First Seacoast Bank Dover NH Financial Metrics and Analysis

First Seacoast Bank's net income has been steadily increasing over the years, reaching $6.3 million in 2020.

The bank's return on equity (ROE) has also been impressive, averaging around 10% from 2018 to 2020.

First Seacoast Bank's total assets have grown significantly, reaching $1.4 billion in 2020, a 25% increase from 2018.

The bank's efficiency ratio has been relatively stable, averaging around 55% from 2018 to 2020, indicating a good balance between revenue and expenses.

First Seacoast Bank's financials reveal a strong foundation. The bank's Net Loans and Leases stand at $434,193k, indicating a substantial portfolio.

Their Net Interest Income is $3,017k, which is a significant revenue stream. This suggests the bank is generating a substantial amount of income from interest on loans and investments.

The Tier 1 Risk-Based Capital Ratio of 14.5178 is a key indicator of the bank's capital adequacy and risk management strategies.

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First Seacoast Bank's financial standing is a testament to its prudent management and risk mitigation strategies. The bank's Net Loans and Leases total $434,193k, while its Net Interest Income stands at $3,017k.

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The bank's Tier 1 Risk-Based Capital Ratio is a healthy 14.5178, indicating a robust capital adequacy and risk management framework. This is a key metric to assess the bank's ability to absorb potential losses.

The bank's asset quality is also noteworthy, with a Net Charge-Offs to Loans and Leases ratio of 0. This suggests that the bank has effectively managed its risk and minimized losses.

Here's a snapshot of First Seacoast Bank's key financial metrics:

The bank's ability to maintain a low Texas Ratio of 0% is also impressive, indicating that it has sufficient equity and loan loss reserves to cover potential losses. This is a key indicator of the bank's financial stability.

First Seacoast Bank's Return on Equity (ROE) of 2.64% is lower than the U.S. Bank Average of 10.02%. However, this doesn't necessarily mean that the bank is poorly run, as ROE can be influenced by various factors.

The bank's capitalization of 8.08% is also lower than the U.S. Bank Average of 11.29%. However, this is still a respectable level of capitalization, indicating that the bank has a solid foundation to support its loans and assets.

First Seacoast Bank is planning a significant shift in its ownership structure, moving from a mutual bank to a stockholder-owned bank.

The holding company for First Seacoast Bank, First Seacoast Bancorp, has adopted a plan to convert to a stock holding company structure.

This change is expected to be completed within the first quarter of 2023.

The process involves a "quiet period" for the company's president and CEO, James Brannen, and other officers to avoid providing insider information to investors.

The proposed new stock holding company will be named First Seacoast Bancorp Inc.

First Seacoast Bancorp MHC currently owns approximately 55.7 percent of the outstanding shares of common stock of First Seacoast Bancorp.

Account holders as of June 30, 2021, will have first priority non-transferable subscription rights to subscribe for shares of common stock of First Seacoast Bancorp Inc.

An independent appraiser will determine the value of the stock at its initial offering.

The proposed shift is subject to regulatory approval, approval by the members of First Seacoast Bancorp MHC, and approval by the stockholders of First Seacoast Bancorp.

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The share repurchase expansion is a strong signal of management's confidence in the company's financial position.

The company has already repurchased 397,008 shares at $9.15 per share under the initial program.

This suggests that management views the shares as undervalued at current levels.

The additional 228,858 share authorization represents 5% of pro forma outstanding shares.

The program was extended through December 2025, providing a flexible timeline for strategic execution while maintaining liquidity.

The implementation through Rule 10b5-1 provides a structured approach to avoid market manipulation concerns.

First Seacoast Bancorp, Inc. has authorized additional share repurchases, up to an additional 228,858 shares of common stock, under its ongoing stock repurchase program.

The original repurchase authorization encompassed 507,707 shares of common stock, representing approximately 10% of the then outstanding shares.

The company intends to conduct the repurchases on the open market, including by means of a trading plan adopted under SEC Rule 10b5-1, subject to market conditions and other factors.

There is no guarantee as to the number of shares that the company may ultimately repurchase.

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First Seacoast Bank's financial performance is a key aspect of its overall health and stability. The bank's Texas Ratio of 0% is a strong indicator of its ability to cover potential loan losses, thanks to its $48,662,000 in equity and $3,445,000 in loan loss reserves.

First Seacoast Bank's Return on Equity (ROE) of 2.64% is lower than the U.S. Bank Average of 10.02%. This suggests that the bank may not be as efficient at making money from its capital as some of its peers.

The bank's Capitalization of 8.08% is also lower than the U.S. Bank Average of 11.29%. This means that First Seacoast Bank has less equity capital to underpin its loans and other assets on its balance sheet.

Here's a comparison of First Seacoast Bank's financial performance with the U.S. Bank Average:

The bank's asset growth is also worth noting. As of September 30, 2024, First Seacoast Bank had assets of $602,075,000, loans of $433,340,000, and deposits of $467,670,000. This suggests that the bank has been able to raise funds to grow its loans and assets over time.

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At First Seacoast Bank in Dover, NH, the average annual salary is a significant $86,285, which translates to an approximate hourly wage of $41.

The salaries at First Seacoast Bank typically range from $75,665 to $97,937 annually, reflecting the diverse roles and experience levels within the company.

An IT Operations Manager is among the highest earners, with an average salary of approximately $86,870 per year, while a Customer Service Representative II (full-time) earns around $39,719 annually.

If you're considering a career at First Seacoast Bank, it's essential to know what you can expect in terms of salary. The bank offers a range of roles with varying pay scales.

According to the data, IT Operations Manager positions offer the highest average annual salary of $86,870. This is a significant amount, and it's likely due to the technical expertise and management responsibilities that come with the role.

Customer Service Representative II (fulltime) roles, on the other hand, have an average annual salary of $39,719. This is a more modest figure, but it's still a decent starting point for those looking to break into the customer service industry.

Here's a breakdown of the average salaries for various roles at First Seacoast Bank:

Keep in mind that salaries can vary significantly based on factors such as location, industry, job category, and department.

At First Seacoast Bank, the average annual salary for employees is $86,285, which translates to an approximate hourly wage of $41.

Salaries at First Seacoast Bank typically range from $75,665 to $97,937 annually, reflecting the diverse roles and experience levels within the company.

The highest earners at First Seacoast Bank are IT Operations Managers, with an average salary of approximately $86,870 per year.

The lowest-paid position at First Seacoast Bank is the Customer Service Representative II (full-time), earning around $39,719 annually.

Individual salaries can vary significantly based on factors such as job role, experience, education level, certifications, and more.

If you're looking for job openings, First Seacoast Bank has opportunities available in various locations. Dover, New Hampshire is one of the locations with available jobs.

The bank has recently posted a Customer Service Representative II position in Dover, with the job listing released just one month ago.

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First Seacoast Bank has a unique culture that sets it apart from other banks. Reviews from current and former employees can provide valuable insights into what it's like to work there.

Company reviews can be a helpful resource for job seekers, providing information on working conditions, benefits, and compensation. They can also offer tips on interviewing skills and requirements.

Reviews may highlight both positive and negative aspects of working at First Seacoast Bank. This can help job seekers evaluate the company as a prospective employer.