First Seacoast Bancorp, Inc. reported a net loss of $508,000 for the first quarter of 2026, a slight improvement compared to a net loss of $603,000 in the same period last year. The company's total interest and dividend income increased marginally to $6.5 million, up from $6.4 million, driven by a rise in interest income from investments, despite a decline in interest and fees on loans. The net interest and dividend income after the release of credit losses rose to $3.5 million, reflecting a $335,000 increase from the previous year, attributed to a decrease in interest expenses on deposits and borrowings.
Total assets for First Seacoast Bancorp decreased by 1.8% to $588.8 million as of March 31, 2026, down from $599.3 million at the end of 2025. This decline was primarily due to a $1.1 million decrease in net loans and a $9.7 million reduction in available-for-sale securities. The company’s net loans stood at $415 million, a slight decrease from $416 million at the end of the previous year. The allowance for credit losses on loans remained stable at $3.4 million, reflecting management's assessment of credit risk in the current economic environment.
In terms of operational metrics, total deposits fell by $11.8 million to $459 million, largely due to a decrease in retail deposits, although commercial deposits saw a slight increase. The company reported a total of 4,691,674 outstanding shares of common stock as of May 11, 2026. First Seacoast Bancorp continues to focus on its core banking services, which include residential lending, commercial banking, personal banking, and wealth management, primarily serving customers in New Hampshire and Southern Maine.
Looking ahead, First Seacoast Bancorp has entered into a merger agreement with Cambridge Financial Group, which is expected to close in the third quarter of 2026, subject to regulatory and shareholder approvals. Under the terms of the agreement, shareholders will receive $17.25 in cash for each share of common stock. The merger is anticipated to enhance the company's market position and operational capabilities, aligning with its strategic growth objectives.
About First Seacoast Bancorp, Inc.
First Seacoast Bancorp, Inc. is a regional savings and loan holding company operating through First Seacoast Bank in New Hampshire and Maine. It offers residential, commercial, multi-family, land development, and consumer loans, along with wealth management services. The company focuses on community banking, personalized service, and local market expertise, competing in a highly competitive environment with a diversified loan portfolio and emphasis on local community development.
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