This section is intended to assist in the understanding of our financial performance through a discussion of our financial condition as ofJune 30, 2022 and as compared to our financial condition as ofDecember 31, 2021 , and our results of operations for the three and six months ended months endedJune 30, 2022 and 2021. This section should be read in conjunction with the unaudited interim consolidated financial statements and notes thereto appearing in Part I, Item 1 of this Quarterly Report on Form 10-Q. Forward-Looking Statements This filing contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect" and words of similar meaning. These forward-looking statements include, but are not limited to: ? statements of our goals, intentions and expectations; ? statements regarding our business plans, prospects, growth and operating strategies;
? statements regarding the quality of our loan and investment portfolios; and
? estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. 25
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The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:
? general economic conditions, either nationally or in our market areas, that are different than expected ? changes in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of the allowance for loan losses; ? our ability to access cost-effective funding; ? major catastrophes such as tornadoes, floods or other natural disasters, the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on us and our customers and other constituencies; ? further data processing and other technological changes that may be more difficult or expensive than expected; ? success or consummation of new business initiatives may be more difficult or expensive than expected; ? the inability of third-party service providers to perform;
? fluctuations in real estate values and both residential and commercial
real estate market conditions; ? demand for loans and deposits in our market area; ? our ability to continue to implement our business strategies; ? competition among depository and other financial institutions;
? inflation and changes in the interest rate environment that reduce our
margins and yields, reduce the fair value of financial
instruments or
reduce the origination levels in our lending business, or
increase the
level of defaults, losses and prepayments on loans; ? adverse changes in the securities markets; ? changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; ? our ability to manage market risk, credit risk and operational risk in the current economic conditions; ? our ability to enter new markets successfully and capitalize on growth opportunities; ? our ability to successfully integrate any assets, liabilities, customers, systems and management personnel we may acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; ? changes in consumer spending, borrowing and savings habits; ? changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards
Board, the
Securities and Exchange Commission or thePublic Company Accounting Oversight Board ; ? our ability to hire and retain key employees; and
? our compensation expense associated with equity allocated or awarded to
our employees. Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 26
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Table of Contents General OnJanuary 18, 2022 , theNSTS Bancorp, Inc. ("the Company") became the holding company forNorth Shore Trust and Savings ("the Bank") when North Shore MHC completed its conversion into the stock holding company form of organization. In connection with the conversion, the Company sold 5,290,000 shares of common stock at a price of$10 per share, for gross proceeds of$52.9 million . The Company also contributed 107,959 shares of common stock and$150,000 in cash toNorth Shore Trust andSavings Charitable Foundation, Inc. Shares of the Company's common stock began trading onJanuary 19, 2022 on theNasdaq Capital Market under the trading symbol "NSTS."NSTS Bancorp, Inc. NSTS Bancorp, Inc. is aDelaware corporation which was incorporated inSeptember 2021 . As a savings and loan holding company,NSTS Bancorp, Inc. is regulated by theBoard of Governors of theFederal Reserve System ("Federal Reserve Board"). The Company's primary business activities relate to owning all of the outstanding shares of capital stock of the Bank. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with North Shore MHC's Consolidated Financial Statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year endedDecember 31, 2021 .
North Shore Trust and Savings, a federally-chartered stock savings institution, was established in 1921 asNorth Shore Building and Loan, anIllinois -chartered institution. Since its inception, the Bank has operated as a traditional savings institution focused primarily on serving the banking needs of customers in our market area ofLake County, Illinois and adjacent communities. We operate from our headquarters and main banking office inWaukegan, Illinois , as well as two additional full-service branch offices located inWaukegan andLindenhurst, Illinois , respectively. We have a loan production office inChicago, Illinois . Our primary business activity is attracting deposits from the general public and using those funds to originate one- to four-family residential mortgage loans and purchase investments. We are subject to comprehensive regulation and examination by theOffice of the Comptroller of the Currency (the "OCC"). Our Business and Franchise
For 100 years, we have served
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Our principal business consists of originating loans for one- to four-family residential properties, multi-family and non-owner occupied commercial real estate loans, and to a lesser extent home equity loans and lines of credit, construction loans, and other consumer loans in the market areas surrounding our branch footprint. We also established a loan production office in theRoscoe Village neighborhood ofChicago, Illinois in 2016 to originate loans outside of our branch network in a more densely populated metropolitan area, which we believe benefits us geographically. We attract retail deposits from the general public in the areas surrounding our main office and branches, offering a wide variety of deposit products. We also invest in investment securities. Our revenues are derived primarily from interest on loans, noninterest income from the sale of one- to four-family residential mortgage loans in the secondary market and interest on investments. Our primary sources of funds are deposits, and principal and interest payments on loans and securities.
