Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 948

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7A
Chunk 948
---
 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. 

       66

   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 
 Furniture and equipment   1,477   1,424 
 Total gross equipment   11,691   11,376 
 Less accumulated depreciation   6,380   6,091 
 Premises and equipment, net  $5,311  $5,285 

   Depreciation expense was $293,000 and $266,000 for the years ended  December 31, 2024 and 2023, respectively. 

       67

   Note 6: Deposits 
    
   As of  December 31, 2024, for the years below ended  December 31, the scheduled maturities of time deposits are as follows:

     Years Ended   Amount  
  (Dollars in thousands) 
 2025  $63,630 
 2026   13,014 
 2027   2,232 
 2028   8,500 
 2029 and beyond   5,443 
 Total  $92,819 

   In the normal course of business, deposit accounts are held by directors and officers of the Bank (related parties). The terms for these accounts, including interest rates, fees, and other attributes, are similar to those prevailing for comparable transactions