What changed in this filing

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Item 1. Business

2026-03-20 compared with 2025-03-21 · 63 added, 63 removed, 860 unchanged (13% of the section changed)

33 unchanged sentences

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.

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.

37 unchanged sentences

Other areas of lending include commercial real estate loans and multi-family real estate loans, acquisition, development and land loans, commercial and industrial loans, home equity loans and lines of credit and consumer loans.

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.

We compete for loans by offering high quality personalized service, providing convenience and flexibility, providing timely responses on loan applications and by offering competitive pricing of loan products.

109 unchanged sentences

The interest rate may be fixed or adjustable.

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.

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.

4 unchanged sentences

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 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.

Once the construction project is satisfactorily completed, generally within 18 months, the loan will convert to a permanent, amortizing mortgage loan for the remaining term of the loan, generally up to a maximum of 20 years total (including the construction phase).

10 unchanged sentences

Land development loans are generally secured by vacant land located in our primary market and in process of improvement.

At December 31, 2024, land development loan balances were $1.5 million, or 0.3%, of our total loan portfolio.

At December 31, 2025, land development loan balances were $753,000, or 0.2%, of our total loan portfolio.

We generally originate commercial land development loans with loan-to-value ratios of up to 70% where all approvals and permits for improvements are already in place and up to 50% where approvals and permits are not yet in place.

10 unchanged sentences

At December 31, 2025, we had $22.5 million of commercial and industrial loans representing 5.4% of our total loan portfolio.

At December 31, 2024, the average loan balance outstanding in the commercial and industrial loans portfolio was $232,000, and the largest individual commercial and industrial loan outstanding was $2.2 million secured by marketable securities.

At December 31, 2025, the average loan balance outstanding in the commercial and industrial loans portfolio was $213,000, and the largest individual commercial and industrial loan outstanding was $1.2 million secured by three commercial coach buses with a total value of $1.9 million.

This loan was performing in accordance with its original repayment terms at December 31, 2025.

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.

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.

9 unchanged sentences

Typically, a 7(a) loan includes a 75% guarantee and an Express loan includes a 50% guarantee from the U.S.

At December 31, 2024, we had six loans outstanding with an aggregate principal balance of $2.8 million with Small Business Administration 7(a) guarantees totaling $2.1 million and three Small Business Administration Express loans with an aggregate principal balance of $69,000 with guarantees totaling $34,000.

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.

At December 31, 2025, we had seven loans outstanding with an aggregate principal balance of $4.9 million with Small Business Administration 7(a) guarantees totaling $2.3 million and three Small Business Administration Express loans with an aggregate principal balance of $89,000 with guarantees totaling $44,000.

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.

3 unchanged sentences

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 and 2023, we had $472,000 and $-0- of unfunded commitments related to these participation interests, respectively.

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.

33 unchanged sentences

Our volume of real estate loan originations is influenced significantly by market interest rates, and, accordingly, the volume of our real estate loan originations can vary from period to period.

We consider our balance sheet, as well as market conditions, on an ongoing basis in making decisions as to whether to hold one- to four-family residential real estate loans we originate in our portfolio for investment or to sell such loans to

investors, based on profitability and risk management considerations.

We consider our balance sheet, as well as market conditions, on an ongoing basis in making decisions as to whether to hold one- to four-family residential real estate loans we originate and the guaranteed portion of commercial and industrial

loans we originate under the Small Business Administration 7(a) Guarantee program in our portfolio for investment or to sell such loans to investors, based on profitability and risk management considerations.

We sell selected conforming, 15-year and 30-year fixed-rate one- to four-family residential real estate loans that we originate, on a servicing-retained basis, when we are able to, and strategically retain non-eligible fixed-rate and adjustable-rate one- to four-family residential real estate loans in order to manage the duration and time to repricing of our one- to four-family residential loan portfolio.

For the years ended December 31, 2024 and 2023, we sold $893,000 and $417,000, respectively, of our one- to four-family residential real estate loans.

In addition to purchasing consumer loans secured by manufactured housing properties, as discussed above under “Consumer Loans,” we purchase one- to four-family jumbo residential real estate loans to supplement our own origination efforts.

During 2024 and 2023, we purchased $-0- and $780,000, respectively, of one- to four-family jumbo residential real estate loans secured by properties located in the greater Boston market.

For the years ended December 31, 2025 and 2024, we sold $1.9 million and $893,000, respectively, of our one- to four-family residential real estate loans.

For the years ended December 31, 2025 and 2024, we sold $1.7 million and $-0-, respectively, of commercial and industrial loans originated under the Small Business Administration 7(a) Guarantee program.

In addition to purchasing consumer loans secured by manufactured housing properties, as discussed above under “Consumer Loans,” we have purchased one- to four-family jumbo residential real estate loans to supplement our own origination efforts.

