Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 767

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 4
Chunk 767
---
2024 and December 31, 2023

      At December 31, 

      2024 

      2023 

      (Dollars in thousands) 

      Selected Consolidated Financial Condition Data: 

      Total assets 
      
     $
     278,688

     $
     256,776

      Cash and cash equivalents 

     53,481

     31,388

      Securities available for sale 

     71,249

     82,135

      Federal Home Loan Bank stock 

     585

     550

      Loans held for sale 

     1,218

     380

      Loans, net 

     130,356

     120,623

      Total deposits 

     190,156

     168,826

      Other borrowings 

     5,000

     5,000

      Total equity 

     76,490

     77,545

Total Assets. Total assets increased $21.9 million to $278.7 million as of December 31, 2024 compared to $256.8 million at December 31, 2023. The increase was driven by an increase in loans, net, funded by an increase in time deposits and a reduction in securities available for sale due to maturities and principal payments of securities.

Cash and cash equivalents. Cash and cash equivalents increased $22.1 million to $53.5 million as of December 31, 2024, from $31.4 million at December 31, 2023. The increase in cash was driven by an increase in time deposits during the same period and principal payments received on securities available for sale. Additionally, the Bank sold $5.9 million of loans on December 30, 2024, resulting in an increase in cash held as of the end of the year. Currently, the Bank holds a majority of the cash on hand at the Federal Reserve Bank of Chicago, earning 4.40%, to keep the funds available to fund loan demand. Management continues to actively monitor our liquidity position on a daily basis and maintains levels of liquid assets deemed adequate.

Securities Available for Sale. Securities available-for-sale decreased to $71.2 million as of December 31, 2024, compared to $82.1 million at December 31, 2023. There were no purchases or sales of securities available-for-sale during the year ended December 31, 202