NSTS Bancorp, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Note 3 - Loans

Note 3 - Loans

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note 3: Loans

A summary of loans by major category as of December 31, 2024 and 2023 is as follows:

	*December 31, 2024*			*December 31, 2023*
		(Dollars in thousands)
First mortgage loans
1-4 family residential	$	119,409		$	111,081
Multi-family		3,368			3,111
Commercial		4,197			3,835
Construction		3,651			2,508
Total first mortgage loans		130,625			120,535
Consumer loans		282			248
Total loans		130,907			120,783
Net deferred loan costs		650			1,016
Allowance for credit losses on loans		(1,201	)		(1,176	)
Total loans, net	$	130,356		$	120,623

First mortgage loans serviced for others are not included in the accompanying Consolidated Balance Sheets. The unpaid principal balance of these loans totaled $13.9 million and $13.2 million at December 31, 2024 and 2023, respectively. Custodial escrow balances maintained in connection with the foregoing loan servicing were $236,000 and $231,000 at December 31, 2024 and 2023, respectively.

In the normal course of business, loans are made by the Bank to directors and officers of the Company and the Bank (related parties). The terms of these loans, including interest rate and collateral, are similar to those prevailing for comparable transactions with other customers and do not involve more than a normal risk of collectability. At December 31, 2024 and 2023, such borrowers were indebted to the Bank in the aggregate amount of $587,000 and $550,000, respectively.