Critical Accounting Policies and Estimates
Our discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated unaudited interim financial statements for the three and six months ended months endedJune 30, 2022 , which have been prepared in accordance withU.S. GAAP. The preparation of these financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results could differ from these estimates. Our significant accounting policies are discussed in detail in the Company's Annual Report on Form 10-K for the year endedDecember 31, 2021 . There have been no material changes to our critical accounting policies as compared to the critical accounting policies described in the Annual Report on Form 10-K. COVID-19 In light of the recent events surrounding the COVID-19 pandemic, we are continually assessing the effects of the pandemic on our employees, customers and communities. InMarch 2020 , the CARES Act was enacted. The CARES Act contains many provisions related to banking, lending, mortgage forbearance and taxation. We worked diligently to help support our customers through the PPP, loan modifications and loan deferrals. During the years endedDecember 31, 2020 and 2021, we had funded 40 SBA PPP loans totaling$1.3 million to existing customers and key prospects located primarily in our markets. As ofJune 30, 2022 , all PPP loans were forgiven by the SBA. In addition, during the years endedDecember 31, 2021 and 2020, we granted loan modifications under the CARES Act generally in the form of three-month deferrals of principal payments and a three-month extension of the maturity date. We handle loan modification requests on a case-by-case basis considering the effects of the COVID-19 pandemic and the related economic slowdown on our customers and their current and projected cash flows through the terms of their respective loans. We believe the customer interaction during this time provided us with an opportunity to broaden and deepen our customer relationships while benefiting the local communities we serve. In total we modified 50 loans with principal balances totaling$9.7 million . As ofJune 30, 2022 , all COVID-19 loan modifications have returned to repayment status. Under the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") signed into law onMarch 27, 2020 and the subsequent extension of the CARES Act, the Bank was eligible for a refundable employee retention credit subject to certain criteria. The Bank qualified for the tax credit for the quarters endedJune 30, 2021 andSeptember 30, 2021 under the CARES Act. The Bank utilized the gross receipts method of calculating eligibility. Based on the eligibility, the tax credit is equal to 70% of qualified wages paid to employees during a quarter, and the limit on qualified wages per employee is$10,000 of qualified wages per quarter. The Employee Retention Credit was recorded during the second quarter of 2022, when the Bank determined they were eligible. The credit is recorded as other non-interest income and offsets$503,000 of salaries and employee benefits previously recorded as an expense during 2021. As ofJune 30, 2022 cannot reasonably estimate when it will receive the refunds. The CARES Act and related Employee Retention Credit was terminated as ofSeptember 30, 2021 , and therefore the Company does not expect to file for any additional refunds. 28
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Table of Contents Overview This discussion is intended to focus on certain financial information regarding our consolidated company and may not contain all the information that is important to the reader. The purpose of this discussion is to provide the reader with a more thorough understanding of our financial statements. As such, this discussion should be read carefully and in conjunction with the consolidated financial statements and accompanying notes contained elsewhere in this report. Our results of operations depend, to a large extent, on net interest income, which is the difference between the income earned on our loan and investment portfolios and interest expense on deposits and borrowings. Our net interest income is largely determined by our net interest spread, which is the difference between the average yield earned on interest-earning assets and the average