silver Mac Award for Social Media
• $776 million in total assets
• Since 1963 – 61 years of people helping people
• Diamond Award Overall for Social Media & Category’s Best for Diamond in the Rough
  • “Chantel’s technical savvy and creativity make our social media effective, fresh and best in class.” -Scott Wilson, SeaComm President & CEO
• $2,000 in Summer Entrepreneurship Grants Awarded
• $10,000 in academic scholarships
• 64 financial counseling and education presentations
• Excellence Award for Ongoing Debt Relief Advocacy from GreenPath
  • “This award recognizes our dedicated staff and their everyday efforts of ensuring our members get the very best in service with the overall goal of improving their financial lives.”-Scott Wilson, SeaComm President & CEO

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Trusted, Reliable, Member-Focused

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