Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 11

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 10
Chunk 11
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 Repayment of Federal Reserve Bank - Bank Term Funding Program   —   (10,000)
 Purchase of treasury shares   (970)  (2,381)
 Purchase of treasury stock from taxes withheld on net share settlement of restricted stock awards   (109)  — 
 Proceeds from exercise of stock options   215   — 
 Net cash provided by (used in) financing activities   20,823   (7,140)
 Net change in cash and cash equivalents   22,093   18,241 
 Cash and cash equivalents at beginning of period   31,388   13,147 
 Cash and cash equivalents at end of period  $53,481  $31,388 
 Supplemental disclosures of cash flow information:         
 Loans transferred to held for sale from portfolio, net  $8,384  $— 
 Cash paid during the period for: Interest   3,255   1,464 

See accompanying notes to consolidated financial statements

      52

   Note 1: Summary of Significant Accounting Policies 
    
   The accompanying consolidated financial statements (“the financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America and conform to practices within the banking industry.
    
   Nature of Operations 
    
   NSTS Bancorp, Inc. was formed to serve as the stock holding company for North Shore Trust and Savings (the “Bank”) in connection with the conversion of North Shore Trust and Savings, NSTS Financial Corporation and North Shore MHC, from the mutual to the stock form of organization, which was completed on  January 18, 2022. 
    
   NSTS Bancorp, Inc. completed its stock offering on  January 18, 2022. The Company sold 5,290,000 shares of common stock at $10.00 per share in its subscription offering for gross proceeds of approximately $53.0 million. In connection with the subscription offering, NSTS Bancorp, Inc. also issued 107,959 shares of common stock and $150,000 in cash to NSTS Charitable Foundation. Shares of NSTS Bancorp, Inc. common stock began trading on  January 19, 2022 on the Nasdaq Capital Market under the trading symbol "NSTS."
    
   The Bank operates primarily in the northern suburbs of Chicago, Illinois. The Bank offers a variety of financial services to customers in the