First Seacoast Bancorp, Inc. — Form 8-K Summary
Business Context and Reporting Period
First Seacoast Bancorp, Inc., a Maryland-incorporated banking holding company headquartered in Dover, New Hampshire, filed this Current Report on March 5, 2024, reporting an event occurring March 1, 2024. The company’s common stock trades on Nasdaq under the symbol FSEA. The filing relates to the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.
Financial Metrics and Liquidity
This filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating and financial performance metrics.
Material Change
Baker Newman & Noyes LLC notified the company that it would not stand for reappointment as independent registered public accounting firm for fiscal 2024 because it was exiting its audit practice for SEC-registered banking institutions.
Effective March 1, 2024, the company engaged Wolf & Company, P.C. as its independent registered public accounting firm for the year ending December 31, 2024. The engagement was approved by the Audit Committee of the Board of Directors.
Audit Firm Transition, Commentary, and Risks
For the fiscal years ended December 31, 2022 and December 31, 2023, and the interim period from January 1, 2024 through the engagement date, the company stated that there were no disagreements or reportable events with respect to accounting, auditing, or financial reporting matters involving the new auditor.
The company also stated that it had not consulted Wolf regarding the application of accounting principles to a specific transaction, the type of audit opinion that might be rendered, or other accounting, auditing, or financial reporting matters that influenced the auditor selection decision.
The filing does not provide financial guidance or an updated business outlook. The auditor transition may warrant attention regarding audit timing and financial reporting execution, although the filing identifies no accounting disagreement or reportable event.
Key Facts for Investors to Verify
- Confirm that Wolf & Company, P.C. is the appointed independent registered public accounting firm for fiscal 2024.
- Review the company’s prior January 17, 2024 Form 8-K for additional details regarding Baker Newman & Noyes LLC’s departure.
- Monitor subsequent filings for any changes in auditor status, audit timing, internal controls, or financial reporting matters.
- Use the company’s periodic reports, rather than this filing, to assess financial performance, liquidity, capital, and credit risks.