First Seacoast Bancorp, Inc. (FSEA): Business Model Canvas [Dec-2025 Updated]

You're looking to see how a long-standing community bank like First Seacoast Bancorp, Inc. actually makes money in today's market, so let's cut right to the engine room. With total assets hitting $580.8 million at the end of 2024, their business model is clearly rooted in local relationships, driving $25.4 million in interest and fees from loans in that same year. Their core strategy focuses on personalized service in the New Hampshire Seacoast, heavily weighted toward residential lending-that's 62.7% of their book-which brought in $11.9 million in Net Interest Income for the fiscal year. Honestly, it's a classic relationship bank model, but seeing the specifics of their key partnerships and cost structure below shows you exactly where the near-term risks and opportunities lie for this institution.

First Seacoast Bancorp, Inc. (FSEA) - Canvas Business Model: Key Partnerships

You're looking at the relationships First Seacoast Bancorp, Inc. relies on to manage liquidity, capital structure, and community presence. These aren't just names on a document; they represent concrete financial and operational anchors.

Federal Home Loan Bank for wholesale funding and liquidity

The Federal Home Loan Bank (FHLB) of Boston remains a key partner for liquidity management. As of January 2025, First Seacoast Bancorp, Inc. secured an important agreement where the FHLB agreed to subordinate its interest in commercial real estate loans up to a maximum of $65.0 million. This action allowed the company to subsequently pledge $65.0 million of its commercial real estate loans under the Borrowing Base Certificate (BIC), which immediately created $38.5 million of borrowing capacity under that specific credit facility. This facility is part of a broader strategy to maintain strong liquidity, though the bank has also worked to reduce reliance on wholesale borrowings, such as FHLB advances, following its capital raise. At the end of 2023, the company held two structured option advance borrowings from the FHLB, one for $25.0 million at a fixed rate of 4.48% and another for $25.0 million at 4.38%.

Keefe, Bruyette & Woods for capital market advisory services

Keefe, Bruyette & Woods, Inc., a Stifel Company, has served as a critical partner in capital markets execution. Their most recently detailed role was acting as the marketing agent for the syndicated community offering that concluded the mutual-to-stock conversion process. This offering successfully sold 2,805,000 shares at $10.00 per share, raising significant capital for First Seacoast Bancorp, Inc. The firm also acted as marketing agent in the subscription and community offerings. While specific 2025 advisory fees aren't public, their historical role is central to the company's current stock structure.

FNLR 1SEA LLC for the 2024 sale-leaseback transaction

The sale-leaseback transaction executed in June 2024 with MountainSeed Real Estate Services, LLC (the entity detailed in filings related to the four branch properties) was a key move to convert non-earning assets to cash. First Seacoast Bancorp, Inc. sold these four properties for an aggregate cash purchase price of $7.5 million. This transaction generated a pre-tax recognized gain of $2.5 million. The partnership is cemented by an absolute net lease agreement for an initial term of 15 years, with an option for one renewal term of an additional 15 years for all four locations.

Local nonprofit organizations for community development and investment

First Seacoast Bancorp, Inc. maintains partnerships with local nonprofit organizations as part of its commitment to community impact. This engagement is realized through several avenues, which include:

• Financial literacy programs.
• Employee volunteerism efforts.
• Charitable giving initiatives.
• Community development lending activities.
• Investments in low-income housing projects.

While specific aggregate contribution dollar amounts for 2025 aren't immediately available in the latest reports, the bank explicitly states its pride in its longstanding commitment to positively impacting the communities it serves.

Finance: draft 13-week cash view by Friday.

First Seacoast Bancorp, Inc. (FSEA) - Canvas Business Model: Key Activities

You're looking at the core engine room of First Seacoast Bancorp, Inc. (FSEA), the activities that actually turn deposits into earning assets and manage the associated risks. Honestly, for a regional bank, it boils down to smart lending, careful balance sheet management, and keeping the funding cheap and stable. Here's the quick math on what they are actively doing as of late 2025.

