First Seacoast Bancorp, Inc.

What they do

The company takes deposits from the general public and invests those deposits, together with funds from operations and FHLB borrowings, primarily in loans. Its loan portfolio includes one- to four-family residential real estate loans, commercial real estate and multi-family loans, acquisition, development and land loans, commercial and industrial loans, home equity loans and lines of credit, and consumer loans. It operates four full-service banking offices in Strafford County, New Hampshire and one in Rockingham County, New Hampshire, with a primary lending market spanning Strafford and Rockingham Counties in New Hampshire and York County in Maine.

Revenue drivers

• Net interest income from loans — The company's core business is earning interest on loans funded by deposits and FHLB borrowings; management states it has increased focus on originating higher yielding commercial real estate and commercial and industrial loans in recent years.
• Commercial real estate and multi-family lending — Named as a targeted higher-yielding loan category, alongside acquisition, development and land loans and commercial and industrial loans.
• Residential mortgage lending — One- to four-family residential real estate loans remain a stated part of the portfolio, along with home equity loans and lines of credit.
• Deposit gathering — Deposits from the general public are the primary funding source for the loan portfolio; no segment-level revenue or balance breakdown is provided in the excerpts.

Recent performance

Annual net income was negative in three of the last four reported fiscal years: $(565) thousand in 2022, $(10.7) million in 2023, $(513) thousand in 2024, and $(845) thousand in 2025, versus $2.6 million of net income in 2021. Diluted EPS followed the same pattern, at $(0.12), $(2.29), $(0.12), and $(0.23) for 2022 through 2025, against $0.45 in 2021. Operating cash flow was negative in 2023 and 2024, at $(1.9) million and $(2.9) million, before turning positive at $449 thousand in 2025. At June 30, 2026, total assets were $576.1 million, total liabilities were $512.3 million, and shareholder equity was $63.8 million. The 10-Q excerpt does not disclose results of operations for the three or six months ended June 30, 2026 and 2025.

Strategy

Management describes a continued focus, consistent with what it calls conservative underwriting standards, on originating higher yielding commercial real estate and commercial and industrial loans. The company funds this lending through public deposits, operations, and FHLB borrowings. It operates a branch-light footprint of five full-service offices in Strafford and Rockingham Counties, New Hampshire, and lends into those counties plus York County, Maine.

Risks

• Persistent losses — The company reported net losses in 2022, 2023, 2024, and 2025, including a $(10.7) million loss in 2023, with diluted EPS negative in each of those years.
• Credit concentration in commercial real estate — Management's stated shift toward higher yielding commercial real estate and commercial and industrial loans concentrates the portfolio in categories sensitive to real estate values and general economic conditions.
• Interest rate and margin pressure — The company's own risk disclosure cites inflation and interest rate changes that can reduce margins, yields, mortgage banking revenues and loan origination levels.
• Funding and market-area dependence — Funding relies on deposits and FHLB borrowings, and lending is concentrated in Strafford and Rockingham Counties, New Hampshire and York County, Maine, exposing results to local demand and real estate conditions.

Outlook

The excerpts provided do not contain management's forward guidance for 2026. The company's listed risk factors point to continued sensitivity to interest rates, real estate values, loan demand and deposit competition in its New Hampshire and Maine markets. The 10-Q MD&A excerpt covers financial condition at June 30, 2026 and results for the three and six months ended June 30, 2026 and 2025, but the actual discussion and figures are not included in the material provided.