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what it is
First Seacoast runs a small New Hampshire bank and wealth shop that takes deposits, makes loans, and manages money.
how it gets paid
Last year First Seacoast made $25M in revenue. Net interest income was the main engine at $17.5M, or 70% of sales.
what just happened
Revenue hit $20M, but EPS was -$0.18.
At a glance
B+ balance sheet — decent shape, but not bulletproof
15/100 earnings predictability — expect surprises
trailing p/e n/a — bank is not profitable on a trailing basis
-$0.12 fy2024 eps est
$6M fy2024 rev est
xvary composite: 68/100 — average
What they do
First Seacoast runs a small New Hampshire bank and wealth shop that takes deposits, makes loans, and manages money.
Founded in 1890, First Seacoast has 75 employees and a local banking script that big banks cannot copy. Banking is trust → where you park paychecks and borrow money → so the person who remembers your name still matters. That edge is real, but it is tiny next to the balance sheet, which means you get intimacy and risk in the same package.
How they make money
$25M
annual revenue
Net interest income
$17.5M
Wealth management fees
$2.5M
Deposit service charges
$2.5M
Other noninterest income
$2.5M
The products that matter
core lending and deposit franchise
Commercial & Consumer Banking
$14.75M trailing revenue-equivalent
this is the core bank. it sits behind the $14.75M trailing figure in the snapshot and determines whether the business can move from a -14.68% margin back to profitability.
core
advisory and planning services
Wealth Management
$2.65M non-interest income pool
fee income matters because it is one of the few ways this bank can diversify beyond spread income. right now, non-interest income is only $2.65M versus about $17.5M from net interest income on the annual snapshot breakdown.
18% mix
balance sheet repositioning
Investment Securities Portfolio
$40.6M sold · $3.1M loss
the bank sold $40.6M in lower-yielding securities and took a $3.1M after-tax loss. that's painful in the short run, but it's the move management is making to improve earnings power from here.
reset in progress
Key numbers
$13.10
share price
At $13.10, you are paying a full stock-market price for a very small bank.
n/m
trailing p/e
With negative trailing earnings, a headline P/E is not meaningful — focus on tangible book, credit, and the path back to profit.
$61M
market cap
$61M is tiny. One bad quarter can matter more than at a giant bank.
$52M
long-term debt
$52M of debt against a $61M market cap is the part that keeps you awake.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 100 / 100
- long-term debt $52M (46% of capital)
B+ — risk rank looks solid but long-term debt needs watching.
Total return vs. market
Return history isn't available for FSEA right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $20M, but EPS was -$0.18.
EDGAR shows revenue up 191% vs. prior year. Profit still missed the party, which is how you get a bank that grows and still loses money.
$20M
revenue
-$0.18
eps
n/a
n/a
the number that mattered
The $20M revenue print mattered because it was up 191% vs. prior year while EPS was still -$0.18.
source: company earnings report, 2026
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What could go wrong
the #1 risk is continued losses after the securities portfolio reset.
high
sustained unprofitability
First Seacoast still carries a -14.68% profit margin and a -3.36% return on equity. one decent quarter does not change the math if the full business remains in the red.
continued losses erode capital and make a 0.97x tangible-book valuation harder to defend.
med
balance sheet reset does not pay off
the bank sold $40.6M of securities and took a $3.1M after-tax loss to improve future yields. if those better yields do not show up in net interest income, shareholders absorbed the hit for nothing.
$3.1M is roughly 5% of a $61M market cap. that is not a rounding error.
med
commodity-like local banking economics
there is no moat here beyond local relationships. the bank ranks 857th out of 899 in its sector, which tells you the market sees a crowded field, not a standout franchise.
pressure on loan growth, deposit costs, and fee income keeps margins thin.
med
thin data picture
this snapshot shows $6M annual revenue in one place and $14.75M trailing revenue in another. that does not mean the business is broken, but it does mean you should not underwrite it casually.
when the reported picture is this thin, the margin for analytical error gets small fast.
a -14.68% margin, $52M of debt, and a $3.1M repositioning loss leave little room for a slow recovery at a $61M market cap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
estimated for Friday, March 20, 2026. after recent losses, you want confirmation of sustained profitability, not a one-quarter bounce.
profitability
margin moving toward breakeven
the full-company margin is still -14.68%. this page gets more interesting the moment that turns positive.
capital return
share repurchase execution
the bank has authorization to repurchase 736,565 shares, increased by 228,858 shares in dec 2024. support for the stock is nice. support for earnings is better.
valuation
premium to its own book history
FSEA trades at 0.97x tangible book versus a 10-year median of 0.88x. if the turnaround stalls, that premium becomes the part investors regret first.
Analyst rankings
earnings predictability
15 / 100
low predictability. in human-speak, the numbers can swing sharply from quarter to quarter.
risk rank
2
safer than 80% of stocks on this measure. translation: balance sheet risk is not the first thing breaking here.
price stability
100 / 100
the stock has been unusually stable. quiet trading is nice, but it is not the same thing as healthy economics.
source: institutional data
Institutional activity
institutional ownership data for FSEA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$13
current price
n/a
target midpoint · n/a from current
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