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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File No. 001-41597

First Seacoast Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Maryland		92-0334805
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

633 Central Avenue, Dover, New Hampshire		03820
(Address of Principal Executive Offices)		(Zip Code)

(603)742-4680

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common stock, $0.01 par value per share

     FSEA

     The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 2, 2025, there were 4,716,923 outstanding shares of the Registrant's common stock.

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION	2
Item 1.	Consolidated Financial Statements	2
	Consolidated Balance Sheets at March 31, 2025 (unaudited) and December 31, 2024	2
	Consolidated Statements of Loss for the Three Months Ended March 31, 2025 and 2024 (unaudited)	3
	Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2025 and 2024 (unaudited)	6
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (unaudited)	7
	Notes to Consolidated Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	47
PART II.	OTHER INFORMATION	48
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
	Signatures	50

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

FIRST SEACOAST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED Balance Sheets


(Dollars in thousands)	(Unaudited) March 31, 2025			December 31, 2024
ASSETS
Cash and due from banks	$	6,180		$	7,100
Securities available-for-sale, at fair value		123,497			120,217
Federal Home Loan Bank stock		2,707			2,498
Total loans		448,623			438,967
Less allowance for credit losses on loans		(3,517	)		(3,486	)
Net loans		445,106			435,481
Land, building and equipment, net		713			754
Bank-owned life insurance		4,789			4,768
Accrued interest receivable		2,098			2,103
Other assets		7,553			7,859
Total assets	$	592,643		$	580,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing deposits	$	65,247		$	62,168
Interest bearing deposits		388,887			392,040
Total deposits		454,134			454,208
Advances from Federal Home Loan Bank		63,388			52,268
Mortgagors’ tax escrow		1,979			654
Deferred compensation liability		2,378			2,392
Other liabilities		9,538			9,208
Total liabilities		531,417			518,730
Stockholders' Equity:
Preferred Stock, $.01 par value, 10,000,000 shares authorized, none issued		—			—
Common Stock, $.01 par value, 90,000,000 shares authorized; 5,304,812 issued and 4,730,753 outstanding at March 31, 2025 and 5,304,812 issued and 4,785,569 outstanding at December 31, 2024		53			53
Additional paid-in capital		54,053			53,900
Retained earnings		24,481			25,084
Accumulated other comprehensive loss		(6,969	)		(7,044	)
Treasury stock, at cost: 574,059 shares outstanding as of March 31, 2025 and 519,243 shares outstanding as of December 31, 2024		(5,659	)		(5,085	)
Unearned stock compensation		(4,733	)		(4,858	)
Total stockholders' equity		61,226			62,050
Total liabilities and stockholders' equity	$	592,643		$	580,780

The accompanying notes are an integral part of these unaudited consolidated financial statements.

FIRST SEACOAST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED)


	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2025			2024
Interest and dividend income:
Interest and fees on loans	$	5,008		$	4,710
Interest on debt securities:
Taxable		1,176			852
Non-taxable		198			440
Total interest on debt securities		1,374			1,292
Dividends		50			68
Total interest and dividend income		6,432			6,070
Interest expense:
Interest on deposits		2,599			2,030
Interest on borrowings		654			1,149
Total interest expense		3,253			3,179
Net interest and dividend income		3,179			2,891
Provision (release) for credit losses		—			(20	)
Net interest and dividend income after provision (release) for credit losses		3,179			2,911
Non-interest income:
Customer service fees		187			168
Gain on sale of loans		4			—
Income from bank-owned life insurance		21			20
Loan servicing fee income		6			11
Investment services fees		122			89
Other income		11			9
Total non-interest income		351			297
Non-interest expense:
Salaries and employee benefits		2,432			2,314
Director compensation		79			105
Occupancy expense		312			179
Equipment expense		72			105
Marketing		86			81
Data processing		388			335
Deposit insurance fees		104			98
Professional fees and assessments		337			389
Debit card fees		42			30
Employee travel and education expenses		55			32
Other expense		255			330
Total non-interest expense		4,162			3,998
Loss before income tax (benefit) expense		(632	)		(790	)
Income tax (benefit) expense		(29	)		362
Net loss	$	(603	)	$	(1,152	)

