Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 392

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 392
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 31, 2024 compared to the year ended December 31, 2023. The increase in gain on sale of mortgages was primarily the result of an overall increase in total mortgage loans originated during the period. During the year ended December 31, 2024, we sold 199 loans totaling $53.1 million for a gain on sale of $1.2 million. Included in the number and amount of loans sold during the period were loans sold that were originated as held for investment, but subsequently sold to local community banks, totaling $8.4 million, for a total gain on sale of $352,000. Management continues to look for opportunities and markets to sell loans as we continue to see increased loan production compared to prior years.

Noninterest Expense. The following table shows the components of noninterest expense for the periods presented.

      For the year ended December 31, 

      2024 

      2023 

     (Dollars in thousands)

      Noninterest expense: 

      Salaries and employee benefits 
      
     $
     5,939

     $
     4,554

      Equipment and occupancy 

     782

     739

      Data processing 

     884

     684

      Professional services 

     513

     601

      Advertising 

     286

     104

      Supervisory fees and assessments 

     142

     140

      Loan expenses 

     212

     117

      Deposit expenses 

     239

     217

      Director fees 

     215

     216

      Other 

     508

     480

      Total noninterest expense 
      
     $
     9,720

     $
     7,852

Noninterest expenses increased $1.8 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase in noninterest expenses was primarily driven by increases in salaries and employee benefits.  The average number of employees increased to 50 for the year ended December 31, 2024 compared to 39 for the year ended December 31, 2023. The increase in headcount is based on the addition of the Oak Leaf Community Mortgage team brought on during the fourth quarter of 2023 as well as additional hires during 2024 to supplement the lending team as operations continue to expand. Additionally, the Company implemented the 2023