Originating residential and commercial real estate loans

First Seacoast Bancorp, Inc. focuses its lending on the Seacoast region of New Hampshire and southern Maine. The loan portfolio composition centers heavily on real estate collateral. Key loan types they originate include 1-4 family residential loans, commercial real estate loans, multifamily loans, and commercial and industrial loans. They also engage in acquisition, development and land loans, home equity lines of credit, and consumer loans. While specific 2025 origination volume isn't explicitly detailed in the latest reports, the Bank services loans for others, with unpaid principal balances totaling $29.5 million as of September 30, 2025, which are loans originated by the Bank and sold to third parties while retaining servicing rights. The Bank's operational strategy is fundamentally about attracting public deposits and investing those funds into this loan portfolio and investment securities.

Managing interest rate risk through balance sheet repositioning

Managing the interest rate exposure on the investment securities portfolio is a clear, active strategy. This involves selling lower-yielding assets and buying higher-yielding ones to improve the spread. You saw this activity executed in early 2025. Specifically, in January 2025, First Seacoast Bancorp, Inc. purchased an additional $6.9 million of higher-yielding investment securities following a December 2024 sale of $23.5 million in book value of lower-yielding securities. This repositioning resulted in a total positive spread differential of approximately 123 basis points over the sold securities, which is expected to generate $300,000 of additional after-tax earnings annually. This follows a significant 2023 repositioning where $40.6 million in securities were sold for an after-tax realized loss of $3.1 million, aiming for a 348 basis points differential expected to yield $995,000 annually.

Growing core deposits to reduce high-cost borrowings

A primary goal is maintaining a loyal customer base to fund growth, which means growing core deposits and reducing reliance on more expensive funding sources like FHLB advances or brokered deposits. Total deposits stood at $12.2 billion as of December 31, 2024. At that same date, customer transaction account balances made up 50% of total deposits, indicating a solid base of lower-cost funding. The loan to deposit ratio was 84.27% at December 31, 2024. The cost of deposits showed improvement, declining 15 basis points from the fourth quarter of 2024 to reach 1.93% in the first quarter of 2025. The Bank also reduced borrowings significantly by repaying advances from the Federal Reserve Bank and the Federal Home Loan Bank in the recent past.

Providing wealth management and investment services

FSB Wealth Management, a division of First Seacoast Bank, is an active service line, offering investment management through its dedicated advisory teams. The division provides access to non-FDIC insured products, covering retirement planning, portfolio management, investment and insurance strategies, business retirement plans, and college planning. The scale of this activity is growing. Total assets under management reached $141.5 million at December 31, 2024, up from $123.5 million at December 31, 2023. Consequently, investment services fees increased from $332,000 in 2023 to $431,000 in 2024. The division is staffed by two financial advisors located in Dover, New Hampshire.

Here is a snapshot of some key financial metrics related to these activities as of the latest available reports:

The Bank is defintely using its investment portfolio actively to manage yield, while keeping a tight leash on deposit costs. Finance: draft the Q4 2025 liquidity forecast by next Tuesday.

First Seacoast Bancorp, Inc. (FSEA) - Canvas Business Model: Key Resources

You're looking at the core assets First Seacoast Bancorp, Inc. (FSEA) relies on to execute its community banking model. These aren't just line items; they are the tangible and intangible foundations supporting their operations as of late 2025.

The most significant resource, naturally, is the balance sheet itself. As of December 31, 2024, First Seacoast Bancorp, Inc. reported Total Assets of $580.8 million. This asset base funds the lending and investment activities that drive the business.

Let's break down the key quantitative resources into a snapshot. This gives you a quick view of the scale of their physical and managed capital.

The wealth management arm, FSB Wealth Management, is a distinct resource, even though its assets aren't on the consolidated balance sheet. At the end of 2024, they were managing approximately $141.5 million in AUM. This division generates fee income, which was $431,000 in investment services fees for 2024. This suggests a growing, albeit smaller, non-interest income stream.

The physical presence is concentrated and local, which is a deliberate resource choice for a community bank. You find their operations centered in the New Hampshire Seacoast region. Here are the locations:

• Headquarters in Dover, New Hampshire.
• Five physical branch offices in the New Hampshire Seacoast region.
• Specific locations include Dover, Barrington, Durham, Portsmouth, and Rochester.

The loan portfolio composition itself represents a key resource-the earning assets. As of December 31, 2024, the structure of these assets shows a heavy reliance on real estate:

• One- to four-family residential real estate loans: 62.7% of the portfolio.
• Commercial real estate loans: 19.6% of the portfolio.
• Home equity loans and lines of credit: 4.8% of the portfolio.

