Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2021

20.	Condensed Financial Statements of Parent Company

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

CONDENSED BALANCE SHEETS

	December 31,
	2021		2020
	(Dollars in thousands)
ASSETS
Cash held at First Seacoast Bank	$	9,785	$	10,118
Investment in First Seacoast Bank		48,477		46,467
Loan to First Seacoast Bank ESOP		2,105		2,180
Deferred tax asset		60		85
Other assets		43		18
Total assets	$	60,470	$	58,868
LIABILITIES
Other liabilities	$	2	$	7
Total liabilities		2		7
STOCKHOLDERS’ EQUITY
Stockholders’ equity		60,468		58,861
Total liabilities and stockholders’ equity	$	60,470	$	58,868

CONDENSED STATEMENTS OF INCOME

	For the Year Ended December 31,
	2021		2020
	(Dollars in thousands)
Income:
Interest on ESOP loan	$	115	$	119
Expense:
Miscellaneous expense		3		2
Net income before equity in undistributed net income of First Seacoast Bank		112		117
Equity in undistributed net income of First Seacoast Bank		2,509		962
Net income	$	2,621	$	1,079

CONDENSED STATEMENTS OF CASH FLOWS

	For the Year Ended December 31,
	2021			2020
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	2,621		$	1,079
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed net income of First Seacoast Bank		(2,509	)		(962	)
Deferred tax expense		25			18
(Increase) decrease in other assets		(25	)		172
(Decrease) increase in other liabilities		(5	)		7
Net cash provided by operating activities		107			314
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments received on ESOP		75			72
Net cash provided by investing activities		75			72
CASH FLOWS FROM FINANCING ACTIVITIES:
Treasury stock purchases		(515	)		(233	)
Net cash used by financing activities		(515	)		(233	)
Net change in cash		(333	)		153
Cash at beginning of year		10,118			9,965
Cash at end of year	$	9,785		$	10,118