Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 358

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 16
Chunk 358
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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 
 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. 

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   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 with other customers and do not involve more than the normal level of risk associated with deposit accounts. At  December 31, 2024 and 2023, total deposits held by directors and officers of the Company and the Bank were $1.1 million and $739,000, respectively. 

   Note 7: Other Borrowings 
    
   There were no additional borrowings made during the year ended  December 31, 2024. In  June 2023, the Company borrowed $5.0 million from the FHLB Chicago at a rate of 4.78% for 24 months, payable on  June 20, 2025. The advance is