Loss per share:
Basic	$	(0.14	)	$	(0.24	)
Diluted	$	(0.14	)	$	(0.24	)
Weighted Average Shares:
Basic		4,293,022			4,713,931
Diluted (1)		4,293,022			4,713,931

(1) Not adjusted for potentially dilutive shares for periods where a net loss was recognized. The three months ended March 31, 2025 and 2024 excludes 99,656 and 66,027, respectively, of stock-based awards that could potentially dilute earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the periods presented.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

FIRST SEACOAST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED Statements of COMPREHENSIVE LoSS (UNAUDITED)


	Three Months Ended March 31,
(Dollars in thousands)	2025			2024
Net loss	$	(603	)	$	(1,152	)
Other comprehensive income (loss), net of income taxes:
Securities available-for-sale:
Unrealized holding losses on securities available-for-sale arising during the period, net of income taxes of $(9) and $(381), respectively		(24	)		(1,033	)
Reclassification adjustment for net amortization of bond premiums included in net loss, net of income taxes of $42 and $40, respectively		114			110
Total unrealized income (loss) on securities available-for-sale		90			(923	)
Derivatives:
Change in interest rate swaps, net of income taxes of $(6) and $-0-, respectively		(15	)		—
Other comprehensive income (loss)		75			(923	)
Comprehensive loss	$	(528	)	$	(2,075	)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

FIRST SEACOAST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED Statements of Changes in STOCKHOLDERS’ EQUITY (UNAUDITED)


(Dollars in thousands)	Shares of Common Stock			Common Stock		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Unearned Stock Compensation			Total Stockholders' Equity
Balance December 31, 2023		5,077,164		$	52	$	52,642		$	25,597		$	(5,944	)	$	(1,381	)	$	(4,348	)	$	66,618
Net loss		—			—		—			(1,152	)		—			—			—			(1,152	)
Other comprehensive loss		—			—		—			—			(923	)		—			—			(923	)
Amortization of unearned stock compensation		—			—		62			—			—			—			102			164
ESOP shares earned - 3,839 shares		—			—		(6	)		—			—			—			38			32
Balance March 31, 2024		5,077,164		$	52	$	52,698		$	24,445		$	(6,867	)	$	(1,381	)	$	(4,208	)	$	64,739

Balance December 31, 2024		4,785,569		$	53	$	53,900		$	25,084		$	(7,044	)	$	(5,085	)	$	(4,858	)	$	62,050
Net loss		—			—		—			(603	)		—			—			—			(603	)
Other comprehensive income		—			—		—			—			75			—			—			75
Treasury stock activity		(54,816	)		—		—			—			—			(574	)		—			(574	)
Excise tax on stock repurchases		—			—		5			—			—			—			—			5
Amortization of unearned stock compensation		—			—		146			—			—			—			87			233
ESOP shares earned - 3,839 shares		—			—		2			—			—			—			38			40
Balance March 31, 2025		4,730,753		$	53	$	54,053		$	24,481		$	(6,969	)	$	(5,659	)	$	(4,733	)	$	61,226

The accompanying notes are an integral part of these unaudited consolidated financial statements.

