UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  November 28, 2023

FIRST SEACOAST BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)

Maryland
  
001-41597
  
92-0334805
(State or Other Jurisdiction of Incorporation)
  
(Commission File No.)
  
(I.R.S. Employer Identification No.)
 
633 Central Avenue, Dover, New Hampshire
  
03820
(Address of Principal Executive Offices)
  
(Zip Code)

Registrant's telephone number, including area code:  (603) 742-4680

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
Common stock, par value $0.01 per share
  
FSEA
 
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 8.01. Other Events.

On November 28, 2023, First Seacoast Bancorp, Inc. (the “Company”) issued a press release regarding the execution of a balance sheet repositioning strategy related to its available-for-sale investment securities portfolio.  For further information, refer to the copy of the press release which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(a)
Financial statements of businesses acquired.  Not Applicable.
 
 
(b)
Pro forma financial information.  Not Applicable.
 
 
(c)
Shell company transactions: Not Applicable.
 
 
(d)
Exhibits:
 
 
Exhibit No.
Description 
     
 
Press release dated November 28, 2023 
 
 
104.1
 
Cover page for this Current Report on Form 8-K, formatted in Inline XBRL


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 
FIRST SEACOAST BANCORP, INC.
   
Date:  Dated: November 29, 2023
By:  /s/ James R. Brannen
 
James R. Brannen
 
President and Chief Executive Officer
   



Exhibit 99.1

FIRST SEACOAST BANCORP, INC. ANNOUNCES
BALANCE SHEET REPOSITIONING

DOVER, NH, November 28, 2023 /PRNewswire/ -- First Seacoast Bancorp, Inc. (the "Company") (NASDAQ Capital Market: FSEA), the holding company for First Seacoast Bank, announced today the execution of a balance sheet repositioning strategy related to its available-for-sale investment securities portfolio.

The Company sold $40.6 million in book value of its lower-yielding investment securities for an estimated after-tax realized loss of $3.1 million. The investment securities sold consisted of $27.3 million of municipal bonds, $5.6 million of residential mortgage-backed securities, $3.9 million of U.S. Small Business Administration pools, $3.3 million of collateralized mortgage obligations and $497,000 of U.S. Government-sponsored enterprises obligations. These securities were all classified as available-for-sale. The Company purchased $40.6 million of higher-yielding investment securities. The investment securities purchased consisted of $14.4 million of residential mortgage-backed securities, $11.5 million of municipal bonds, $12.9 million of floating-rate U.S. Small Business Administration pools and $1.8 million of corporate subordinated debt issued by bank holding companies or banks located in the Company’s market area. These securities were all classified as available-for-sale upon purchase. The purchased securities have a positive spread differential of approximately 348 basis points over the securities that were sold, which is expected to result in $995,000 of additional after-tax earnings, on an annualized basis. The Company estimates that the $3.1 million loss on the sale of securities will be recouped in approximately three years. The effective duration of the securities sold was 5.8 years and the effective duration of the securities purchased is 5.4 years. The loss on the sale of securities is expected to have a neutral impact on the Company’s consolidated shareholders' equity and book value per share. Upon execution of the repositioning strategy, First Seacoast Bank's regulatory capital levels remained well in excess of those required to be categorized as well-capitalized. This repositioning is projected to be accretive to earnings, net interest margin and return on assets in future periods and is designed to provide the Company with greater flexibility in managing balance sheet growth.

Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "believes," "will," "expects," "project," "may," "could," "developments," "strategic," "launching," "opportunities," "anticipates," "estimates," "intends," "plans," "targets" and similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, general economic conditions, changes in interest rates, regulatory considerations, and competition and the other risks described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company's actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any of these statements in light of new information, future events or otherwise unless required by applicable law or regulation.

About First Seacoast Bank
First Seacoast Bank is a federally-chartered stock savings bank serving the financial needs of residents of the Seacoast region of New Hampshire. First Seacoast Bank operates four full-service offices in Strafford County, New Hampshire, and one full-service office in Rockingham County, New Hampshire.




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Document and Entity Information
Nov. 28, 2023
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Document Period End Date Nov. 28, 2023
Entity File Number 001-41597
Entity Registrant Name First Seacoast Bancorp, Inc.
Entity Central Index Key 0001943802
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 92-0334805
Entity Address, Address Line One 633 Central Avenue
Entity Address, City or Town Dover
Entity Address, State or Province NH
Entity Address, Postal Zip Code 03820
City Area Code 603
Local Phone Number 742-4680
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol FSEA
Security Exchange Name NASDAQ
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