Company: NSTS
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001437749-25-016849
Chunk: 56

Company: NSTS Bancorp, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 56
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.S. government agency obligations, mortgage-based residential obligations and collateralized mortgage obligations are agency-issued or government-sponsored enterprise issued. Agency-issued securities are generally guaranteed by a U.S. government agency, such as the Government National Mortgage Association. Government-sponsored enterprises, such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, or the Small Business Administration, have either a direct or implied guarantee by the U.S. government. 
    
   The Bank holds two classifications of municipal bonds, general obligation bonds and revenue bonds. General obligation bonds are backed by the general revenue of the issuing municipality, while revenue bonds are supported by a specific revenue source. All general obligation and revenue bonds have a bond rating of investment grade by Standard and Poor's or Moody's Investor Services or are not rated. There have been no declines in investment grades on bonds in a loss position and, as of  March 31, 2025, all municipal bonds are paying as agreed. 
    
   There were no sales of securities available-for-sale during the three months ended  March 31, 2025 and 2024. 

   Note 3: Loans and allowance for credit losses
    
   A summary of loans by major category as of  March 31, 2025 and  December 31, 2024 is as follows:

       March 31, 2025    December 31, 2024  
   (Dollars in thousands)  
 First mortgage loans         
 1-4 family residential  $120,253  $119,409 
 Multi-family   3,335   3,368 
 Commercial   4,012   4,197 
 Construction   2,919   3,651 
 Total first mortgage loans   130,519   130,625 
 Consumer loans   226   282 
 Total loans   130,745   130,907 
 Net deferred loan costs   651   650 
 Allowance for credit losses on loans   (1,156)  (1,201)
 Total loans, net  $130,240  $130,356 

   First mortgage loans serviced for others are not included in the accompanying balance sheets. The unpaid principal balance of these loans totaled $13.8 million and $13.9 million at  March 31, 2025 and  December 31, 2024, respectively.