Company: NSTS
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001437749-25-016849
Chunk: 34

Company: NSTS Bancorp, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 8
Chunk 34
---
 Total noninterest income 
      
     $
     334

     $
     312

For the quarter ended March 31, 2025 compared to the same period ended March 31, 2024, noninterest income increased $22,000 to $334,000.  The increase was driven by an increase in the gain on sale of mortgage loans during the quarter ended March 31, 2025. Gain on sale of mortgage loans increased $33,000, from $156,000 to $189,000 for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024. The increase in gain on sale of mortgages was primarily the result of an overall increase in total mortgage loans originated during the period. During the quarter ended March 31, 2025, we sold 31 loans totaling $9.9 million for a gain on sale of $189,000. During the quarter ended March 31, 2024, we sold 26 loans totaling $6.3 million for a gain on sale of $156,000. Management continues to look for opportunities and markets to sell loans as we continue to see increased loan production compared to prior years.

Noninterest Expense. The following table shows the components of noninterest expense for the periods presented.

      Three months ended March 31, 

      Noninterest expense: 
      
      2025 

      2024 

      (Dollars in thousands) 

      Salaries and employee benefits 
      
     $
     1,533

     $
     1,374

      Equipment and occupancy 

     224

     214

      Data processing 

     222

     195

      Professional services 

     136

     111

      Advertising 

     42

     84

      Supervisory fees and assessments 

     38

     36

      Loan expenses 

     92

     30

      Deposit expenses 

     68

     54

      Director Fees 

     48

     48

      Other non-interest expense 

     127

     118

      Total noninterest expense 
      
     $
     2,530

     $
     2,264

Noninterest expenses increased $266,000 for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024. The increase in noninterest expenses was primarily driven