FIRST SEACOAST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Three Months Ended March 31,
(Dollars in thousands)	2025			2024
Cash flows from operating activities:
Net loss	$	(603	)	$	(1,152	)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
ESOP expense		40			32
Stock-based compensation		233			164
Depreciation and amortization		80			112
Net amortization of bond premium		156			150
Provision (release) for credit losses		—			(20	)
Gain on sale of loans		(4	)		—
Proceeds from loans sold		259			—
Origination of loans sold		(255	)		—
Increase in bank-owned life insurance		(21	)		(20	)
(Increase) decrease in deferred costs on loans		(4	)		36
Deferred tax (benefit) expense		(28	)		342
Decrease (increase) in accrued interest receivable		5			(74	)
Decrease in other assets		356			636
(Decrease) increase in deferred compensation liability		(14	)		46
Increase (decrease) in other liabilities		373			(322	)
Net cash provided (used) by operating activities		573			(70	)
Cash flows from investing activities:
Proceeds from sales, maturities and principal payments received on securities available-for-sale		3,608			1,258
Purchase of securities available-for-sale		(6,920	)		(5,166	)
Purchase of property and equipment		(31	)		(11	)
Loan purchases		(1,933	)		(774	)
Loan originations and principal collections, net		(7,791	)		(1,772	)
Net purchases of Federal Home Loan Bank stock		(209	)		(462	)
Net cash used by investing activities		(13,276	)		(6,927	)
Cash flows from financing activities:
Net increase (decrease) in NOW, demand deposits, money market and savings accounts		1,126			(1,757	)
Net (decrease) increase in time deposits		(1,200	)		2,554
Increase in mortgagors’ escrow accounts		1,325			1,439
Principal payments on finance lease		(14	)		—
Treasury stock purchases		(574	)		—
Net proceeds from short-term FHLB advances		11,120			5,405
Net cash provided by financing activities		11,783			7,641
Net change in cash and cash equivalents		(920	)		644
Cash and cash equivalents at beginning of period		7,100			6,069
Cash and cash equivalents at end of period	$	6,180		$	6,713

Supplemental disclosure of cash flow information:
Cash activities:
Cash paid for interest	$	3,258		$	2,916
Cash paid for income taxes		—			—
Noncash activities:
Effect of change in fair value of securities available-for-sale:
Securities available-for-sale		123			(1,264	)
Deferred taxes		(33	)		341
Other comprehensive income (loss)		90			(923	)
Cumulative fair value hedging adjustment - loans		(73	)		(690	)
Cumulative fair value hedging adjustment - securities available-for-sale		1			(149	)
Effect of change in fair value of interest rate swaps:
Interest rate swaps		(21	)		—
Deferred taxes		6			—
Other comprehensive loss		(15	)		—

The accompanying notes are an integral part of these unaudited consolidated financial statements.

FIRST SEACOAST BANCORP, INC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements include the accounts of First Seacoast Bancorp, Inc. (the “Company”), its wholly-owned subsidiary, First Seacoast Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, FSB Service Corporation, Inc. All significant intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim consolidated financial information, general practices within the banking industry and with instructions for Form 10-Q and Regulation S-X. Accordingly, these interim financial statements do not include all the information or footnotes required by U.S. GAAP for annual financial statements. However, in the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of these consolidated financial statements have been included. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results which may be expected for the entire year. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (“SEC”) on March 21, 2025.

Corporate Structure

The Bank offers a full range of banking and investment management services to its customers. The Bank focuses on four core services that center around customer needs. The core services include residential lending, commercial banking, personal banking and wealth management. The Bank offers a full range of commercial and consumer banking services through its network of five full-service branch locations. Investment management services are offered through FSB Wealth Management - a division of First Seacoast Bank. The division currently consists of two financial advisors who are located in Dover, New Hampshire. FSB Wealth Management provides access to non-FDIC insured products that include retirement planning, portfolio management, investment and insurance strategies, business retirement plans and college planning to individuals throughout our primary market area. These investments and services are offered through a third-party registered broker-dealer and investment advisor. FSB Wealth Management receives fees from advisory services and commissions on individual investment and insurance products purchased by clients. The assets held for wealth management customers are not assets of the Company and, accordingly, are not reflected in the Company’s consolidated balance sheets.

The Bank is engaged principally in the business of attracting deposits from the public and investing those funds in various types of loans, including residential and commercial real estate loans, and a variety of commercial and consumer loans. The Bank also invests its deposits and borrowed funds in investment securities. Deposits at the Bank are insured by the Federal Deposit Insurance Corporation (“FDIC”) for the maximum amount permitted by law.

