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 OR ☐ 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 ...

Financial Performance - Total assets increased to $580,780,000 in 2024 from $571,035,000 in 2023, representing a growth of 1.3%[221] - Total loans rose to $438,967,000 in 2024, up from $430,031,000 in 2023, indicating a 2.2% increase[221] - Total deposits grew significantly to $454,208,000 in 2024, compared to $404,798,000 in 2023, marking a 12.2% increase[221] - Interest and dividend income increased to $25,431,000 in 2024, up from $20,590,000 in 2023, reflecting a growth of 23.5%[221] - Net loss narrowed to $513,000 in 2024 from a loss of $10,656,000 in 2023, showing a significant improvement[221] - Non-interest income increased by $5.9 million, or 294.5%, to $3.9 million for the year ended December 31, 2024, primarily due to a one-time $2.5 million gain on the sale of land and buildings[270] - Non-interest expense decreased by $167,000, or 1.0%, to $15.9 million for the year ended December 31, 2024, mainly due to a decrease in salaries and employee benefits[271] - Net loss was $513,000 for the year ended December 31, 2024, a significant improvement compared to a net loss of $10.7 million for the year ended December 31, 2023[263] Asset Quality - The ratio of non-performing assets as a percent of total assets was 0.00% in 2024, maintaining strong asset quality[230] - The allowance for credit losses (ACL) on loans rose by $96,000 to $3.5 million at December 31, 2024, consisting of a $120,000 provision for loan losses[249] - The ACL as a percentage of total loans was 0.79% at December 31, 2024, reflecting the impact of calculated loss rates and current economic conditions[239] Operational Efficiency - The efficiency ratio improved to 100.37% in 2024 from 168.65% in 2023, indicating enhanced operational efficiency[223] Loan and Deposit Growth - The company plans to grow its loan portfolio, focusing on higher yielding commercial real estate and commercial and industrial loans[226] - One- to four-family residential mortgage loans increased by $6.3 million, or 2.3%, to $275.2 million at December 31, 2024[253] - Deposits increased by $49.4 million, or 12.2%, to $454.2 million at December 31, 2024, driven by a $20.7 million, or 31.9%, increase in savings deposits[256] Interest Rate Management - The company has implemented strategies to manage interest rate risk, including promoting core deposit products and diversifying the loan portfolio[280] - The average yield on loans improved to 4.53% in 2024 from 4.08% in 2023, an increase of 11.0%[275] - The net interest margin decreased to 2.09% in 2024 from 2.16% in 2023, indicating a decline of 3.2%[275] Balance Sheet Changes - Total liabilities increased to $517,434 thousand in 2024 from $480,765 thousand in 2023, marking an increase of 7.6%[275] - Total stockholders' equity decreased by $4.6 million, or 6.9%, to $62.1 million at December 31, 2024, attributed to common stock repurchases and unrealized losses in the securities portfolio[258] - Total borrowings decreased by $40.7 million, or 43.8%, to $52.3 million at December 31, 2024, primarily due to a decrease in FHLB and FRB advances[257] Liquidity and Cash Flow - Net cash used by operating activities was $2.9 million for the year ended December 31, 2024, compared to $1.9 million for 2023[293] - The Bank's liquidity position is monitored daily, with no material commitments for capital expenditures as of December 31, 2024[294] - At December 31, 2024, the Bank had liquid assets of $17.1 million on an unconsolidated basis[295] - The Bank's net cash provided by financing activities was $6.5 million for the year ended December 31, 2024, compared to $39.2 million for 2023[293] Market Position and Strategy - The company aims to expand organically and through opportunistic acquisitions or new branch openings in its market area[230] - The company executed a balance sheet repositioning strategy, selling $23.5 million in lower-yielding securities and purchasing $16.6 million in higher-yielding securities[251]

