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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 June 30, 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 August 4, 2025, there were 4,702,513 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 June 30, 2025 (unaudited) and December 31, 2024	2
	Consolidated Statements of (Loss) Income for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	3
	Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	6
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	52
PART II.	OTHER INFORMATION	53
Item 1.	Legal Proceedings	53
Item 1A.	Risk Factors	53
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	53
Item 3.	Defaults Upon Senior Securities	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	54
	Signatures	55

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

FIRST SEACOAST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED Balance Sheets


(Dollars in thousands)	(Unaudited) June 30, 2025			December 31, 2024
ASSETS
Cash and due from banks	$	6,712		$	7,100
Securities available-for-sale, at fair value		144,282			120,217
Federal Home Loan Bank stock		2,677			2,498
Total loans		439,497			438,967
Less allowance for credit losses on loans		(3,517	)		(3,486	)
Net loans		435,980			435,481
Land, building and equipment, net		644			754
Bank-owned life insurance		4,811			4,768
Accrued interest receivable		2,154			2,103
Other assets		7,580			7,859
Total assets	$	604,840		$	580,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing deposits	$	64,461		$	62,168
Interest bearing deposits		407,803			392,040
Total deposits		472,264			454,208
Advances from Federal Home Loan Bank		58,953			52,268
Mortgagors’ tax escrow		634			654
Deferred compensation liability		2,562			2,392
Other liabilities		9,626			9,208
Total liabilities		544,039			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 4,706,813 outstanding at June 30, 2025; and 5,304,812 issued and 4,785,569 outstanding at December 31, 2024		53			53
Additional paid-in capital		54,205			53,900
Retained earnings		23,936			25,084
Accumulated other comprehensive loss		(6,864	)		(7,044	)
Treasury stock, at cost: 597,999 shares outstanding as of June 30, 2025 and 519,243 shares outstanding as of December 31, 2024		(5,921	)		(5,085	)
Unearned stock compensation		(4,608	)		(4,858	)
Total stockholders' equity		60,801			62,050
Total liabilities and stockholders' equity	$	604,840		$	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) INCOME (UNAUDITED)


	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands, except per share data)	2025			2024			2025			2024
Interest and dividend income:
Interest and fees on loans	$	5,154		$	4,835		$	10,162		$	9,545
Interest on debt securities:
Taxable		1,321			939			2,497			1,791
Non-taxable		199			441			397			881
Total interest on debt securities		1,520			1,380			2,894			2,672
Dividends		49			63			99			131
Total interest and dividend income		6,723			6,278			13,155			12,348
Interest expense:
Interest on deposits		2,598			2,191			5,197			4,221
Interest on borrowings		697			1,063			1,351			2,212
Total interest expense		3,295			3,254			6,548			6,433
Net interest and dividend income		3,428			3,024			6,607			5,915
Provision (release) for credit losses		47			(16	)		47			(36	)
Net interest and dividend income after provision (release) for credit losses		3,381			3,040			6,560			5,951
Non-interest income:
Customer service fees		295			194			482			362
Gain on sale of loans		5			8			9			8
Gain on sale of land and buildings		—			2,522			—			2,522
Income from bank-owned life insurance		22			21			43			41
Loan servicing fee income		8			13			14			24
Investment services fees		103			124			225			213
Other income		18			11			29			20
Total non-interest income		451			2,893			802			3,190
Non-interest expense:
Salaries and employee benefits		2,252			2,098			4,452			4,248
Equity compensation expense		237			165			469			329
Director compensation		136			76			215			181
Occupancy expense		408			193			720			372
Equipment expense		72			97			144			202
Marketing		85			105			171			186
Data processing		438			360			826			695
Deposit insurance fees		98			122			202			220
Professional fees and assessments		269			263			606			652
Debit card fees		46			29			88			59
Employee travel and education expenses		50			46			105			78
Other expense		274			274			529			604
Total non-interest expense		4,365			3,828			8,527			7,826
(Loss) income before income tax expense (benefit)		(533	)		2,105			(1,165	)		1,315
Income tax expense (benefit)		12			102			(17	)		464
Net (loss) income	$	(545	)	$	2,003		$	(1,148	)	$	851

(Loss) income per share:
Basic	$	(0.13	)	$	0.44		$	(0.27	)	$	0.18
Diluted (1)	$	(0.13	)	$	0.42		$	(0.27	)	$	0.18
Weighted Average Shares:
Basic		4,259,134			4,530,623			4,275,985			4,622,277
Diluted (1)		4,259,134			4,767,134			4,275,985			4,858,215

(1) Not adjusted for potentially dilutive shares for periods where a net loss was recognized. The three and six months ended June 30, 2025 excludes 99,656 of stock-based awards that could potentially dilute basic 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) INCOME (UNAUDITED)


