First Seacoast Bancorp (FSEA) | Investment Case

1. Company Snapshot

1.a. Company Description

First Seacoast Bancorp operates as a holding company for First Seacoast Bank that provides various banking products and services for individuals and businesses.The company offers interest-bearing and non-interest-bearing checking, savings, and money market accounts; and time deposits.It also provides various lending products comprising one- to four-family residential real estate loans; commercial real estate and multi-family loans; acquisition, development, and land loans; commercial and industrial loans; home equity loans and lines of credit; and consumer loans.

In addition, the company offers wealth management services, such as retirement planning, portfolio management, investment and insurance strategies, business retirement plans, and college planning services.It operates through its wealth management office located in Dover, New Hampshire; four full-service banking offices in Strafford County, New Hampshire; and one full-service banking office in Rockingham County, New Hampshire.The company was founded in 1890 and is headquartered in Dover, New Hampshire.

First Seacoast Bancorp is a subsidiary of First Seacoast Bancorp, MHC.

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1.b. Last Insights on FSEA

First Seacoast Bancorp's recent momentum is driven by its decision to authorize additional share repurchases, up to 228,858 shares, under its ongoing stock repurchase program. This move, announced on December 12, 2024, demonstrates the company's commitment to returning value to shareholders. The original repurchase authorization, announced in April 2024, represented approximately 10% of outstanding shares. This share buyback program is expected to positively impact earnings per share and boost shareholder value.

1.c. Company Highlights

Last Price	11.94
Change Percentage	-0.86%
Open	12.05
Previous Close	12.04
Market Cap ( Millions)	56
Volume	1190
Year High	13
Year Low	9.25
M A 50	11.67
M A 200	11.36

FCF Yield	-1.61%
Dividend Yield	0.00%
ROE	-3.50%
Debt / Equity	0.00%
Net Debt / EBIDTA	1204.49%
Price To Book	0.8
Price Earnings Ratio	-23.41
Price To FCF	-62.25
Price To sales	2.03
EV / EBITDA	-22.51

2. Transcript Summary

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3. NewsRoom

First Seacoast Bancorp, Inc. Announces President Transition

May -29

Source: businesswire.com

First Seacoast Bancorp, Inc. Authorizes Additional Share Repurchases Under Ongoing Stock Repurchase Program

Dec -12

Source: businesswire.com

First Seacoast Bank Completes Sale-Leaseback Transaction with MountainSeed Real Estate Services, LLC

Jun -17

Source: businesswire.com

First Seacoast Bancorp, Inc. Authorizes Stock Repurchase Program

Apr -11

Source: businesswire.com

Bank Buzz: 2 Value Plays With Near-Term Catalysts

Dec -12

Source: Seeking Alpha

First Seacoast Bancorp, Inc. Announces Balance Sheet Repositioning

Nov -28

Source: businesswire.com

First Seacoast Bancorp: Attractive Valuation And Upside

Feb -17

Source: Seeking Alpha

Olive Garden parent Darden stands by outlook after mixed quarterly results

Sep -22

Source: CNBC

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.50%)

6. Segments

Banking Services

Expected Growth: 5.5%

Growing demand for digital banking services, increasing adoption of online banking, and expanding customer base in the personal and business segments are expected to drive growth for First Seacoast Bancorp.

7. Detailed Products

Personal Banking

First Seacoast Bancorp offers a range of personal banking services, including checking and savings accounts, credit cards, loans, and investment products.

Business Banking

The company provides business banking services, including commercial loans, cash management, and treasury management solutions.

Mortgage Lending

First Seacoast Bancorp offers a variety of mortgage loan options, including fixed-rate and adjustable-rate mortgages, refinancing, and home equity loans.

Wealth Management

The company provides wealth management services, including investment advice, portfolio management, and retirement planning.

Commercial Lending

First Seacoast Bancorp offers commercial lending services, including lines of credit, term loans, and construction loans.

Treasury Management

The company provides treasury management services, including cash management, wire transfers, and account reconciliation.

8. First Seacoast Bancorp's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for First Seacoast Bancorp is moderate, as customers have alternative banking options available.

Bargaining Power Of Customers

The bargaining power of customers is low, as First Seacoast Bancorp has a strong customer base and offers a range of financial products and services.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as First Seacoast Bancorp relies on a few large suppliers for its operations.

Threat Of New Entrants

The threat of new entrants is low, as entering the banking industry requires significant capital and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry is high, as First Seacoast Bancorp operates in a competitive banking industry with many established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	63.17%
Debt Cost	5.94%
Equity Weight	36.83%
Equity Cost	5.94%
WACC	5.94%
Leverage	171.53%

11. Quality Control: First Seacoast Bancorp passed 1 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Shore Bancshares

A-Score: 6.6/10

Value: 7.4

Growth: 6.2

Quality: 6.3

Yield: 5.0

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

First Seacoast Bank

A-Score: 5.6/10

Value: 8.6

Growth: 2.0

Quality: 4.5

Yield: 0.0

Momentum: 9.0

Volatility: 9.7

1-Year Total Return ->

Southern First

A-Score: 5.1/10

Value: 5.7

Growth: 5.2

Quality: 5.2

Yield: 0.0

Momentum: 8.0

Volatility: 6.3

1-Year Total Return ->

ECB Bancorp

A-Score: 4.9/10

Value: 4.0

Growth: 7.0

Quality: 3.2

Yield: 0.0

Momentum: 6.5

Volatility: 9.0

1-Year Total Return ->

Generations Bancorp NY

A-Score: 4.8/10

Value: 7.0

Growth: 2.3

Quality: 3.8

Yield: 0.0

Momentum: 8.0

Volatility: 8.0

1-Year Total Return ->

Blue Foundry Bank

A-Score: 4.7/10

Value: 8.8

Growth: 5.1

Quality: 4.6

Yield: 0.0

Momentum: 2.5

Volatility: 7.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

28.82%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.94%

First Seacoast Bancorp - US33631F1049

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on FSEA

1.c. Company Highlights

Lower Growth

Lower Quality

Lower Yield

Cheaper

Less Volatile

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.50%)

6. Segments

Banking Services

Expected Growth: 5.5%

7. Detailed Products

Personal Banking

Business Banking

Mortgage Lending

Wealth Management

Commercial Lending

Treasury Management

8. First Seacoast Bancorp's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: First Seacoast Bancorp passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.94$

Current Price

11.94$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA