What changed in First Seacoast Bancorp, Inc.'s 2025 10-K compared to 2024?

Across the narrative sections we track, First Seacoast Bancorp, Inc. (FSEA) added 228 paragraphs, removed 231, and edited 212 between the 2024 and 2025 10-K filings. The biggest movers are Item 1. Business (+119/−124), Item 6. [Reserved] (+98/−96), Item 5. Market for Registrant's Common Equity (+4/−4).

Did First Seacoast Bancorp, Inc. update its Cybersecurity disclosure (Item 1C) in 2025?

Item 1C Cybersecurity has 3 paragraph-level changes between the 2024 and 2025 filings.

Did First Seacoast Bancorp, Inc.'s Legal Proceedings (Item 3) change in 2025?

Item 3 shows 1 added/edited paragraphs and 1 removed paragraphs — usually indicating new litigation disclosed or settled cases removed.

Where does this FSEA 10-K diff come from?

The source filings are First Seacoast Bancorp, Inc.'s official 2024 and 2025 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

What changed in First Seacoast Bancorp, Inc.'s 10-K — 2024 vs 2025

Paragraph-level year-over-year comparison of First Seacoast Bancorp, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+228 added−231 removedSource: 10-K (2026-03-20) vs 10-K (2025-03-21)

Top changes in First Seacoast Bancorp, Inc.'s 2025 10-K

228 paragraphs added · 231 removed · 212 edited across 6 sections

Item 1. Business+119 / −124 · 113 edited
Item 6. [Reserved]+98 / −96 · 88 edited
Item 5. Market for Registrant's Common Equity+4 / −4 · 4 edited
Item 1C. Cybersecurity+3 / −3 · 3 edited
Item 2. Properties+3 / −3 · 3 edited

Item 1. Business

Business — how the company describes what it does

113 edited+6 added−11 removed254 unchanged

2024 filing

2025 filing

Biggest changeThe ACL allocated to each category is not necessarily indicative of future losses in any particular category and does not restrict the use of the allowance to absorb losses in other categories. 16 At December 31, 2024 2023 Allowance for Credit Losses on Loans Percent of Allowance in Category to Total Allocated Allowance Percent of Loans in Each Category to Total Loans Allowance for Loan Losses Percent of Allowance in Category to Total Allocated Allowance Percent of Loans in Each Category to Total Loans (Dollars in thousands) One- to four-family residential real estate $ 1,612 48.06 % 62.71 % $ 1,601 47.64 % 62.55 % Commercial real estate 710 21.17 % 19.60 % 830 24.70 % 20.13 % Acquisition, development and land 87 2.59 % 3.40 % 105 3.12 % 4.07 % Commercial and industrial 233 6.95 % 5.40 % 236 7.02 % 5.93 % Home equity loans and lines of credit 214 6.38 % 4.76 % 156 4.64 % 3.28 % Multi-family 59 1.76 % 1.31 % 76 2.26 % 1.76 % Consumer 439 13.09 % 2.82 % 357 10.62 % 2.28 % Total allocated allowance $ 3,354 100.00 % 100.00 % $ 3,361 100.00 % 100.00 % Unallocated 132 29 Total $ 3,486 $ 3,390 The Company measures and records its ACL based upon an expected loss model.

Biggest changeThe ACL allocated to each category is not necessarily indicative of future losses in any particular category and does not restrict the use of the allowance to absorb losses in other categories. 15 At December 31, 2025 2024 Allowance for Credit Losses on Loans Percent of Allowance in Category to Total Allocated Allowance Percent of Loans in Each Category to Total Loans Allowance for Credit Losses on Loans Percent of Allowance in Category to Total Allocated Allowance Percent of Loans in Each Category to Total Loans (Dollars in thousands) One- to four-family residential real estate $ 1,488 45.97 % 63.24 % $ 1,612 48.06 % 62.71 % Commercial real estate 618 19.08 % 19.22 % 710 21.17 % 19.60 % Acquisition, development and land 88 2.72 % 3.07 % 87 2.59 % 3.40 % Commercial and industrial 183 5.65 % 5.37 % 233 6.95 % 5.40 % Home equity loans and lines of credit 204 6.30 % 4.92 % 214 6.38 % 4.76 % Multi-family 48 1.49 % 1.15 % 59 1.76 % 1.31 % Consumer 609 18.80 % 3.03 % 439 13.09 % 2.82 % Total allocated allowance $ 3,237 100.01 % 100.00 % $ 3,354 100.00 % 100.00 % Unallocated 189 132 Total $ 3,426 $ 3,486 The Company measures and records its ACL based upon an expected loss model.

Subject to market conditions and our asset-liability analysis, we expect to continue to increase our focus on commercial real estate and commercial and industrial loans, in an effort to diversify our overall loan portfolio and increase the overall yield earned on our loans.

Subject to market conditions and our asset-liability analysis, we expect to continue to focus on commercial real estate and commercial and industrial loans, in an effort to diversify our overall loan portfolio and increase the overall yield earned on our loans.

Our board of directors is responsible for adopting and reviewing annually our investment policy. Our Asset/Liability Management Committee (“ALCO”) is responsible for implementing our investment policy. Authority to make investments under the approved investment policy guidelines is delegated to our President and Chief Executive Officer and Chief Financial Officer.

Our board of directors is responsible for adopting and reviewing annually our investment policy. Our Asset/Liability Management Committee (“ALCO”) is responsible for implementing our investment policy. Authority to make investments under the approved investment policy guidelines is delegated to our Chief Executive Officer and President and Chief Financial Officer.

As a federal savings association, First Seacoast Bank must satisfy the qualified thrift lender, or “QTL,” test. Under the QTL test, First Seacoast Bank must maintain at least 65% of its “portfolio assets” in “qualified thrift investments” (primarily residential mortgages and related investments, including mortgage-backed securities) in at least nine months of every 12-month period.

Qualified Thrift Lender Test. As a federal savings association, First Seacoast Bank must satisfy the qualified thrift lender, or “QTL,” test. Under the QTL test, First Seacoast Bank must maintain at least 65% of its “portfolio assets” in “qualified thrift investments” (primarily residential mortgages and related investments, including mortgage-backed securities) in at least nine months of every 12-month period.

In addition, we offer the ICS program, an insured deposit “sweep” program for demand deposits which is a product offered by IntraFi Network, LLC, which is also the provider of the CDARS® program.

Similarly to the certificates of deposit’s discussed above, the Bank receives a like amount of deposits from other financial institutions and all customer deposits are insured by the FDIC. These “reciprocal” CDARS® and ICS deposits are classified as “brokered” deposits in regulatory reports. The Bank considers these deposits to be “core” in nature.

The operations of First Seacoast Bank also are subject to the: • Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records; • Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services; • Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such as digital check images and copies made from that image, the same legal standing as the original paper check; • The USA PATRIOT Act, which requires savings associations to, among other things, establish broadened anti-money laundering compliance programs and due diligence policies and controls to ensure the detection and reporting of money laundering.

The operations of First Seacoast Bank also are subject to the: • Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records; • Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services; 24 • Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such as digital check images and copies made from that image, the same legal standing as the original paper check; • The USA PATRIOT Act, which requires savings associations to, among other things, establish broadened anti-money laundering compliance programs and due diligence policies and controls to ensure the detection and reporting of money laundering.

The Company continues to consider qualitative factors in determining and arriving at an ACL at each reporting period such as: (i) actual or expected 14 changes in economic trends and conditions, (ii) changes in the value of underlying collateral for loans, (iii) changes to lending policies, underwriting standards and/or management personnel performing such functions, (iv) delinquency and other credit quality trends, (v) credit risk concentrations, if any, (vi) changes to the nature of the Company's business impacting the loan portfolio, (vii) and other external factors, that may include, but are not limited to, results of internal loan reviews and examinations by bank regulatory agencies.

The Company continues to consider qualitative factors in determining and arriving at an ACL at each reporting period such as: (i) actual or expected changes in economic trends and conditions, (ii) changes in the value of underlying collateral for loans, (iii) changes to lending policies, underwriting standards and/or management personnel performing such functions, (iv) delinquency and other credit quality trends, (v) credit risk concentrations, if any, (vi) changes to the nature of the Company's business impacting the loan portfolio, (vii) and other external factors, that may include, but are not limited to, results of internal loan reviews and examinations by bank regulatory agencies.

Alternating telephone attempts and additional 10 letters continue until a loan becomes 90 days past due, at which point we would place the loan on non-accrual status and generally refer the loan for foreclosure proceedings, unless management determines that it is in the best interest of First Seacoast Bank to work further with the borrower to arrange a workout plan.

Alternating telephone attempts and additional letters continue until a loan becomes 90 days past due, at which point we would place the loan on non-accrual status and generally refer the loan for foreclosure proceedings, unless management determines that it is in the best interest of First Seacoast Bank to work further with the borrower to arrange a workout plan.

We sold $23.5 million in book value of lower-yielding investment securities for an after-tax realized gain of $5,000 and purchased $16.6 million of higher-yielding investment securities which were classified as available-for-sale upon purchase. On November 28, 2023, we executed a balance sheet repositioning strategy related to our available-for-sale 17 investment securities portfolio.

A multiple savings and loan holding company is generally limited to activities permissible for bank holding companies under Section 4(c)(8) of the Bank Holding Company Act, subject to regulatory approval, and certain 25 additional activities authorized by federal regulations. First Seacoast Bancorp, Inc. has not elected financial holding company status.

A multiple savings and loan holding company is generally limited to activities permissible for bank holding companies under Section 4(c)(8) of the Bank Holding Company Act, subject to regulatory approval, and certain additional activities authorized by federal regulations. First Seacoast Bancorp, Inc. has not elected financial holding company status.

Federal legislation required federal banking agencies, including the Office of the Comptroller of the Currency, to establish for institutions with consolidated total assets of less than $10 billion a "community bank leverage ratio" (“CBLR”). The CBLR is an alternative framework that can be used to calculate a bank’s capital ratio.

Federal legislation required federal banking agencies, including the Office of the Comptroller of the Currency, to establish for institutions with consolidated total assets of less than $10 billion a "community bank leverage ratio" (“CBLR”). 20 The CBLR is an alternative framework that can be used to calculate a bank’s capital ratio.

First Seacoast Bank received an “Outstanding” rating in its most recent Community Reinvestment Act federal evaluation. Transactions with Related Parties. A federal savings association’s authority to engage in transactions with its affiliates is limited by Sections 23A and 23B of the Federal Reserve Act and federal regulation.

First Seacoast Bank received an “Outstanding” rating in its most recent Community Reinvestment Act federal evaluation. 22 Transactions with Related Parties. A federal savings association’s authority to engage in transactions with its affiliates is limited by Sections 23A and 23B of the Federal Reserve Act and federal regulation.

By law, all savings and loan holding companies must serve as a source of financial and managerial strength to their subsidiary depository institutions. Dividends and Stock Repurchases. The Federal Reserve Board has issued a policy statement regarding the payment of dividends and other capital distributions by holding companies.

By law, all savings and loan holding companies must serve as a source of financial and managerial strength to their subsidiary depository institutions. 25 Dividends and Stock Repurchases. The Federal Reserve Board has issued a policy statement regarding the payment of dividends and other capital distributions by holding companies.

When an insured institution classifies problem assets as “loss,” it is required either to establish a specific allowance for losses equal to 100% of that portion of the asset so classified or to charge-off such amount.

When an insured institution classifies problem assets as “loss,” it is required either to establish a specific allowance for credit losses equal to 100% of that portion of the asset so classified or to charge-off such amount.

The Company has a policy in place to write-off accrued interest when a loan is placed on non-accrual. Accrued interest is written-off by reversing previously recorded interest income. For loans, write-off typically occurs when a loan has been in default for 90 days or more.

We do not currently know of any practice, condition or violation that may lead to termination of our deposit insurance. Federal Home Loan Bank System. First Seacoast Bank is a member of the Federal Home Loan Bank System, which consists of 11 regional Federal Home Loan Banks.

We do not currently know of any practice, condition or violation that may lead to termination of our deposit insurance. 23 Federal Home Loan Bank System. First Seacoast Bank is a member of the Federal Home Loan Bank System, which consists of 11 regional Federal Home Loan Banks.

First Seacoast Bank’s relationship with its depositors and borrowers is also regulated to a 20 great extent by federal law and, to a lesser extent, state law, including in matters concerning the ownership of deposit accounts and the form and content of First Seacoast Bank’s loan documents.

First Seacoast Bank’s relationship with its depositors and borrowers is also regulated to a great extent by federal law and, to a lesser extent, state law, including in matters concerning the ownership of deposit accounts and the form and content of First Seacoast Bank’s loan documents.

The board of directors has granted loan approval authority to certain officers up to prescribed limits, depending on the seniority of the officer, the type of loan and underlying security. Our President and Chief Executive Officer has aggregate approval authority of up to $800,000 per relationship.

