FSEA Stock Recent News

DOVER, N.H. & ATLANTA--(BUSINESS WIRE)--Effective June 11, 2024, First Seacoast Bank, the wholly-owned subsidiary of First Seacoast Bancorp, Inc. (Nasdaq: "FSEA"), completed its previously announced sale-leaseback transaction with MountainSeed Real Estate Services, LLC, a Georgia limited liability company ("MountainSeed").

Our strategy is to invest in banks trading below TBV with overcapitalized balance sheets, solid asset quality, and shareholder-friendly management teams. This combination typically leads to two catalysts, first accretive share repurchases and ultimately a sale to a larger institution. Trading at less than 60% of TBV, we theorize that FSEA will begin an accretive stock buyback program in 1Q24.

Despite a strong capital position and attractive credit metrics, FSEA trades at just 72% of tangible book value. The bank maintains a robust balance sheet, which can drive several catalysts, including share repurchases and the initiation of a dividend.