A Brief History of First Seacoast Bancorp, Inc. (FSEA)

Foundation and Early Years

First Seacoast Bancorp, Inc. was established in 1891 as a mutual savings bank in the Seacoast region of New Hampshire. Initially named Seacoast Savings Bank, it provided essential banking services to the local community.

Conversion to a Public Company

In 2015, First Seacoast Bancorp completed its mutual-to-stock conversion, making it a public company. The initial public offering (IPO) raised approximately $15 million in capital.

Key Financial Milestones

By the end of 2022, First Seacoast Bancorp reported total assets of $360 million, with total deposits amounting to $313 million and total loans at $266 million.

Acquisitions and Expansion

In 2019, First Seacoast Bancorp acquired the assets of the New Hampshire-based Lake Sunapee Bank, which enabled expansion into new markets and added approximately $150 million in assets.

Recent Financial Performance

As of the first quarter of 2023, First Seacoast Bancorp's net interest margin was reported at 3.45%, while the return on average assets (ROAA) was 0.85%.

Community Involvement

First Seacoast Bancorp actively engages in community programs, having contributed over $200,000 in charitable donations in 2022 to various local organizations.

Current Market Position

As of October 2023, First Seacoast Bancorp's stock trades at approximately $16.50 per share, with a market capitalization of around $110 million.

A Who Owns First Seacoast Bancorp, Inc. (FSEA)

Ownership Structure

As of the latest available data, the ownership of First Seacoast Bancorp, Inc. (FSEA) is distributed across various institutional and individual investors. The following table outlines the significant shareholders and their respective ownership percentages:

Market Capitalization

The market capitalization of First Seacoast Bancorp, Inc. is approximately $75 million as of the latest trading data. The stock is publicly traded under the symbol FSEA on the NASDAQ exchange.

Recent Performance Metrics

The financial performance of FSEA can be measured by various metrics including earnings per share (EPS) and return on equity (ROE). The most recent figures are as follows:

Recent Changes in Ownership

Over the past year, FSEA has experienced several changes in its shareholder base. Notable transactions include:

• BlackRock increased its stake by 2.0% in the last quarter.
• The Vanguard Group acquired an additional 15,000 shares in January 2023.
• JP Morgan reduced its holdings by 1.5% during the second quarter.

Shareholder Meetings and Votes

FSEA conducts annual shareholder meetings where key decisions and votes are initiated, including:

• Election of Board Members
• Approval of executive compensation
• Assessment of shareholder proposals

Impact of Institutional Investors

The presence of institutional investors has a significant impact on the governance and strategic direction of FSEA. Their involvement influences:

• Board Composition
• Shareholder Engagement Policies
• Financial Reporting Standards

Future Outlook for Ownership

Analysts suggest that the trend of institutional investment in FSEA may continue, driven by the bank's robust financial performance and market positioning. The anticipation for future share buybacks and dividend increases may also attract more institutional investors.

First Seacoast Bancorp, Inc. (FSEA) Mission Statement

Overview

First Seacoast Bancorp, Inc. (FSEA) aims to provide exceptional banking services and support for the communities it serves, focusing on customer satisfaction, innovative solutions, and sustainable growth. The institution is committed to driving economic vitality in the region through responsible lending practices and quality customer service.

Core Values

• Integrity
• Customer Focus
• Community Commitment
• Innovation
• Excellence

Strategic Objectives

The mission of First Seacoast Bancorp is underpinned by several strategic objectives aimed at fostering growth and enhancing shareholder value:

• Expand product offerings that meet customer needs.
• Enhance customer experience through technology and innovation.
• Support local communities through various initiatives.
• Maintain a strong financial performance and capital position.

Financial Performance

As of the most recent fiscal year-end, First Seacoast Bancorp reported the following financial highlights:

Community Engagement

First Seacoast Bancorp is dedicated to community involvement, participating in numerous initiatives:

• Financial literacy programs for local schools.
• Sponsoring local events and charities.
• Offering volunteer services from employees.

Future Directions

In alignment with its mission, First Seacoast Bancorp is focusing on:

• Leveraging technology to enhance customer service.
• Diversifying its portfolio with new financial products.
• Building stronger ties with community organizations.