The Company has one reportable segment, “Banking Services.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings and manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment or unit.

The Company adopted Accounting Standards Update ("ASU") 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures," on January 1, 2024, which provides updated guidance for segment reporting. The Company has determined that all of its banking services meet the aggregation criteria of ASC 280, Segment Reporting, as its current operating model is structured whereby the Bank serves a similar base of customers who utilize a company-wide offering of similar products and services managed through similar processes that are collectively reviewed by the Company’s Chief Executive Officer, who has been identified as the chief operating decision maker (“CODM”).

The CODM regularly assesses performance of the aggregated single operating and reporting segment and decides how to allocate resources based upon net income or loss calculated on the same basis as net income or loss is reported in the Company’s consolidated statements of net loss and other comprehensive (loss) income. The CODM is also regularly provided with the expense information at a level consistent with that disclosed in the Company’s consolidated statements of loss and of other comprehensive (loss) income.

Recent Accounting Pronouncements Yet To Be Adopted

The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures.” ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 on a prospective basis. Retrospective application for all periods presented is permitted. Early adoption is also permitted. We are currently evaluating the effect this standard will have on our disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes- Improvements to Income Tax Disclosures", which will require enhancements and further transparency to various income tax disclosures, most notably the tax rate reconciliation and income taxes paid. ASU 2023-09 becomes effective for annual periods beginning after December 15, 2024 on a prospective basis. Retrospective application for all periods presented is permitted. Early adoption is also permitted. We are currently evaluating the effect this standard will have on our disclosures.

Recently Adopted Accounting Pronouncements

In March 2024, the FASB issued ASU 2024-02, “Codification Improvements,” which amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 was effective January 1, 2025 and did not have a material impact on the Company's consolidated financial statements.

Securities Available-for-Sale

The amortized cost and fair value of securities available-for-sale, and the corresponding amounts of gross unrealized gains and losses for which an allowance for credit losses has not been recorded, are as follows as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in thousands)
U.S. Government-sponsored enterprises obligations	$	1,635	$	—	$	(217	)	$	1,418
U.S. Government agency small business administration pools guaranteed by SBA		13,392		5		(776	)		12,621
Collateralized mortgage obligations issued by the FHLMC, FNMA and GNMA		21,171		70		(530	)		20,711
Residential mortgage-backed securities		55,082		571		(3,749	)		51,904
Municipal bonds		32,860		23		(4,390	)		28,493
Corporate debt		500		—		(15	)		485
Corporate subordinated debt		8,330		158		(623	)		7,865
	$	132,970	$	827	$	(10,300	)	$	123,497

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in thousands)
U.S. Government-sponsored enterprises obligations	$	1,642	$	—	$	(255	)	$	1,387
U.S. Government agency small business administration pools guaranteed by SBA		14,011		16		(902	)		13,125
Collateralized mortgage obligations issued by the FHLMC, FNMA and GNMA		19,924		34		(596	)		19,362
Residential mortgage-backed securities		52,452		392		(4,382	)		48,462
Municipal bonds		32,960		74		(3,502	)		29,532
Corporate debt		500		—		(16	)		484
Corporate subordinated debt		8,325		163		(623	)		7,865
	$	129,814	$	679	$	(10,276	)	$	120,217

The amortized cost and fair values of securities available-for-sale at March 31, 2025 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2025
	Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	—	$	—
Due after one year through five years		4,331		4,443
Due after five years through ten years		7,087		6,191
Due after ten years		31,907		27,627
Total U.S. Government-sponsored enterprises obligations, municipal bonds, corporate debt and corporate subordinated debt		43,325		38,261
U.S. Government agency small business pools guaranteed by SBA(1)		13,392		12,621
Collateralized mortgage obligations issued by the FHLMC, FNMA, and GNMA(1)		21,171		20,711
Residential mortgage-backed securities(1)		55,082		51,904
Total	$	132,970	$	123,497

(1) Actual maturities for these debt securities are dependent upon the interest rate environment and prepayments on the underlying loans.

