Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 902

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 902
---
000. Due to the passing of Director Bond, Jr., 18,400 stock options and 7,360 restricted stock awards vested during the fourth quarter of the year ended  December 31, 2024. The early vesting of the stock options and restricted stock awards resulted in an additional expense of $57,000 and $60,000, respectively, during the year ended  December 31, 2024. Due to the passing of Director Dolan, 23,000 stock options and 9,200 restricted stock awards vested during the fourth quarter of the year ended  December 31, 2023. The early vesting of the stock options and restricted stock awards resulted in an additional expense of $73,000 and $77,000, respectively, during the year ended  December 31, 2023. 

       74

   Note 12: Commitments and Contingencies 
    
   In the ordinary course of business, the Bank has various commitments and contingent liabilities that are not reflected in the accompanying financial statements. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the financial position of the Bank.
    
   Financial Instruments
   The Bank does not engage in the use of interest rate swaps or futures, forwards or option contracts.
    
   At  December 31, 2024 and 2023, unused lines of credit and outstanding commitments to originate loans were as follows:

       2024    2023  
   (Dollars in thousands)
 Unused line of credit  $8,950  $4,050 
 Commitments to originate loans   1,109   3,770 
 Total commitments  $10,059  $7,820 

   Concentrations of Credit Risk 
   The Bank generally originates single-family residential loans within its primary lending area which is Waukegan, Illinois and the surrounding area. These loans are secured by the underlying properties.
    
   The Bank maintains its cash in deposit accounts at the Federal Reserve Bank or other institutions, the balances of which  may exceed federally insured limits. The Bank has not experienced any losses in such accounts. The Bank believes it is not exposed to any significant credit risk on cash and cash equivalents.
    
   Interest Rate Risk 
   The Bank assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations.