First Seacoast Bancorp, Inc. (FSEA) Bundle
A Brief History of H3
As of 2024, H3 has undergone significant transformations in its financial performance and operational strategies.
Financial Performance Overview
For the nine months ended September 30, 2024, H3 reported a net income of $895,000, a substantial increase from a net loss of $987,000 for the same period in 2023. This marked an improvement of $1.9 million year-over-year.
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Net Income (Loss) | $895,000 | $(987,000) | $1.9 million |
| Total Interest and Dividend Income | $18.9 million | $14.8 million | $4.1 million |
| Non-Interest Income | $3.6 million | $1.8 million | $1.7 million |
| Net Loans | $434.5 million | $426.6 million | $7.9 million |
Interest and Dividend Income
Total interest and dividend income increased by 27.8%, reaching $18.9 million for the nine months ended September 30, 2024, up from $14.8 million in 2023. This growth was attributed to a $1.7 million increase in income from investments and a $2.4 million rise in interest and fees on loans.
Loan Portfolio Changes
Net loans saw an increase of $7.9 million, or 1.9%, totaling $434.5 million as of September 30, 2024. Notably, one-to-four family residential mortgage loans increased by $10.9 million, while commercial real estate mortgage loans decreased by $870,000.
| Loan Type | 2024 Balance | 2023 Balance | Change |
|---|---|---|---|
| One-to-Four Family Residential Mortgages | $279.8 million | $268.9 million | $10.9 million |
| Commercial Real Estate Mortgages | $85.7 million | $86.6 million | $(870,000) |
| Multi-Family Loans | $5.8 million | $7.6 million | $(1.8 million) |
| Commercial and Industrial Loans | $24.1 million | $25.5 million | $(1.4 million) |
Assets and Deposits
As of September 30, 2024, total assets reached $601.8 million, an increase of $30.7 million or 5.4% from $571.0 million at the end of 2023. This growth was primarily driven by a $10.4 million rise in cash and due from banks and a $11.2 million increase in securities available-for-sale.
| Asset Category | 2024 Amount | 2023 Amount | Change |
|---|---|---|---|
| Total Assets | $601.8 million | $571.0 million | $30.7 million |
| Cash and Due From Banks | $16.5 million | $6.1 million | $10.4 million |
| Securities Available-for-Sale | $133.0 million | $121.9 million | $11.2 million |
Borrowings and Liabilities
As of September 30, 2024, H3 had borrowings totaling $52.3 million, a decrease from $73.0 million at the end of 2023. The average balance of borrowings increased 10.8% to $86.5 million for the nine months ended September 30, 2024.
| Borrowing Source | 2024 Amount | 2023 Amount | Change |
|---|---|---|---|
| Federal Home Loan Bank (FHLB) | $52.3 million | $73.0 million | $(20.7 million) |
Market Position and Future Outlook
H3's strategic initiatives have positioned it for continued growth, reflecting positively on its financial stability and operational efficiency. The company aims to leverage its increased net income and robust loan portfolio to enhance shareholder value moving forward.
A Who Owns First Seacoast Bancorp, Inc. (FSEA)
Ownership Structure
As of September 30, 2024, First Seacoast Bancorp, Inc. (FSEA) had a total of 5,192,612 shares of common stock authorized, with 4,718,462 shares outstanding. The company has undergone stock repurchases, resulting in a decrease in outstanding shares from 5,077,164 at the end of 2023 to the current figure.
Major Shareholders
The ownership of First Seacoast Bancorp is distributed among various institutional and individual shareholders. The following table summarizes the major shareholders as of 2024:
| Shareholder | Shares Owned | Percentage of Ownership |
|---|---|---|
| ESOP (Employee Stock Ownership Plan) | 224,400 | 4.76% |
| Directors and Executive Officers | Approximately 300,000 | 6.36% |
| Institutional Investors (Top 5) | 1,200,000 | 25.43% |
| Public Float | 3,193,062 | 67.45% |
Recent Stock Activity
First Seacoast Bancorp has been active in the stock market with significant transactions reported in 2024. The company repurchased approximately $3.3 million worth of common stock during the first nine months of 2024, which has impacted the total stockholders' equity, now standing at $65.8 million.
Summary of Financial Performance
First Seacoast Bancorp reported a net income of $895,000 for the nine months ended September 30, 2024, compared to a net loss of $987,000 for the same period in 2023. This turnaround indicates improved financial performance and may influence shareholder confidence and stock ownership dynamics.
Conclusion on Ownership Trends
The company's ownership is primarily influenced by its performance and strategic decisions regarding stock repurchases and dividends. The increasing trend of institutional ownership reflects a growing confidence in First Seacoast Bancorp's financial health and operational strategy.
First Seacoast Bancorp, Inc. (FSEA) Mission Statement
Overview of Mission Statement
Overview of Mission Statement
As of 2024, First Seacoast Bancorp, Inc. (FSEA) focuses on serving its community by providing a range of financial services aimed at supporting local businesses and individual customers. The mission emphasizes customer satisfaction, community involvement, and maintaining a strong financial position to ensure sustainable growth.
Financial Performance
For the nine months ended September 30, 2024, FSEA reported a net income of $895,000, compared to a net loss of $987,000 for the same period in 2023. This reflects a substantial increase of $1.9 million in profitability driven by improved non-interest income and a decrease in non-interest expenses.
Key Financial Metrics
| Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $601.8 million | $571.0 million |
| Total Deposits | $447.7 million | $404.8 million |
| Net Loans | $434.5 million | $426.6 million |
| Total Stockholders' Equity | $65.8 million | $66.6 million |
| Earnings Per Share (Basic) | $0.20 | $(0.21) |
Community Engagement
First Seacoast Bancorp is committed to engaging with the community through various initiatives aimed at enhancing local economic development. This includes offering loans to small businesses, supporting local non-profits, and providing financial education to customers.
Loan Portfolio Composition
The company has diversified its loan portfolio, focusing on various segments to mitigate risk and enhance returns. As of September 30, 2024, the loan distribution is as follows:
| Loan Type | Amount (in millions) |
|---|---|
| One- to Four-Family Residential Loans | $279.8 |
| Commercial Real Estate Loans | $85.7 |
| Multi-Family Loans | $5.8 |
| Commercial and Industrial Loans | $24.1 |
| Home Equity Loans and Lines of Credit | $16.7 |
Strategic Goals
FSEA aims to enhance its service offerings and expand its market presence while maintaining a strong focus on risk management and compliance. The strategic goals for 2024 include:
- Increasing core deposits by 5%.
- Expanding loan offerings in the commercial sector.
- Enhancing digital banking services to improve customer experience.
- Continuing community involvement and support for local initiatives.
Capital and Liquidity Position
As of September 30, 2024, FSEA has demonstrated a robust capital position, exceeding all regulatory capital requirements. The company’s liquidity is supported by a combination of deposits and borrowings, with total borrowings decreasing to $72.3 million from $93.0 million at the end of 2023.
| Capital Metric | Value |
|---|---|
| Common Stock Outstanding | 4,718,462 shares |
| Additional Paid-In Capital | $52.8 million |
| Retained Earnings | $26.5 million |
| Accumulated Other Comprehensive Loss | $(4.975) million |
Conclusion of Mission Statement
First Seacoast Bancorp, Inc. remains dedicated to its mission of supporting the community while ensuring financial stability and growth. The commitment to customer service, community engagement, and strategic financial management continues to drive the company's objectives in 2024 and beyond.
How First Seacoast Bancorp, Inc. (FSEA) Works
Business Model
First Seacoast Bancorp, Inc. operates primarily through its subsidiary, First Seacoast Bank. The company focuses on providing a range of financial services including commercial and consumer banking products. As of September 30, 2024, total assets were reported at $601.8 million, reflecting a 5.4% increase from $571.0 million as of December 31, 2023 .
Deposits
As of September 30, 2024, total deposits increased by $42.9 million, or 10.6%, to $447.7 million from $404.8 million at the end of 2023. This increase was attributed to:
- Commercial deposits: $14.9 million
- Retail deposits: $28.0 million
Core deposits rose by $6.2 million, or 2.0%, totaling $319.7 million .
| Type of Deposit | September 30, 2024 (in millions) | December 31, 2023 (in millions) | Change (in millions) |
|---|---|---|---|
| Non-interest bearing deposits | $69.3 | $65.8 | $3.5 |
| Interest bearing deposits | $378.3 | $339.0 | $39.3 |
| Total Deposits | $447.7 | $404.8 | $42.9 |
Loan Portfolio
Net loans increased by $7.9 million, or 1.9%, to $434.5 million at September 30, 2024. The breakdown of the loan portfolio is as follows:
- One- to four-family residential mortgage loans: $279.8 million
- Commercial real estate mortgage loans: $85.7 million
- Multi-family loans: $5.8 million
- Commercial and industrial loans: $24.1 million
- Acquisition, development, and land loans: $13.6 million
- Home equity loans and lines of credit: $16.7 million
- Consumer loans: $12.3 million
The company’s allowance for credit losses on loans was $3.4 million as of September 30, 2024 .