The following is a summary of gross unrealized losses and fair value for those investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at March 31, 2025 and December 31, 2024.


	Less than 12 Months							More than 12 Months							Total
	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in thousands)
March 31, 2025
U.S. Government sponsored enterprises obligations		—	$	—	$	—			3	$	1,418	$	(217	)	$	1,418	$	(217	)
U.S. Government agency small business administration pools guaranteed by SBA		5		4,282		(34	)		8		6,074		(742	)		10,356		(776	)
Collateralized mortgage obligations issued by the FHLMC, FNMA and GNMA		5		9,675		(109	)		4		2,255		(421	)		11,930		(530	)
Residential mortgage-backed securities		10		14,726		(195	)		26		15,438		(3,554	)		30,164		(3,749	)
Municipal bonds		4		1,305		(30	)		36		26,398		(4,360	)		27,703		(4,390	)
Corporate debt		—		—		—			1		485		(15	)		485		(15	)
Corporate subordinated debt		—		—		—			5		4,882		(623	)		4,882		(623	)
		24	$	29,988	$	(368	)		83	$	56,950	$	(9,932	)	$	86,938	$	(10,300	)
December 31, 2024
U.S. Government sponsored enterprises obligations		—	$	—	$	—			3	$	1,387	$	(255	)	$	1,387	$	(255	)
U.S. Government agency small business administration pools guaranteed by SBA		5		4,245		(28	)		8		6,224		(874	)		10,469		(902	)
Collateralized mortgage obligations issued by the FHLMC, FNMA and GNMA		7		11,913		(126	)		4		2,256		(470	)		14,169		(596	)
Residential mortgage-backed securities		20		22,395		(422	)		24		14,485		(3,960	)		36,880		(4,382	)
Municipal bonds		3		825		(12	)		36		27,369		(3,490	)		28,194		(3,502	)
Corporate debt		—		—		—			1		484		(16	)		484		(16	)
Corporate subordinated debt		—		—		—			5		4,887		(623	)		4,887		(623	)
		35	$	39,378	$	(588	)		81	$	57,092	$	(9,688	)	$	96,470	$	(10,276	)

Management evaluates securities available-for-sale in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At March 31, 2025, the Company had 107 securities available-for-sale in an unrealized loss position without an allowance for credit losses. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2025, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore the Company carried no allowance for credit losses on securities available-for-sale as of March 31, 2025.

Proceeds from sales, maturities, principal payments received and gross realized gains and losses on securities available-for-sale were as follows for the three months ended March 31, 2025 and 2024:


	March 31,
	2025		2024
	(Dollars in thousands)
Proceeds from sales, maturities and principal payments received on securities available-for-sale	$	3,608	$	1,258
Gross realized gains		—		—
Gross realized losses		—		—
Net realized gains (losses)	$	—	$	—

As of March 31, 2025 and December 31, 2024, there were no holdings of securities of any issuer, other than the SBA, FHLMC, GNMA and FNMA, whose aggregate carrying value exceeded 10% of consolidated stockholders’ equity.

Loans and Allowance for Credit Losses on Loans

The Company's lending activities are primarily conducted in and around Dover, New Hampshire, and in the areas surrounding its branches. The Company grants commercial real estate loans, multifamily 5+ dwelling unit loans, commercial and industrial loans, acquisition, development and land loans, 1–4 family residential loans, home equity line of credit loans and consumer loans. Most loans are collateralized by real estate. The ability and willingness of real estate, commercial and construction loan borrowers to honor their repayment commitments is generally dependent on the health of the real estate sector in the borrowers’ geographic area and the general economy.