During 2025 and 2024, we purchased $-0- of these one- to four-family jumbo residential real estate loans.

As of December 31, 2025, the portfolio of purchased residential real estate loans had outstanding principal balances of $22.1 million and were performing in accordance with their original repayment terms.

11 unchanged sentences

Our board of directors has established a Loan Officers Review Committee to oversee loan approvals.

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.

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.

Our Chief Executive Officer has aggregate approval authority of up to $800,000 per relationship.

Individual loan officers generally can approve secured commercial loans of up to $100,000 and residential real estate loans of up to $650,000.

10 unchanged sentences

At December 31, 2025, our largest loan relationship with one borrower was for $6.8 million.

These loans are secured primarily by commercial real estate which were performing in accordance with their original repayment terms.

These loans, which are secured primarily by commercial real estate, were performing in accordance with their original repayment terms.

Delinquent Loans and Non-Performing Assets

1 unchanged sentence

When a residential real estate or consumer loan payment becomes more than 15 days past due, a notice is automatically sent to the customer.

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

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.

Once the letter is sent, we begin

contacting the customer either by telephone or additional letters as appropriate.

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.

The foreclosure process generally would begin when a loan becomes 120 days delinquent.

41 unchanged sentences

Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt.

Non-performing loans were $-0- at December 31, 2024, compared to $141,000, or 0.03% of total loans, at December 31, 2023.

At December 31, 2023, non-performing loans consisted of a residential mortgage loan and an associated home equity loan with outstanding balances totaling $141,000 and an estimated market value of $216,000.

The property was sold in July 2024 and all outstanding balances were repaid.

At December 31, 2025, non-performing loans consist of two residential mortgage loans and a consumer loan secured by a manufactured housing property.

One non-performing residential mortgage loan with an outstanding balance of $297,000 was destroyed by a fire.

Our outstanding residential mortgage loan balance is expected to be paid with insurance proceeds.

Another non-performing residential mortgage loan with an outstanding balance of $64,000 and an estimated market value of $100,000 became current after year end and is expected to return to accrual status once the loan has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt.

The non-performing consumer loan secured by a manufactured housing property with an outstanding balance of $117,000 and an estimated market value of $140,000 is with a deceased borrower.

The property is expected to be sold and outstanding balances paid.

Modifications Made to Borrowers Experiencing Financial Difficulty.

In March 2022, the FASB issued ASU 2022-2 ,“Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures,” (“ASU 2022-2” or "Topic 326") which eliminated the troubled debt restructuring (“TDR”) accounting model for creditors that have adopted Topic 326.

Due to the removal of the TDR accounting model, all loan modifications are accounted for under the general loan modification guidance in Accounting Standards Codification Subtopic 310-20.

In addition, on a prospective basis, entities are subject to new disclosure requirements covering modifications of receivables to borrowers experiencing financial difficulty.

Public business entities within the scope of the Topic 326 vintage disclosure requirements also are required to prospectively disclose current-period gross write-off information by vintage (that is, year of origination).

ASU 2022-2 became effective on January 1, 2023.

There were no loans modified for borrowers experiencing financial difficulty during the years ended December 31, 2025 and 2024.

Foreclosed Assets.

Foreclosed assets consist of property acquired through formal foreclosure, in-substance foreclosure or by deed in lieu of foreclosure, and are recorded at the lower of recorded investment or fair value, less estimated costs to sell.

Write-downs from recorded investment to fair value, which are required at the time of foreclosure, are charged to the allowance for loan losses.

Foreclosed assets consist of property acquired through formal foreclosure, in-substance foreclosure or by deed in lieu of foreclosure, and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis.

Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried

at the lower of carrying amount or fair value less cost to sell.

We order a new appraisal before commencing foreclosure to determine the current market value of the property.

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.

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.

8 unchanged sentences

General allowances represent loss allowances, which have been established to cover probable accrued losses associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets.

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.

An institution’s determination as to the classification of its assets and the amount of its valuation allowances is subject to review by the regulatory authorities, which may require the establishment of additional general or specific loss allowances.

11 unchanged sentences

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):

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”).

2 unchanged sentences

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;

(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;

2 unchanged sentences

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.

For loans, write-off typically occurs when a loan has been in

default for 90 days or more.

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.

35 unchanged sentences

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.

(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.

Certain loans which may not share similar risk characteristics with other loans in the portfolio may be tested individually for estimated credit losses, including (i) loans classified as special mention, substandard or doubtful and are on non-accrual, (ii) a loan modified for a borrower experiencing financial difficulty or (iii) loans that have other unique characteristics.