The board of directors has granted loan approval authority to certain officers up to prescribed limits, depending on the seniority of the officer, the type of loan and underlying security. Our Chief Executive Officer has aggregate approval authority of up to $800,000 per relationship.

At December 31, 2024, we do not intend to sell our available-for-sale securities and it was unlikely that we would have had to sell them before recovery of their amortized cost, which may be at maturity, and we believed that the unrealized losses were primarily due to market interest rate fluctuations and not changes in credit quality. U.S.

At December 31, 2025, we do not intend to sell our available-for-sale securities and it was unlikely that we would have had to sell them before recovery of their amortized cost, which may be at maturity, and we believed that the unrealized losses were primarily due to market interest rate fluctuations and not changes in credit quality. U.S.

On August 17, 2021, the Bank entered into a definitive agreement with an investment advisory and wealth management firm (the “seller”) to purchase certain of its client accounts and client relationships for a final adjusted purchase price of $324,000 (included in other assets at December 31, 2024 and 2023, net of amortization), of which $172,000 was paid at closing.

On August 17, 2021, the Bank entered into a definitive agreement with an investment advisory and wealth management firm (the “seller”) to purchase certain of its client accounts and client relationships for a final adjusted purchase price of $324,000 (included in other assets at December 31, 2025 and 2024, net of amortization), of which $172,000 was paid at closing.

We may also originate commercial constructions loans with an initial loan-to-value ratio of 90% when coupled with the U.S. Small Business Administration 504 Loan program. We work with a third-party construction management firm that reviews each project before we approve the loan and continues to monitor and inspect the project during the construction phase, as disbursements are made.

We may also originate commercial constructions loans with an initial loan-to-value ratio of 90% when coupled with the U.S. Small Business Administration 504 Loan program. We work with a third-party construction management firm that reviews each project before we close the loan and continues to monitor and inspect the project during the construction phase, as disbursements are made.

The following tables set forth the contractual maturities of our total loan portfolio at December 31, 2024. Demand loans, loans having no stated repayment schedule or maturity and overdraft loans are reported as being due in one year or less. The table presents contractual maturities and does not reflect repricing or the effect of prepayments. Actual maturities may differ.

The following tables set forth the contractual maturities of our total loan portfolio at December 31, 2025. Demand loans, loans having no stated repayment schedule or maturity and overdraft loans are reported as being due in one year or less. The table presents contractual maturities and does not reflect repricing or the effect of prepayments. Actual maturities may differ.

Additionally, at December 31, 2024, the Bank had $2.0 million of an unsecured Fed Funds borrowing line of credit with a correspondent bank. The entire balance of these credit facilities was available at December 31, 2024. We may obtain advances from a secured credit facility with the Federal Reserve Bank of Boston (“FRB”) – Borrower-In-Custody of Collateral Program (“BIC”).

Additionally, at December 31, 2025, the Bank had $2.0 million of an unsecured Fed Funds borrowing line of credit with a correspondent bank. The entire balance of these credit facilities was available at December 31, 2025. We may obtain advances from a secured credit facility with the Federal Reserve Bank of Boston (“FRB”) – Borrower-In-Custody of Collateral Program (“BIC”).

In addition, First Seacoast Bank is a member of and owns stock in the Federal Home Loan Bank, which is one of the 11 regional banks in the Federal Home Loan Bank System.

In addition, First Seacoast Bank is a member of and owns stock in the Federal Home Loan Bank, which is one of the 11 regional banks in the 19 Federal Home Loan Bank System.

As noted above and within previous accounting guidance used for the "incurred loss" model, ASU 2016-13 requires companies to consider various qualitative factors that may impact expected credit losses. The Company made relevant adjustments to its qualitative factors in the measurement of its ACL at December 31, 2024 and 2023.

The significant key assumptions used with the ACL calculation at December 31, 2024 and 2023 using the ASC 326 methodology, included: Macroeconomic factors (loss drivers) : Monitoring and assessing local and national unemployment, changes in national GDP and other macroeconomic factors which may be the most predictive indicator of losses within the loan portfolio.

The significant key assumptions used with the ACL calculation at December 31, 2025 and 2024 using the ASC 326 methodology, included: Macroeconomic factors (loss drivers) : Monitoring and assessing local and national unemployment, changes in national GDP and other macroeconomic factors which may be the most predictive indicator of losses within the loan portfolio.

As such, it is grouped with any other capital losses for the year to which it is carried and is used to offset any capital gains. Any loss remaining after the five-year carryover period that has not been deducted is no longer deductible. At December 31, 2024, the Company had no capital loss carryovers. Corporate Dividends.

As such, it is grouped with any other capital losses for the year to which it is carried and is used to offset any capital gains. Any loss remaining after the five-year carryover period that has not been deducted is no longer deductible. At December 31, 2025, the Company had no capital loss carryovers. Corporate Dividends.

An immaterial amount of accrued interest on non-accrual loans was written off during the years ended December 31, 2024 and 2023, by reversing interest income. Historically, the Company has not experienced uncollectible accrued interest receivable on its securities available-for-sale.

An immaterial amount of accrued interest on non-accrual loans was written off during the years ended December 31, 2025 and 2024, by reversing interest income. Historically, the Company has not experienced uncollectible accrued interest receivable on its securities available-for-sale.

Once the letter is sent, we begin contacting the customer either by telephone or additional letters as appropriate.

Once the letter is sent, we begin 10 contacting the customer either by telephone or additional letters as appropriate.

A financial institution’s deduction for charitable contributions is limited to 10% of its federal taxable income with the excess carried forward to the succeeding five taxable years. Any contributions remaining after the five-year carryover period that has not been deducted is no longer deductible. At December 31, 2024, the Company had $208,000 of charitable contribution carryovers. Capital Loss Carryovers.

A financial institution’s deduction for charitable contributions is limited to 10% of its federal taxable income with the excess carried forward to the succeeding five taxable years. Any contributions remaining after the five-year carryover period that has not been deducted is no longer deductible. At December 31, 2025, the Company had $208,000 of charitable contribution carryovers. 26 Capital Loss Carryovers.

As of December 31, 2024, First Seacoast Bank complied with the loans-to-one borrower limitations. Standards for Safety and Soundness. Federal law requires each federal banking agency to prescribe certain standards for all insured depository institutions.

As of December 31, 2025, First Seacoast Bank complied with the loans-to-one borrower limitations. Standards for Safety and Soundness. Federal law requires each federal banking agency to prescribe certain standards for all insured depository institutions.

The Dodd-Frank Act made noncompliance with the QTL test subject to agency enforcement action for a violation of law. At December 31, 2024, First Seacoast Bank satisfied the QTL test. 22 Capital Distributions. Federal regulations govern capital distributions by a federal savings association, which include cash dividends, stock repurchases and other transactions charged to the savings association’s capital account.

The Dodd-Frank Act made noncompliance with the QTL test subject to agency enforcement action for a violation of law. At December 31, 2025, First Seacoast Bank satisfied the QTL test. Capital Distributions. Federal regulations govern capital distributions by a federal savings association, which include cash dividends, stock repurchases and other transactions charged to the savings association’s capital account.

As of December 31, 2024, First Seacoast Bank complied with this requirement. Dodd-Frank Act The Dodd-Frank Act created the Consumer Financial Protection Bureau, which has broad powers to supervise and enforce consumer protection laws.

As of December 31, 2025, First Seacoast Bank complied with this requirement. Dodd-Frank Act The Dodd-Frank Act created the Consumer Financial Protection Bureau, which has broad powers to supervise and enforce consumer protection laws.

Pursuant to 2020 federal legislation, the CBLR was temporarily lowered to 8%, transitioning back to 9% by year-ended 2021. Throughout 2024, the Bank did not make an 21 election to use the CBLR. At December 31, 2024, First Seacoast Bank’s capital exceeded all applicable requirements including the applicable capital conservation buffer. Loans-to-One Borrower.

Pursuant to 2020 federal legislation, the CBLR was temporarily lowered to 8%, transitioning back to 9% by year-ended 2021. Throughout 2025, the Bank did not make an election to use the CBLR. At December 31, 2025, First Seacoast Bank’s capital exceeded all applicable requirements including the applicable capital conservation buffer. Loans-to-One Borrower.

At December 31, 2024, based on the 15% limitation, our loans-to-one-borrower limit was approximately $8.3 million. At December 31, 2024, our largest loan relationship with one borrower was for $7.6 million. These loans are secured primarily by commercial real estate which were performing in accordance with their original repayment terms.

At December 31, 2025, based on the 15% limitation, our loans-to-one-borrower limit was approximately $8.3 million. At December 31, 2025, our largest loan relationship with one borrower was for $6.8 million. These loans, which are secured primarily by commercial real estate, were performing in accordance with their original repayment terms.

Costs relating to the development and improvement of the property, however, are capitalized to the extent of estimated fair value, less estimated costs to sell. At December 31, 2024 and 2023, we had no foreclosed assets. Classified Assets .

Costs relating to the development and improvement of the property, however, are capitalized to the extent of estimated fair value, less estimated costs to sell. At December 31, 2025 and 2024, we had no foreclosed assets. Classified Assets .

We originate commercial and industrial loans, including equipment loans and business acquisition loans, and lines of credit to businesses operating in our local market area. Our commercial and industrial loans are generally used by the borrowers for working capital purposes or for acquiring equipment, inventory or furniture. Borrowers include professional organizations, family-owned businesses and not-for-profit businesses.

We originate commercial and industrial loans, including equipment loans and business acquisition loans, and lines of credit to businesses operating in our local market area. Our commercial and industrial loans are generally used by the borrowers for working capital or for acquiring furniture, fixtures and equipment. Borrowers include professional organizations, family-owned businesses and not-for-profit businesses.

Any excess of the recorded value of the loan satisfied over the market value of the property is charged against the allowance for loan losses, or, if the existing allowance is inadequate, charged to expense, in either case during the applicable period of such determination. After acquisition, all costs incurred in maintaining the property are expensed.

Any excess of the recorded value of the loan satisfied over the market value of the property is charged against the allowance for credit losses on loans, or, if the existing allowance is inadequate, charged to expense, in either case during the applicable period of such determination. After acquisition, all costs incurred in maintaining the property are expensed.

However, regulatory agencies are not directly involved in the process of establishing the ACL as the process is our responsibility and any increase or decrease in the ACL is the responsibility of management. 15 Allowance for Credit Losses on Loans . The following table sets forth activity in our ACL for the years 2024 and 2023, respectively.

However, regulatory agencies are not directly involved in the process of establishing the ACL as the process is our responsibility and any increase or decrease in the ACL is the responsibility of management. Allowance for Credit Losses on Loans . The following table sets forth activity in our ACL for the years 2025 and 2024, respectively.

At December 31, 2024, our “reciprocal” CDARS® and ICS deposits were $-0- and $6.0 million, respectively. Deposit account terms vary according to the minimum balance required, the time period that funds must remain on deposit and the interest rate, among other factors.

At December 31, 2025, our “reciprocal” CDARS® and ICS deposits were $-0- and $9.1 million, respectively. At December 31, 2024, our “reciprocal” CDARS® and ICS deposits were $-0- and $6.0 million, respectively. Deposit account terms vary according to the minimum balance required, the time period that funds must remain on deposit and the interest rate, among other factors.

As of December 31, 2024 and 2023, approximately $28.7 million and $25.7 million of purchased client accounts are included in total assets under management, respectively. The client accounts purchased are recorded as a customer list intangible asset. Identifiable intangible assets that are subject to amortization will be reviewed for impairment, at least annually, based on their fair value.

As of December 31, 2025 and 2024, approximately $28.0 million and $28.7 million of purchased client accounts are included in total assets under management, respectively. The client accounts purchased are recorded as a customer list intangible asset. Identifiable intangible assets that are subject to amortization will be reviewed for impairment, at least annually, based on their fair value.

We sell a portion of fixed-rate conforming loans that we originate on a servicing-retained basis. Secondary market investors that purchase our loans may include Freddie Mac, the New Hampshire Housing Finance Authority and other investors. At December 31, 2024, 7.5% of our one- to four-family residential real estate loans were adjustable-rate loans.

We sell a portion of fixed-rate conforming loans that we originate on a servicing-retained basis. Secondary market investors that purchase our loans may include Freddie Mac, the New Hampshire Housing Finance Authority and other investors. At December 31, 2025, 8.5% of our one- to four-family residential real estate loans were adjustable-rate loans.

At December 31, 2024, the average loan balance outstanding in the acquisition, development and land loan portfolio was $482,000. We originate loans to finance the construction or rehabilitation of owner-occupied one- to four-family residential properties to the prospective homeowners primarily located in our market area. Upon completion of construction, such loans convert to permanent mortgage loans.

