Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2022

21.

Condensed Financial Statements of Parent Company

Financial information pertaining to First Seacoast Bancorp only is as follows:

CONDENSED BALANCE SHEETS


	December 31,
	2022		2021
	(Dollars in thousands)
ASSETS
Cash held at First Seacoast Bank	$	9,346	$	9,785
Investment in First Seacoast Bank		37,925		48,477
Loan to First Seacoast Bank ESOP		2,025		2,105
Deferred tax asset		—		60
Other assets		41		43
Total assets	$	49,337	$	60,470
LIABILITIES
Other liabilities	$	—	$	2
Total liabilities		—		2
STOCKHOLDERS’ EQUITY
Stockholders’ equity		49,337		60,468
Total liabilities and stockholders’ equity	$	49,337	$	60,470

CONDENSED STATEMENTS OF (LOSS) INCOME


	For the Year Ended December 31,
	2022			2021
	(Dollars in thousands)
Income:
Interest on ESOP loan	$	110		$	115
Expense:
Miscellaneous expense		4			3
Income before income tax expense and equity in undistributed net (loss) income of First Seacoast Bank		106			112
Income tax expense		62			—
Net income before equity in undistributed net (loss) income of First Seacoast Bank		44			112
Equity in undistributed net (loss) income of First Seacoast Bank		(609	)		2,509
Net (loss) income	$	(565	)	$	2,621

CONDENSED STATEMENTS OF CASH FLOWS


	For the Year Ended December 31,
	2022			2021
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(565	)	$	2,621
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Undistributed net loss (income) of First Seacoast Bank		609			(2,509	)
Deferred tax expense		60			25
Decrease (increase) in other assets		2			(25	)
Decrease in other liabilities		(2	)		(5	)
Net cash provided by operating activities		104			107
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments received on ESOP		80			75
Net cash provided by investing activities		80			75
CASH FLOWS FROM FINANCING ACTIVITIES:
Treasury stock purchases		(623	)		(515	)
Net cash used by financing activities		(623	)		(515	)
Net change in cash		(439	)		(333	)
Cash at beginning of year		9,785			10,118
Cash at end of year	$	9,346		$	9,785