Loans consisted of the following at March 31, 2025 and December 31, 2024:


	March 31, 2025			December 31, 2024
	(Dollars in thousands)
Commercial real estate (CRE)	$	89,564		$	86,020
Multifamily (MF)		5,662			5,752
Commercial and industrial (C+I)		24,565			23,711
Acquisition, development, and land (ADL)		17,407			14,946
1-4 family residential (RES)		276,962			275,235
Home equity line of credit (HELOC)		21,986			20,908
Consumer (CON)		12,477			12,395
Total loans		448,623			438,967
Allowance for credit losses on loans		(3,517	)		(3,486	)
Total loans, net	$	445,106		$	435,481

The Company elected to include deferred loan origination costs, net and to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this footnote. As of March 31, 2025 and December 31, 2024, accrued interest receivable for loans totaled $1.3 million and is included in the “accrued interest receivable” line item on the Company’s consolidated balance sheets.

Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures

The Company estimates its allowance for credit losses on loans and off-balance sheet credit exposures ("ACL") as outlined in ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended ("ASU 2016-13" or “ASC 326”)." Under ASC 326, the ACL at each reporting period serves as a best estimate of projected credit losses over the contractual life of certain assets and off-balance sheet exposures, adjusted for expected prepayments, given an expectation of economic conditions and forecasts as of the valuation date. The ACL is the sum of various components including the following: (a) historical loss experience, (b) a reasonable and supportable forecasts, (c) loans evaluated individually, and (d) changes in relevant environmental factors. The historical loss component is segmented by loan type and serves as the core of the ACL adequacy methodology. The Company has selected the Weighted Average Remaining Maturity Model (“WARM”), for the loss calculation of each of its loan pools utilizing a third-party software application. The WARM uses a quarterly loss rate and future expectations of loan balances to calculate an ACL. A loss rate is applied to pool balances over time.

The application of ASC 326 may create volatility in the ACL, increasing or decreasing from period to period based on many factors, including, but not limited to: (i) macroeconomic forecasts and conditions; (ii) forecast period and reversion speed; (iii) prepayment speed assumption; (iv) loan portfolio volumes and changes in mix; (v) credit quality; and (vi) various qualitative factors outlined in ASU 2016-13.

The significant key assumptions used with the ACL calculation at March 31, 2025 and December 31, 2024 using the ASC 326 methodology, included:

•Macroeconomic factors (loss drivers): Monitoring and assessing local and national unemployment, changes in national GDP and other macroeconomic factors which may be the most predictive indicator of losses within the loan portfolio. The macroeconomic factors considered in determining the ACL may change from time to time.

•Forecast Period and Reversion speed: ASU 2016-13 requires a company to use a reasonable and supportable forecast period in developing the ACL, which represents the time period that management believes it can reasonably forecast the identified loss drivers. Generally, the forecast period management believes to be reasonable and supportable will be set annually and validated through an assessment of economic leading indicators. In periods of greater volatility and uncertainty, such as the current interest rate environment, management will likely use a shorter forecast period,

whereas when markets, economies, interest rate environment, political matters, and other factors are considered to be more stable and certain, a longer forecast period may be used. Also, in times of greater uncertainty, management may consider a range of possible forecasts and evaluate the probability of each scenario. Generally, the forecasted period is expected to range from one to three years. Once the reasonable and supportable forecast period is determined, ASU 2016-13 requires a company to revert its loss expectations to the long-run historical mean for the remainder of the contract life of the asset, adjusted for prepayments. In determining the length of time over which the reversion will take place (i.e. "reversion speed"), factors such as, historical credit loss experience over previous economic cycles, as well as where the Company believes it is within the current economic cycle, will be considered. The Company has chosen a forecast period of six quarters which will be similar to the historical loss period between January 2014 and December 2016 and then reverting to the long-term average over the following two quarters using the straight-line reversion method. The Company believes this historical forecast period to be representative of potential economic conditions over the next eighteen months.

•Prepayment speeds: Prepayment speeds are determined for each loan segment utilizing the Company's historical loan data, as well as consideration of current environmental factors. The prepayment speed assumption is utilized with the WARM method to forecast expected cash flows over the contractual life of the loan, adjusted for expected prepayments. A higher prepayment speed assumption will drive a lower ACL, and vice versa.