	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands)	2025			2024			2025			2024
Net (loss) income	$	(545	)	$	2,003		$	(1,148	)	$	851
Other comprehensive income (loss), net of income taxes:
Securities available-for-sale:
Unrealized holding gains (losses) on securities available-for-sale arising during the period, net of income taxes of $-0-, $(141), $(9) and $(522), respectively		1			(384	)		(23	)		(1,417	)
Reclassification adjustment for net amortization of bond premiums included in net (loss) income, net of income taxes of $36, $37, $78 and $77, respectively		98			98			212			208
Total unrealized gain (loss) on securities available-for-sale		99			(286	)		189			(1,209	)
Derivatives:
Change in interest rate swaps, net of income taxes of $2, $-0-, $(3) and $-0-, respectively		6			—			(9	)		—
Total change in interest rate swaps		6			—			(9	)		—
Other comprehensive income (loss)		105			(286	)		180			(1,209	)
Comprehensive (loss) income	$	(440	)	$	1,717		$	(968	)	$	(358	)

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 March 31, 2025		4,730,753		$	53	$	54,053		$	24,481		$	(6,969	)	$	(5,659	)	$	(4,733	)	$	61,226
Net loss		—			—		—			(545	)		—			—			—			(545	)
Other comprehensive income		—			—		—			—			105			—			—			105
Treasury stock activity		(23,940	)		—		—			—			—			(262	)		—			(262	)
Excise tax on stock repurchases		—			—		(3	)		—			—			—			—			(3	)
Amortization of unearned stock compensation		—			—		151			—			—			—			86			237
ESOP shares earned - 3,839 shares		—			—		4			—			—			—			39			43
Balance June 30, 2025		4,706,813		$	53	$	54,205		$	23,936		$	(6,864	)	$	(5,921	)	$	(4,608	)	$	60,801

Balance December 31, 2024		4,785,569		$	53	$	53,900		$	25,084		$	(7,044	)	$	(5,085	)	$	(4,858	)	$	62,050
Net loss		—			—		—			(1,148	)		—			—			—			(1,148	)
Other comprehensive income		—			—		—			—			180			—			—			180
Treasury stock activity		(78,756	)		—		—			—			—			(836	)		—			(836	)
Excise tax on stock repurchases		—			—		2			—			—			—			—			2
Amortization of unearned stock compensation		—			—		297			—			—			—			172			469
ESOP shares earned - 7,678 shares		—			—		6			—			—			—			78			84
Balance June 30, 2025		4,706,813		$	53	$	54,205		$	23,936		$	(6,864	)	$	(5,921	)	$	(4,608	)	$	60,801

Balance March 31, 2024		5,077,164		$	52	$	52,698		$	24,445		$	(6,867	)	$	(1,381	)	$	(4,208	)	$	64,739
Net income		—			—		—			2,003			—			—			—			2,003
Other comprehensive loss		—			—		—			—			(286	)		—			—			(286	)
Treasury stock activity		(235,719	)		—		—			—			—			(2,156	)		—			(2,156	)
Amortization of unearned stock compensation		—			—		62			—			—			—			102			164
ESOP shares earned - 3,839 shares		—			—		(3	)		—			—			—			39			36
Balance June 30, 2024		4,841,445		$	52	$	52,757		$	26,448		$	(7,153	)	$	(3,537	)	$	(4,067	)	$	64,500

Balance December 31, 2023		5,077,164		$	52	$	52,642		$	25,597		$	(5,944	)	$	(1,381	)	$	(4,348	)	$	66,618
Net income		—			—		—			851			—			—			—			851
Other comprehensive loss		—			—		—			—			(1,209	)		—			—			(1,209	)
Treasury stock activity		(235,719	)		—		—			—			—			(2,156	)		—			(2,156	)
Amortization of unearned stock compensation		—			—		124			—			—			—			204			328
ESOP shares earned - 7,678 shares		—			—		(9	)		—			—			—			77			68
Balance June 30, 2024		4,841,445		$	52	$	52,757		$	26,448		$	(7,153	)	$	(3,537	)	$	(4,067	)	$	64,500

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)