Financial Performance - Net income for the three months ended September 30, 2024, was $44,000, a significant increase of $955,000, or 104.8%, compared to a net loss of $911,000 for the same period in 2023[111]. - Net income for the nine months ended September 30, 2024, was $895,000, an increase of $1.9 million compared to a net loss of $987,000 for the same period in 2023[119]. - Total interest and dividend income rose by $1.4 million, or 26.9%, to $6.6 million for the three months ended September 30, 2024, compared to $5.2 million for the same period in 2023[111]. - Total interest and dividend income increased by $4.1 million, or 27.8%, to $18.9 million for the nine months ended September 30, 2024, compared to $14.8 million for the same period in 2023[119]. - Non-interest income surged by $1.7 million, or 95.2%, to $3.6 million for the nine months ended September 30, 2024, primarily due to a one-time $2.5 million gain on the sale of land and buildings[120]. Asset and Liability Management - Total assets increased by $30.7 million, or 5.4%, to $601.8 million as of September 30, 2024, compared to $571.0 million at December 31, 2023[106]. - Total deposits increased by $42.9 million, or 10.6%, to $447.7 million at September 30, 2024, driven by a $14.9 million increase in commercial deposits and a $28.0 million increase in retail deposits[110]. - The average balance of interest-bearing deposits increased by $42.2 million, or 13.5%, to $354.2 million for the nine months ended September 30, 2024[119]. - The Bank had $52.3 million and $73.0 million outstanding in advances from the FHLB as of September 30, 2024, and December 31, 2023, respectively[126]. - As of September 30, 2024, the aggregate amount of uninsured total deposit balances was estimated at $110.3 million, representing 24.7% of total deposits[126]. Loan Portfolio - Net loans increased by $7.9 million, or 1.9%, to $434.5 million at September 30, 2024, with one- to four-family residential mortgage loans rising by $10.9 million, or 4.0%[106]. - Home equity loans and lines of credit increased by $2.6 million, or 18.3%, to $16.7 million at September 30, 2024[106]. - Consumer loans rose by $2.5 million, or 25.0%, to $12.3 million at September 30, 2024[106]. - Commercial real estate mortgage loans decreased by $870,000, or 1.0%, to $85.7 million at September 30, 2024[106]. - The company originated $5.9 million of loans, net of principal collections, during the nine months ended September 30, 2024[106]. Interest Income and Expense - Total interest expense increased by $972,000, or 37.4%, to $3.6 million for the three months ended September 30, 2024, primarily due to a $1.0 million increase in interest expense on deposits[111]. - Total interest expense increased by $4.0 million, or 65.4%, to $10.0 million for the nine months ended September 30, 2024, compared to $6.0 million in 2023[119]. - Interest expense on deposits rose by $3.5 million, or 100.7%, to $6.9 million for the nine months ended September 30, 2024, from $3.4 million in 2023[119]. - Net interest income for the three months ended September 30, 2024, was $2,982,000, compared to $2,567,000 for the same period in 2023[116]. - Net interest and dividend income increased by $152,000, or 1.7%, to $8.9 million for the nine months ended September 30, 2024[120]. Regulatory and Risk Management - The Bank exceeded all its regulatory capital requirements as of September 30, 2024[127]. - The interest rate risk position is monitored quarterly by the board of directors, with strategies implemented to manage exposure to interest rate changes[128]. - The economic value of equity is estimated to decrease by 22.3% in the event of a 200 basis point increase in interest rates, exceeding the Board approved limit of 20.0%[133]. - The percent changes to net portfolio value (NPV) in response to a 400 basis point increase in interest rates was -47.2% as of September 30, 2024[131]. Taxation - Income tax benefit increased by $213,000, or 49.9%, to $640,000 for the three months ended September 30, 2024, with an effective tax rate of (107.4)%[113]. - Income tax benefit decreased by $491,000, or 73.6%, to a benefit of $176,000 for the nine months ended September 30, 2024[120]. - The effective tax rate was (24.4)% for the nine months ended September 30, 2024, compared to (40.3)% for the same period in 2023[120]. Non-Interest Expense - Non-interest expense decreased by $173,000, or 4.2%, to $3.9 million for the three months ended September 30, 2024, mainly due to a $169,000 decrease in salaries and employee benefits[113]. - Non-interest expense decreased by $298,000, or 2.5%, to $11.8 million for the nine months ended September 30, 2024[120].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Maryland 92-0334805 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 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 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, 2024 OR ☐ TRANSITION REPOR ...

