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First Seacoast Bancorp, Inc. [FSEA] a leading financial institution, has reported a net loss of $0.98 million for the third quarter of 2023. Despite a challenging quarter, the company's quarterly revenue reached $5.16 million, demonstrating resilience in the face of economic hardships.
The company's net interest and dividend income for the quarter amounted to $2.57 million, a decrease from the previous year. This decline can be attributed to lower interest income from loans and debt securities. On the positive side, First Seacoast Bancorp, Inc saw a release of provision for credit losses during the quarter, resulting in a favorable impact on their net interest and dividend income after provision for credit losses.
Despite the overall decline in net interest and dividend income, the company saw growth in non-interest income, which reached $0.31 million for the quarter. This increase was primarily driven by customer service fees and income from bank-owned life insurance. These revenue streams helped offset some of the losses incurred in the net interest and dividend income category.
First Seacoast Bancorp, Inc remains financially stable with total assets of $557.16 million as of September 30, 2023. The company's total loans also increased to $427.48 million, reflecting a positive trend in lending activities. Additionally, the company's stockholders' equity reached $67.26 million, indicating a healthy financial position.
Despite the net loss for the quarter, First Seacoast Bancorp, Inc reported a basic and diluted loss per share of $0.20. The company's weighted average shares outstanding for the quarter were 4.63 million. It's important to note that there were 32,393 stock-based awards that were not included in the calculation of diluted earnings per share due to their potential antidilutive nature.
Looking ahead, First Seacoast Bancorp, Inc remains committed to navigating the economic challenges while focusing on providing exceptional financial services to its customers. The company will continue to monitor its loan portfolio and credit risk to mitigate potential losses. Additionally, First Seacoast Bancorp, Inc aims to explore opportunities for revenue growth and cost optimization to improve its overall financial performance in the coming quarters.
In conclusion, First Seacoast Bancorp, Inc's third-quarter financial results reflect a challenging period for the company. Despite the net loss, the company demonstrated stability in its financial position and achieved growth in non-interest income. With a focus on improving its financial performance and navigating economic uncertainties, First Seacoast Bancorp, Inc remains poised for future success.