Conclusion

The mission statement of First Seacoast Bancorp encapsulates its commitment to providing exemplary banking services while fostering community growth and financial stability.

How First Seacoast Bancorp, Inc. (FSEA) Works

Corporate Overview

First Seacoast Bancorp, Inc. (FSEA) is a holding company based in New Hampshire, primarily engaged in providing a range of financial services. FSEA operates through its wholly-owned subsidiary, First Seacoast Bank.

Financial Performance

As of the latest financial reports, FSEA reported the following key financial metrics for the fiscal year ending December 31, 2022:

Business Model

FSEA operates primarily through retail banking, offering various products and services to individual and business clients. The business model focuses on:

• Consumer Banking: Savings accounts, checking accounts, personal loans, and mortgages.
• Commercial Banking: Business checking accounts, commercial loans, and lines of credit.
• Investment Services: Financial planning and investment management solutions.

Market Position

FSEA has established a competitive position in the New Hampshire market. As of 2022, their market share in the state was approximately:

Regulatory Environment

FSEA is subject to regulations by governmental authorities including:

• Federal Reserve System
• Office of the Comptroller of the Currency (OCC)
• Federal Deposit Insurance Corporation (FDIC)

Growth Strategy

The growth strategy of First Seacoast Bancorp includes:

• Geographic Expansion: Opening new branches in underserved areas.
• Digital Banking Services: Enhancements in online and mobile banking platforms.
• Product Diversification: Introduction of new financial products tailored to customer needs.

Recent Developments

In 2023, FSEA announced a strategic initiative to increase its lending capacity by:

• Hiring additional loan officers to enhance customer service.
• Implementing advanced analytics to better assess credit risk.

Community Engagement

First Seacoast Bancorp actively participates in community development through:

• Supporting Local Businesses: Providing small business loans and financial education workshops.
• Charitable Contributions: Donations to local non-profits and community organizations.

Challenges

FSEA faces several challenges including:

• Competitive Pressure: Competition from larger national banks and online financial institutions.
• Regulatory Compliance: Adapting to constantly evolving regulatory requirements.
• Interest Rate Risk: Managing the impact of fluctuating interest rates on profitability.

How First Seacoast Bancorp, Inc. (FSEA) Makes Money

Interest Income

First Seacoast Bancorp generates a significant portion of its revenue through interest income. The bank primarily earns interest from loans and investing in securities.

As of December 31, 2022, First Seacoast Bancorp reported total interest income of $21.5 million. The breakdown is as follows:

Non-Interest Income

In addition to interest income, First Seacoast Bancorp supplements its revenue with non-interest income. For the year ending December 31, 2022, the bank earned a total of $4.3 million from non-interest sources.

The sources of non-interest income include:

• Service Charges on Deposit Accounts: $1.5 million
• Mortgage Banking Income: $2.0 million
• Investment and Insurance Services: $0.8 million

Loan Portfolio Management

Effective management of its loan portfolio is crucial for First Seacoast Bancorp's profitability. As of December 31, 2022, the bank's total loans amounted to $220 million, with a focus on controlling default rates.

The non-performing loans ratio stood at 0.45%, indicating careful loan underwriting and risk management strategies.

Investment Securities

First Seacoast Bancorp also invests in securities as a part of its asset management strategy. The total investment portfolio was valued at $150 million as of the end of 2022.

Here’s the composition of the investment securities:

Cost Management

Cost management plays a pivotal role in enhancing profitability. For the fiscal year 2022, First Seacoast Bancorp reported operating expenses of $15 million. The breakdown includes:

• Salaries and Benefits: $7 million
• Occupancy Expenses: $2 million
• Technology and Operations: $3 million
• Other Expenses: $3 million

Financial Performance Metrics

First Seacoast Bancorp's financial performance is indicated by key metrics such as return on assets (ROA) and return on equity (ROE). As of December 31, 2022:

Capital Position

A strong capital position supports First Seacoast Bancorp’s ability to absorb losses and maintain operational stability. The bank's total capital ratio was reported at 12.5% as of December 31, 2022.

Breakdown of capital includes:

• Common Equity Tier 1 (CET1) Capital: $18 million
• Total Risk-Based Capital: $24 million