Financial Position - Total assets increased by $5.4 million, or 1.0%, to $576.5 million as of March 31, 2024, compared to $571.0 million at December 31, 2023[169]. - Total deposits increased by $797,000, or 0.2%, to $405.6 million as of March 31, 2024, from $404.8 million at December 31, 2023, driven by a $6.2 million increase in retail deposits[181]. - Total borrowings increased by $5.4 million, or 5.8%, to $98.4 million at March 31, 2024, from $93.0 million at December 31, 2023[183]. - Total liabilities amounted to $505.57 million as of March 31, 2024, compared to $466.99 million as of December 31, 2023[200]. - The Company had liquid assets of $20.4 million on an unconsolidated basis as of March 31, 2024[211]. - Total stockholders' equity decreased by $1.9 million, or 2.8%, to $64.7 million at March 31, 2024, from $66.6 million at December 31, 2023[184]. Loan and Asset Growth - Net loans increased by $1.8 million, or 0.4%, to $428.4 million at March 31, 2024, from $426.6 million at December 31, 2023[172]. - One- to four-family residential mortgage loans increased by $1.8 million, or 0.7%, to $270.8 million at March 31, 2024[173]. - Commercial real estate mortgage loans increased by $1.2 million, or 1.4%, to $87.8 million at March 31, 2024[173]. - Home equity loans and lines of credit increased by $1.1 million, or 8.1%, to $15.2 million at March 31, 2024[173]. - Available-for-sale securities increased by $2.3 million, or 1.9%, to $124.2 million at March 31, 2024[171]. - Cash and due from banks increased by $644,000, or 10.6%, to $6.7 million at March 31, 2024[170]. Income and Profitability - Net loss was $(1.2) million for the three months ended March 31, 2024, compared to net income of $464,000 for the same period in 2023, a decrease of $1.6 million, or 348.3%[188]. - Non-interest income decreased by $864,000, or 74.4%, to $297,000 for the three months ended March 31, 2024, primarily due to a one-time $849,000 gain recognized in the same period of 2023[195]. - Total interest and dividend income increased by $1.4 million, or 30.9%, to $6.1 million for the three months ended March 31, 2024, compared to $4.6 million for the same period in 2023[189]. - Net interest income for Q1 2024 was $2.89 million, down from $3.196 million in Q1 2023, reflecting a decrease of 9.6%[200]. - The net interest margin decreased to 2.07% in Q1 2024 from 2.46% in Q1 2023[200]. Interest Rate Risk - The effective tax rate increased to 45.8% for the three months ended March 31, 2024, compared to 7.9% for the same period in 2023[197]. - As of March 31, 2024, a 400 basis point increase in interest rates would result in a $30,938 thousand decrease in net portfolio value (NPV), representing a 47.9% change[216]. - The percent changes to NPV for +100, +200, +300, and +400 basis points were -10.7%, -23.8%, -36.0%, and -47.9%, respectively, as of March 31, 2024, exceeding policy limits[217]. - The economic value of equity is expected to decrease by 23.8% with a 200 basis point increase in interest rates, which is above the policy limit of 20%[219]. - The company’s profitability is significantly influenced by net interest income, which is affected by movements in market interest rates[218]. - In a rising interest rate environment, the company anticipates that deposit and borrowing rates will reprice upwards faster than long-term loan rates, compressing interest rate spreads[219]. - Substantial and unexpected changes in market interest rates could materially affect the company's financial condition and results of operations[220]. - Interest rate risk modeling may not fully predict the impact of actual interest rate changes on the company's balance sheet[220]. Operational Cash Flow - Net cash used by operating activities was $70,000 for Q1 2024, compared to $361,000 for Q1 2023[209]. - Net cash provided by financing activities decreased to $7.6 million in Q1 2024 from $10.8 million in Q1 2023[209]. - The Bank had $20.0 million outstanding in advances from the FRB at March 31, 2024, with a fixed annual interest rate of 4.89%[205]. Regulatory Compliance - First Seacoast Bank exceeded all regulatory capital requirements as of March 31, 2024[212]. - Non-performing loans remained stable at $141,000 as of March 31, 2024, consistent with the balance at December 31, 2023[187].