At December 31, 2025, the average loan balance outstanding in the acquisition, development and land loan portfolio was $390,000. We originate loans to finance the construction or rehabilitation of owner-occupied one- to four-family residential properties to the prospective homeowners primarily located in our market area. Upon completion of construction, such loans convert to permanent mortgage loans.

We refer to loans that conform to such guidelines as “conforming loans.” We also originate loans above the conforming limits, which are referred to as “jumbo loans.” We generally underwrite jumbo loans in a manner similar to conforming loans. At December 31, 2024, 92.5% of our one- to four-family residential real estate loans were fixed-rate loans.

We refer to loans that conform to such guidelines as “conforming loans.” We also originate loans above the conforming limits, which are referred to as “jumbo loans.” We generally underwrite jumbo loans in a manner similar to conforming loans. At December 31, 2025, 91.5% of our one- to four-family residential real estate loans were fixed-rate loans.

Adjustable Rate Loans. The following table sets forth our fixed- and adjustable-rate loans at December 31, 2024 that are contractually due after December 31, 2025.

Adjustable Rate Loans. The following table sets forth our fixed- and adjustable-rate loans at December 31, 2025 that are contractually due after December 31, 2026.

Senior credit 8 facilities typically range in size from $25-$250 million, primarily secured by substantially all of the assets of the business. These loans generally have five to seven-year terms and variable interest rates. At December 31, 2024 and 2023, we had outstanding participation interests in these commercial and industrial loans totaling $4.0 million and $2.0 million, respectively.

Senior credit 8 facilities typically range in size from $25-$250 million, primarily secured by substantially all of the assets of the business. These loans generally have five to seven-year terms and variable interest rates. At December 31, 2025 and 2024, we had outstanding participation interests in these commercial and industrial loans totaling $6.3 million and $4.0 million, respectively.

At December 31, 2024, our largest land loan had an outstanding balance of $538,000, and it was performing in accordance with its original repayment terms. Land development loans generally involve greater credit risk than long-term financing on developed real estate.

At December 31, 2025, our largest land loan had an outstanding balance of $211,000, and it was performing in accordance with its original repayment terms. Land development loans generally involve greater credit risk than long-term financing on developed real estate.

As of December 31, 2024, we had 75 total/full-time equivalent employees. Our employees are not represented by any collective bargaining group. Management believes that we have a good working relationship with our employees. Employee retention helps us operate efficiently and achieve our business objectives.

As of December 31, 2025, we had 72 total/full-time equivalent employees. Our employees are not represented by any collective bargaining group. Management believes that we have a good working relationship with our employees. Employee retention helps us operate efficiently and achieve our business objectives.

The Company is amortizing the customer list intangible on a straight-line basis over a ten-year period. During the years ended December 31, 2024 and 2023, $32,000 and $30,000 of amortization expense was recorded, respectively. First Seacoast Bank is active in the communities we serve.

The Company is amortizing the customer list intangible on a straight-line basis over a ten-year period. During the years ended December 31, 2025 and 2024, $32,000 of amortization expense was recorded. First Seacoast Bank is active in the communities we serve.

Upon adoption of ASC 326, the Company made the following elections regarding accrued interest receivable: (i) present accrued interest receivable balances separately on the balance sheet on the consolidated statements of condition; (ii) exclude accrued interest from the measurement of the ACL, including investments and loans; and (iii) continue to write-off accrued interest receivable by reversing interest income.

Upon adoption of ASC 326, the Company made the following elections regarding accrued interest receivable: (i) present accrued interest receivable balances separately on the consolidated balance sheets; (ii) exclude accrued interest from the measurement of the ACL, including investments and loans; and (iii) continue to write-off accrued interest receivable by reversing interest income.

This loan was performing in accordance with its original repayment terms at December 31, 2024. At December 31, 2024, the average loan balance outstanding in the multi-family real estate loans portfolio was $523,000, and the largest individual multi-family real estate loan outstanding was a $1.9 million participation loan secured by a multi-unit property.

This loan was performing in accordance with its original repayment terms at December 31, 2025. At December 31, 2025, the average loan balance outstanding in the multi-family real estate loans portfolio was $440,000, and the largest individual multi-family real estate loan outstanding was a $1.9 million participation loan secured by a multi-unit property.

At December 31, 2024, our “reciprocal” CDARS® and ICS deposits were $-0- and $6.0 million, respectively. The FDIC charges insured depository institutions premiums to maintain the Deposit Insurance Fund. Assessments for most institutions are based on financial measures and supervisory ratings derived from statistical modeling estimating the probability of failure within three years.

At December 31, 2025, our “reciprocal” CDARS® and ICS deposits were $-0- and $9.1 million, respectively. The FDIC charges insured depository institutions premiums to maintain the Deposit Insurance Fund. Assessments for most institutions are based on financial measures and supervisory ratings derived from statistical modeling estimating the probability of failure within three years.

We use such advances to provide short-term funding as a supplement to our deposits. At December 31, 2024, we had $52.3 million in advances from the FHLB and $94.0 million of additional borrowing capacity. At December 31, 2024, the Bank had an overnight line of credit with the FHLB that may be drawn up to $3.0 million.

We use such advances to provide short-term funding as a supplement to our deposits. At December 31, 2025, we had $52.3 million in advances from the FHLB and $96.6 million of additional borrowing capacity. At December 31, 2025, the Bank had an overnight line of credit with the FHLB that may be drawn up to $3.0 million.

At December 31, 2024, our largest commercial real estate construction loan had an outstanding balance of $5.7 million, and it was performing in accordance with its original repayment terms. Construction loans generally involve greater credit risk than financing improved real estate, because funds are advanced upon the security of the project, which is of uncertain value before its completion.

At December 31, 2025, our largest commercial real estate construction loan had an outstanding balance of $2.9 million, and it was performing in accordance with its original repayment terms. Construction loans generally involve greater credit risk than financing improved real estate, because funds are advanced upon the security of the project, which is of uncertain value before its completion.

Additionally, we purchase consumer loans secured by manufactured housing properties to supplement our consumer loan origination efforts. We purchased $1.8 million and $1.5 million of these loans during 2024 and 2023, respectively. These loans are secured by properties located in the greater Seacoast region.

Additionally, we purchase consumer loans secured by manufactured housing properties to supplement our consumer loan origination efforts. We purchased $1.9 million and $1.8 million of these loans during 2025 and 2024, respectively. These loans are secured by properties located in the greater Seacoast region.

As noted above, during 2024 and 2023, we also purchased $2.7 million and $2.0 million, respectively, of participation interests in commercial and industrial loans through our membership in a national community bank loan program. Loans are typically provided to middle market businesses with approximately $10-$75 million in EBITDA.

As noted above, during 2025 and 2024, we also purchased $3.6 million and $2.7 million, respectively, of participation interests in commercial and industrial loans through our membership in a national community bank loan program. Loans are typically provided to middle market businesses with approximately $10-$75 million in EBITDA.

Among other things, these provisions generally require that extensions of credit to insiders: • be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and • not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of First Seacoast Bank’s capital. 23 In addition, extensions of credit in excess of certain limits must be approved by First Seacoast Bank’s board of directors.

In addition, repayment of these loans can be dependent on the sale of the property to third parties, and the ultimate sale or rental of the property may not occur as anticipated. Commercial and Industrial Loans . At December 31, 2024, we had $23.7 million of commercial and industrial loans representing 5.4% of our total loan portfolio.

In addition, repayment of these loans can be dependent on the sale of the property to third parties, and the ultimate sale or rental of the property may not occur as anticipated. Commercial and Industrial Loans . At December 31, 2025, we had $22.5 million of commercial and industrial loans representing 5.4% of our total loan portfolio.

Government-Sponsored Enterprises Obligations. At December 31, 2024, we had government-sponsored enterprise obligations issued by various U.S. Government agencies totaling $1.4 million, which constituted 1.2% of our securities portfolio. The Company invests primarily in Federal Farm Credit Bank and Federal National Mortgage Association ("FNMA" or "Fannie Mae"). U.S. Government Agency Small Business Administration Pools.

Government-Sponsored Enterprises Obligations. At December 31, 2025, we had government-sponsored enterprise obligations issued by various U.S. Government agencies totaling $1.5 million, which constituted 1.0% of our securities portfolio. The Company invests primarily in Federal Farm Credit Bank and Federal National Mortgage Association ("FNMA" or "Fannie Mae"). U.S. Government Agency Small Business Administration Pools.

A financial institution may carry New Hampshire net operating losses forward for ten years but is limited to 80% of each subsequent year's taxable income. At December 31, 2024, the Bank had $9.4 million of New Hampshire net operating loss carryovers. ITEM 1A. Ri sk Factors Not applicable, as the Company is a “smaller reporting company.” ITEM 1B.

A financial institution may carry New Hampshire net operating losses forward for ten years but is limited to 80% of each subsequent year's taxable income. At December 31, 2025, the Bank had $12.3 million of New Hampshire net operating loss carryovers. ITEM 1A. Ri sk Factors Not applicable, as the Company is a “smaller reporting company.” ITEM 1B.

At December 31, 2024, we had government-sponsored small business investment company (“SBIC”) pools issued and guaranteed by the SBA totaling $13.1 million, which constituted 10.9% of our securities portfolio. An SBIC is a privately owned and managed investment fund licensed and regulated by the SBA.

At December 31, 2025, we had government-sponsored small business investment company (“SBIC”) pools issued and guaranteed by the SBA totaling $10.6 million, which constituted 6.9% of our securities portfolio. An SBIC is a privately owned and managed investment fund licensed and regulated by the SBA.

As of December 31, 2024, the portfolio of these loans had aggregate outstanding principal balances of $7.5 million and were performing in accordance with their original repayment terms. We expect that growth in this segment of our consumer loan portfolio will continue to increase in the future.

As of December 31, 2025, the portfolio of these loans had aggregate outstanding principal balances of $9.9 million and were performing in accordance with their original repayment terms. We expect that growth in this segment of our consumer loan portfolio will continue to increase in the future.

The voting members of the Loan Officers Review Committee consist of our President and Chief Executive Officer, Executive Vice President – Chief Financial Officer, Senior Vice President – Senior Commercial Loan Officer, Senior Vice President – Senior Retail Loan Officer, Senior Vice President – Chief Operating Officer and Vice President – Retail Loan Production Officer.

The voting members of the Loan Officers Review Committee consist of our President and Chief Financial Officer, Executive Vice President – Senior Commercial Loan Officer, Executive Vice President – Chief Operating Officer, Senior Vice President – Senior Retail Loan Officer, Vice President – Risk and Credit Administration Officer and Vice President – Retail Loan Production Officer.

On the basis of this review of our assets, our classified assets (including commercial, residential and consumer loans) at the dates indicated were as follows: At December 31, 2024 2023 (In thousands) Substandard assets $ — $ 141 Doubtful assets — — Loss assets — — Total classified assets $ — $ 141 Special mention assets $ 174 $ 241 13 Allowance for Credit Losses ("ACL") The Company estimates its allowance for credit losses as outlined in ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended ("ASU 2016-13" or “ASC 326”).

On the basis of this review of our assets, our classified assets (including commercial, residential and consumer loans) at the dates indicated were as follows: At December 31, 2025 2024 (In thousands) Substandard assets $ 478 $ — Doubtful assets — — Loss assets — — Total classified assets $ 478 $ — Special mention assets $ — $ 174 Allowance for Credit Losses ("ACL") The Company estimates its allowance for credit losses as outlined in Accounting Standards Update ("ASU") 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended ("ASU 2016-13" or “ASC 326”).

Such loans are subject to the same underwriting criteria and loan approval requirements applied to loans originated by First Seacoast Bank. At December 31, 2024, the average loan balance outstanding in the commercial real estate loans portfolio was $461,000, and the largest individual commercial real estate loan outstanding was a $4.6 million loan secured by two commercial properties.

Such loans are subject to the same underwriting criteria and loan approval requirements applied to loans originated by First Seacoast Bank. At December 31, 2025, the average loan balance outstanding in the commercial real estate loans portfolio was $492,000, and the largest individual commercial real estate loan outstanding was a $4.5 million loan secured by two commercial properties.

A financial institution may carry net operating losses forward indefinitely but is limited to 80% of each subsequent year's taxable income. At December 31, 2024, the Company had $8.8 million of net operating loss carryovers. Charitable Contribution Carryovers.

A financial institution may carry net operating losses forward indefinitely but is limited to 80% of each subsequent year's taxable income. At December 31, 2025, the Company had $10.0 million of net operating loss carryovers. Charitable Contribution Carryovers.

At December 31, 2024 and 2023, we had $472,000 and $-0- of unfunded commitments related to these participation interests, respectively. We continue to expand our commercial and industrial lending activities in order to diversify our loan portfolio, increase our yield and offer a full range of products to our commercial customers.

