Company: NSTS
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026943
Chunk: 80

Company: NSTS Bancorp, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 80
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 six months of 2025, as the annual loan payment will be made during the fourth quarter. Expense recorded was $63,000 and $51,000 for the three months ended  June 30, 2025 and 2024, respectively, and is recognized over the service period. Expense recorded was $127,000 and $102,000 for the six months ended  June 30, 2025 and 2024, respectively, and is recognized over the service period. 
    
   Shares held by the ESOP were as follows: 

       As of June 30,  
   2025    2024  
   (Dollars in thousands)  
 Shares allocated   64,844   43,624 
 Shares committed for allocation   10,610   10,590 
 Shares distributed to plan participants   (1,597)  — 
 Unallocated   356,382   377,622 
 Total ESOP shares   430,239   431,836 
         
 Fair value of unearned shares as of June 30, 2025 and 2024, respectively  $4,394  $3,636 

   Fair value of unearned shares is based on a stock price of $12.33 and $9.63 as of  June 30, 2025 and 2024, respectively. 
    
   Equity Incentive Plan
    
   At the Company's annual meeting of stockholders held on  May 24, 2023, stockholders approved the NSTS Bancorp, Inc. 2023 Equity Incentive Plan (“2023 Equity Plan”), which provides for the granting of up to 755,714 shares (215,918 shares of restricted stock and 539,796 shares available for future grants of stock options) of the Company’s common stock pursuant to equity awards made under the 2023 Equity Plan.
    
   Stock options granted under the 2023 Equity Plan generally vest in equal annual installments over a service period of five years beginning on the date of grant. The vesting of the options accelerates upon death, disability or following a change in control of the Company. Stock options are generally granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on the closing market price of the Company's common stock on the date of grant, and