Financial Performance - Net (loss) income for 2023 was $(10,656) thousand, a significant decline from $(565) thousand in 2022, reflecting a negative change of 1,788.3%[218] - Net loss was $10.7 million for the year ended December 31, 2023, compared to a net loss of $565,000 for the year ended December 31, 2022, an increase of $10.1 million[269] - Non-interest income decreased by $2.9 million, or 326.0%, to $(2.0) million for the year ended December 31, 2023, compared to $888,000 for the year ended December 31, 2022[277] - Interest and dividend income increased by $4.0 million, or 24.0%, to $20.6 million for the year ended December 31, 2023, from $16.6 million for the year ended December 31, 2022[270] - Total interest expense increased by $7.3 million, or 419.8%, to $9.1 million for the year ended December 31, 2023, from $1.7 million for the year ended December 31, 2022[273] - Net interest income decreased to $11,510,000 in 2023 from $14,863,000 in 2022, a decline of 22.5%[281] - The net interest margin fell to 2.16% in 2023 compared to 2.99% in 2022, indicating a decrease of 27.8%[281] Asset and Loan Growth - Total assets increased to $571,035 thousand in 2023, up from $537,424 thousand in 2022, representing a growth of 6.0%[218] - Total loans rose to $430,031 thousand in 2023, compared to $402,505 thousand in 2022, marking a 6.8% increase[218] - Net loans increased by $27.7 million, or 6.9%, to $426.6 million at December 31, 2023, from $398.9 million at December 31, 2022[256] - One- to four-family residential mortgage loans increased by $16.1 million, or 6.4%, to $268.9 million at December 31, 2023, from $252.8 million at December 31, 2022[257] - Home equity loans and lines of credit increased by $3.9 million, or 38.7%, to $14.1 million at December 31, 2023, from $10.2 million at December 31, 2022[257] Deposits and Funding - Core deposits constituted 77.5% of total deposits as of December 31, 2023, highlighting a stable funding source[228] - Deposits increased by $22.4 million, or 5.9%, to $404.8 million at December 31, 2023, from $382.4 million at December 31, 2022, primarily due to an increase in time deposits[262] - The company has implemented strategies to manage interest rate risk, including promoting core deposit products and originating loans with adjustable interest rates[286] - The Bank's strategy includes increasing core deposits and utilizing FHLB and FRB advances to fund loan growth[298] Credit Quality - Non-performing loans as a percentage of total loans remained low at 0.03% in 2023, compared to 0.02% in 2022[220] - The allowance for credit losses (ACL) on loans was 0.79% of total loans as of December 31, 2023, down from 0.89% in 2022, indicating improved asset quality[220] - The allowance for loan losses (ALL) as a percent of total loans decreased from 0.95% at December 31, 2021, to 0.89% at December 31, 2022[241] - The allowance for credit losses (ACL) as a percent of total loans decreased from 0.89% at December 31, 2022, to 0.79% at December 31, 2023[237] Equity and Valuation - The book value per share increased to $13.12 in 2023 from $9.73 in 2022, reflecting a positive trend in shareholder equity[218] - Total stockholders' equity increased by $17.3 million, or 35.0%, to $66.6 million at December 31, 2023, from $49.3 million at December 31, 2022[265] - The total equity increased to $70,563,000 in 2023 from $53,678,000 in 2022, reflecting a growth of 31.4%[281] Interest Rate Risk and Liquidity - The net portfolio value (NPV) decreased by 43.3% to $38,063,000 under a 400 basis point increase in interest rates as of December 31, 2023[288] - The percent change to NPV for a 200 basis point increase in interest rates was -21.5%, exceeding the policy limit of -20.0%[289] - The Bank's liquidity position is monitored daily, and it anticipates sufficient funds to meet current funding commitments[298] - The Bank had $73.0 million in advances from the FHLB as of December 31, 2023, compared to $99.4 million in 2022, with an additional borrowing capacity of $71.8 million[294] - At December 31, 2023, the Bank had $20.0 million in advances from the FRB, with the ability to borrow an additional $3.5 million under the Bank Term Funding Program[295] - The Company had liquid assets of $20.4 million as of December 31, 2023, to meet its operating expenses and financial obligations[299] Operational Efficiency - The efficiency ratio deteriorated to 168.65% in 2023 from 106.45% in 2022, indicating increased operational inefficiency[220] - The company executed a balance sheet repositioning strategy, selling $40.6 million in lower-yielding investment securities for an after-tax realized loss of $3.1 million[255] Future Plans - The company plans to grow its loan portfolio, particularly in commercial real estate and commercial and industrial lending, to enhance profitability[223] - The company has no current plans for expansion but remains open to opportunistic acquisitions or establishing new branches in the future[228] - The company qualifies as an emerging growth company under the JOBS Act, with total annual gross revenues of less than $1.235 billion[249] Regulatory Compliance - As of December 31, 2023, First Seacoast Bank exceeded all regulatory capital requirements and remains categorized as well-capitalized[300]

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 September 30, 2023 OR ☐ 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- ...

Financial Performance - Net loss for the three months ended June 30, 2023, was $540,000, a decrease of $720,000 or 400.0% compared to net income of $180,000 for the same period in 2022[177]. - Net loss for the six months ended June 30, 2023, was $76,000, a decrease of $648,000 or 113.3% compared to net income of $572,000 for the same period in 2022[194]. - Non-interest income decreased by $52,000 or 13.1% to $346,000 for the three months ended June 30, 2023, compared to $398,000 for the same period in 2022[184]. - Non-interest income increased by $667,000, or 79.4%, to $1.5 million for the six months ended June 30, 2023, compared to $840,000 for the same period in 2022[201]. - Net interest and dividend income decreased by $813,000 or 21.4% to $3.0 million for the three months ended June 30, 2023, from $3.8 million for the same period in 2022[182]. - Net interest and dividend income decreased by $1.4 million, or 18.0%, to $6.2 million for the six months ended June 30, 2023, from $7.5 million for the same period in 2022[199]. Asset and Liability Management - Total assets increased by $15.3 million, or 2.8%, to $552.7 million as of June 30, 2023, compared to $537.4 million at December 31, 2022[162]. - Net loans rose by $14.8 million, or 3.7%, to $413.7 million at June 30, 2023, from $398.9 million at December 31, 2022[165]. - Deposits increased by $6.6 million, or 1.7%, to $388.9 million at June 30, 2023, from $382.4 million at December 31, 2022[171]. - Total stockholders' equity increased by $23.5 million, or 47.6%, to $72.8 million at June 30, 2023, from $49.3 million at December 31, 2022[173]. - Total borrowings decreased by $13.8 million, or 13.9%, to $85.6 million at June 30, 2023, from $99.4 million at December 31, 2022[172]. - The allowance for credit losses (ACL) on loans decreased by $262,000 to $3.3 million at June 30, 2023, from $3.6 million at December 31, 2022[168]. Income and Expense Analysis - Total interest and dividend income increased by $986,000 or 24.6% to $5.0 million for the three months ended June 30, 2023, compared to $4.0 million for the same period in 2022[178]. - Total interest expense surged by $1.8 million or 848.6% to $2.0 million for the three months ended June 30, 2023, from $212,000 for the same period in 2022[180]. - Total interest and dividend income increased by $1.7 million, or 21.5%, to $9.6 million for the six months ended June 30, 2023, compared to $7.9 million for the same period in 2022[195]. - Total interest expense increased by $3.1 million, or 782.6%, to $3.5 million for the six months ended June 30, 2023, from $391,000 for the same period in 2022[197]. - Non-interest expense increased by $181,000 or 4.6% to $4.1 million for the three months ended June 30, 2023, from $3.9 million for the same period in 2022[185]. - Non-interest expense increased by $336,000, or 4.4%, to $8.0 million for the six months ended June 30, 2023, from $7.6 million for the same period in 2022[202]. Regulatory and Capital Position - As of June 30, 2023, the Bank exceeded all regulatory capital requirements, indicating a strong capital position[217]. - The economic value of equity is estimated to decrease by 20.8% with a 200 basis point increase in interest rates, slightly above the Board approved limit of 20.0%[224]. - The Bank's liquidity position is monitored daily, with no material commitments for capital expenditures as of June 30, 2023[215]. - The net portfolio value (NPV) as of June 30, 2023, was $86,513,000, with a ratio of NPV to portfolio value of assets at 16.9%[221]. Future Outlook and Strategic Initiatives - The company provided guidance for Q4 2023, expecting revenue to be between $1.6 billion and $1.8 billion, indicating a potential growth of 7% to 20%[226]. - New product launch is expected to contribute an additional $200 million in revenue in the next quarter[226]. - The company is investing $50 million in R&D for new technology aimed at enhancing user experience[226]. - Market expansion plans include entering two new countries by the end of Q4 2023, targeting a 10% increase in market share[226]. - The company completed an acquisition of a smaller tech firm for $300 million, expected to enhance product offerings[226]. - The company plans to implement a new marketing strategy with a budget increase of 25% to drive user growth[226]. User and Revenue Growth - User base increased to 10 million active users, a 20% increase compared to the previous quarter[226]. - Operating margin improved to 30%, up from 28% in the previous quarter, reflecting better cost management[226]. - Customer retention rate improved to 85%, up from 80% in the previous quarter[226].

