NSTS Bancorp, Inc. Annual report pursuant to Section 13 and 15(d)

Note 17 - Condensed Parent Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

	*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

	*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	)

	*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