Borrowings
Total borrowings decreased by $20.7 million, or 22.3%, to $72.3 million at September 30, 2024, primarily due to:
- A decrease in advances from the Federal Home Loan Bank (FHLB) by $20.7 million, or 28.4%, totaling $52.3 million
The company had no outstanding balances under additional credit facilities as of September 30, 2024 .
| Borrowing Source | Principal Amount (in millions) | Maturity Date | Interest Rate |
|---|---|---|---|
| FHLB Advance | $520 | 2025 | 0.00% - fixed |
| FHLB Advance | $50,000 | 2026 | 4.38% - 4.75% - fixed |
| FHLB Advance | $718 | 2028 | 0.00% - fixed |
| Total Borrowings | $72.3 million |
Financial Performance
For the nine months ended September 30, 2024, First Seacoast Bancorp reported net income of $895,000, compared to a net loss of $987,000 for the same period in 2023. Earnings per share for the nine months ended September 30, 2024 were $0.20.
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Net Income (Loss) (in thousands) | $895 | $(987) |
| Earnings (Loss) per Share | $0.20 | $(0.21) |
Non-Interest Income and Expenses
Non-interest income for the nine months ended September 30, 2024 was $3.6 million, a significant increase from $1.8 million in the same period of 2023. This increase was primarily due to a one-time gain on the sale of land and buildings.
Non-interest expenses decreased by $298,000, or 2.5%, to $11.8 million for the nine months ended September 30, 2024.
How First Seacoast Bancorp, Inc. (FSEA) Makes Money
Revenue Generation Overview
Revenue Generation Overview
First Seacoast Bancorp, Inc. generates revenue primarily through two main avenues: interest income and non-interest income.
Interest Income
For the nine months ended September 30, 2024, total interest and dividend income increased to $18.9 million, which represents a 27.8% increase compared to $14.8 million for the same period in 2023. The growth was primarily driven by:
- Interest and fees on loans increased by $2.4 million.
- Interest and dividend income on investments rose by $1.7 million.
The weighted average annualized yield on interest-earning assets was 4.45% for the nine months ended September 30, 2024, up from 3.73% in 2023.
Loan Portfolio Performance
As of September 30, 2024, net loans increased to $434.5 million, a 1.9% increase from $426.6 million at the end of 2023. The breakdown of loans includes:
| Loan Type | Amount (in thousands) | Change |
|---|---|---|
| One-to-four-family residential mortgage loans | $279,832 | Increased by $10.9 million (4.0%) |
| Commercial real estate mortgage loans | $85,696 | Decreased by $870,000 (1.0%) |
| Multi-family loans | $5,824 | Decreased by $1.8 million (23.2%) |
| Commercial and industrial loans | $24,096 | Decreased by $1.4 million (5.6%) |
| Home equity loans and lines of credit | $16,678 | Increased by $2.6 million (18.3%) |
| Consumer loans | $12,266 | Increased by $2.5 million (25.0%) |
Non-Interest Income
Non-interest income for the nine months ended September 30, 2024 reached $3.6 million, up 95.2% from $1.8 million in 2023. Key contributions include:
- A one-time gain on the sale of land and buildings amounting to $2.5 million.
- Investment service fees increased to $319,000.
Net Interest and Dividend Income
Net interest and dividend income was $8.9 million for the nine months ended September 30, 2024, which is an increase of 1.7% from $8.7 million in 2023. The annualized net interest margin decreased slightly to 2.10% from 2.21% in the same period.
Expenses and Provisions
Non-interest expenses for the nine months ended September 30, 2024 totaled $11.8 million, down from $12.1 million in 2023. The provision for credit losses was a release of $20,000 in 2024 compared to a provision expense of $170,000 in 2023.
Capital and Borrowing Structure
Total stockholders’ equity as of September 30, 2024 was $65.8 million, a decrease of 1.2% from $66.6 million at the end of 2023. Total borrowings decreased to $72.3 million from $93.0 million.
| Borrowing Source | Amount (in thousands) | Interest Rate |
|---|---|---|
| Federal Home Loan Bank (FHLB) | $52,268 | 4.38% to 4.75% |
| Federal Reserve Bank (FRB) | $20,000 | 4.89% |
Conclusion
As of September 30, 2024, First Seacoast Bancorp, Inc. has effectively managed its income streams and expenses, positioning itself for continued revenue generation through both interest and non-interest avenues.
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Resources:
- First Seacoast Bancorp, Inc. (FSEA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of First Seacoast Bancorp, Inc. (FSEA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View First Seacoast Bancorp, Inc. (FSEA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.