| 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.
NSTS BANCORP, INC.
Condensed Balance Sheets
| |
|
Year ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
(Dollars in thousands) |
|
| Assets: |
|
|
|
|
|
|
|
|
| Cash |
|
$ |
18,634 |
|
|
$ |
22,194 |
|
| Investment in subsidiary |
|
|
55,035 |
|
|
|
54,510 |
|
| Loan to ESOP |
|
|
3,973 |
|
|
|
4,145 |
|
| Other assets |
|
|
7 |
|
|
|
104 |
|
| Total assets |
|
$ |
77,649 |
|
|
$ |
80,953 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Accrued expense and other liabilities |
|
$ |
104 |
|
|
$ |
411 |
|
| Total liabilities |
|
|
104 |
|
|
|
411 |
|
| Stockholders' equity |
|
|
|
|
|
|
|
|
| Common Stock |
|
|
56 |
|
|
|
54 |
|
| Treasury Stock |
|
|
(2,381 |
) |
|
|
— |
|
| Additional paid-in capital |
|
|
50,920 |
|
|
|
50,420 |
|
| Retained earnings |
|
|
41,055 |
|
|
|
45,291 |
|
| Unallocated common shares held by ESOP |
|
|
(3,882 |
) |
|
|
(4,098 |
) |
| Accumulated other comprehensive loss, net |
|
|
(8,223 |
) |
|
|
(11,125 |
) |
| Total stockholders' equity |
|
|
77,545 |
|
|
|
80,542 |
|
| Total liabilities and stockholders’ equity |
|
$ |
77,649 |
|
|
$ |
80,953 |
|
NSTS BANCORP, INC.
Condensed Statements of Operations
| |
|
Year ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
(Dollars in thousands) |
|
| Income: |
|
|
|
|
|
|
|
|
| Interest income |
|
$ |
135 |
|
|
$ |
140 |
|
| Total income |
|
|
135 |
|
|
|
140 |
|
| Expense: |
|
|
|
|
|
|
|
|
| Noninterest expense |
|
$ |
1,180 |
|
|
$ |
425 |
|
| Total expense |
|
|
1,180 |
|
|
|
425 |
|
| Losses before income tax expense (benefit) and equity in undistributed (losses) earnings of subsidiary |
|
$ |
(1,045 |
) |
|
$ |
(285 |
) |
| Income tax expense (benefit) |
|
|
96 |
|
|
|
(91 |
) |
| Losses before equity in undistributed (losses) earnings of subsidiary |
|
$ |
(1,141 |
) |
|
$ |
(194 |
) |
| Equity in undistributed (losses) earnings of subsidiary |
|
|
(2,816 |
) |
|
|
221 |
|
| Net (loss) income |
|
$ |
(3,957 |
) |
|
$ |
27 |
|
NSTS BANCORP, INC.
Condensed Statements of Cash Flows
| |
|
Year ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
(Dollars in thousands) |
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
(3,957 |
) |
|
$ |
27 |
|
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
| Net change in other assets |
|
|
97 |
|
|
|
651 |
|
| Net change in accrued expenses and other liabilities |
|
|
(307 |
) |
|
|
411 |
|
| Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation |
|
|
— |
|
|
|
1,009 |
|
| Equity in undistributed losses (earnings) of subsidiary |
|
|
2,816 |
|
|
|
(221 |
) |
| Net cash (used in) provided by operating activities |
|
|
(1,351 |
) |
|
|
1,877 |
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Principal payments on loan to ESOP |
|
$ |
172 |
|
|
$ |
174 |
|
| Net cash provided by investing activities |
|
|
172 |
|
|
|
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 |
) |
| Purchase of treasury shares |
|
|
(2,381 |
) |
|
|
— |
|
| Net cash (used in ) provided by financing activities |
|
|
(2,381 |
) |
|
|
19,896 |
|
| Net change in cash |
|
|
(3,560 |
) |
|
|
21,947 |
|
| Cash at beginning of period |
|
|
22,194 |
|
|
|
247 |
|
| Cash at end of period |
|
$ |
18,634 |
|
|
$ |
22,194 |
|
|