	Six Months Ended June 30,
(Dollars in thousands)	2025			2024
Cash flows from operating activities:
Net (loss) income	$	(1,148	)	$	851
Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities:
ESOP expense		84			68
Stock based compensation		469			328
Depreciation and amortization		160			218
Net amortization of bond premium		290			285
Provision (release) for credit losses		47			(36	)
Gain on sale of loans		(9	)		(8	)
Gain on sale of land and buildings		—			(2,522	)
Proceeds from loans sold		778			394
Origination of loans sold		(769	)		(386	)
Increase in bank-owned life insurance		(43	)		(41	)
(Increase) decrease in deferred costs on loans		(70	)		4
Deferred tax (benefit) expense		(64	)		444
Increase in accrued interest receivable		(51	)		(209	)
Decrease (increase) in other assets		149			(5,216	)
Increase in deferred compensation liability		170			202
Increase in lease liabilities		—			5,202
Increase (decrease) in other liabilities		429			(1,049	)
Net cash provided (used) by operating activities		422			(1,471	)
Cash flows from investing activities:
Proceeds from sales, maturities and principal payments received on securities available-for-sale		7,609			2,703
Purchase of securities available-for-sale		(31,706	)		(8,903	)
Purchase of property and equipment		(34	)		(179	)
Loan purchases		(3,318	)		(774	)
Loan originations and principal collections, net		2,961			(5,504	)
Net (purchase) redemption of Federal Home Loan Bank stock		(179	)		488
Proceeds from sale of land and buildings		—			7,395
Net cash used by investing activities		(24,667	)		(4,774	)
Cash flows from financing activities:
Net (decrease) increase in NOW, demand deposits, money market and savings accounts		(8,653	)		10,240
Net increase in time deposits		26,709			36,655
(Decrease) increase in mortgagors’ escrow accounts		(20	)		14
Proceeds of finance lease		—			1,539
Principal payments on finance lease		(28	)		(3	)
Treasury stock purchases		(836	)		(2,156	)
Net proceeds (payments) from short-term FHLB advances		7,205			(20,340	)
Proceeds from long-term FHLB advances		—			25,401
Payments on long-term FHLB advances		(520	)		(25,800	)
Net cash provided by financing activities		23,857			25,550
Net change in cash and cash equivalents		(388	)		19,305
Cash and cash equivalents at beginning of period		7,100			6,069
Cash and cash equivalents at end of period	$	6,712		$	25,374

Supplemental disclosure of cash flow information:
Cash activities:
Cash paid for interest	$	6,529		$	5,809
Cash paid (received) for income taxes		35			(101	)
Noncash activities:
Effect of change in fair value of securities available-for-sale:
Securities available-for-sale		258			(1,654	)
Deferred taxes		(69	)		445
Other comprehensive income (loss)		189			(1,209	)
Effect of change in fair value of interest rate swaps:
Interest rate swaps		(12	)		—
Deferred taxes		3			—
Other comprehensive loss		(9	)		—
Cumulative fair value hedging adjustment - loans		103			(803	)
Cumulative fair value hedging adjustment - securities available-for-sale		—			(172	)

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) income and of other comprehensive income (loss).

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 Financial Accounting Standards Board ("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 June 30, 2025 and December 31, 2024:


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in thousands)
U.S. Government-sponsored enterprises obligations	$	1,628	$	—		(190	)	$	1,438
U.S. Government agency small business administration pools guaranteed by SBA		12,656		4		(759	)		11,901
Collateralized mortgage obligations issued by the FHLMC, FNMA and GNMA		35,859		625		(578	)		35,906
Residential mortgage-backed securities		61,885		633		(3,611	)		58,907
Municipal bonds		32,757		—		(5,017	)		27,740
Corporate debt		500		—		(13	)		487
Corporate subordinated debt		8,335		110		(542	)		7,903
	$	153,620	$	1,372	$	(10,710	)	$	144,282

	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 June 30, 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.


	June 30, 2025
	Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	—	$	—
Due after one year through five years		5,965		4,427
Due after five years through ten years		6,458		6,285
Due after ten years		30,797		26,856
Total U.S. Government-sponsored enterprises obligations, municipal bonds, corporate debt and corporate subordinated debt		43,220		37,568
U.S. Government agency small business pools guaranteed by SBA(1)		12,656		11,901
Collateralized mortgage obligations issued by the FHLMC, FNMA, and GNMA(1)		35,859		35,906
Residential mortgage-backed securities(1)		61,885		58,907
Total	$	153,620	$	144,282

(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 June 30, 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)
June 30, 2025
U.S. Government sponsored enterprises obligations		—	$	—	$	—			3	$	1,438	$	(190	)	$	1,438	$	(190	)
U.S. Government agency small business administration pools guaranteed by SBA		7		5,310		(42	)		8		5,962		(717	)		11,272		(759	)
Collateralized mortgage obligations issued by the FHLMC, FNMA and GNMA		8		17,779		(192	)		4		2,244		(386	)		20,023		(578	)
Residential mortgage backed securities		9		12,987		(156	)		25		14,714		(3,455	)		27,701		(3,611	)
Municipal bonds		5		2,054		(47	)		36		25,686		(4,970	)		27,740		(5,017	)
Corporate debt		—		—		—			1		487		(13	)		487		(13	)
Corporate subordinated debt		—		—		—			5		4,959		(542	)		4,959		(542	)
		29	$	38,130	$	(437	)		82	$	55,490	$	(10,273	)	$	93,620	$	(10,710	)
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

First Seacoast Bancorp, Inc. 10-Q