NSTS Bancorp sells $30.5M in AFS securities, expects $1.8M after-tax loss

NSTS Bancorp, Inc.

Sold $30.5M in lower-yielding AFS securities (avg yield 2.83%, duration 2.75 yrs); after-tax loss ~$1.8M.
Proceeds used to repay $10M debt at 5.31%; remainder re-deployed into cash/short-term Treasuries yielding >5%.
Expects additional $1.1M valuation allowance on deferred tax asset in Q4 2023 due to cumulative taxable losses.
Company remains well-capitalized; tangible common equity ratio >10%; unused $64.3M FHLB line of credit.
Repositioning expected to improve earnings starting fiscal 2024; impact on book value per share neutral.

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