First Seacoast Bancorp Reports $545,000 Net Loss for Q2 2025

First Seacoast Bancorp, Inc. reported a net loss of $545,000 for the three months ended June 30, 2025, a significant decline from the net income of $2.0 million recorded in the same period of 2024. This loss translates to a loss per share of $0.13, compared to earnings of $0.44 per share in the prior year. The decrease in profitability was primarily attributed to a substantial drop in non-interest income, which fell by $2.4 million due to a one-time gain of $2.5 million from the sale of land and buildings recognized in the previous year. Total interest and dividend income, however, increased by 7.1% to $6.7 million, driven by higher interest and fees on loans.

In terms of financial position, total assets rose to $604.8 million as of June 30, 2025, marking a 4.1% increase from $580.8 million at the end of 2024. This growth was largely fueled by a $24.1 million increase in available-for-sale securities, which reached $144.3 million. The company also reported a slight increase in net loans, which rose to $436.0 million, reflecting a modest growth strategy focused on higher-yielding commercial real estate and industrial loans. The allowance for credit losses on loans remained stable at $3.5 million, indicating a cautious approach to credit risk management.

Operationally, First Seacoast Bancorp has maintained a steady deposit base, with total deposits increasing by 4.0% to $472.3 million. This growth was primarily driven by a $19.8 million rise in retail deposits, although there was a slight decrease in commercial deposits. The company has also been active in its stock repurchase program, having repurchased 481,967 shares under a plan that allows for the repurchase of up to 736,565 shares in total. As of June 30, 2025, the company held 597,999 shares in treasury.

Looking ahead, First Seacoast Bancorp's management remains focused on enhancing its loan portfolio and deposit base while navigating the challenges posed by fluctuating interest rates and market conditions. The company is committed to maintaining its capital adequacy, having exceeded all regulatory capital requirements as of June 30, 2025. The outlook suggests a continued emphasis on conservative lending practices and strategic growth initiatives to bolster profitability and shareholder value in the coming quarters.