•Qualitative factors: ASU 2016-13 requires companies to consider various qualitative factors that may impact expected credit losses. The Company considers qualitative factors in determining and arriving at an ACL at each reporting period such as: (i) actual or expected changes in economic trends and conditions, (ii) changes in the value of underlying collateral for loans, (iii) changes to lending policies, underwriting standards and/or management personnel performing such functions, (iv) delinquency and other credit quality trends, (v) credit risk concentrations, if any, (vi) changes to the nature of the Company's business impacting the loan portfolio, (vii) and other external factors, that may include, but are not limited to, results of internal loan reviews and examinations by bank regulatory agencies.

Certain loans which may not share similar risk characteristics with other loans in the portfolio may be tested individually for estimated credit losses, including (i) loans classified as special mention, substandard or doubtful and are on non-accrual, (ii) a loan modified for a borrower experiencing financial difficulty or (iii) loans that have other unique characteristics. Factors considered in measuring the extent of the expected credit loss for these loans may include payment status, collateral value, borrower's financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due.

Changes in the ACL for the three months ended March 31, 2025 and 2024, by portfolio segment, are summarized as follows:


(Dollars in thousands)	CRE		MF			C+I			ADL		RES		HELOC		CON		Unallocated			Total
Balance, December 31, 2024	$	710	$	59		$	233		$	87	$	1,612	$	214	$	439	$	132		$	3,486
(Release) provision for credit losses on loans		23		(1	)		(33	)		32		34		18		114		(157	)		30
Charge-offs		—		—			—			—		—		—		—		—			—
Recoveries		—		—			—			—		—		—		1		—			1
Balance, March 31, 2025	$	733	$	58		$	200		$	119	$	1,646	$	232	$	554	$	(25	)	$	3,517


(Dollars in thousands)	CRE			MF			C+I		ADL			RES			HELOC		CON		Unallocated		Total
Balance, December 31, 2023	$	830		$	76		$	236	$	105		$	1,601		$	156	$	357	$	29	$	3,390
(Release) provision for credit losses on loans		(85	)		(1	)		15		(25	)		(1	)		13		15		99		30
Charge-offs		—			—			—		—			—			—		—		—		—
Recoveries		—			—			—		—			—			—		—		—		—
Balance, March 31, 2024	$	745		$	75		$	251	$	80		$	1,600		$	169	$	372	$	128	$	3,420

The increase in the allowance for credit losses during the three months ended March 31, 2025 and 2024 was primarily a result of the increase in loans. The following represents the composition of the Company's provision (release) for credit losses for the three months ended March 31:


	2025			2024
	(Dollars in thousands)
Loans	$	30		$	30
Off-balance sheet credit exposures		(30	)		(50	)
Total provision (release) for credit losses	$	—		$	(20	)

The following is an aging analysis of past due loans by portfolio segment as of March 31, 2025 and December 31, 2024 including non-accrual loans without an ACL:

March 31, 2025:


(Dollars in thousands)	30-59 Days		60-89 Days		90 + Days		Total Past Due		Current		Total Loans		Non-Accrual Loans
CRE	$	—	$	—	$	—	$	—	$	89,564	$	89,564	$	—
MF		—		—		—		—		5,662		5,662		—
C+I		—		—		—		—		24,565		24,565		—
ADL		—		—		—		—		17,407		17,407		—
RES		358		—		—		358		276,604		276,962		—
HELOC		—		—		—		—		21,986		21,986		—
CON		8		17		—		25		12,452		12,477		—
	$	366	$	17	$	—	$	383	$	448,240	$	448,623	$	—

December 31, 2024:

         (Dollars in thousands)

         30-59 Days

         60-89 Days

         90 + Days

         Total Past Due

         Current

         Total Loans

         Non-Accrual
Loans

CRE

—

—

—

First Seacoast Bancorp, Inc. 10-Q