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• A regional, community-focused version of Bank of America.
• Like a local JPMorgan Chase, serving the New Hampshire Seacoast.

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First Seacoast Bancorp (FSEA), through its subsidiary First Seacoast Bank, primarily offers the following financial products and services:

• Deposit Services: Services enabling customers to store funds, including checking, savings, money market accounts, and certificates of deposit.
• Residential Mortgage Loans: Loans primarily for the purchase or refinancing of one-to-four family owner-occupied or investment properties.
• Commercial Real Estate Loans: Loans secured by commercial properties, such as office buildings, retail centers, or industrial facilities.
• Construction Loans: Financing provided for the development and building of residential and commercial properties.
• Commercial and Industrial Loans: Loans extended to businesses for various purposes, including working capital, equipment purchases, or business expansion.
• Consumer Loans: A range of personal loans including home equity lines of credit, auto loans, and other unsecured or secured personal financing.

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First Seacoast Bancorp (FSEA) is a bank holding company for First Seacoast Bank, which operates as a community bank. As such, it sells banking products and services primarily to a broad base of individuals and businesses within its service area rather than having a few identifiable "major customer companies."

The company primarily serves the following categories of customers:

• Individuals/Consumers: This category includes residents seeking personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit, residential mortgage loans, home equity lines of credit, and other consumer loans (e.g., auto loans).
• Small to Medium-sized Businesses: This category encompasses local businesses requiring commercial banking services, including business checking and savings accounts, commercial real estate loans, commercial term loans, lines of credit, and treasury management services.
• Non-profit Organizations and Municipalities: First Seacoast Bancorp also serves various non-profit organizations and governmental entities within its community, providing tailored deposit accounts and lending solutions to meet their specific operational and financial needs.

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• Wolf & Company, P.C.
• Luse Gorman, PC

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James R. Brannen Chief Executive Officer

James R. Brannen joined First Seacoast Bank in 2007 as Executive Vice President and Chief Financial Officer. He became President and Chief Executive Officer in 2018 and assumed the role of CEO in May 2025. With over 30 years of experience in community banking in New Hampshire, his background includes expertise in credit, lending, collections, branch administration, developing new lending programs, implementing new technologies, and bank mergers and branch acquisitions. He holds an MBA from the University of New Hampshire and has served on various community boards. Currently, he is the Chairperson of the Board of Directors of the New Hampshire Bankers Association.

Richard M. Donovan President & Chief Financial Officer

Richard M. Donovan was named 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 finance experience, including serving as a finance consultant for several community and regional banks in the Mid-Atlantic and New England. His past experience also includes being Vice President of Finance at a community bank in New York and spending 12 years as a CPA at a regional accounting firm.

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

Timothy F. Dargan serves as the Executive Vice President and Senior Commercial Loan Officer for First Seacoast Bank.

John E. Swenson Executive Vice President, Chief Operating Officer

John E. Swenson holds the position of Executive Vice President and Chief Operating Officer.

Paul Nee Senior Vice President, Chief Information Officer

Paul Nee joined First Seacoast Bank in 2022 as Senior Vice President and Chief Information Officer. He has over 30 years of Information Technology experience, having previously served for 20 years as Chief Information Officer at a large commercial bank in New Hampshire. Paul is a graduate of Wentworth Institute of Technology, ABA/Stonier National Graduate School of Banking, and BAI Graduate School of Operations and Payments.

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1. Interest Rate Risk: The company's financial performance is significantly tied to net interest income, which is the difference between interest earned on assets and interest paid on liabilities. Fluctuations in interest rates can materially impact the company's net interest income, the pricing of its loans and deposits, and the value of its investment securities portfolio. The net interest margin has been negatively affected by an unfavorable interest rate environment in recent periods.
2. Highly Competitive Financial Services Industry: First Seacoast Bancorp operates within a fiercely competitive financial services sector. It faces substantial competition from various financial institutions, including commercial banks, savings and loan associations, and non-bank financial service providers. This intense competition, driven by evolving regulations, technology, product delivery systems, and industry consolidation, could hinder the company's ability to attract deposits, originate loans, and acquire wealth management clients.
3. Extensive Regulation and Examination: The company is subject to comprehensive regulation and ongoing examination by federal authorities. Changes in regulatory requirements or the introduction of new regulations have the potential to increase operational costs or impose limitations on its business activities.

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The rise of digitally native financial technology (fintech) companies and neobanks presents a clear emerging threat to traditional community banks like First Seacoast Bancorp. These digital-first entities leverage advanced technology to offer core banking services such as checking, savings, and lending through mobile applications and online platforms, often with lower fees, more competitive interest rates, and superior user experiences.

This model directly challenges the traditional branch-based banking model, eroding the geographic advantage of community banks and attracting a growing segment of consumers, particularly younger generations, who prioritize digital convenience and seamless online interactions. This parallels the historical disruption where digital services like Netflix fundamentally altered the media consumption landscape for physical rental businesses like Blockbuster, or how Uber's platform-based model disrupted traditional taxicab services.

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Here are 3-5 expected drivers of future revenue growth for First Seacoast Bancorp (FSEA) over the next 2-3 years:

1. Growth in Loan Portfolio, particularly Commercial Real Estate and Commercial & Industrial Lending: First Seacoast Bancorp aims to increase its loan portfolio, with a specific focus on commercial real estate (CRE) and commercial and industrial (C&I) lending. This strategic emphasis is expected to drive higher interest and fee income.
2. Increase in Core Deposits: The company is actively working to expand its core deposits and reduce its reliance on more expensive borrowings. This strategy helps to lower interest expenses and enhance the net interest margin, thereby boosting overall revenue.
3. Strategic Market Expansion: First Seacoast Bancorp is exploring opportunities for growth within its existing market and adjacent areas. This expansion could be achieved through organic growth, such as opening new branches (de novo branching), or through opportunistic acquisitions that enhance the company's franchise value and shareholder returns.
4. Expansion of Wealth Management Services: The bank offers wealth management services through FSB Wealth Management, including retirement planning and portfolio management. The growth in assets under management (from $123.5 million in 2023 to $141.5 million in 2024) suggests this segment will continue to contribute to non-interest income.
5. Optimizing Net Interest Margin through Balance Sheet Repositioning: First Seacoast Bancorp has undertaken strategies to improve its net interest margin, including repositioning its balance sheet by selling lower-yielding investment securities and acquiring higher-yielding ones. This proactive management of interest-earning assets and liabilities is anticipated to generate additional earnings.

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Share Repurchases

• In April 2024, First Seacoast Bancorp authorized a stock repurchase program to buy back up to 507,707 shares, representing approximately 10% of its then-outstanding common stock.
• An additional authorization for repurchases of up to 228,858 shares was announced in December 2024 under the ongoing program.
• As of December 12, 2024, the company had repurchased 397,008 shares at an average price of $9.15 per share. This additional authorization is set to expire on December 3, 2025.

Share Issuance

• In January 2023, First Seacoast Bancorp, Inc. completed its conversion from a mutual holding company to a stock holding company.
• During this conversion, the company sold a total of 2,805,000 shares of its common stock at a price of $10.00 per share.
• This issuance included 224,400 shares sold to First Seacoast Bank's Employee Stock Ownership Plan.

Outbound Investments

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