Condensed Financial Statements of Parent Company (Tables) - First Seacoast Bancorp (Parent) Company

12 Months Ended

Dec. 31, 2022

Schedule of Condensed Balance Sheets

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

Schedule of Condensed Statements of Income

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

Schedule of Condensed Statements of Cash Flows

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