Finally, the intangible resource of history is significant here. The brand trust is anchored by a history dating back to 1890. That's over 135 years of operation, which translates directly into deep local relationships and community goodwill, a critical, non-replicable asset for a regional bank.

First Seacoast Bancorp, Inc. (FSEA) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose First Seacoast Bancorp, Inc. over the competition in the Seacoast region. It's a blend of old-school service and necessary modern tools.

Personalized, Relationship-Based Community Banking Service

First Seacoast Bancorp, Inc. anchors its value proposition in deep local roots and personal connection. This means decisions are made locally, reflecting an understanding of the specific New Hampshire Seacoast economy. The bank was founded in 1890, giving it a legacy of community partnership that spans over a century. This commitment is about more than just proximity; it's about trust built over generations.

The focus is on building relationships, which helps the bank provide honest guidance. This approach supports the core mission of making a positive impact on the communities where it operates. You see this commitment reflected in their operational strategy of attracting deposits from the local public and investing those funds back into the region.

Primary Focus on Residential Real Estate Lending

The lending strategy heavily favors housing in the local market. First Seacoast Bancorp, Inc.'s loan portfolio shows a clear concentration here, with a stated primary focus on residential real estate lending making up 62.7% of the total loan book. This concentration is a key differentiator, as it implies specialized underwriting and market knowledge for one- to four-family residential properties, home equity loans, and lines of credit.

To give you a snapshot of the scale of operations as of late 2025, here are some key financial metrics:

The bank also supports this with other lending categories, including commercial real estate, multifamily, commercial and industrial loans, and acquisition, development and land loans.

Convenient Digital Solutions Like Mobile and Online Banking

While emphasizing local relationships, First Seacoast Bancorp, Inc. recognizes you need modern access. The value proposition includes blending those traditional values with necessary convenience. Customers have access to digital tools that simplify everyday banking tasks.

These convenient options include:

• Mobile banking platforms
• Online banking access
• Digital tools to make banking easier

This dual offering-personal touch supported by digital ease-is how they aim to meet modern financial needs without losing their community focus.

Financial Stability Built on 135 Years of Local Commitment

Longevity itself is a value proposition, signaling resilience and trust. First Seacoast Bancorp, Inc. is celebrating 135 years in business, having started in 1890. This long history suggests the institution has navigated numerous economic cycles, which translates to perceived stability for depositors and borrowers alike.

The bank's commitment is to long-term stability and creating a financially healthy future for the Seacoast region. This is supported by their continued operation and recent financial performance, such as the Q3 2025 net interest income of $3.45 million, showing an increase year-over-year from the prior period's $2.98 million.

The firm's wealth management division also contributes to its overall financial profile, with Assets Under Management reaching $141.5 million at the end of 2024.

First Seacoast Bancorp, Inc. (FSEA) - Canvas Business Model: Customer Relationships

First Seacoast Bancorp, Inc. builds its customer relationships on a foundation established in 1890, emphasizing that some customer relationships span generations.

The high-touch service model is delivered through a physical footprint consisting of a headquarters in Dover, New Hampshire, and four additional branch offices in the Seacoast region, totaling five full-service banking offices. This structure supports personalized attention at the branch level, combining this local presence with digital banking capabilities.

Key metrics reflecting the scale of these relationships and service structure include:

Community-focused engagement is a stated priority, with First Seacoast Bank active in community development lending and investments in low-income housing, aiming to foster lasting partnerships and support the financial well-being of its clients within its primary market area, which includes Strafford and Rockingham Counties in New Hampshire and York County in southern Maine.

Direct access to specialized financial advice is structured through the FSB Wealth Management division, which offers non-FDIC insured products including:

• Retirement planning services
• Portfolio management strategies
• Investment and insurance strategies
• Business retirement plans
• College planning services

First Seacoast Bancorp, Inc. (FSEA) - Canvas Business Model: Channels

You're looking at how First Seacoast Bancorp, Inc. gets its products and services into the hands of its customers across the Seacoast region and beyond as of late 2025. The channels mix is a blend of traditional physical presence and modern digital tools, which is typical for a community-focused institution that has expanded its reach.