At December 31, 2025 and 2024, we had $1.4 million and $472,000 of unfunded commitments related to these participation interests, respectively. We continue to expand our commercial and industrial lending activities in order to diversify our loan portfolio, increase our yield and offer a full range of products to our commercial customers.

At December 31, 2024, our largest individual residential construction loan outstanding was $651,000 and it was performing in accordance with its original repayment terms. We also originate loans to finance the construction of commercial properties, primarily owner-occupied properties located in our market area. Upon completion of construction, such loans generally convert to permanent commercial mortgage loans.

At December 31, 2025, our largest individual residential construction loan outstanding was $1.6 million and it was performing in accordance with its original repayment terms. We also originate loans to finance the construction of commercial properties, primarily owner-occupied properties located in our market area. Upon completion of construction, such loans generally convert to permanent commercial mortgage loans.

This loan was performing in accordance with its original repayment terms at December 31, 2024. Acquisition, Development and Land Loans. At December 31, 2024, acquisition, development and land loans were $14.9 million, or 3.4%, of our total loan portfolio. These loans consist of residential construction loans, commercial and multi-family real estate construction loans and land loans.

This loan was performing in accordance with its original repayment terms at December 31, 2025. Acquisition, Development and Land Loans. At December 31, 2025, acquisition, development and land loans were $12.9 million, or 3.1%, of our total loan portfolio. These loans consist of residential construction loans, commercial and multi-family real estate construction loans and land loans.

Our one- to four-family residential loan portfolio consists of mortgage loans that enable borrowers to purchase or refinance existing homes, substantially all of which are collateralized by the primary residence of the borrower. At December 31, 2024, we had $275.2 million of loans secured by one- to four-family residential real estate, representing 62.7% of our total loan portfolio.

Our one- to four-family residential loan portfolio consists of mortgage loans that enable borrowers to purchase or refinance existing homes, substantially all of which are collateralized by the primary residence of the borrower. At December 31, 2025, we had $265.2 million of loans secured by one- to four-family residential real estate, representing 63.2% of our total loan portfolio.

An SBIC uses its own capital, plus funds borrowed with an SBA guarantee, to make equity and debt investments in qualifying small businesses. Municipal Bonds. At December 31, 2024, we had municipal bonds totaling $29.5 million, which constituted 24.6% of our securities portfolio, with an average maturity of 20 years. These securities often provide slightly higher after-tax yields than U.S.

An SBIC uses its own capital, plus funds borrowed with an SBA guarantee, to make equity and debt investments in qualifying small businesses. Municipal Bonds. At December 31, 2025, we had municipal bonds totaling $29.3 million, which constituted 19.2% of our securities portfolio, with an average maturity of 19 years. These securities often provide slightly higher after-tax yields than U.S.

During 2024 and 2023, we purchased $2.7 million and $2.0 million, respectively, of participation interests in three and two commercial and industrial loans, respectively, through our membership in a national community bank loan program. Loans are typically provided to middle market businesses with approximately $10-$75 million in EBITDA.

During 2025 and 2024, we purchased $3.6 million and $2.7 million, respectively, of participation interests in five and three commercial and industrial loans, respectively, through our membership in a national community bank loan program. Loans are typically provided to middle market businesses with approximately $10-$75 million in EBITDA.

At December 31, 2024, residential construction loan balances were $2.3 million, or 0.5% of our total loan portfolio, with an additional $2.1 million available for advance to borrowers.

At December 31, 2025, residential construction loan balances were $4.3 million, or 1.0% of our total loan portfolio, with an additional $6.2 million available for advance to borrowers.

In recent years, we have introduced new business deposit products to appeal to our commercial borrowers. At December 31, 2024, our ratio of commercial deposits to commercial loans (including commercial real estate loans, acquisition, development and land loans and commercial and industrial loans) was 94.35%.

In recent years, we have introduced new business deposit products to appeal to our commercial borrowers. At December 31, 2025, our ratio of commercial deposits to commercial loans (including commercial real estate loans, acquisition, development and land loans and commercial and industrial loans) was 102.24%.

At December 31, 2024, fully advanced commercial construction loan balances totaled $11.2 million, or 2.5% of our total loan portfolio. Commercial real estate construction loans are generally structured as interest-only for up to 18 months, with a loan-to-value of 80% of the appraised value on a completed basis or a loan-to-cost of completion ratio of up to 85%.

At December 31, 2025, fully advanced commercial construction loan balances totaled $7.8 million, or 1.9% of our total loan portfolio. Commercial real estate construction loans are generally structured as interest-only for up to 18 months, with a loan-to-value of 80% of the appraised value on a completed basis or a loan-to-cost of completion ratio of up to 85%.

Consistent with our strategy to diversify our loan portfolio and increase our yield, we have focused on the origination of commercial real estate and multi-family real estate loans. At December 31, 2024, we had $91.8 million in commercial real estate and multi-family real estate loans, representing 20.9% of our total loan portfolio.

Consistent with our strategy to diversify our loan portfolio and increase our yield, we have focused on the origination of commercial real estate and multi-family real estate loans. At December 31, 2025, we had $85.4 million in commercial real estate and multi-family real estate loans, representing 20.4% of our total loan portfolio.

At December 31, 2024 and 2023, there were $63.1 18 million and $23.6 million of brokered deposits included in time deposits, respectively. The purchase of brokered deposits offered a lower cost alternative to advances from the Federal Home Loan Bank of a similar duration.

At December 31, 2025 and 2024, there were $69.1 17 million and $63.1 million of brokered deposits included in time deposits, respectively. The purchase of brokered deposits offered a lower cost alternative to advances from the Federal Home Loan Bank of a similar duration.

At December 31, 2024 2023 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due (In thousands) One- to four-family residential real estate $ — $ — $ — $ — $ 131 $ — Commercial real estate — — — — — — Acquisition, development and land — — — — — — Commercial and industrial — — — — — — Home equity loans and lines of credit — — — — — 14 Multi-family — — — — — — Consumer — — — — — — Total $ — $ — $ — $ — $ 131 $ 14 11 Non-performing Assets.

At December 31, 2025 2024 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due (In thousands) One- to four-family residential real estate $ 262 $ — $ — $ — $ — $ — Commercial real estate — — — — — — Acquisition, development and land — — — — — — Commercial and industrial — — — — — — Home equity loans and lines of credit 136 — — — — — Multi-family — — — — — — Consumer 22 — 117 — — — Total $ 420 $ — $ 117 $ — $ — $ — 11 Non-performing Assets.

At December 31, 2024, outstanding balances on home equity loans and lines of credit totaled $20.9 million, or 4.8% of our total loan portfolio, and the lines of credit had an additional $28.3 million available to draw. Home equity loans are originated as fixed-rate term loans.

At December 31, 2025, outstanding balances on home equity loans and lines of credit totaled $20.7 million, or 4.9% of our total loan portfolio, and the lines of credit had an additional $35.5 million available to draw. Home equity loans are originated as fixed-rate term loans.

… 50 more changes not shown on this page.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

3 edited+0 added−0 removed21 unchanged

2024 filing

2025 filing

Biggest changeOur Senior Technology/Cybersecurity Officer has substantial relevant expertise and formal training in the areas of information security and cybersecurity risk management, 27 including 31 years of cybersecurity experience, 6 of which was spent at the Company. The ITAC and ERM are board level committees with the ITSC consisting of members of management.

Biggest changeOur Senior Technology/Cybersecurity Officer has substantial relevant expertise and formal training in the areas of information security and cybersecurity risk management, including 32 years of cybersecurity experience, seven of which was spent at the Company. The ITAC and ERM are board level committees with the ITSC consisting of members of management.

The Senior Technology/Cybersecurity Officer reports summaries of key issues, including significant cybersecurity and/or 28 privacy incidents, discussed at committee meetings and the actions taken to the ITAC on a quarterly basis (or more frequently as may be required by the IRP).

The Senior Technology/Cybersecurity Officer reports summaries of key issues, including significant cybersecurity and/or privacy incidents, discussed at committee meetings and the actions taken to the ITAC on a quarterly basis (or more frequently as may be required by the IRP).

We leverage internal auditors to periodically review our processes, systems, and controls, including with respect to our information security program, to assess their design and operating effectiveness and make recommendations to strengthen our risk management program.

We leverage internal auditors to periodically review our processes, systems, and controls, 27 including with respect to our information security program, to assess their design and operating effectiveness and make recommendations to strengthen our risk management program.

Item 2. Properties

Properties — owned and leased real estate

3 edited+0 added−0 removed1 unchanged

2024 filing

2025 filing

Biggest changeThe following table sets forth information regarding our offices as of December 31, 2024: Location Leased or Owned Year Acquired or Leased Net Book Value of Real Property (In thousands) Main Office: Leased 2024 $ 402 633 Central Avenue Dover, NH 03820 Annex: Owned 1890 $ 185 629 Central Avenue Dover, NH 03820 Branch Offices: 6 Eastern Avenue Leased 2024 $ 48 Barrington, NH 03825 7A Mill Road Leased 2024 $ 40 Durham, NH 03824 1650 Woodbury Avenue Leased 2024 $ 31 Portsmouth, NH 03801 17 Wakefield Street Leased 2024 $ 48 Rochester, NH 03867 We believe that current facilities are adequate to meet our present and foreseeable needs, subject to possible future expansion.

Biggest changeThe following table sets forth information regarding our offices as of December 31, 2025: Location Leased or Owned Year Acquired or Leased Net Book Value of Real Property (In thousands) Main Office: Leased 2024 $ 296 633 Central Avenue Dover, NH 03820 Annex: Owned 1890 $ 161 629 Central Avenue Dover, NH 03820 Branch Offices: 6 Eastern Avenue Leased 2024 $ 38 Barrington, NH 03825 7A Mill Road Leased 2024 $ 31 Durham, NH 03824 1650 Woodbury Avenue Leased 2024 $ 25 Portsmouth, NH 03801 17 Wakefield Street Leased 2024 $ 38 Rochester, NH 03867 We believe that current facilities are adequate to meet our present and foreseeable needs, subject to possible future expansion.

Concurrently with the sale-leaseback transaction, the Bank entered into an absolute net lease agreement with the purchaser under which the Bank will lease the properties for an initial term of 15 years with one renewal option of 15 years.

Concurrently with the sale-leaseback transaction, the 28 Bank entered into an absolute net lease agreement with the purchaser under which the Bank will lease the properties for an initial term of 15 years with one renewal option of 15 years.

ITEM 2. Properties As of December 31, 2024, the net book value of our land, building and equipment was $754,000.

ITEM 2. Properties As of December 31, 2025, the net book value of our land, building and equipment was $589,000.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed1 unchanged

2024 filing

2025 filing

Biggest changeAt December 31, 2024, we were not a party to any pending legal proceedings that we believe would have a material adverse effect on our consolidated financial condition, results of operations or cash flows. ITEM 4. Mine Safety Disclosures Not applicable. 29 PART II

Biggest changeAt December 31, 2025, we were not a party to any pending legal proceedings that we believe would have a material adverse effect on our consolidated financial condition, results of operations or cash flows. ITEM 4. Mine Safety Disclosures Not applicable. 29 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

4 edited+0 added−0 removed10 unchanged

2024 filing

2025 filing

Biggest changeThe following table summarizes the Company’s repurchases of its outstanding shares of common stock during the quarter ended December 31, 2024: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs October 1, 2024 - October 31, 2024 23,383 $ 9.05 23,383 125,622 November 1, 2024 - November 30, 2024 11,006 9.15 11,006 114,616 December 1, 2024 - December 31, 2024 10,120 9.77 10,120 333,354 Total 44,509 44,509 There were no sales of unregistered securities during the year ended December 31, 2024.

Biggest changeThe following table summarizes the Company’s repurchases of its outstanding shares of common stock during the quarter ended December 31, 2025: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs October 1, 2025 - October 31, 2025 1,310 $ 11.50 1,310 244,552 November 1, 2025 - November 30, 2025 2,266 11.72 2,266 242,286 December 1, 2025 - December 31, 2025 100 11.77 100 242,186 Total 3,676 3,676 There were no sales of unregistered securities during the year ended December 31, 2025.

As of March 17, 2025, we had 307 stockholders of record (excluding the number of persons or entities holding stock in street name through various brokerage firms), and 4,730,753 shares of common stock outstanding.

As of March 18, 2026, we had 295 stockholders of record (excluding the number of persons or entities holding stock in street name through various brokerage firms), and 4,694,149 shares of common stock outstanding.

The program will expire 12 months after the effective date, regardless of whether all shares will have been repurchased. On February 7, 2025, the expiration date of the program was extended to December 3, 2025. The Company may suspend or discontinue the program at any time. The Company holds repurchased shares in its treasury.

The program will expire 12 months after the effective date, regardless of whether all shares will have been repurchased. On February 7, 2025, the expiration date of the program was extended to December 3, 2025. On September 19, 2025, the expiration date of the program was extended to June 3, 2026.

