Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 740

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 740
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2023. As of  January 1, 2023, the amortized cost basis of loans on nonaccrual status was $154,000.  

       December 31, 2024    December 31, 2023  
   Nonaccrual with no Allowance for Credit Losses    Nonaccrual    Nonaccrual with no Allowance for Credit Losses    Nonaccrual  
   (Dollars in thousands)  
 First mortgage loans                 
 1-4 family residential  $—  $—  $200  $200 
 Multi-family   —   —   —   — 
 Commercial   —   —   —   — 
 Construction   —   —   —   — 
 Consumer loans   —   —   —   — 
 Total loans  $—  $—  $200  $200 

   The Bank  may modify loans to borrowers experiencing financial difficulty by providing modifications to repayment terms; more specifically, modifications to loan interest rates. Management performs an analysis at the time of loan modification. Any reserve required is recorded through a provision to the allowance for credit losses on loans.
    
   As of  January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. There were no modifications on loans to borrowers experiencing financial difficulty during the year ended  December 31, 2024 and 2023. 
    
   There were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process as of  December 31, 2024. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process is $64,000 as of  December 31, 2023. 

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   Note 5: Premises and Equipment
    
   The components of premises and equipment as of  December 31, 2024 and 2023, are as follows:

       2024    2023  
   (Dollars in thousands) 
 Land and improvements  $2,940  $2,940 
 Building and improvements   7,274   7,012