First Seacoast Bancorp(US:FSEA)2025-11-14 13:31Financial Position - Total assets increased by $28.8 million, or 5.0%, to $609.6 million as of September 30, 2025, compared to $580.8 million at December 31, 2024[161]. - Total liabilities increased to $537,297 as of September 30, 2025, compared to $513,976 at the end of 2024[210]. - Total stockholders' equity increased by $1.1 million, or 1.8%, to $63.2 million at September 30, 2025[174]. Cash and Deposits - Cash and due from banks rose by $12.5 million, or 175.7%, to $19.6 million at September 30, 2025, driven by a $27.3 million increase in total deposits[162]. - Total deposits increased by $25.8 million, or 5.7%, to $480.0 million as of September 30, 2025, from $454.2 million at December 31, 2024[172]. - Core deposits rose by $4.6 million, or 1.5%, to $323.1 million at September 30, 2025, compared to $318.5 million at December 31, 2024[172]. Loan Portfolio - Net loans decreased by $5.5 million, or 1.3%, to $430.0 million at September 30, 2025, with $9.2 million collected in loan principal during the nine months ended September 30, 2025[165]. - One- to four-family residential mortgage loans decreased by $4.1 million, or 1.5%, to $271.1 million at September 30, 2025[166]. - Commercial and industrial loans increased by $971,000, or 4.1%, to $24.7 million at September 30, 2025[166]. - The portfolio of purchased loans had an outstanding principal balance of $37.0 million as of September 30, 2025, performing in accordance with original repayment terms[165]. Income and Expenses - Net income for the three months ended September 30, 2025, was $390,000, an increase of $346,000 from $44,000 for the same period in 2024[178]. - Total interest and dividend income increased by $344,000, or 5.3%, to $6.9 million for the three months ended September 30, 2025[179]. - Net interest and dividend income rose by $465,000, or 15.6%, to $3.4 million for the three months ended September 30, 2025[183]. - Non-interest income increased by $180,000, or 49.5%, to $544,000 for the three months ended September 30, 2025[185]. - Non-interest expense increased by $969,000, or 8.3%, to $12.7 million for the nine months ended September 30, 2025, from $11.8 million for the same period in 2024[203]. Interest Rates and Risk Management - The weighted average annualized yield on interest-earning assets increased to 4.59% for the nine months ended September 30, 2025, from 4.45% for the same period in 2024[197]. - The net interest rate spread improved to 1.70% for the nine months ended September 30, 2025, up from 1.43% in 2024[206]. - In a rising interest rate environment, the company anticipates that deposit and borrowing rates will reprice upwards faster than long-term loan rates, compressing the interest rate spread[224]. - A substantial and unexpected change in market interest rates could materially adversely affect the company's financial condition and results of operations[225]. - The company monitors its exposure to interest rate movements regularly and implements strategies to mitigate negative impacts[222]. Credit Losses and Provisions - The allowance for credit losses (ACL) on loans was $3.5 million at both September 30, 2025, and December 31, 2024, based on ASU 2016-13[168]. - Provision for credit losses recorded was $50,000 for the nine months ended September 30, 2025, compared to a $(20,000) release of credit losses for the same period in 2024[201]. - Non-performing loans were $194,000 as of September 30, 2025, compared to $0 at December 31, 2024[177]. Economic Value and Liquidity - The bank's liquidity position is monitored daily, with no material commitments for capital expenditures as of September 30, 2025[214]. - The bank exceeded all regulatory capital requirements as of September 30, 2025, and is categorized as well-capitalized[216]. - The economic value of equity is expected to decrease by 20.9% with a 200 basis point increase in interest rates, which is above the policy limit of 20%[224].