Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 712

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 712
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 opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Plante & Moran, PLLC

We have served as the Company’s auditor since 2019.

Chicago, Illinois

March 28, 2025

      47

      NSTS BANCORP, INC. AND SUBSIDIARIES 

      Consolidated Balance Sheets 

      Year ended December 31,  
   2024    2023  
  (Dollars in thousands) 
 Assets:         
 Cash and due from banks  $1,223  $1,000 
 Interest-bearing bank deposits   52,258   30,388 
 Cash and cash equivalents   53,481   31,388 
 Time deposits with other financial institutions   1,494   1,991 
 Securities available for sale   71,249   82,135 
 Federal Home Loan Bank stock (FHLB)   585   550 
 Loans held for sale   1,218   380 
 Loans, net of unearned income   131,557   121,799 
 Allowance for credit losses on loans   (1,201)  (1,176)
 Loans, net   130,356   120,623 
 Premises and equipment, net   5,311   5,285 
 Accrued interest receivable   870   758 
 Bank-owned life insurance (BOLI)   9,661   9,441 
 Other assets   4,463   4,225 
 Total assets  $278,688  $256,776 
 Liabilities:         
 Deposits:         
 Noninterest bearing  $11,896  $12,424 
 Interest-bearing         
 Demand and NOW checking   14,930   15,346 
 Money market   28,967