7 unchanged sentences

Allowance at beginning of year

Provision for credit losses on loans

Impact of ASC 326 Adoption

(Release) provision for credit losses on loans

One- to four-family residential real estate

10 unchanged sentences

Total recoveries

Net charge-offs

Net recoveries (charge-offs)

Allowance at end of year

2 unchanged sentences

Allowance as a percent of total non-accrual loans at year end

Net charge-offs as a percent of average consumer loans outstanding during the year

Net recoveries (charge-offs) as a percent of average consumer loans outstanding during the year

Allocation of Allowance for Credit Losses on Loans.

5 unchanged sentences

Total Allocated

for Credit Losses on Loans

in Category to

20 unchanged sentences

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.

Authority to make investments under the approved investment policy guidelines is delegated to our Chief Executive Officer and President and Chief Financial Officer.

All investment transactions are reviewed at the next regularly scheduled meeting of the board of directors.

38 unchanged sentences

Corporate Debt.

At December 31, 2024, we had corporate debt totaling $0.5 million, which constituted 0.4% of our securities portfolio.

This fixed-to-floating corporate note was issued by a minority-led Community Development Financial Institution.

At December 31, 2025, we had corporate debt totaling $6.2 million, which constituted 4.1% of our securities portfolio and consisted of $5.7 million of short-term corporate bonds and a $500,000 fixed-to-floating corporate note issued by a minority-led Community Development Financial Institution.

Corporate Subordinated Debt.

14 unchanged sentences

The purchase of brokered deposits offered a lower cost alternative to advances from the Federal Home Loan Bank of a similar duration.

Additionally, there were $22.1 million and $20.9 of brokered deposits included in savings deposits at December 31, 2024 and 2023, respectively.

Additionally, there were $21.9 million and $22.1 million of brokered deposits included in savings deposits at December 31, 2025 and 2024, respectively.

At December 31, 2025 and 2024, our deposits totaled $470.8 million and $454.2 million, respectively.

6 unchanged sentences

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.

16 unchanged sentences

Non-interest bearing

NOW and demand deposits

demand deposits

NOW and interest-bearing

demand deposits

Money market deposits

19 unchanged sentences

We may obtain advances from a secured credit facility with the Federal Reserve Bank of Boston (“FRB”) – Borrower-In-Custody of Collateral Program (“BIC”).

Advances under the BIC would be 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.

On January 7, 2025, the Bank completed the eligibility process whereby the FHLB subordinated their interest in commercial real estate loans up to a maximum of $65 million allowing these loans to be pledged to the BIC.

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

Advances under the BIC would be collateralized by eligible collateral - principally commercial real estate loans.

During 2025, the Bank completed the eligibility process whereby the FHLB subordinated their interest in commercial real estate loans up to a maximum of $71.7 million allowing these loans to be pledged to the BIC.

At December 31, 2025, the Bank pledged $59.4 million of commercial real estate loans to the BIC resulting in $34.1 million of borrowing capacity under this credit facility.

The entire balance of this credit facility was available at December 31, 2025.

At December 31, 2025, the Bank was in compliance with the FRB's collateral pledging program.

Personnel and Human Capital

14 unchanged sentences

First Seacoast Bank is also regulated to a lesser extent by the Board of Governors of the Federal Reserve System, or the “Federal Reserve Board,” which governs the reserves to be maintained against deposits and other matters.

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.

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.

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.

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.

As a savings and loan holding company, First Seacoast Bancorp, Inc.

42 unchanged sentences

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

election to use the CBLR.

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.

126 unchanged sentences

A financial holding company may engage in activities that are financial in nature, including underwriting equity securities and insurance as well as activities that are incidental to financial activities or complementary to a financial activity.

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.

65 unchanged sentences

Our Senior Technology/Cybersecurity Officer is primarily responsible for this cybersecurity component and is a key member of the Company's Information Technology Governance, along with our Chief Finance/Information Security Officer, including the Enterprise Risk Management Committee ("ERM"), the Information Technology Steering Committee ("ITSC") and the Information Technology Advisory Committee ("ITAC"), reporting directly to the Chief Information Officer.

Our Senior Technology/Cybersecurity Officer has substantial relevant expertise and formal training in the areas of information security and cybersecurity risk management,

including 31 years of cybersecurity experience, 6 of which was spent at the Company.

Our 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.

12 unchanged sentences

We also actively monitor our email gateways for malicious phishing email campaigns and monitor remote connections as a portion of our workforce has the option to work remotely.

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,

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 maintain an Incident Response Plan ("IRP") that provides a documented framework for responding to actual or potential cybersecurity incidents, including timely notification of and escalation to the appropriate Board-approved management committees, as discussed further below.

15 unchanged sentences

More frequent meetings occur from time to time in accordance with the IRP in order to facilitate timely informing and monitoring efforts.

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).

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).

The ITAC is responsible for overseeing our information security and technology programs, including management’s actions to identify, assess, mitigate, and remediate or prevent material cybersecurity issues and risks.

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business