First Seacoast Bancorp Inc. (FSEA) reports earnings

First Seacoast Bancorp Inc. (FSEA-0.87%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.

The filing reports total assets of $580.8 million, a slight increase from $571.0 million the previous year. Net loans increased by $8.8 million to $435.5 million, while deposits rose by $49.4 million to $454.2 million.

The company reported a net loss of $513,000 for the year, a significant improvement from the $10.7 million net loss in 2023. This was attributed to increased non-interest income and a decrease in non-interest expenses.

Interest and dividend income increased by $4.8 million, driven by higher interest rates and increased loan balances. However, interest expense also rose by $4.5 million due to higher deposit and borrowing costs.

Non-interest income saw a notable increase of $5.9 million, primarily due to a gain on the sale of land and buildings and a decrease in losses from securities sales.

The allowance for credit losses on loans was $3.5 million at year-end, reflecting provisions for credit losses and net charge-offs.

The company executed a balance sheet repositioning strategy, selling $23.5 million in lower-yielding securities and purchasing $16.6 million in higher-yielding investments.

First Seacoast Bancorp continues to focus on growing its loan portfolio, particularly in commercial real estate and industrial loans, while maintaining strong asset quality.

The company also aims to increase core deposits and reduce reliance on higher-cost borrowings, with a strategic focus on expanding its deposit base through business development and customer relationships.

First Seacoast Bancorp is committed to maintaining a strong liquidity position and regulatory capital compliance, with no material commitments for capital expenditures reported.

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. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.