Company: NSTS
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026943
Chunk: 79

Company: NSTS Bancorp, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 79
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 other contracts that had a dilutive effect for the three and six months ended  June 30, 2025 and 2024, and therefore the weighted average common shares outstanding used to calculate both basic and diluted EPS are the same. Shares held by the Employee Stock Ownership Plan ("ESOP") that have not been allocated to employees in accordance with the terms of the ESOP, referred to as "unallocated ESOP shares", are not deemed outstanding for EPS calculations. 

       Three Months Ended June 30,    Six months ended June 30,  
   2025    2024    2025    2024  
   (Income in thousands)    (Income in thousands)  
 Net loss applicable to common shares  $(258) $(326) $(586) $(572)
                 
 Average number of common shares outstanding   5,246,571   5,308,341   5,247,847   5,352,903 
 Less: Average unallocated ESOP shares   359,919   382,953   362,557   395,420 
 Average number of common shares outstanding used to calculate basic loss per common share   4,886,652   4,925,388   4,885,290   4,957,483 
 Loss per common share basic and diluted  $(0.05) $(0.07) $(0.12) $(0.12)

   All unallocated ESOP shares have been excluded from the calculation of basic and diluted EPS. Due to the net loss position, all outstanding share option awards are anti-dilutive and excluded from the computation of diluted earnings per share.

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   Note 11: Stock Based Compensation
    
   ESOP
    
   Employees participate in an Employee Stock Ownership Plan ("ESOP"). The ESOP borrowed funds from the Company to purchase 431,836 shares of stock at $10 per share. The Bank makes discretionary contributions to the ESOP, as well as paying dividends on unallocated shares to the ESOP, and the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. Participants receive the shares at the end of employment. Dividends on allocated shares increase participants accounts. 
    
   There were no contributions to the ESOP during the first