Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 667

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 667
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8%  5.0%
 Weighted average interest rate at end of period   4.8%  4.8%

   The following table shows the outstanding advances, additional borrowing capacity and total borrowing capacity from the FHLB Chicago at the dates presented.

       December 31, 2024    December 31, 2023  
   (Dollars in thousands)  
 Outstanding advances  $5,000  $5,000 
 Additional borrowing capacity   73,094   72,200 
 Total borrowing capacity  $78,094  $77,200 

      The eligible borrowings are collateralized by 
      $103.8
       million and 
      $102.6
       million of first mortgage loans under a blanket lien arrangement at 
       December 31, 2024 and 2023
      , respectively. Additionally, at  December 31, 2024 and 2023 we had a $10.0 million federal funds line of credit with the BMO Harris Bank, none of which was drawn at  December 31, 2024 and 2023. 

       68

   Note 8: Income Taxes 
    
   Income tax expense for the years ended  December 31, 2024 and 2023, is summarized as follows:

       Year Ended December 31, 
   2024    2023  
   (Dollars in thousands)
 Current expense         
 Federal  $—  $9 
 State   —   — 
 Total current expense   —   9 
         
 Deferred benefit   (389)  (1,150)
 Change in valuation allowance   389   2,140 
 Total deferred expense   —   990 
 Total income tax expense  $—  $999 

   The difference between the income tax expense shown on the statements of income and the amounts computed by applying the statutory federal income tax rate to income before income taxes is primarily due to tax-exempt income, the change in valuation allowance, and the adjustment of deferred taxes for enacted changes in tax laws. The provision for income taxes differs from that computed are as follows:

       Year Ended December 31,  
   2024    2023  
   (Dollars in thousands)  
 Loss before income tax expense