First Seacoast Bancorp, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s total assets increased to $601.8 million, reflecting a 5.4% rise from $571.0 million at the end of 2023. This growth was primarily driven by a substantial increase in cash and due from banks, which rose by 172.2% to $16.5 million, and a $7.9 million increase in net loans, totaling $434.5 million.
The company’s net income for the third quarter of 2024 was $44,000, a notable recovery from a net loss of $911,000 in the same period of 2023. For the nine months ended September 30, 2024, net income reached $895,000, compared to a loss of $987,000 in the prior year. This turnaround was supported by a 27.8% increase in total interest and dividend income, which amounted to $18.9 million, up from $14.8 million in 2023. The increase in interest income was attributed to higher yields on loans and investments, with the average yield on interest-earning assets rising to 4.45% from 3.73%.
Total deposits also saw a significant increase, rising by 10.6% to $447.7 million, driven by a $14.9 million increase in commercial deposits and a $28.0 million rise in retail deposits. The company’s total stockholders' equity decreased slightly to $65.8 million, down from $66.6 million, influenced by $3.3 million in common stock repurchases.
In terms of expenses, non-interest expenses decreased by 2.5% to $11.8 million, aided by reductions in salaries, marketing, and equipment expenses. The provision for credit losses for the third quarter was $16,000, a significant decrease from $120,000 in the same quarter of 2023, indicating improved credit quality.
Strategically, First Seacoast Bancorp has focused on enhancing its loan portfolio, particularly in residential and commercial real estate sectors. The company has also engaged in a stock repurchase program, authorizing the buyback of up to 507,707 shares, with 358,702 shares repurchased by the end of September 2024.
Overall, First Seacoast Bancorp's financial performance in the third quarter of 2024 reflects a recovery trajectory, with improvements in net income, asset growth, and a strategic focus on enhancing its lending operations.
About First Seacoast Bancorp, Inc.
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