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First Seacoast Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports an increase in total assets to $601.8 million, up from $571.0 million at the end of 2023, attributed primarily to increases in cash, net loans, and securities available-for-sale.
Net loans increased by $7.9 million to $434.5 million, with significant growth in one- to four-family residential mortgage loans, despite decreases in commercial real estate and industrial loans.
Total deposits grew by $42.9 million to $447.7 million, driven by increases in both commercial and retail deposits, while borrowings decreased by $20.7 million.
Net income for the quarter was $44,000, compared to a net loss of $911,000 in the same quarter of the previous year, due to higher net interest and dividend income and lower non-interest expenses.
Interest and dividend income rose by $1.4 million, with a notable increase in interest and fees on loans, while interest expense increased by $972,000 due to higher deposit costs.
Non-interest income increased slightly, while non-interest expenses decreased, primarily due to reduced salaries and marketing costs.
The company reported a provision for credit losses of $16,000 for the quarter, down from $120,000 in the previous year, reflecting changes in the allowance for credit losses on loans and off-balance sheet exposures.
First Seacoast Bancorp's liquidity position remains strong, with available borrowing capacity at the Federal Home Loan Bank and Federal Reserve Bank.
The filing also discusses the company's strategies for managing interest rate risk, including the use of interest rate swaps and maintaining a diversified loan portfolio.
First Seacoast Bancorp continues to focus on managing its interest rate risk and maintaining a strong liquidity position to support its growth initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Seacoast Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.