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NSTS Bancorp Inc. (NSTS+3.24%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial condition, reporting total assets of $278.7 million as of December 31, 2024, an increase from $256.8 million at the end of 2023. This growth was primarily driven by an increase in net loans, which rose to $130.4 million from $120.6 million in the previous year.
Cash and cash equivalents increased significantly to $53.5 million from $31.4 million, while securities available-for-sale decreased to $71.2 million from $82.1 million due to maturities and principal payments.
NSTS Bancorp reported a net loss of $789,000 for the year ended December 31, 2024, compared to a net loss of $4.0 million in the prior year. The improvement was attributed to increased net interest income and gains on loan sales, despite a rise in noninterest expenses.
Net interest income increased to $7.1 million from $6.2 million, with the interest rate spread slightly decreasing to 2.29% from 2.33%. The net interest margin improved to 2.86% from 2.64%.
The allowance for credit losses on loans was $1.2 million at year-end, reflecting a provision for credit losses of $71,000 during the year.
Noninterest income rose to $1.9 million from a loss of $1.2 million, primarily due to a $1.2 million gain on the sale of mortgage loans, and the absence of a securities sale loss incurred in 2023.
Noninterest expenses increased by $1.8 million to $9.7 million, driven by higher salaries and employee benefits due to increased staffing, as well as higher data processing and advertising costs.
Total deposits grew to $190.2 million from $168.8 million, with a notable increase in time deposits as the bank offered competitive rates.
NSTS Bancorp's equity decreased slightly to $76.5 million from $77.5 million, influenced by stock repurchases and an increase in unrealized losses on securities.
The company continues to focus on expanding its loan portfolio and maintaining strong asset quality, with no loans classified as substandard or doubtful at year-end.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NSTS Bancorp Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.