The physical footprint remains a core channel, anchored by its headquarters in Dover, New Hampshire. This network is designed to provide face-to-face service for complex transactions and relationship building.

• Network of five full-service branch offices in the Seacoast region of New Hampshire.
• Branch locations include Dover (Headquarters), Barrington, Durham, Portsmouth, and Rochester.
• The bank emphasizes local decision-making through this physical presence.

Digital banking platforms are essential for day-to-day customer interaction, supporting the community banking model with accessibility. While specific active user counts for 2025 aren't public, the focus is on secure, accessible account management.

• Mobile and online banking platforms for accessible account management.
• Commitment to providing an added layer of security to the online banking experience, with a new feature coming soon.

For lending, especially for commercial and residential needs, direct engagement through dedicated officers is a key channel. This supports the loan portfolio composition, which as of December 31, 2024, was heavily weighted toward residential mortgages.

The FSB Wealth Management division acts as a distinct channel for investment services, separate from standard retail banking products. This division saw growth in assets under management through the end of 2024.

Here's the quick math on the Wealth Management growth leading into 2025:

• Total assets under management reached $141.5 million.
• Investment services fees grew to $431,000.
• This represents an increase from $332,000 in investment services fees reported for 2023.

What this estimate hides is the current AUM as of late 2025, but the trend shows positive momentum from the prior year-end figure. Finance: draft 13-week cash view by Friday.

First Seacoast Bancorp, Inc. (FSEA) - Canvas Business Model: Customer Segments

You're looking at the core groups First Seacoast Bancorp, Inc. (FSEA) focuses on serving with its community banking model. The customer base is deeply rooted in the New Hampshire Seacoast region.

Individuals and families in the New Hampshire Seacoast area

The primary retail customer base consists of individuals and families within the immediate operating footprint. First Seacoast Bank has its headquarters in Dover, New Hampshire, and maintains four additional branch offices in the Seacoast region. These locations serve as the physical touchpoints for this segment.

• Operating from its main office in Dover, NH.
• Branch offices are located in Barrington, NH, Durham, NH, Portsmouth, NH, and Rochester, NH.
• Retail offerings include deposit accounts like checking, savings, money market, and certificate of deposit products.
• Consumer lending solutions cover residential mortgages, home equity lines of credit, and vehicle financing.

Small to mid-sized businesses requiring commercial real estate loans

This segment drives a key part of the lending strategy, focusing on relationship-based commercial banking. The bank actively seeks to grow its commercial real estate and commercial and industrial lending. As of December 31, 2024, commercial real estate loans represented 19.6% of the total loan portfolio. Furthermore, the Bank pledged $65.0 million of commercial real estate loans under a credit facility, which provided $38.5 million in borrowing capacity as of January 16, 2025. Commercial services offered include commercial mortgages, SBA Loans, lines of credit, and equipment financing.

Affluent individuals seeking wealth management and investment services

FSB Wealth Management, a division of First Seacoast Bank, targets clients needing more than standard banking. This division offers investment management services, retirement planning, portfolio management, and estate administration. The division employs two financial advisors, both located in Dover, New Hampshire. This segment has shown growth, with total assets under management increasing to $141.5 million at December 31, 2024, up from $123.5 million at December 31, 2023. Investment services fees reflected this growth, rising to $431,000 in 2024 from $332,000 in 2023.

Local depositors in Dover, Portsmouth, and surrounding towns

Attracting and maintaining core deposits from the local community is fundamental to the funding strategy, aiming to reduce reliance on higher-cost borrowings. The bank is committed to building one of the best, granular customer deposit franchises in the country. As of the third quarter ended September 30, 2025, Total Deposits for First Seacoast Bancorp, Inc. stood at $499,246 thousand. This loyal customer base supports the bank's operations across its five offices in the Seacoast region.

Here's a quick look at the scale of the customer base funding and lending as of late 2025:

First Seacoast Bancorp, Inc. (FSEA) - Canvas Business Model: Cost Structure

You're looking at the core expenses First Seacoast Bancorp, Inc. faces to keep its community banking operations running. Honestly, for a bank, the cost of money-what you pay depositors and lenders-is usually the biggest item, followed closely by the cost of people and the physical footprint.