As of December 31, 2024, the Company has repurchased 403,211 shares under this stock repurchase program.

The Company may suspend or discontinue the program at any time. The Company holds repurchased shares in its treasury. As of December 31, 2025, the Company has repurchased 494,379 shares under this stock repurchase program.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

88 edited+10 added−8 removed100 unchanged

2024 filing

2025 filing

Biggest changeAt or For the Year Ended December 31, 2024 2023 2022 (In thousands, except per share data) Selected Financial Condition Data: Total assets $ 580,780 $ 571,035 $ 537,424 Total loans 438,967 430,031 402,505 Total deposits 454,208 404,798 382,363 Total borrowings 52,268 93,007 99,397 Total stockholders' equity 62,050 66,618 49,337 Book value per share (1) $ 12.97 $ 13.12 $ 9.73 Selected Operating Data: Interest and dividend income $ 25,431 $ 20,590 $ 16,610 Interest expense 13,533 9,080 1,747 Net interest and dividend income 11,898 11,510 14,863 (Release) provision for credit losses (72 ) 188 — Net interest and dividend income after provision for credit losses 11,970 11,322 14,863 Non-interest income (loss) 3,904 (2,007 ) 888 Non-interest expense 15,860 16,027 16,767 Income (loss) before income tax expense (benefit) 14 (6,712 ) (1,016 ) Income tax expense (benefit) 527 3,944 (451 ) Net loss $ (513 ) $ (10,656 ) $ (565 ) Share Data (1) : Average shares outstanding, basic 4,335,154 4,650,916 4,820,330 Average shares outstanding, diluted 4,335,154 4,650,916 4,820,330 Total shares outstanding 4,785,569 5,077,164 5,068,637 Basic loss per share $ (0.12 ) $ (2.29 ) $ (0.12 ) Diluted loss per share $ (0.12 ) $ (2.29 ) $ (0.12 ) (1) Adjusted for conversion of the former First Seacoast Bancorp, MHC. 31 At or For the Year Ended December 31, 2024 2023 2022 Performance Ratios: Return on average assets (1) (0.09 )% (1.93 )% (0.11 )% Return on average equity (2) (0.79 )% (15.10 )% (1.05 )% Interest rate spread (3) 1.42 % 1.59 % 2.86 % Net interest margin (4) 2.09 % 2.16 % 2.99 % Non-interest expenses as a percent of average assets 2.72 % 2.91 % 3.27 % Efficiency ratio (5) 100.37 % 168.65 % 106.45 % Average interest-earning assets as a percent of average interest-bearing liabilities 127.98 % 133.23 % 136.99 % Average equity as a percent of average assets (6) 11.12 % 12.81 % 10.47 % Capital Ratios (First Seacoast Bank Only): Total Capital (to risk-weighted assets) 15.55 % 15.32 % 15.53 % Tier 1 Capital (to risk-weighted assets) 14.52 % 14.27 % 14.45 % Common Equity Tier 1 (to risk-weighted assets) 14.52 % 14.27 % 14.45 % Tier 1 Capital (to average assets) 8.69 % 9.19 % 9.20 % Asset Quality Ratios: Allowance for credit losses on loans as a percent of total loans 0.79 % 0.79 % 0.89 % Allowance for credit losses on loans as a percent of non-performing loans — 2,404.26 % 4,023.60 % Net charge-offs as a percent of average outstanding loans during the year 0.01% — — Non-performing loans as a percent of total loans — 0.03 % 0.02 % Non-performing loans as a percent of total assets — 0.02 % 0.02 % Non-performing assets as a percent of total assets — 0.02 % 0.02 % Other Data: Number of offices 5 5 5 Number of full-time equivalent employees 75 76 80 (1) Represents net loss divided by average total assets.

Biggest changeAt or For the Year Ended December 31, 2025 2024 2023 (In thousands, except per share data) Selected Financial Condition Data: Total assets $ 599,295 $ 580,780 $ 571,035 Total loans 419,474 438,967 430,031 Total deposits 470,773 454,208 404,798 Total borrowings 52,308 52,268 93,007 Total stockholders' equity 63,547 62,050 66,618 Book value per share $ 13.54 $ 12.97 $ 13.12 Selected Operating Data: Interest and dividend income $ 26,986 $ 25,431 $ 20,590 Interest expense 13,299 13,533 9,080 Net interest and dividend income 13,687 11,898 11,510 (Release) provision for credit losses (1 ) (72 ) 188 Net interest and dividend income after (release) provision for credit losses 13,688 11,970 11,322 Non-interest income (loss) 1,753 3,904 (2,007 ) Non-interest expense 16,924 15,860 16,027 (Loss) income before income tax (benefit) expense (1,483 ) 14 (6,712 ) Income tax (benefit) expense (638 ) 527 3,944 Net loss $ (845 ) $ (513 ) $ (10,656 ) Share Data: Average shares outstanding, basic 3,676,427 4,335,154 4,650,916 Average shares outstanding, diluted 3,676,427 4,335,154 4,650,916 Total shares outstanding 4,694,149 4,785,569 5,077,164 Basic loss per share $ (0.23 ) $ (0.12 ) $ (2.29 ) Diluted loss per share $ (0.23 ) $ (0.12 ) $ (2.29 ) 31 At or For the Year Ended December 31, 2025 2024 2023 Performance Ratios: Return on average assets (1) (0.14 )% (0.09 )% (1.93 )% Return on average equity (2) (1.37 )% (0.79 )% (15.10 )% Interest rate spread (3) 1.72 % 1.42 % 1.59 % Net interest margin (4) 2.33 % 2.09 % 2.16 % Non-interest expenses as a percent of average assets 2.81 % 2.72 % 2.91 % Efficiency ratio (5) 109.61 % 100.37 % 168.65 % Average interest-earning assets as a percent of average interest-bearing liabilities 126.99 % 127.98 % 133.23 % Average equity as a percent of average assets (6) 10.25 % 11.12 % 12.81 % Capital Ratios (First Seacoast Bank Only): Total Capital (to risk-weighted assets) 15.60 % 15.55 % 15.32 % Tier 1 Capital (to risk-weighted assets) 14.56 % 14.52 % 14.27 % Common Equity Tier 1 (to risk-weighted assets) 14.56 % 14.52 % 14.27 % Tier 1 Capital (to average assets) 8.41 % 8.69 % 9.19 % Asset Quality Ratios: Allowance for credit losses on loans as a percent of total loans 0.82 % 0.79 % 0.79 % Allowance for credit losses on loans as a percent of non-performing loans 716.95 % — 2,404.26 % Net charge-offs as a percent of average outstanding loans during the year — 0.01 % — Non-performing loans as a percent of total loans 0.11 % — 0.03 % Non-performing loans as a percent of total assets 0.08 % — 0.02 % Non-performing assets as a percent of total assets 0.08 % — 0.02 % Other Data: Number of offices 5 5 5 Number of full-time equivalent employees 72 75 76 (1) Represents net loss divided by average total assets.

Additionally, because historical loss experience may not fully 34 reflect our expectations about the future, management has adjusted the historical loss rate through a qualitative adjustment to reflect current economic conditions not already reflected in the historical loss information.

Additionally, because 34 historical loss experience may not fully reflect our expectations about the future, management has adjusted the historical loss rate through a qualitative adjustment to reflect current economic conditions not already reflected in the historical loss information.

Alternatively, if the qualitative adjustment to reflect current economic conditions not already reflected in the historical loss information were removed from the chosen forecast period used in the calculation of the ACL, the ACL would decrease by $1.1 million to $2.4 million.

Factors such as inflation, recession, and instability in financial markets, among other factors beyond our control, may affect interest rates. 41 In a rising interest rate environment, we would expect that the rates on our deposits and borrowings would reprice upwards faster than the rates on our long-term loans and investments, which would be expected to compress our interest rate spread and have a negative effect on our profitability.

Factors such as inflation, recession, and instability in financial markets, among other factors beyond our control, may affect interest rates. 42 In a rising interest rate environment, we would expect that the rates on our deposits and borrowings would reprice upwards faster than the rates on our long-term loans and investments, which would be expected to compress our interest rate spread and have a negative effect on our profitability.

The following table sets forth the amortized cost and average yield of our debt securities, by type and contractual maturity: Maturity as of December 31, 2024 One Year or Less After One Year but within Five Years After Five Years but within Ten Years After Ten Years Total Amortized Cost Average Yield Amortized Cost Average Yield Amortized Cost Average Yield Amortized Cost Average Yield Amortized Cost Average Yield (Dollars in thousands) U.S.

The following table sets forth the amortized cost and average yield of our debt securities, by type and contractual maturity: Maturity as of December 31, 2025 One Year or Less After One Year but within Five Years After Five Years but within Ten Years After Ten Years Total Amortized Cost Average Yield Amortized Cost Average Yield Amortized Cost Average Yield Amortized Cost Average Yield Amortized Cost Average Yield (Dollars in thousands) U.S.

The following information is only a summary and should be read in conjunction with our consolidated financial statements and the notes thereto of this annual report. The information at and for the years ended December 31, 2024 and 2023 is derived in part from the audited consolidated financial statements included in this annual report.

The following information is only a summary and should be read in conjunction with our consolidated financial statements and the notes thereto of this annual report. The information at and for the years ended December 31, 2025 and 2024 is derived in part from the audited consolidated financial statements included in this annual report.

We anticipate that we will have sufficient funds to meet our current funding commitments. We have no material commitments for capital expenditures as of December 31, 2024. Our current strategy is to increase core deposits and utilize FHLB advances, as well as brokered deposits, to fund loan growth.

We anticipate that we will have sufficient funds to meet our current funding commitments. We have no material commitments for capital expenditures as of December 31, 2025. Our current strategy is to increase core deposits and utilize FHLB advances, as well as brokered deposits, to fund loan growth.

Our ACL as a percent of total loans was 0.79% at December 31, 2024 and 2023, which primarily reflects the impact of calculated loss rates based upon remaining life measurements and our consideration of the current economic conditions that affect the qualitative adjustments used in the determination of the ACL as they have evolved over the year from the impact of inflationary pressures and geopolitical concerns, among other considerations.

Our ACL as a percent of total loans was 0.82% at December 31, 2025 and 0.79% at December 31, 2024, which primarily reflects the impact of calculated loss rates based upon remaining life measurements and our consideration of the current economic conditions that affect the qualitative adjustments used in the determination of the ACL as they have evolved over the year from the impact of inflationary pressures and geopolitical concerns, among other considerations.

At December 31, 2024 and 2023, there were no financial assets or liabilities measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances.

At December 31, 2025 and 2024, there were no financial assets or liabilities measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances.

We have been successful in maintaining strong asset quality in recent years. Our ratio of non-performing assets as a percent of total assets was 0.00%, 0.02% and 0.02%, at December 31, 2024, 2023 and 2022, respectively. We attribute this historical credit quality to a conservative credit culture and an effective credit risk management environment.

We have been successful in maintaining strong asset quality in recent years. Our ratio of non-performing assets as a percent of total assets was 0.08%, 0.00% and 0.02%, at December 31, 2025, 2024 and 2023, respectively. We attribute this historical credit quality to a conservative credit culture and an effective credit risk management environment.

At December 31, 2024 and 2023, these factors have not materially impacted the estimated fair values of loans as compared to their carrying amounts. 35 Comparison of Financial Condition at December 31, 2024 and December 31, 2023 Total Assets.

At December 31, 2025 and 2024, these factors have not materially impacted the estimated fair values of loans as compared to their carrying amounts. 35 Comparison of Financial Condition at December 31, 2025 and December 31, 2024 Total Assets.

The information at and for the year ended December 31, 2022 is derived in part from audited consolidated financial statements that are not included in this annual report.

The information at and for the year ended December 31, 2023 is derived in part from audited consolidated financial statements that are not included in this annual report.

At December 31, 2024 and 2023, fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors.

At December 31, 2025 and 2024, fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors.

At the same date, our analysis estimated that, in the event of an instantaneous 200 basis point decrease in interest rates, the Bank would experience a 12.1% increase in the economic value of equity. Any substantial, unexpected, prolonged change in market interest rates could have a material adverse effect on our financial condition, liquidity and results of operations.

At the same date, our analysis estimated that, in the event of an instantaneous 200 basis point decrease in interest rates, the Bank would experience a 9.7% increase in the economic value of equity. Any substantial, unexpected, prolonged change in market interest rates could have a material adverse effect on our financial condition, liquidity and results of operations.

These percent changes were due primarily to the migration of deposits during 2024 and 2023 from less interest-sensitive products such as NOW and demand deposits to products with greater interest rate sensitivity, i.e., money market and time deposits.

These percent changes were due primarily to the migration of deposits during 2025 and 2024 from less interest-sensitive products such as NOW and interest-bearing demand deposits to products with greater interest rate sensitivity, i.e., money market deposits and time deposits.

