NSTS Bancorp, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Other Borrowings

Note 5 - Other Borrowings

9 Months Ended

Sep. 30, 2024

Federal Home Loan Bank Advances, Disclosure [Text Block]

Note 5: Other Borrowings

There were no additional borrowings made during the nine months ended September 30, 2024. In June 2023, the Company borrowed $5.0 million from the FHLB Chicago at a rate of 4.78% for 24 months, payable on June 20, 2025.

The following table shows certain information regarding our borrowings at or for the dates indicated:

	*For the three months ended*						*For the nine months ended*
	*September 30,*						*September 30,*
	*2024*			*2023*			*2024*			*2023*
	(Dollars in thousands)
FHLB of Chicago advances and other borrowings:
Average balance outstanding	$	5,000		$	5,000		$	5,000		$	1,886
Maximum amount outstanding at any month-end during the period		5,000			5,000			5,000			5,000
Average interest rate during the period		4.9	%		4.9	%		4.9	%		4.8	%

	*September 30, 2024*			*December 31, 2023*
	(Dollars in thousands)
Balance outstanding at end of period		5,000			5,000
Weighted average interest rate at end of period		4.8	%		4.8	%

The eligible borrowings are collateralized by $110.1 million and $102.6 million of first mortgage loans under a blanket lien arrangement at September 30, 2024 and December 31, 2023, respectively.

The following table shows the outstanding advances, additional borrowing capacity and total borrowing capacity from the FHLB Chicago at the dates presented.

	*September 30, 2024*		*December 31, 2023*
	(Dollars in thousands)
Outstanding advances	$	5,000	$	5,000
Additional borrowing capacity		78,065		72,200
Total borrowing capacity	$	83,065	$	77,200

Additionally, at September 30, 2024 and December 31, 2023, we had a $10.0 million federal funds line of credit with BMO Harris Bank, none of which was drawn at September 30, 2024 and December 31, 2023.