Financial Position - Total assets increased by $11.1 million, or 2.1%, to $548.5 million as of March 31, 2023, compared to $537.4 million at December 31, 2022[142]. - Cash and due from banks rose by $8.4 million, or 101.5%, to $16.6 million at March 31, 2023, primarily due to $25.7 million of net proceeds from a stock offering[143]. - Net loans increased by $4.4 million, or 1.1%, to $403.3 million at March 31, 2023, with $4.1 million of loans originated during the quarter[145]. - Deposits grew by $32.9 million, or 8.6%, to $415.3 million at March 31, 2023, driven by a $40.7 million increase in commercial deposits[151]. - Total stockholders' equity increased by $24.9 million, or 50.4%, to $74.2 million at March 31, 2023, mainly due to $25.7 million of net proceeds from the stock conversion[154]. - The allowance for credit losses (ACL) on loans decreased by $294,000 to $3.3 million at March 31, 2023, reflecting the adoption of ASU 2016-13[148]. - Non-performing assets include loans that are 90 or more days past due, with management assessing collectability based on the financial condition of borrowers[155]. - Available-for-sale securities increased by $2.0 million, or 1.9%, to $108.1 million at March 31, 2023, attributed to a decrease in net unrealized losses[144]. - Total borrowings decreased by $46.7 million, or 47.0%, to $52.7 million at March 31, 2023, due to increased deposits and stock offering proceeds[152]. - Core deposits increased by $28.2 million, or 8.8%, to $348.8 million at March 31, 2023, with significant growth in savings and money market deposits[151]. Income and Expenses - Net income for the three months ended March 31, 2023, was $464,000, an increase of $72,000 or 18.4% compared to $392,000 for the same period in 2022[158]. - Total interest and dividend income increased by $721,000, or 18.4%, to $4.6 million for the three months ended March 31, 2023, compared to $3.9 million for the same period in 2022[159]. - Average interest-earning assets rose by $36.9 million to $519.2 million for the three months ended March 31, 2023, from $482.3 million for the same period in 2022[160]. - Total interest expense surged by $1.3 million, or 704.5%, to $1.4 million for the three months ended March 31, 2023, from $179,000 for the same period in 2022[161]. - Net interest and dividend income decreased by $540,000, or 14.5%, to $3.2 million for the three months ended March 31, 2023, from $3.7 million for the same period in 2022[163]. - Non-interest income increased by $719,000, or 162.7%, to $1.2 million for the three months ended March 31, 2023, compared to $442,000 for the same period in 2022[165]. - Non-interest expense rose by $155,000, or 4.2%, to $3.8 million for the three months ended March 31, 2023, from $3.7 million for the same period in 2022[166]. - Provision for credit losses expense was $30,000 for the three months ended March 31, 2023, compared to $60,000 for the same period in 2022[164]. - The effective tax rate decreased to 7.9% for the three months ended March 31, 2023, from 12.9% for the same period in 2022[167]. - The annualized net interest margin decreased to 2.46% for the three months ended March 31, 2023, from 3.10% for the same period in 2022[163]. Liquidity and Capital Management - The aggregate amount of uninsured total deposit balances as of March 31, 2023, was estimated at $118.1 million, representing 28.4% of total deposits, compared to $82.0 million or 21.4% as of December 31, 2022[174]. - Net cash provided by financing activities for the three months ended March 31, 2023, was $10.8 million, down from $16.8 million in the same period of 2022[176]. - The economic value of equity analysis as of March 31, 2023, estimated a 17.6% decrease in economic value of equity with a 200 basis point increase in interest rates[186]. - As of March 31, 2023, First Seacoast Bank exceeded all regulatory capital requirements, indicating a strong capital position[179]. - The company had $52.7 million in advances from the Federal Home Loan Bank (FHLB) as of March 31, 2023, with the ability to borrow an additional $92.2 million[174]. - The net portfolio value (NPV) at a 400 basis point increase in interest rates would decrease by $34,002,000, representing a 34.4% change[183]. - The company aims to increase core deposits and utilize FHLB advances to fund loan growth, reflecting a strategic focus on liquidity management[177]. - Net cash used by investing activities for the three months ended March 31, 2023, was $2.1 million, significantly lower than $18.0 million in the same period of 2022[176]. - The company had liquid assets of $20.0 million as of March 31, 2023, to meet its operating expenses and financial obligations[178].