Net cash used by investing activities, which consists primarily of disbursements for loan originations and loan purchases and the purchase of securities available-for-sale, offset by principal collections on loans, proceeds from sales, maturities and principal payments received on securities available-for-sale, was $2.5 million and $39.5 million for the years ended December 31, 2024 and 2023, respectively.

Net cash used by investing activities, which consists primarily of disbursements for loan originations and loan purchases and the purchase of securities available-for-sale, offset by principal collections on loans, proceeds from sales, maturities and principal payments received on securities available-for-sale, was $9.9 million and $2.5 million for the years ended December 31, 2025 and 2024, respectively.

We currently calculate NPV under the assumptions that interest rates increase 100, 200, 300 and 400 basis points from current market rates and that interest rates decrease 100, 200, 300 and 400 basis points from current market rates. 40 The following table presents the estimated changes in our net portfolio value that would result from changes in market interest rates as of December 31, 2024 and 2023.

We currently calculate NPV under the assumptions that interest rates increase 100, 200, 300 and 400 basis points from current market rates and that interest rates decrease 100, 200, 300 and 400 basis points from current market rates. 41 The following table presents the estimated changes in our net portfolio value that would result from changes in market interest rates as of December 31, 2025 and 2024.

The percent changes to NPV in the +200, +300 and +400 bp changes in interest rates was -21.2%, -32.0% and -43.6%, respectively, at December 31, 2024 versus policy limits of -20.0%, -30.0% and -40.0%, respectively.

The percent changes to NPV in the +100, +200, +300 and +400 bp changes in interest rates was -9.8%, -21.2%, -32.0% and -43.6%, respectively, at December 31, 2024 versus policy limits of -10.0%, -20.0%, -30.0% and -40.0%, respectively.

At December 31, 2024, our ratio of net loans to deposits was 95.9% and our borrowings from these supplemental funding sources totaled $52.3 million. We continue to focus on expanding core deposits by leveraging our business development officers and commercial lending and retail relationships. • Grow organically and through opportunistic acquisitions or de novo branching.

At December 31, 2025, our ratio of net loans to deposits was 88.4% and our borrowings from these supplemental funding sources totaled $52.3 million. We continue to focus on expanding core deposits by leveraging our business development officers and commercial lending and retail relationships. • Grow organically and through opportunistic acquisitions or de novo branching.

For customers requiring full FDIC insurance on certificates of deposit in excess of $250,000, we began offering in late 2023 the CDARS® program, which allows the Bank to place the certificates of deposit with other participating banks to maximize the customers’ FDIC insurance. We receive a like amount of deposits from other participating financial institutions.

For customers requiring full FDIC insurance on certificates of deposit in excess of $250,000, we offer the CDARS® program, which allows the Bank to place the certificates of deposit with other participating banks to maximize the customers’ FDIC insurance. We receive a like amount of deposits from other participating financial institutions.

Core deposits (which we define as all deposits except for time deposits), particularly non-interest-bearing demand deposits, represent a low-cost, stable source of funds. Core deposits were 70.1% of our total deposits at December 31, 2024. We also rely on higher cost Federal Home Loan Bank and Federal Reserve Bank borrowings as supplemental funding sources.

Core deposits (which we define as all deposits except for time deposits), particularly non-interest-bearing demand deposits, represent a low-cost, stable source of funds. Core deposits were 67.7% of our total deposits at December 31, 2025. We also rely on higher cost Federal Home Loan Bank and Federal Reserve Bank borrowings as supplemental funding sources.

(4) Net deferred fee expense included in loan interest totaled $475,000 and $374,000 for the years ended December 31, 2024 and 2023, respectively. 39 Rate/Volume Analysis The following table presents the effects of changing rates and volumes on our net interest income for the years indicated.

(4) Net deferred fee expense included in loan interest totaled $487,000 and $475,000 for the years ended December 31, 2025 and 2024, respectively. 40 Rate/Volume Analysis The following table presents the effects of changing rates and volumes on our net interest income for the years indicated.

The amount of dividends that the Bank may declare and pay to the Company is governed by applicable bank regulations. At December 31, 2024 the Company (on an unconsolidated basis) had liquid assets of $17.1 million. At December 31, 2024, First Seacoast Bank exceeded all of its regulatory capital requirements.

The amount of dividends that the Bank may declare and pay to the Company is governed by applicable bank regulations. At December 31, 2025 the Company (on an unconsolidated basis) had liquid assets of $16.5 million. At December 31, 2025, First Seacoast Bank exceeded all of its regulatory capital requirements.

The weighted average yield for all other interest-earning assets increased to 4.25% for the year ended December 31, 2024 from 3.12% for the year ended December 31, 2023 due primarily to an increase in market interest rates. Interest Expense.

The weighted average yield for all other interest-earning assets increased to 4.42% for the year ended December 31, 2025 from 4.25% for the year ended December 31, 2024 due primarily to an increase in market interest rates. Interest Expense.

As of December 31, 2024 and 2023, the portfolios of purchased loans had outstanding principal balances of $34.3 million and $33.3 million, respectively, and were performing in accordance with their original repayment terms.

As of December 31, 2025 and 2024, the portfolios of purchased loans had outstanding principal balances of $37.0 million and $34.3 million, respectively, and were performing in accordance with their original repayment terms.

At December 31, 2024, our “reciprocal” CDARS® and ICS deposits were $-0- and $6.0 million, respectively. At December 31, 2023, our “reciprocal” CDARS® and ICS deposits were $-0- and $1.1 million, respectively.

If a pre-recessionary period such as the period between March 2007 and September 2009 was chosen as the reasonable and supportable forecast period with a similar qualitative adjustment consideration, the ACL would increase by $99,000 to $3.6 million.

Net deferred loan costs increased $136,000, or 5.2%, to $2.8 million at December 31, 2024 from $2.6 million at December 31, 2023 due primarily to the increase in deferred costs on consumer loans offset by a decrease in deferred costs on one- to four-family residential mortgage loans.

Net deferred loan costs increased $124,000, or 4.5%, to $2.9 million at December 31, 2025 from $2.8 million at December 31, 2024 due primarily to the increase in deferred costs on consumer loans offset by a decrease in deferred costs on one- to four-family residential mortgage loans.

The Bank’s economic value of equity analysis as of December 31, 2024 estimated that, in the event of an instantaneous 200 basis point increase in interest rates, the Bank would experience a 21.2% decrease in economic value of equity which was above the policy limit of 20%.

The Bank’s economic value of equity analysis as of December 31, 2025 estimated that, in the event of an instantaneous 200 basis point increase in interest rates, the Bank would experience a 22.8% decrease in economic value of equity which was above the policy limit of 20.0%.

The weighted average yield for the loan portfolio increased 45 basis points to 4.53% for the year ended December 31, 2024 from 4.08% for the year ended December 31, 2023 due primarily to an increase in market interest rates.

The weighted average yield for the loan portfolio increased 14 basis points to 4.67% for the year ended December 31, 2025 from 4.53% for the year ended December 31, 2024 due primarily to an increase in market interest rates.

The weighted average yield on interest-earning assets increased 60 basis points to 4.46% for the year ended December 31, 2024 from 3.86% for the year ended December 31, 2023.

The weighted average yield on interest-earning assets increased 14 basis points to 4.60% for the year ended December 31, 2025 from 4.46% for the year ended December 31, 2024.

Net cash provided by financing activities, consisting primarily of proceeds from the sale of common stock, activity in deposit accounts, FHLB and FRB advances, was $6.5 million and $39.2 million for the years ended December 31, 2024 and 2023, respectively. We are committed to maintaining a strong liquidity position. We monitor our liquidity position daily.

Net cash provided by financing activities, consisting primarily of proceeds from the activity in deposit accounts and FHLB advances was $15.7 million and $6.5 million for the years ended December 31, 2025 and 2024, respectively. We are committed to maintaining a strong liquidity position. We monitor our liquidity position daily.

Government sponsored enterprises obligations $ — — — — $ 1,642 1.21 % $ — — $ 1,642 1.21 % U.S.

Government sponsored enterprises obligations $ — — $ 1,615 1.21 % $ — — $ — — $ 1,615 1.21 % U.S.

This decrease was due to $36.2 million of proceeds from sales, maturities and principal payments received on securities available-for-sale and $547,000 of net amortization of bond premiums, offset by investment purchases totaling $36.7 million and a $1.5 million increase in net unrealized losses within the portfolio.

This increase was due to investment purchases totaling $50.7 million and a $3.0 million decrease in net unrealized losses within the portfolio offset by $21.1 million of proceeds from maturities and principal payments received on securities available-for-sale and $387,000 of net amortization of bond premiums.

As of December 31, 2024 and 2023, the aggregate amount of uninsured total deposit balances, which is the portion exceeding the $250,000 FDIC insurance limit, had an estimated value not exceeding $112.2 million, or 24.7% of total deposits, and $102.5 million, or 25.3% of total deposits, respectively.

As of December 31, 2025 and 2024, the aggregate amount of uninsured total deposit balances, which is the portion exceeding the $250,000 FDIC insurance limit, had an estimated value not exceeding $107.7 million, or 22.9% of total deposits, and $112.2 million, or 24.7% of total deposits, respectively.

At December 31, 2024 and 2023, we had $52.3 million and $73.0 million outstanding in advances from the FHLB, respectively, and the ability to borrow an additional $94.0 million and $71.8 million, respectively. At December 31, 2024 and 2023, we had an overnight line of credit with the FHLB for up to $3.0 million.

At December 31, 2025 and 2024, we had $52.3 million outstanding in advances from the FHLB and the ability to borrow an additional $96.6 million and $94.0 million, respectively. At December 31, 2025 and 2024, the Bank had an overnight line of credit with the FHLB for up to $3.0 million.

Based upon management’s analysis of the ACL, a $(72,000) release of credit losses was recorded for the year ended December 31, 2024 compared to a $188,000 provision for credit losses for the year ended December 31, 2023.

Based upon management’s analysis of the ACL, a $(1,000) release of credit losses was recorded for the year ended December 31, 2025 compared to a $(72,000) release of credit losses for the year ended 38 December 31, 2024.

The average balance of interest-bearing deposits increased $42.4 million, or 13.3%, to $361.6 million for the year ended December 31, 2024 from $319.2 million for the year ended December 31, 2023 primarily as a result of an increase in the average balance of time, savings and money market deposits offset by a decrease in the average balances of NOW and demand deposits.

The average balance of interest-bearing deposits increased $42.6 million, or 11.8%, to $404.2 million for the year ended December 31, 2025 from $361.6 million for the year ended December 31, 2024 primarily as a result of an increase in the average balance of time and savings deposits offset by a decrease in the average balances of money market deposits.

The release of credit losses for the year ended December 31, 2024 consisted of a $120,000 provision for credit losses on loans and a $(192,000) release of credit losses on off-balance sheet credit exposures. Non-Interest Income (Loss).

The release of credit losses for the year ended December 31, 2025 consisted of a $(60,000) release of credit losses on loans and a $59,000 provision for credit losses on off-balance sheet credit exposures. Non-Interest Income.

The increase in core deposits was due to a $20.7 million, or 31.9%, increase in savings deposits, offset by a decrease in NOW and demand deposits of $1.5 million, or 0.9%, and a decrease in money market deposits of $14.3 million, or 16.7%.

The increase in core deposits was due to a $7.5 million, or 4.6%, increase in NOW and demand deposits offset by a decrease in savings deposits of $1.9 million, or 2.2%, and a decrease in money market deposits of $5.3 million, or 7.4%.

The entire balance of this credit facility was available at December 31, 2023. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions and competition. Our most liquid assets are cash and cash equivalents and available-for-sale investment securities.

While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions and competition. Our most liquid assets are cash and cash equivalents and available-for-sale investment securities.

Core deposits (defined as all deposits other than time deposits) increased $5.0 million, or 1.6%, to $318.5 million at December 31, 2024 from $313.5 million at December 31, 2023.

Core deposits (defined as all deposits other than time deposits) increased $361,000, or 0.1%, to $318.8 million at December 31, 2025 from $318.5 million at December 31, 2024.

This decrease was due primarily to $3.7 million of common stock repurchases, an other comprehensive loss of $1.1 million related primarily to net changes in unrealized holding losses in the available-for-sale securities portfolio as a result of increases in market interest rates during the year ended December 31, 2024 and a net loss of $513,000 for the year ended December 31, 2024, offset by the recognition of $786,000 of stock-based compensation.

This increase was due primarily to $2.2 million of other comprehensive income related primarily to net changes in unrealized holding losses in the available-for-sale securities portfolio as a result of decreases in market interest rates during the year ended December 31, 2025 and the recognition of $1.1 million of stock-based compensation offset by a net loss of $845,000 for the year ended December 31, 2025 and $981,000 of common stock repurchases.

We offer a selection of deposit accounts, including non-interest-bearing and interest-bearing checking accounts, savings accounts, money market accounts and time deposits, for both individuals and businesses. Deposits increased $49.4 million, or 12.2%, to $454.2 million at December 31, 2024 from $404.8 million at December 31, 2023 due to an increase in both time and core deposits.

We offer a selection of deposit accounts, including non-interest-bearing and interest-bearing checking accounts, savings accounts, money market accounts and time deposits, for both individuals and businesses. Deposits increased $16.6 million, or 3.7%, to $470.8 million at December 31, 2025 from $454.2 million at December 31, 2024 due primarily to an increase in time deposits.

Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for at least six consecutive months and the ultimate collectability of the total contractual principal and interest is no longer in doubt. 37 Non-performing loans were $478,000, or 0.11% of total loans, at December 31, 2025, compared to $-0- at December 31, 2024.

This increase was due to a $2.7 million, or 16.2%, increase in interest and fees on loans and a $2.1 million, or 57.0%, increase in interest and dividend income on investments. Average interest-earning assets increased $36.9 million, or 6.9%, to $569.8 million for the year ended December 31, 2024 from $532.8 million for the year ended December 31, 2023.

This increase was due to a $583,000, or 3.0%, increase in interest and fees on loans and a $972,000, or 16.8%, increase in interest and dividend income on investments. Average interest-earning assets increased $16.5 million, or 2.9%, to $586.3 million for the year ended December 31, 2025 from $569.8 million for the year ended December 31, 2024.

The effective tax rate was 3,764.3% and 58.8% for the years ended December 31, 2024 and 2023, respectively. Income (loss) before income tax expense was $14,000 for the year ended December 31, 2024 as compared to $(6.7) million for the year ended December 31, 2023.

The effective tax rate was (43.0)% and 3,764.3% for the years ended December 31, 2025 and 2024, respectively. (Loss) income before income tax (benefit) expense was $(1.5) million for the year ended December 31, 2025 as compared to $14,000 for the year ended December 31, 2024.

Net interest rate spread decreased to 1.42% for the year ended December 31, 2024 from 1.59% for the year ended December 31, 2023 due primarily to an increase in the average rate of interest-bearing deposits offset by an increase in the average yield on interest-earning assets. (Release) Provision for Credit Losses.

Net interest rate spread increased to 1.72% for the year ended December 31, 2025 from 1.42% for the year ended December 31, 2024 due primarily to an increase in the average yield on interest-earning assets and a decrease in the average rate of interest-bearing liabilities. Release of Credit Losses.

The increase in occupancy expense was due primarily to the increase in lease expense associated with the sale-leaseback transaction completed on June 11, 2024. Income Taxes. Income tax expense decreased $3.4 million to $527,000 for the year ended December 31, 2024 compared to $3.9 million for the year ended December 31, 2023.

The increase in occupancy expense was due primarily to the increase in lease expense associated with the sale-leaseback transaction completed on June 11, 2024. Income Taxes. Income tax benefit increased $1.2 million, or 221.1%, to a benefit of $638,000 for the year ended December 31, 2025 compared to a $527,000 income tax expense for the year ended December 31, 2024.

Interest and Dividend Income. Interest and dividend income increased $4.8 million, or 23.5%, to $25.4 million for the year ended December 31, 2024 from $20.6 million for the year ended December 31, 2023.

Interest and Dividend Income. Interest and dividend income increased $1.6 million, or 6.1%, to $27.0 million for the year ended December 31, 2025 from $25.4 million for the year ended December 31, 2024.

Total interest expense increased $4.5 million, or 49.0%, to $13.5 million for the year ended December 31, 2024 from $9.1 million for the year ended December 31, 2023. Interest expense on deposits increased $4.3 million, or 79.9%, for the year ended December 31, 2024 compared to the year ended December 31, 2023.

Total interest expense decreased $234,000, or 1.7%, to $13.3 million for the year ended December 31, 2025 from $13.5 million for the year ended December 31, 2024. Interest expense on deposits increased $1.1 million, or 10.9%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.

Commercial real estate mortgage loans decreased $546,000, or 0.6%, to $86.0 million at December 31, 2024 from $86.6 million at December 31, 2023. Acquisition, development and land loans decreased $2.6 million, or 14.7%, to $14.9 million at December 31, 2024 from $17.5 million at December 31, 2023.

Commercial real estate mortgage loans decreased $5.4 million, or 6.3%, to $80.6 million at December 31, 2025 from $86.0 million at December 31, 2024. Acquisition, development and land loans decreased $2.1 million, or 13.9%, to $12.9 million at December 31, 2025 from $14.9 million at December 31, 2024.

Commercial and industrial loans decreased $1.8 million, or 7.1%, to $23.7 million at December 31, 2024 from $25.5 million at December 31, 2023. Home equity loans and lines of credit increased $6.8 million, or 48.4%, to $20.9 million at December 31, 2024 from $14.1 million at December 31, 2023.

Commercial and industrial loans decreased $1.2 million, or 4.9%, to $22.5 million at December 31, 2025 from $23.7 million at December 31, 2024. Home equity loans and lines of credit decreased $256,000, or 1.2%, to $20.7 million at December 31, 2025 from $20.9 million at December 31, 2024.

Non-Interest Expense. Non-interest expense decreased $167,000, or 1.0%, to $15.9 million for the year ended December 31, 2024 from $16.0 million for the year ended December 31, 2023.

Non-interest expense increased $1.1 million, or 6.7%, to $16.9 million for the year ended December 31, 2025 from $15.9 million for the year ended December 31, 2024.

Multi-family real estate loans decreased $1.8 million, or 24.1%, to $5.8 million at December 31, 2024 from $7.6 million at December 31, 2023. Consumer loans increased by $2.6 million, or 26.3%, to $12.4 million at December 31, 2024 from $9.8 million at December 31, 2023.

Multi-family real estate loans decreased $913,000, or 15.9%, to $4.8 million at December 31, 2025 from $5.8 million at December 31, 2024. Consumer loans increased $335,000, or 2.7%, to $12.7 million at December 31, 2025 from $12.4 million at December 31, 2024.

Comparison of Operating Results for the Years Ended December 31, 2024 and 2023 Net Loss. Net loss was $513,000 for the year ended December 31, 2024, compared to a net loss of $10.7 million for the year ended December 31, 2023, a decrease of $10.1 million.

Comparison of Operating Results for the Years Ended December 31, 2025 and 2024 Net Loss. Net loss was $845,000 for the year ended December 31, 2025, compared to a net loss of $513,000 for the year ended December 31, 2024, an increase of $332,000.

Cash and due from banks increased $1.0 million, or 17.0%, to $7.1 million at December 31, 2024 from $6.1 million at December 31, 2023.

Cash and due from banks increased $6.3 million, or 88.9%, to $13.4 million at December 31, 2025 from $7.1 million at December 31, 2024.

Non-interest income increased $5.9 million, or 294.5%, to $3.9 million for the year ended December 31, 2024 compared to $(2.0) million for the year ended December 31, 2023.

Non-interest income decreased $2.2 million, or 55.1%, to $1.8 million for the year ended December 31, 2025 compared to $3.9 million for the year ended December 31, 2024.

Time deposits increased $44.4 million, or 48.7%, to $135.7 million at December 31, 2024 from $91.3 million at December 31, 2023. At December 31, 2024 and 2023, there were $63.1 million and $23.6 million of brokered deposits included in time deposits, respectively, and $22.1 million and $20.9 million of brokered deposits included in savings deposits, respectively.

Time deposits increased $16.2 million, or 11.9%, to $151.9 million at December 31, 2025 from $135.7 million at December 31, 2024. At December 31, 2025 and 2024, there were $69.1 million and $63.1 million of brokered deposits included in time deposits, respectively, and $21.9 million and $22.1 million of brokered deposits included in savings deposits, respectively.

The percent changes to NPV in the +200, +300 and +400 bp changes in interest rates was -21.5%, -32.5% and -43.3%, respectively, at December 31, 2023 versus policy limits of -20.0%, -30.0% and -40.0%, respectively.

The percent changes to NPV in the +100, +200, +300 and +400 bp changes in interest rates was -10.2%, -22.8%, -34.9% and -46.6%, respectively, at December 31, 2025 versus policy limits of -10.0%, -20.0%, -30.0% and -40.0%, respectively.

As of December 31, 2024: Net Portfolio Value ("NPV") NPV as Percent of Portfolio Value of Assets Basis Point ("bp") Change in Interest Rates Dollar Amount Dollar Change Percent Change NPV Ratio Change (Dollars in thousands) 400 bp $ 41,552 $ (32,138 ) (43.6 )% 8.9 % $ (477 ) 300 bp 50,126 (23,564 ) (32.0 ) 10.3 (332 ) 200 bp 58,086 (15,604 ) (21.2 ) 11.6 (210 ) 100 bp 66,471 (7,219 ) (9.8 ) 12.7 (90 ) 0 73,690 — — 13.6 — (100) bp 79,465 5,775 7.8 14.2 59 (200) bp 82,581 8,891 12.1 14.4 72 (300) bp 83,028 9,338 12.7 14.1 41 (400) bp 79,737 6,047 8.2 13.2 (45 ) As of December 31, 2023: Net Portfolio Value ("NPV") NPV as Percent of Portfolio Value of Assets Basis Point ("bp") Change in Interest Rates Dollar Amount Dollar Change Percent Change NPV Ratio Change (Dollars in thousands) 400 bp $ 38,063 $ (29,082 ) (43.3 )% 8.4 % $ (434 ) 300 bp 45,307 (21,838 ) (32.5 ) 9.6 (310 ) 200 bp 52,710 (14,435 ) (21.5 ) 10.8 (194 ) 100 bp 60,749 (6,396 ) (9.5 ) 11.9 (78 ) 0 67,145 — — 12.7 — (100) bp 72,043 4,898 7.3 13.2 45 (200) bp 74,730 7,585 11.3 13.2 49 (300) bp 74,371 7,226 10.8 12.7 4 (400) bp 67,366 221 0.3 11.3 (141 ) Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements.

As of December 31, 2025: Net Portfolio Value ("NPV") NPV as Percent of Portfolio Value of Assets Basis Point ("bp") Change in Interest Rates Dollar Amount Dollar Change Percent Change NPV Ratio Change (Dollars in thousands) 400 bp $ 43,504 $ (38,040 ) (46.6 )% 8.8 % $ (545 ) 300 bp 53,120 (28,424 ) (34.9 ) 10.3 (389 ) 200 bp 62,978 (18,566 ) (22.8 ) 11.8 (242 ) 100 bp 73,209 (8,335 ) (10.2 ) 13.2 (100 ) 0 81,544 — — 14.2 — (100) bp 87,157 5,613 6.9 14.7 52 (200) bp 89,450 7,906 9.7 14.7 52 (300) bp 89,024 7,480 9.2 14.3 10 (400) bp 81,076 (468 ) (0.6 ) 12.9 (133 ) As of December 31, 2024: Net Portfolio Value ("NPV") NPV as Percent of Portfolio Value of Assets Basis Point ("bp") Change in Interest Rates Dollar Amount Dollar Change Percent Change NPV Ratio Change (Dollars in thousands) 400 bp $ 41,552 $ (32,138 ) (43.6 )% 8.9 % $ (477 ) 300 bp 50,126 (23,564 ) (32.0 ) 10.3 (332 ) 200 bp 58,086 (15,604 ) (21.2 ) 11.6 (210 ) 100 bp 66,471 (7,219 ) (9.8 ) 12.7 (90 ) 0 73,690 — — 13.6 — (100) bp 79,465 5,775 7.8 14.2 59 (200) bp 82,581 8,891 12.1 14.4 72 (300) bp 83,028 9,338 12.7 14.1 41 (400) bp 79,737 6,047 8.2 13.2 (45 ) Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements.

The levels of these assets are dependent on our operating, financing, lending and investing activities during any given period. Our cash flows are comprised of three primary classifications: cash flows from operating activities; investing activities and financing activities. Net cash used by operating activities was $2.9 million and $1.9 million for the years ended December 31, 2024 and 2023, respectively.

The levels of these assets are dependent on our operating, financing, lending and investing activities during any given period. 43 Our cash flows are comprised of three primary classifications: cash flows from operating activities; investing activities and financing activities.

The Bank subsequently pledged $65.0 million of its commercial real estate loans to the BIC resulting in $38.5 million of borrowing capacity under this credit facility as of January 16, 2025. At December 31, 2023, 42 the Bank’s borrowing capacity was $50.6 million under the BIC and was based upon eligible collateral -principally general obligation municipal bonds.

The Bank subsequently pledged $65.0 million of its commercial real estate loans to the BIC resulting in $38.5 million of borrowing capacity under this credit facility as of January 16, 2025.

