First Seacoast Bancorp, Inc. 10-K

ITEM 2. Properties As of December 31, 2024, the net book value of our land, building and equipment was $754,000. On June 11, 2024, the Bank entered into and closed on an agreement with a single purchaser for the purchase and sale of four properties formerly owned and operated by the Bank, which included four branches (with an adjacent drive thru) and a parking lot, each adjacent to a sold branch, for an aggregate cash purchase price of $7.5 million. 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. The 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.