The bank's profitability is severely constrained, evidenced by a negative $3.0 million net interest income in 2026Q1 and an efficiency ratio that deteriorated to 60.6%.
| Net Interest Income | 7.42M | 13.69M | 11.67M | 11.27M | 14.74M | 14.24M | 12.56M | 11.41M | 10.9M | 10.66M |
| NII Growth % | -142.65% | 17.31% | 3.5% | -23.55% | 3.57% | 13.36% | 10.04% | 4.69% | 2.31% | - |
| Net Interest Margin % | 1.26% | 2.28% | 2.01% | 1.97% | 2.74% | 2.92% | 2.83% | 2.79% | 2.82% | 2.96% |
| Interest Income | 20.41M | 26.99M | 25.2M | 20.35M | 16.49M | 15.47M | 15.73M | 15.26M | 14.05M | 12.48M |
| Interest Expense | 13M | 13.3M | 13.53M | 9.08M | 1.75M | 1.24M | 3.17M | 3.84M | 3.15M | 1.82M |
| Loan Loss Provision | -9K | -1K | -72K | 188K | 0 | 205K | 480K | 100K | 0 | 160K |
| Non-Interest Income | 8.28M | 1.75M | 1.49M | -1.96M | 822K | 2.08M | 1.95M | 1.57M | 1.6M | 1.79M |
| Non-Interest Income % | 28.86% | 6.1% | 5.56% | -10.65% | 4.75% | 11.83% | 11% | 9.32% | 10.24% | 12.54% |
| Total Revenue | 28.7M | 28.74M | 26.68M | 18.39M | 17.31M | 17.55M | 17.68M | 16.82M | 15.65M | 14.26M |
| Revenue Growth % | 23.7% | 7.7% | 45.07% | 6.24% | -1.33% | -0.74% | 5.08% | 7.5% | 9.72% | - |
| Non-Interest Expense | 16.79M | 16.92M | 13.21M | 15.84M | 16.58M | 12.89M | 12.97M | 13.15M | 11.19M | 10.67M |
| Efficiency Ratio | 58.52% | 58.89% | 49.5% | 86.1% | 95.78% | 73.43% | 73.36% | 78.16% | 71.52% | 74.81% |
| Operating Income | -1.09M | -1.48M | 14K | -6.71M | -1.02M | 3.22M | 1.05M | -268K | 1.31M | 1.61M |
| Operating Margin % | -3.78% | -5.16% | 0.05% | -36.49% | -5.87% | 18.36% | 5.97% | -1.59% | 8.38% | 11.31% |
| Operating Income Growth % | - | -10692.86% | 100.21% | -560.63% | -131.53% | 205.4% | 493.66% | -120.43% | -18.66% | - |
| Pretax Income | -1.09M | -1.48M | 14K | -6.71M | -1.02M | 3.22M | 1.05M | -268K | 1.31M | 1.61M |
| Pretax Margin % | -3.78% | -5.16% | 0.05% | -36.49% | -5.87% | 18.36% | 5.97% | -1.59% | 8.38% | 11.31% |
| Income Tax | -336K | -638K | 527K | 3.94M | -451K | 601K | -24K | -189K | 232.26K | 701K |
| Effective Tax Rate % | 30.94% | 43.02% | 3764.29% | -58.76% | 44.39% | 18.65% | -2.27% | 70.52% | 17.7% | 43.46% |
| Net Income | -750K | -845K | -513K | -10.66M | -565K | 2.62M | 1.08M | -79K | 1.08M | 912K |
| Net Margin % | -2.61% | -2.94% | -1.92% | -57.93% | -3.26% | 14.94% | 6.1% | -0.47% | 6.9% | 6.39% |
| Net Income Growth % | -2183.33% | -64.72% | 95.19% | -1786.02% | -121.56% | 142.91% | 1465.82% | -107.31% | 18.48% | - |
| Net Income (Continuing) | -750K | -845K | -513K | -10.66M | -565K | 2.62M | 1.08M | -79K | 1.08M | 912K |
| EPS (Diluted) | -0.18 | -0.23 | -0.12 | -2.29 | -0.12 | 0.45 | 0.18 | -0.03 | 0.40 | 0.34 |
| EPS Growth % | -536.79% | -91.67% | 94.76% | -1808.33% | -126.67% | 150% | 700% | -107.5% | 17.65% | - |
| EPS (Basic) | - | -0.23 | -0.12 | -2.29 | -0.12 | 0.45 | 0.18 | -0.03 | 0.40 | 0.34 |
| Diluted Shares Outstanding | 4.29M | 3.68M | 4.34M | 4.65M | 4.82M | 5.82M | 5.87M | 2.69M | 2.68M | 2.68M |
Geographic concentration and scale
As reported in recent financial filings, First Seacoast Bancorp experienced a significant contraction in net interest income, which plummeted to negative $3.0 million in 2026Q1, marking a sharp reversal from the $3.6 million recorded in the final quarter of 2025 and highlighting extreme funding cost instability.
The dramatic swing into negative net interest income suggests that the bank's cost of funds may have decoupled from asset yields, potentially due to aggressive deposit pricing or balance sheet mismanagement. Investors should monitor whether this represents a structural failure in interest rate risk management or a temporary accounting anomaly related to the bank's mutual holding company structure.
Based on the provided quarterly data, the bank's net interest margin has remained stagnant at 0.5% to 0.6% for the majority of the last ten quarters, indicating a persistent inability to expand spreads despite broader shifts in the interest rate environment throughout the observed period.
The consistently thin NIM suggests that First Seacoast lacks the pricing power necessary to offset rising deposit costs in its hyper-local New Hampshire market. This margin profile appears insufficient to cover the bank's fixed operating expenses, raising concerns about the long-term viability of its current community banking model.
According to the latest income statement data, the efficiency ratio has fluctuated significantly, reaching 60.6% in 2026Q1, which underscores the bank's struggle to achieve the necessary scale to amortize its fixed personnel and occupancy costs across its limited five-branch footprint in Strafford County.
The inability to maintain a stable, low efficiency ratio suggests that the bank is currently operating with excessive overhead relative to its revenue generation capacity. Without a clear path to increasing loan volume or non-interest income, the bank may continue to face negative operating leverage that erodes shareholder value.
Financial statements indicate that non-interest income remains highly erratic, with the 2026Q1 figure of $6.9 million appearing as an outlier compared to the historical quarterly average, suggesting that the bank's wealth management segment has yet to provide the reliable, recurring revenue stream required for stability.
The reliance on transactional fee income rather than recurring wealth management fees leaves the bank vulnerable to market volatility and local economic cycles. Analysts should investigate the composition of these fees to determine if they represent sustainable client-based revenue or one-time gains that mask underlying operational weakness.
Quick answers to the most common questions about buying FSEA stock.
First Seacoast Bancorp (FSEA) reported a net loss of $0.8M for the fiscal year ending 2025.
First Seacoast Bancorp (FSEA) reported an operating income of $-1.5M, resulting in an operating profit margin of -5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
First Seacoast Bancorp (FSEA) generated $15.4M in gross profit for the year, representing a gross profit margin of 53.7%. This demonstrates the company's core pricing power and production efficiency.