Company: NSTS
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001437749-25-016849
Chunk: 76

Company: NSTS Bancorp, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 76
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 over the requisite service period.
    
   As of  March 31, 2025, the Company has 14,018 shares of restricted stock available for future grants under the 2023 Equity Plan. 
    
   The following is a summary of the status of the Company's restricted shares as of and for the periods presented. 

     Restricted Stock   Shares    Weighted Average Grant Date Fair Value  
         
 Nonvested balance as of December 31, 2023   178,000  $9.36 
 Granted   —   — 
 Vested   —   — 
 Forfeited   —   — 
 Nonvested balance as of March 31, 2024   178,000  $9.36 
         
 Nonvested balance as of December 31, 2024   151,740  $9.57 
 Granted   —   — 
 Vested   —   — 
 Forfeited   2,000   9.36 
 Nonvested balance as of March 31, 2025   149,740  $9.57 

   Expected future expense related to the non-vested restricted shares outstanding as of period end is $1.2 million over a weighted average period of 3.4 years. 
    
   The following table presents the stock based compensation expense for the periods presented. 

       Three Months Ended March 31,  
   2025    2024  
   (Dollars in thousands)  
 Stock option expense  $73  $79 
 Restricted stock expense   84   83 
 Total stock based compensation expense  $157  $162 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This section is intended to assist in the understanding of our financial performance through a discussion of our financial condition as of March 31, 2025 and as compared to our financial condition as of December 31, 2024, and our results of operations for the three months ended March 31, 2025 and 2024. This section should be read in conjunction with the unaudited interim consolidated financial statements and notes thereto appearing in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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