First Seacoast Bancorp, Inc. current report, 16 January 2024

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First Seacoast Bancorp, Inc. — Form 8-K Summary

Business Context and Reporting Period

First Seacoast Bancorp, Inc., a Maryland-based banking company headquartered in Dover, New Hampshire, filed a Form 8-K dated January 16, 2024, under Item 4.01 regarding a change in its independent registered public accounting firm.

Financial Metrics and Liquidity

This filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating and financial metrics.

Material Change Versus the Prior Comparable Period

  • Baker Newman & Noyes LLC (“BNN”) notified the Company on January 16, 2024, that it would not stand for reappointment as independent auditor for the fiscal year ending December 31, 2024.
  • BNN’s decision resulted from its exit from the audit practice for SEC-registered banking institutions.
  • BNN will complete the audit of the Company’s consolidated financial statements for the year ended December 31, 2023.
  • Until a successor auditor is engaged, BNN will remain available to perform quarterly review services for the Company’s unaudited 2024 consolidated financial statements.

Guidance, Outlook, Risks, and Unusual Items

  • The filing does not provide financial guidance or an operating outlook.
  • BNN’s audit reports for the years ended December 31, 2022 and December 31, 2021 contained no adverse opinion or disclaimer and were not qualified or modified for uncertainty, audit scope, or accounting principles.
  • The Company reported no disagreements with BNN regarding accounting principles, financial statement disclosure, or audit scope or procedures during the two most recent fiscal years or the subsequent interim period through January 16, 2024.
  • The Company also reported no reportable events under Item 304(a)(1)(v) of Regulation S-K during those periods.
  • BNN provided a letter dated January 17, 2024, filed as Exhibit 16.1, addressing whether it agrees with the Company’s disclosures.

Most Important Facts to Verify

  • Confirm the Company’s timely engagement of a successor independent registered public accounting firm for fiscal 2024.
  • Review BNN’s completion and opinion on the fiscal 2023 audit.
  • Review Exhibit 16.1 for BNN’s response to the Company’s disclosures.
  • Monitor whether the auditor transition affects quarterly review timing or future SEC filings.