Total assets were $580.8 million as of December 31, 2024, an increase of $9.7 million, or 1.7%, when compared to total assets of $571.0 million at December 31, 2023. The increase was due primarily to increases in net loans and other assets offset by decreases in securities available-for-sale and in land, building and equipment, net.

Total assets were $599.3 million as of December 31, 2025, an increase of $18.5 million, or 3.2%, when compared to total assets of $580.8 million at December 31, 2024. The increase was due primarily to increases in securities available-for-sale and cash and due from banks offset by a decrease in net loans. Cash and Due From Banks.

The increase in non-interest income during the year ended December 31, 2024 was due primarily to a one-time $2.5 million gain on the sale of land and buildings and a $4.2 million, or 100.2%, decrease in losses realized on the sale of securities, as compared to an $849,000 gain on termination of interest rate swaps recognized during the year ended December 31, 2023.

The decrease in non-interest income during the year ended December 31, 2025 was due primarily to a one-time $2.5 million gain on the sale of land and buildings recognized during the year ended December 31, 2024 offset by a $283,000 increase in customer service fees and an $89,000 increase in gain on sale of loans during the year ended December 31, 2025.

Net interest and dividend income increased $388,000, or 3.4%, to $11.9 million for the year ended December 31, 2024 from $11.5 million for the year ended December 31, 2023.

Net interest and dividend income increased $1.8 million, or 15.0%, to $13.7 million for the year ended December 31, 2025 from $11.9 million for the year ended December 31, 2024.

Our ACL on loans increased $96,000 to $3.5 million at December 31, 2024 from $3.4 million at December 31, 2023, and consisted of a $120,000 provision for loan losses offset by $24,000 of net loan charge-offs. 36 One- to four-family residential mortgage loans increased $6.3 million, or 2.3%, to $275.2 million at December 31, 2024 from $268.9 million at December 31, 2023.

Our ACL on loans decreased $59,000 to $3.4 million at December 31, 2025 from $3.5 million at December 31, 2024 and consisted of a $60,000 release of credit losses on loans offset by $1,000 of consumer loan recoveries. 36 One- to four-family residential mortgage loans decreased $10.0 million, or 3.6%, to $265.2 million at December 31, 2025 from $275.2 million at December 31, 2024.

For the Year Ended December 31, 2024 2023 Average Outstanding Balance Interest Average Yield/Rate Average Outstanding Balance Interest Average Yield/Rate (Dollars in thousands) Interest-earning assets: Loans (4) $ 433,244 $ 19,631 4.53 % $ 414,601 $ 16,896 4.08 % Taxable debt securities 74,944 3,398 4.53 % 52,622 1,521 2.89 % Non-taxable debt securities 49,920 1,712 3.43 % 56,928 1,735 3.05 % Interest-bearing deposits with other banks 8,872 459 5.17 % 5,872 201 3.42 % Federal Home Loan Bank stock 2,794 231 8.26 % 2,820 237 8.40 % Total interest-earning assets 569,774 25,431 4.46 % 532,843 20,590 3.86 % Non-interest-earning assets 12,384 18,485 Total assets $ 582,158 $ 551,328 Interest-bearing liabilities: NOW and demand deposits $ 95,786 $ 529 0.55 % $ 101,947 $ 402 0.39 % Money market deposits 78,147 2,557 3.27 % 74,045 1,830 2.47 % Savings deposits 73,411 1,867 2.54 % 65,802 1,004 1.53 % Time deposits 114,277 4,696 4.11 % 77,406 2,095 2.71 % Total interest-bearing deposits 361,621 9,649 2.67 % 319,200 5,331 1.67 % Borrowings 81,880 3,873 4.73 % 78,839 3,709 4.70 % Other 1,691 11 0.66 % 1,894 40 2.13 % Total interest-bearing liabilities 445,192 13,533 3.04 % 399,933 9,080 2.27 % Non-interest-bearing deposits 65,200 76,533 Other noninterest-bearing liabilities 7,042 4,299 Total liabilities 517,434 480,765 Total equity 64,724 70,563 Total liabilities and equity $ 582,158 $ 551,328 Net interest income $ 11,898 $ 11,510 Net interest rate spread (1) 1.42 % 1.59 % Net interest-earning assets (2) $ 124,582 $ 132,910 Net interest margin (3) 2.09 % 2.16 % Average interest-earning assets as a percent of interest-bearing liabilities 127.98 % 133.23 % (1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

For the Year Ended December 31, 2025 2024 Average Outstanding Balance Interest Average Yield/Rate Average Outstanding Balance Interest Average Yield/Rate (Dollars in thousands) Interest-earning assets: Loans (4) $ 433,135 $ 20,214 4.67 % $ 433,244 $ 19,631 4.53 % Taxable debt securities 110,489 5,304 4.80 % 74,944 3,398 4.53 % Non-taxable debt securities 26,733 796 2.98 % 49,920 1,712 3.43 % Interest-bearing deposits with other banks 13,371 483 3.61 % 8,872 459 5.17 % Federal Home Loan Bank stock 2,545 189 7.42 % 2,794 231 8.26 % Total interest-earning assets 586,273 26,986 4.60 % 569,774 25,431 4.46 % Non-interest-earning assets 15,514 12,384 Total assets $ 601,787 $ 582,158 Interest-bearing liabilities: NOW and demand deposits $ 98,272 $ 637 0.65 % $ 95,786 $ 529 0.55 % Money market deposits 69,542 1,870 2.69 % 78,147 2,557 3.27 % Savings deposits 84,497 2,169 2.57 % 73,411 1,867 2.54 % Time deposits 151,894 6,030 3.97 % 114,277 4,696 4.11 % Total interest-bearing deposits 404,205 10,706 2.65 % 361,621 9,649 2.67 % Borrowings 55,584 2,582 4.64 % 81,880 3,873 4.73 % Other 1,883 11 0.59 % 1,691 11 0.66 % Total interest-bearing liabilities 461,672 13,299 2.88 % 445,192 13,533 3.04 % Non-interest-bearing deposits 66,137 65,200 Other noninterest-bearing liabilities 12,285 7,042 Total liabilities 540,094 517,434 Total equity 61,693 64,724 Total liabilities and equity $ 601,787 $ 582,158 Net interest income $ 13,687 $ 11,898 Net interest rate spread (1) 1.72 % 1.42 % Net interest-earning assets (2) $ 124,601 $ 124,582 Net interest margin (3) 2.33 % 2.09 % Average interest-earning assets as a percent of interest-bearing liabilities 126.99 % 127.98 % (1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

The decrease was due primarily to an increase in non-interest income of $5.9 million, a decrease in income tax expense of $3.4 million, a $388,000 increase in net interest and dividend income, a $260,000 decrease in (release) provision for credit losses and a decrease in non-interest expenses of $167,000 during the year ended December 31, 2024 compared to the year ended December 31, 2023.

The increase was due primarily to a decrease in non-interest income of $2.2 million and a $1.1 million increase in non-interest expenses, offset by a $1.8 million increase in net interest and dividend income and a $1.2 million decrease in income tax expense during the year ended December 31, 2025 compared to the year ended December 31, 2024.

The increase was due primarily to a $49.4 million increase in total deposits and $7.4 million of proceeds from the sale of land, building and equipment, offset by an $8.8 million increase in net loans, a $40.7 million decrease in borrowings and $3.7 million of common stock repurchases during the year ended December 31, 2024. Available-for-Sale Securities.

The increase was due primarily to a $16.6 million increase in total deposits and a $19.4 million decrease in net loans offset by $29.6 million of net purchases of securities available-for-sale during the year ended December 31, 2025. Available-for-Sale Securities.

The purchase of brokered deposits offered a lower cost alternative to advances of similar duration from the Federal Home Loan Bank. Borrowings. Total borrowings decreased $40.7 million, or 43.8%, to $52.3 million at December 31, 2024 from $93.0 million at December 31, 2023 due to a decrease in FHLB and FRB advances.

The purchase of brokered deposits offered a lower cost alternative to advances of similar duration from the Federal Home Loan Bank. Borrowings. Total borrowings were $52.3 million at December 31, 2025 and 2024. Total Stockholders’ Equity. Total stockholders’ equity increased $1.5 million, or 2.4%, to $63.5 million at December 31, 2025 from $62.1 million at December 31, 2024.

The decrease in non-interest expense was due primarily to a $427,000, or 4.4%, decrease in salaries and employee benefits, a $111,000, or 20.9%, decrease in marketing, a 38 $104,000, or 22.8%, decrease in equipment expense and a $94,000, or 5.9%, decrease in data processing offset by a $214,000, or 28.2%, increase in occupancy expense, a $160,000, or 15.8%, increase in professional fees and assessments and a $142,000, or 55.3%, increase in deposit insurance fees during the year ended December 31, 2024.

The increase in non-interest expense was due primarily to a $368,000, or 4.3%, increase in salaries and employee benefits, a $296,000, or 45.6%, increase in equity compensation expense, a $414,000, or 42.6%, increase in occupancy expense and a $135,000, or 9.0%, increase in data processing offset by a $67,000, or 19.0%, decrease in equipment expense and a $96,000, or 8.2%, decrease in professional fees and assessments during the year ended December 31, 2025.

During December 2024, the Bank unpledged the collateral previously pledged to the BIC - principally general obligation municipal bonds – with the intention of pledging commercial real estate loans.

At December 31, 2025 and 2024, there were no outstanding balances under any of these additional credit facilities. Advances under the BIC, if any, are collateralized by eligible collateral. During December 2024, the Bank unpledged the collateral previously pledged to the BIC - principally general obligation municipal bonds – with the intention of pledging commercial real estate loans.

The yields set forth below include the effect of net deferred fee expense, discounts and premiums that are amortized or accreted to interest income or interest expense. Average loan balances exclude loans held for sale, if applicable. The following tables include no out-of-period items or adjustments.

Average loan balances exclude loans held for sale, if applicable. The following tables include no out-of-period items or adjustments.

Net loans increased $8.8 million, or 2.1%, to $435.5 million at December 31, 2024 from $426.6 million at December 31, 2023. During the year ended December 31, 2024, we originated $58.2 million of loans and purchased $2.7 million of participation interests in commercial and industrial loans and $1.8 million of consumer loans secured by manufactured housing properties.

During the year ended December 31, 2025, we collected $25.3 million of loan principal, net of new loan originations, and purchased $3.6 million of participation interests in commercial and industrial loans and $1.9 million of consumer loans secured by manufactured housing properties.

Available-for-sale securities decreased by $1.6 million, or 1.3%, to $120.2 million at December 31, 2024 from $121.9 million at December 31, 2023.

Available-for-sale securities increased by $32.2 million, or 26.8%, to $152.4 million at December 31, 2025 from $120.2 million at December 31, 2024.

Average Balance Sheets The following tables set forth average balance sheets, average yields and costs and certain other information at the date and for the years indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are daily average balances. Non-accrual loans are included in the computation of average balances only.

No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are daily average balances. Non-accrual loans are included in the computation of average balances only. The yields set forth below include the effect of net deferred fee expense, discounts and premiums that are amortized or accreted to interest income or interest expense.

The average balance of borrowings increased $3.0 million, or 3.9%, to $81.9 million for the year ended December 31, 2024 from $78.8 million for the year ended December 31, 2023. The weighted average rate of borrowings increased to 4.73% for the year ended December 31, 2024 from 4.70% for the year ended December 31, 2023. Net Interest and Dividend Income.

The weighted average rate of borrowings decreased to 4.64% for the year ended December 31, 2025 from 4.73% for the year ended December 31, 2024 due to a decrease in market interest rates. Net Interest and Dividend Income.

Interest expense on borrowings consists of interest on advances from the Federal Home Loan Bank and the Federal Reserve Bank. Interest expense on borrowings increased $164,000, or 4.4%, to $3.9 million for the year ended December 31, 2024 from $3.7 million for the year ended December 31, 2023 primarily due to an increase in the average balance of borrowings.

Interest expense on borrowings decreased $1.3 million, or 33.3%, to $2.6 million for the year ended December 31, 2025 from $3.9 million for the year ended December 31, 2024 primarily due to a decrease in the average balance of borrowings.

The weighted average rate of interest-bearing deposits increased to 2.67% for the year ended December 31, 2024 from 1.67% for the year ended December 31, 2023 due primarily to an increase in market interest rates and to respond to deposit pricing by competitors.

The weighted average rate of interest-bearing deposits decreased to 2.65% for the year ended December 31, 2025 from 2.67% for the year ended December 31, 2024.

… 26 more changes not shown on this page.

Top changes in First Seacoast Bancorp, Inc.'s 2025 10-K

Item 1. Business

Item 1C. Cybersecurity

Item 2. Properties

Item 3. Legal Proceedings

Item 5. Market for Registrant's Common Equity

Item 6. [Reserved]

Other FSEA 10-K year-over-year comparisons