Liquidity management is increasingly dependent on asset sales, highlighted by the $8.6 million divestment of investment securities in 2026Q1 to offset operational cash flow deficits.
| Cash from Operations | 423K | 449K | -2.95M | -1.92M | 973K | 2.42M | 1.42M | 1.06M | -672K | 3.36M |
| Operating CF Growth % | 277.5% | 115.23% | -53.94% | -296.81% | -59.81% | 70.37% | 34.18% | 257.59% | -119.98% | - |
| Net Income | -750K | -845K | -513K | -10.66M | -565K | 2.62M | 1.08M | -79K | 1.08M | 912K |
| Depreciation & Amortization | 822K | 704K | 384K | 486K | 522K | 561K | 576K | 528K | 539.54K | 560K |
| Deferred Taxes | -518K | -808K | 403K | 3.86M | -296K | 309K | -337K | -315K | -11K | 326K |
| Other Non-Cash Items | 657K | -58K | -2.05M | 4.42M | 1.76M | 369K | 469K | 766K | 132K | 87K |
| Working Capital Changes | -695K | 513K | -1.96M | -704K | -955K | -1.6M | -455K | 50K | -2.41M | 1.48M |
| Cash from Investing | 12.84M | -9.86M | -2.51M | -39.49M | -58.07M | -43.5M | -31.9M | -23.13M | -27.28M | -31.94M |
| Purchase of Investments | -43.75M | -50.67M | -37.12M | -55.4M | -41.45M | -57.34M | -36.79M | -23.41M | -12.95M | -24.19M |
| Sale/Maturity of Investments | 26.13M | 21.11M | 36.22M | 41.71M | 9.87M | 20.04M | 27.43M | 19.36M | 1.93M | 27.71M |
| Net Investment Activity | -17.62M | -29.56M | -892K | -13.69M | -31.58M | -37.3M | -9.36M | -4.04M | -11.03M | 3.52M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 30.9M | 19.82M | -1.25M | -25.45M | -26.39M | -6.16M | -22.23M | -18.8M | -16.07M | -34.06M |
| Cash from Financing | -6.66M | 15.72M | 6.49M | 39.22M | 58.71M | 41.72M | 32.47M | 20.19M | 28.19M | 26.46M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -407K | -981K | -3.7M | -4K | -629K | -515K | -233K | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 25.62M | 0 | 0 | 0 | 25.1M | 0 | 0 |
| Net Stock Activity | -407K | -981K | -3.7M | 25.62M | -629K | -515K | -233K | 25.1M | 0 | 0 |
| Debt Issuance (Net) | -1.45M | -17K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K |
| Other Financing | 4.87M | 16.72M | 49.42M | 19.99M | -10.59M | 65.09M | 46.6M | 4.61M | 18.21M | 4.49M |
| Net Change in Cash | 6.61M | 6.31M | 1.03M | -2.18M | 1.61M | 642K | 1.99M | -1.88M | 239K | -2.12M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 13.41M | 7.1M | 6.07M | 8.25M | 6.64M | 6M | 4.01M | 5.89M | 5.65M | 7.77M |
| Cash at End | 12.79M | 13.41M | 7.1M | 6.07M | 8.25M | 6.64M | 6M | 4.01M | 5.89M | 5.65M |
| Interest Paid | 10.03M | 0 | 13.44M | 8.79M | 1.69M | 1.28M | 3.16M | 3.86M | 3.1M | 1.8M |
| Income Taxes Paid | 120K | 0 | 49K | 56K | 47K | 386K | 447K | 85K | 0 | 603K |
| Free Cash Flow | -12K | 329K | -3.32M | -2.26M | 870K | 2.38M | 1.1M | 771K | -849K | 1.97M |
| FCF Growth % | 99.55% | 109.92% | -46.47% | -360.23% | -63.52% | 115.84% | 43.32% | 190.81% | -143.18% | - |
Geographic and liquidity concentration
As reported in recent financial statements, FSEA's persistent net losses, including a $508,000 deficit in 2026Q1, indicate a lack of organic capital generation, which complicates the bank's ability to fund future growth or maintain regulatory capital buffers without external intervention or further balance sheet contraction.
The consistent inability to generate positive net income suggests that the bank is currently consuming rather than building capital. Investors should monitor whether the current negative earnings trajectory necessitates a shift in the bank's long-term capital allocation strategy or a potential reduction in risk-weighted assets.
Based on the provided quarterly data, FSEA has frequently utilized the sale of investment securities, such as the $8.6 million divestment in 2026Q1, to manage liquidity, suggesting that the bank is relying on its portfolio as a primary source of cash rather than core operating inflows.
The recurring pattern of selling securities to offset operating cash flow volatility may indicate a structural liquidity mismatch. This reliance on asset liquidation to support the balance sheet warrants further investigation into the duration and yield characteristics of the remaining investment portfolio.
According to historical cash flow records, FSEA has maintained a policy of zero dividend payments over the last ten quarters, while share buybacks have been inconsistent and largely curtailed, reflecting a management focus on capital preservation amidst ongoing profitability challenges and negative net margins.
The absence of dividends is consistent with the bank's current earnings profile and the need to retain all available capital. The sporadic nature of buybacks appears to be more reactive to short-term liquidity availability than a reflection of a disciplined, long-term capital return framework.
As indicated by the reported figures, the bank's provision for credit losses has fluctuated significantly, with a $51,000 charge in 2025Q4 followed by a $47,000 release in 2025Q2, suggesting that management's assessment of credit risk remains highly sensitive to the local New Hampshire economic environment.
The lack of a consistent relationship between provisions and actual charge-offs may imply that the bank is using reserve adjustments to smooth earnings volatility. Analysts should scrutinize whether these provisions are sufficient to cover potential losses in the concentrated commercial and residential real estate loan portfolios.
Quick answers to the most common questions about buying FSEA stock.
First Seacoast Bancorp (FSEA) generated $0.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First Seacoast Bancorp (FSEA) generated $0.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First Seacoast Bancorp (FSEA) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First Seacoast Bancorp (FSEA) spent $1.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.