Annual report pursuant to Section 13 and 15(d)

Note 17 - Condensed Parent Only Financial Information

v3.23.1
Note 17 - Condensed Parent Only Financial Information
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
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