Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 676

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 676
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 shares outstanding as of period end is $1.3 million over a weighted average period of 3.6 years. 

      The following table presents the stock based compensation expense for the periods presented. 

       Year Ended December 31,  
   2024    2023  
   (Dollars in thousands)  
 Stock option expense  $373  $252 
 Restricted stock expense   394   267 
 Total stock based compensation expense  $767  $519 

   For the year ended  December 31, 2024, the total deferred tax benefit related to the $767,000 of stock based compensation expense was $123,000. Due to the passing of Director Bond, Jr., 18,400 stock options and 7,360 restricted stock awards vested during the fourth quarter of the year ended  December 31, 2024. The early vesting of the stock options and restricted stock awards resulted in an additional expense of $57,000 and $60,000, respectively, during the year ended  December 31, 2024. Due to the passing of Director Dolan, 23,000 stock options and 9,200 restricted stock awards vested during the fourth quarter of the year ended  December 31, 2023. The early vesting of the stock options and restricted stock awards resulted in an additional expense of $73,000 and $77,000, respectively, during the year ended  December 31, 2023. 

       74

   Note 12: Commitments and Contingencies 
    
   In the ordinary course of business, the Bank has various commitments and contingent liabilities that are not reflected in the accompanying financial statements. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the financial position of the Bank.
    
   Financial Instruments
   The Bank does not engage in the use of interest rate swaps or futures, forwards or option contracts.
    
   At  December 31, 2024 and 2023, unused lines of credit and outstanding commitments to originate loans were as follows:

       2024    2023  
   (Dollars in thousands)
 Unused line of credit  $8,950  $4,050 
 Commitments to originate loans   1,109   3,770 
 Total commitments  $10