FSEA
First Seacoast Bancorp, Inc.12.19
+0.07+0.54%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
57.30MP/E (TTM)
-Basic EPS (TTM)
-0.50Dividend Yield
0%Recent Filings
10-Q
Q3 FY2025 results
First Seacoast Bancorp swung to a $390,000 net profit in Q3 2025, up sharply from $44,000 a year earlier, as net interest income climbed 15.6% year-over-year to $3.4 million on higher yields from taxable securities, while deposit costs eased slightly. Loans dipped 1.3% quarter-over-quarter to $430.0 million, yet the net interest margin expanded to 2.32% from 2.08%, reflecting prudent balance sheet management amid shifting rates. Non-interest income rose 49.5% to $544,000, boosted by a $100,000 gain on a small business loan sale, though expenses grew 6.8% to $4.2 million from equity grants and staffing. Cash swelled 175.7% to $19.6 million, with $98.7 million in FHLB availability supporting liquidity; total debt stood at $51.7 million in fixed-rate advances maturing through 2031. Stock repurchases continued under the program, trimming shares outstanding. Interest rate volatility remains a key watchpoint.
10-Q
Q2 FY2025 results
First Seacoast Bancorp swung to a net loss of $545,000 in Q2 FY2025 ended June 30, 2025, down from $2.0 million income y/y, as a $2.5 million gain on land sale boosted last year; net interest income climbed 13.4% y/y to $3.4 million on higher loan yields (4.68% vs 4.48%), while provision for credit losses flipped to $47,000 from a $16,000 release. Assets grew 4.1% q/q to $604.8 million, driven by $24.1 million in securities purchases funded by brokered deposits, with net loans steady at $436.0 million and no non-accruals. Deposits rose 4.0% q/q to $472.3 million, FHLB advances up 12.8% to $59.0 million (rates 0%-4.75%, maturities 2025-2031), and cash at $6.7 million with $90.6 million FHLB availability. Free cash flow not disclosed in the 10-Q. Yet deposit shifts to higher-rate products expose interest rate risk.
8-K
Leadership transition announced
First Seacoast Bancorp announced a leadership transition on May 29, 2025, with Richard Donovan succeeding James R. Brannen as President of the company and bank, while Brannen remains CEO. This move follows the board's succession plan to ensure seamless continuity amid strategic priorities. Amendments to their employment agreements clarify roles without triggering good reason clauses. The shift bolsters collaborative management.
10-Q
Q1 FY2025 results
First Seacoast Bancorp narrowed its Q1 net loss to $603K from $1.2M a year ago, thanks to net interest income climbing 10% y/y to $3.2M on higher loan yields amid rising rates. Loans grew 2.2% q/q to $445.1M, fueled by commercial real estate and acquisition development segments, while securities edged up 2.7% to $123.5M. Deposits held steady at $454.1M, but FHLB borrowings jumped 21.3% to $63.4M to back expansion; cash flow from operations turned positive at $573K. Non-GAAP metrics not disclosed in the 10-Q. Yet deposit costs rose 28% y/y, squeezing margins. Competition from larger banks pressures local lending.
10-K
FY2024 results
First Seacoast Bancorp closed FY2024 with total assets at $580.8 million, up 1.7% y/y, driven by a $8.8 million (2.1%) rise in net loans to $435.5 million amid $58.2 million in originations, while deposits surged $49.4 million (12.2%) to $454.2 million, cutting borrowings by $40.7 million (43.8%) to $52.3 million. Q4 momentum shone through a $2.5 million gain on the June sale-leaseback of branches, boosting non-interest income to $3.9 million for the year, yet net interest income grew modestly 3.4% to $11.9 million as deposit costs climbed 79.9% on higher rates. Margins compressed to 2.09% from 2.16%, but asset quality stayed pristine with zero non-performers. Liquidity strengthened with $94.0 million unused FHLB capacity; buybacks totaled 403,211 shares. No 2025 guidance disclosed. Rising rates could squeeze quarterly spreads further.
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