Here are a few brief analogies for First Seacoast Bancorp (FSEA):

• Think of it as a local **TD Bank** for the New Hampshire Seacoast region.

• It's like **Bank of America**, but scaled down to serve specific communities in New Hampshire.

• Deposit Accounts: Offers various interest-bearing and non-interest-bearing checking, savings, money market accounts, and time deposits for individuals and businesses.
  • Checking Accounts: Provides accounts for daily transactions.
  • Savings Accounts: Offers accounts for saving money and earning interest.
  • Money Market Accounts: Provides a savings option with higher interest rates and limited check-writing.
  • Time Deposits: Offers certificates of deposit (CDs) with fixed interest rates for a specified term.
• Lending Products: Provides a range of financing options for residential, commercial, and consumer needs.
  • Residential Real Estate Loans: Loans for the purchase or refinance of one-to-four family homes.
  • Commercial Real Estate and Multi-family Loans: Financing for business properties and multi-unit residential buildings.
  • Acquisition, Development, and Land Loans: Loans for purchasing, developing, or improving land.
  • Commercial and Industrial Loans: Loans provided to businesses for operational capital, equipment, or expansion.
  • Home Equity Loans and Lines of Credit: Loans or credit lines secured by a homeowner's property equity.
  • Consumer Loans: Personal loans for various individual needs.
• Wealth Management Services: Offers financial planning and investment advice for individuals and businesses.
  • Retirement Planning: Assists clients in planning for their retirement savings and income needs.
  • Portfolio Management: Provides professional management of investment portfolios.
  • Investment and Insurance Strategies: Offers advice and solutions for investment and insurance needs.
  • Business Retirement Plans: Helps businesses establish and manage retirement plans for employees.
  • College Planning: Assists families in planning and saving for higher education expenses.

First Seacoast Bancorp (FSEA) provides banking products and services to a diverse customer base rather than a few major corporate clients. Based on the company description, its customers can be categorized as follows:

• Individual Consumers: These customers utilize a range of personal banking services including checking, savings, money market accounts, time deposits, one- to four-family residential real estate loans, home equity loans and lines of credit, consumer loans, and personal wealth management services such as retirement planning, portfolio management, investment and insurance strategies, and college planning.
• Businesses (Commercial Clients): These customers primarily use commercial banking services, which encompass business checking and savings accounts, time deposits, commercial real estate and multi-family loans, acquisition, development, and land loans, commercial and industrial loans, and business retirement plans.

James R. Brannen, Chief Executive Officer

James R. Brannen assumed the role of Chief Executive Officer in May 2025, having served as President and Chief Executive Officer since 2018. He initially joined First Seacoast Bank in 2007 as Executive Vice President and Chief Financial Officer. With over 30 years of experience in community banking across New Hampshire, his expertise spans credit, lending, collections, branch administration, developing new lending programs, implementing new technologies, and managing bank mergers and branch acquisitions. Mr. Brannen holds an MBA from the University of New Hampshire.

Richard M. Donovan, President & Chief Financial Officer

Richard M. Donovan was appointed President of First Seacoast Bank and First Seacoast Bancorp, Inc. in May 2025, while continuing his role as Chief Financial Officer, which he has held since May 2018. He brings over 35 years of experience in finance, including previous positions as a finance consultant for various community and regional banks in the Mid-Atlantic and New England regions, and as Vice President of Finance at a community bank in New York. Mr. Donovan also spent 12 years as a CPA at a regional accounting firm.

John E. Swenson, Executive Vice President, Chief Operating Officer

John E. Swenson joined First Seacoast Bank in May 2018. He possesses over 35 years of experience in banking operations, collections, lending, eBanking, and deposit functions acquired at various New Hampshire community banks. In his current role, he is responsible for overseeing the Bank's operations, Information Technology, deposit operations, loan operations, and the customer call center.

