Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
Note 17: Condensed Parent Only Financial Information
The Parent Company’s condensed balance sheet and related condensed statements of operations and cash flows are as follows. The information presented for the year ended December 31, 2021 represents the consolidated holding companies of North Shore Trust and Savings as of December 31, 2021 of North Shore MHC and NSTS Financial Corporation.
NSTS BANCORP, INC. Condensed Balance Sheets
|
|
Year ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(Dollars in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
22,194 |
|
|
$ |
247 |
|
Investment in subsidiary |
|
|
54,510 |
|
|
|
44,181 |
|
Loan to ESOP |
|
|
4,145 |
|
|
|
|
|
Other assets |
|
|
104 |
|
|
|
755 |
|
Total assets |
|
$ |
80,953 |
|
|
$ |
45,183 |
|
Liabilities: |
|
|
|
|
|
|
|
|
Accrued expense and other liabilities |
|
$ |
411 |
|
|
$ |
— |
|
Total liabilities |
|
|
411 |
|
|
|
— |
|
Stockholders' equity |
|
|
|
|
|
|
|
|
Common Stock |
|
|
54 |
|
|
|
— |
|
Additional paid-in capital |
|
|
50,420 |
|
|
|
— |
|
Retained earnings |
|
|
45,291 |
|
|
|
45,264 |
|
Unallocated common shares held by ESOP |
|
|
(4,098 |
) |
|
|
— |
|
Accumulated other comprehensive loss, net |
|
|
(11,125 |
) |
|
|
(81 |
) |
Total stockholders' equity |
|
|
80,542 |
|
|
|
45,183 |
|
Total liabilities and stockholders’ equity |
|
$ |
80,953 |
|
|
$ |
45,183 |
|
NSTS BANCORP, INC. Condensed Statements of Operations
|
|
Year ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(Dollars in thousands) |
|
Income: |
|
|
|
|
|
|
|
|
Interest income |
|
$ |
140 |
|
|
$ |
1 |
|
Total income |
|
|
140 |
|
|
|
1 |
|
Expense: |
|
|
|
|
|
|
|
|
Noninterest expense |
|
$ |
425 |
|
|
$ |
19 |
|
Total expense |
|
|
425 |
|
|
|
19 |
|
Losses before income tax (benefit) expense and equity in undistributed earnings of subsidiary |
|
$ |
(285 |
) |
|
$ |
(18 |
) |
Income tax (benefit) expense |
|
|
(91 |
) |
|
|
38 |
|
Losses before equity in undistributed earnings of subsidiary |
|
$ |
(194 |
) |
|
$ |
(56 |
) |
Equity in undistributed earnings of subsidiary |
|
|
221 |
|
|
|
1 |
|
Net income (losses) |
|
$ |
27 |
|
|
$ |
(55 |
) |
NSTS BANCORP, INC. Condensed Statements of Cash Flows
|
|
Year ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(Dollars in thousands) |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income (losses) |
|
$ |
27 |
|
|
$ |
(55 |
) |
Adjustments to reconcile net income (losses) to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Decrease (increase) in other assets |
|
|
651 |
|
|
|
(704 |
) |
Increase (decrease) in accrued expenses and other liabilities |
|
|
411 |
|
|
|
(3 |
) |
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation |
|
|
1,009 |
|
|
|
— |
|
Equity in undistributed earnings of subsidiary |
|
|
(221 |
) |
|
|
(1 |
) |
Net cash provided by (used in) operating activities |
|
|
1,877 |
|
|
|
(763 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Principal payments on loan to ESOP |
|
$ |
174 |
|
|
$ |
— |
|
Net cash provided by investing activities |
|
|
174 |
|
|
|
— |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Net proceeds from issuance of common shares |
|
|
49,440 |
|
|
|
— |
|
Loan to ESOP |
|
|
(4,319 |
) |
|
|
— |
|
Proceeds from conversion transferred to subsidiary |
|
|
(25,225 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
|
19,896 |
|
|
|
— |
|
Net change in cash |
|
|
21,947 |
|
|
|
(763 |
) |
Cash at beginning of period |
|
|
247 |
|
|
|
1,010 |
|
Cash at end of period |
|
$ |
22,194 |
|
|
$ |
247 |
|
|