The most significant interest-related outlay is the interest expense on deposits and borrowings. For the year 2024, this figure totaled $13.5 million. This number reflects the cost of funding the bank's assets in a dynamic rate environment, which the company noted was impacted by an unfavorable interest rate environment, even with some short-term rate reductions late in 2024.

The broader category covering staff and overhead is the personnel and non-interest operating expenses. For the full year ended December 31, 2024, total non-interest expense was $343.3 million, representing a decrease of $52.3 million, or 13%, from the prior year. Personnel costs are a major driver within this. For instance, salaries and wages alone in the fourth quarter of 2024 were $42.4 million, up 10% from the fourth quarter of 2023, reflecting continued onboarding of talent.

This operational cost base supports the bank's physical presence. First Seacoast Bancorp, Inc. operates through its headquarters in Dover, New Hampshire, and maintains five branch offices in the Seacoast region. You can see the key financial components of the cost structure below:

Next, you have the necessary, though less granularly detailed in public filings, costs related to regulatory compliance and FDIC insurance. The Dodd-Frank Act has defintely added to the regulatory burden and associated compliance expense for First Seacoast Bank. Specific dollar figures for compliance and FDIC insurance separate from the total non-interest expense were not explicitly itemized in the latest available reports.

Finally, the investment in the customer experience requires spending on technology and digital platform maintenance expenses. While the bank is focused on disciplined growth, specific annual spending on technology infrastructure to support digital services isn't broken out separately from the overall non-interest expense base. The bank does offer advanced mobile and online banking solutions.

Here are the key elements that make up the non-interest operating expense bucket:

• Personnel costs, including salaries and wages.
• Occupancy expenses for the five branch locations.
• Costs associated with regulatory adherence and deposit insurance.
• Technology maintenance and digital platform upkeep.

Finance: draft 13-week cash view by Friday.

First Seacoast Bancorp, Inc. (FSEA) - Canvas Business Model: Revenue Streams

You're looking at how First Seacoast Bancorp, Inc. actually brings in the money. For a community bank like First Seacoast Bancorp, Inc., the revenue streams are pretty standard, but the numbers tell the real story of their performance, especially as they navigate the rate environment.

The core of the revenue engine is the spread between what they earn on their assets and what they pay on their liabilities. For the full 2024 fiscal year, Net Interest Income-that key metric-came in at $11.9 million. That was a 3.4% increase from the prior year, even though the net interest margin itself compressed slightly to 2.09% in 2024 from 2.16% in 2023. To give you a sense of the momentum heading into late 2025, the nine months ending September 30, 2025, showed Net Interest Income reaching $10.05 million, up from $8.9 million for the same period in 2024, with the third quarter of 2025 alone hitting $3.45 million.

The gross earnings from the earning assets are substantial. Total interest and dividend income, which is heavily weighted by the loan portfolio, totaled $25.4 million in 2024. That was a solid jump of 23.5% over 2023, driven by higher interest and fees on loans and increased income from investments. The loan portfolio itself is concentrated, with one- to four-family residential real estate loans making up 62.7% of the portfolio as of December 31, 2024.

Here's a quick look at the primary income drivers for 2024:

Beyond the interest income, First Seacoast Bancorp, Inc. generates Non-interest income, which includes customer service fees and revenue from their wealth management division, FSB Wealth Management. This non-interest component was a significant factor in improving the bottom line, contributing to a reduction in the Net Loss for 2024 to $513,000, a big improvement from the $10.7 million net loss the year prior. The wealth management side is definitely growing its fee base; total assets under management (AUM) stood at $141.5 million at the end of 2024, up from $123.5 million at the end of 2023. This growth helped push Investment services fees up to $431,000 in 2024, up from $332,000 in 2023. Plus, they were actively working on increasing customer fee income, with recommendations from a comprehensive review starting to be implemented in early 2025.

You can see the mix of their non-interest income sources by looking at the components that feed into that stream:

• Customer Service Fees: Targeted for increases following a review implemented in early 2025.
• Wealth Management Fees: Directly tied to AUM growth, which reached $141.5 million by year-end 2024.
• Investment Services Fees: Increased to $431,000 in 2024.
• Other Non-Interest Income: Contributed to the overall positive swing in the 2024 net loss reduction.

Finance: draft 13-week cash view by Friday.