Timothy F. Dargan, Executive Vice President, Senior Commercial Loan Officer

Timothy F. Dargan serves as the Executive Vice President and Senior Commercial Loan Officer. He is also actively involved in the community, holding the position of Chairperson of the Board for the Strafford Economic Development Corporation. Previously, he served in the same capacity for the Dover Business and Industrial Development Authority.

Sharon A. Zacharias, Senior Vice President, Human Resources Director

Sharon A. Zacharias is the Senior Vice President and Human Resources Director. In addition to her role at the bank, she contributes to the community as a member of the Board of Directors for the Dover Children's Home, where she also chairs their Personnel Committee.

The key risks to First Seacoast Bancorp (FSEA) include:

1. Interest Rate Risk: First Seacoast Bancorp is significantly exposed to fluctuations in interest rates, which directly impact its net interest income and net interest margin. An unfavorable interest rate environment has led to a decrease in net interest margin in recent years, making it challenging to reduce the cost of deposits due to local competitive pressures. Changes in interest rates also affect the pricing of the company's loans and deposits, as well as the value of its investment securities portfolio.
2. Competition: The company operates in a highly competitive financial services industry. It faces substantial competition from various financial institutions, including commercial banks, savings and loan associations, and non-bank financial service providers. This intense competition is further amplified by evolving regulations, technological advancements, changes in product delivery systems, and ongoing consolidation within the financial services sector.
3. Credit Risk: As a lending institution, First Seacoast Bancorp is inherently exposed to credit losses. These risks are primarily influenced by broader economic conditions and the individual performance of its borrowers. Effective management of credit risk is crucial for the company's financial stability and performance.

• The rise of neobanks and fintech platforms that offer fully digital banking services, attracting customers away from traditional brick-and-mortar banks for deposits, checking, savings, and consumer lending, without requiring a local physical presence.
• The growth of robo-advisors and digital wealth management platforms that provide automated, low-cost investment and financial planning services, drawing clients away from First Seacoast Bancorp's traditional wealth management offerings.

• Deposits and Banking Products: The total deposits held by banks operating branches in New Hampshire was approximately $47.7 billion as of Q2 2024.

• Lending Products (overall): Banks in New Hampshire originated $40 billion in loans in 2024, which includes residential mortgages, business loans, and consumer loans.

• Residential Real Estate Loans: New home loans booked in New Hampshire amounted to $4.3 billion in 2024.

• Commercial and Industrial Loans (Small Business Loans): Small business loans in New Hampshire totaled $2.4 billion in 2024.

• Wealth Management Services: The market size of the Portfolio Management & Investment Advice industry in New Hampshire is projected to be $2.2 billion in 2026.

Share Repurchases

• In April 2024, First Seacoast Bancorp authorized a stock repurchase program for up to 507,707 shares of common stock, representing approximately 10% of its then-outstanding shares.
• An additional authorization for up to 228,858 shares was announced in December 2024 under the ongoing stock repurchase program, with this authorization set to expire on December 3, 2025.
• As of December 2024, the company had repurchased 397,008 shares at an average price of $9.15 per share.

Share Issuance

• First Seacoast Bancorp completed a conversion transaction from a mutual holding company to a stock holding company in January 2023.
• As part of this conversion, the company sold 2,805,000 shares of its common stock at a price of $10.00 per share, including 224,400 shares sold to First Seacoast Bank's Employee Stock Ownership Plan.

Outbound Investments

• In August 2021, First Seacoast Bank entered into an agreement to purchase certain client accounts and relationships from an investment advisory and wealth management firm for an adjusted purchase price of $324,000.
• The transition of these client accounts was completed in June 2023, at which point the balance of the purchase price was paid.

Capital Expenditures

• First Seacoast Bancorp's Last Twelve Months (LTM) Capital Expenditure to Revenue ratio was 0.8% for the period covering 2017-2024, reflecting ongoing reinvestment in the business.
• In 2024, the company undertook a sale-leaseback transaction which resulted in a pre-tax recognized gain of $2.5 million and a $1.5 million finance lease liability.