Financial Performance - Net (loss) income for 2022 was $(565,000), compared to a net income of $2,621,000 in 2021, indicating a significant decrease[196]. - Net loss for the year ended December 31, 2022, was $565,000, a decrease of $3.2 million, or 121.6%, compared to net income of $2.6 million for the year ended December 31, 2021[233]. - Non-interest income decreased by $1.4 million, or 60.5%, to $888,000 for the year ended December 31, 2022, compared to $2.2 million in 2021[240]. - Non-interest expense increased by $3.7 million, or 28.2%, to $16.8 million for the year ended December 31, 2022, from $13.1 million in 2021[241]. - Income tax benefit was $451,000 for the year ended December 31, 2022, compared to an income tax expense of $601,000 for the year ended December 31, 2021[242]. Asset and Loan Growth - Total assets increased to $537,424,000 in 2022 from $487,074,000 in 2021, representing a growth of 10.7%[196]. - Total loans rose to $402,505,000 in 2022, up from $376,641,000 in 2021, marking a 6.8% increase[196]. - Total assets increased by $50.3 million, or 10.3%, to $537.4 million as of December 31, 2022, compared to $487.1 million at December 31, 2021[217]. - Net loans increased by $25.9 million, or 6.9%, to $398.9 million at December 31, 2022, from $373.1 million at December 31, 2021[220]. - The company originated $98.9 million of loans during the year ended December 31, 2022[220]. Deposit Trends - Total deposits decreased to $382,363,000 in 2022, down from $393,243,000 in 2021, a decline of 2.2%[196]. - Deposits decreased by $10.9 million, or 2.8%, to $382.4 million at December 31, 2022, from $393.2 million at December 31, 2021[226]. - Core deposits constituted 83.9% of total deposits as of December 31, 2022, highlighting a stable funding source[202]. - Core deposits decreased by $14.3 million, or 4.3%, to $320.6 million at December 31, 2022, from $334.9 million at December 31, 2021[226]. Borrowings and Funding - Total borrowings increased by $69.9 million, or 237.4%, to $99.4 million at December 31, 2022, from $29.5 million at December 31, 2021[227]. - The ratio of net loans to deposits was 104.3% at December 31, 2022, indicating a reliance on borrowings for funding[202]. - The company plans to increase core deposits and utilize Federal Home Loan Bank advances to fund loan growth[261]. - As of December 31, 2022, the company had $99.4 million in advances from the Federal Home Loan Bank and the ability to borrow an additional $36.5 million[258]. Asset Quality - Non-performing loans as a percentage of total loans improved to 0.02% in 2022 from 0.22% in 2021, indicating better asset quality[197]. - Non-performing loans decreased to $89,000, or 0.02% of total loans, at December 31, 2022, down from $837,000, or 0.22% at December 31, 2021[232]. - The allowance for loan losses decreased from 0.95% at December 31, 2021, to 0.89% at December 31, 2022[206]. Interest Income and Expense - Interest and dividend income increased by $1.1 million, or 7.2%, to $16.6 million for the year ended December 31, 2022, from $15.5 million in 2021[234]. - Total interest expense increased by $512,000, or 41.5%, to $1.7 million for the year ended December 31, 2022, from $1.2 million in 2021[236]. - Net interest and dividend income increased by $603,000, or 4.2%, to $14.9 million for the year ended December 31, 2022, from $14.3 million in 2021[238]. - The weighted average yield on interest-earning assets increased by 3 basis points to 3.34% for the year ended December 31, 2022, from 3.31% in 2021[235]. Capital and Regulatory Compliance - The company exceeded all regulatory capital requirements as of December 31, 2022, and is categorized as well-capitalized[263]. - Total stockholders' equity decreased by $11.1 million, or 18.4%, to $49.3 million at December 31, 2022, from $60.5 million at December 31, 2021[228]. Cash Flow and Investments - Net cash provided by operating activities was $973,000 for the year ended December 31, 2022, down from $2.4 million in 2021[260]. - The net cash used by investing activities was $58.1 million for the year ended December 31, 2022, compared to $43.5 million in 2021[260]. Market Strategy - The company plans to grow its loan portfolio, particularly in commercial real estate and commercial and industrial lending, to enhance profitability[202]. - The company aims to grow organically and through opportunistic acquisitions or new branch openings to enhance market share[202]. Interest Rate Sensitivity - The economic value of equity is estimated to decrease by 16.7% with an instantaneous 200 basis point increase in interest rates as of December 31, 2022[256]. - The net portfolio value (NPV) decreased by $31,915,000 (32.9%) with a 400 basis point increase in interest rates as of December 31, 2022[252].