rate paid on interest-bearing liabilities, and the relative amounts of interest-earning assets and interest-bearing liabilities. Results of operations are also affected by our provisions for loan losses, fee income and other noninterest income and noninterest expense. Noninterest expense principally consists of compensation, office occupancy and equipment expense, data processing, advertising and business promotion and other expenses. We expect that our noninterest expenses will increase as we grow and expand our operations. In addition, our compensation expense will increase due to the new stock benefit plans we intend to implement. Our results of operations and financial condition are also significantly affected by general economic and competitive conditions, particularly changes in interest rates, the impact of the COVID-19 pandemic, changes in accounting guidance, government policies and actions of regulatory authorities. Average Balances, Net Interest Income, and Yields Earned and Rates Paid. The following table shows for the periods indicated the total dollar amount of interest from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. All average balances are based on daily balances. The table also reflects the yields on the Company's interest-earning assets and costs of interest-bearing liabilities for the periods shown. 29
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Table of Contents For the Three Months Ended June 30, 2022 2021 Average Average Outstanding Average Yield/ Outstanding Average Yield/ Balance Interest Rate Balance Interest Rate (Dollars in thousands) Interest-earning assets: Loans, net $ 96,491$ 883 3.66 %$ 98,653 $ 876 3.55 % Federal funds sold and interest-bearing deposits in other banks 43,561 73 0.67 % 22,528 5 0.09 % Time deposits with other financial institutions 3,801 6 0.63 % 7,305 16 0.88 % Securities available for sale 115,859 542 1.87 % 94,908 349 1.47 % FHLB of Chicago stock 550 3 2.18 % 548 3 2.19 % Total interest-earning assets 260,262$ 1,507 2.32 % 223,942$ 1,249 2.23 % Noninterest-earning assets 19,513 15,881 Total assets $ 279,775$ 239,823 Interest-bearing liabilities: Interest-bearing demand $ 17,496$ 2 0.05 %$ 16,986 $ 2 0.05 % Money market 45,076 23 0.20 % 46,340 24 0.21 % Savings 48,451 18 0.15 % 44,997 17 0.15 % Time deposits 62,752 148 0.94 % 64,426 194 1.20 % Total interest-bearing deposits $ 173,775$ 191 0.44 %$ 172,749 $ 237 0.55 % Other borrowings(1) 2,857 - - % 4,451 - - % Total interest-bearing liabilities 176,632$ 191 0.43 % 177,200$ 237 0.53 % Noninterest-bearing liabilities 18,636 16,856 Total liabilities $ 195,268$ 194,056 Equity 84,507 45,767 Total liabilities and equity $ 279,775$ 239,823 Net interest income$ 1,316 $ 1,012 Interest rate spread(2) 1.88 % 1.70 % Net interest-earning assets(3) $ 83,630$ 46,742 Net interest margin(4) 2.02 % 1.81 % Average interest-earning assets to average-interest bearing liabilities 147.35 % 126.38 % 30
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Table of Contents For the Six Months Ended June 30, 2022 2021 Average Average Outstanding Average Yield/ Outstanding Average Yield/ Balance Interest Rate Balance Interest Rate (Dollars in thousands) Interest-earning assets: Loans, net$ 96,713 $ 1,726 3.57 %$ 98,201 $ 1,809 3.68 % Federal funds sold and interest-bearing deposits in other banks 58,881 102 0.35 % 25,487 10 0.08 % Time deposits with other financial institutions 3,590 11 0.61 % 8,894 48 1.08 % Securities available for sale 111,112 956 1.72 % 91,023 699 1.54 % FHLB stock 550 7 2.55 % 530 6 2.26 % Total interest-earning assets 270,846$ 2,802 2.07 % 224,135 2,572 2.30 % Noninterest-earning assets 20,423 16,604 Total assets$ 291,269 $ 240,739 Interest-bearing liabilities: Interest-bearing demand$ 17,464 $ 4 0.05 %$ 16,863 3 0.04 % Money market 45,372 45 0.20 % 47,419 48 0.20 % Savings 48,649 36 0.15 % 44,016 33 0.15 % Time deposits 64,564 297 0.92 % 65,453 407 1.24 % Total interest-bearing deposits$ 176,049 $ 382 0.43 %$ 173,751 $ 491 0.57 % Other borrowings(1) 3,923 - - % 4,227 - - % Total interest-bearing liabilities 179,972$ 382 0.42 % 177,978 491 0.55 % Noninterest-bearing liabilities 28,765 16,533 Total liabilities$ 208,737 $ 194,511 Equity 82,532 46,228 Total liabilities and equity$ 291,269 $ 240,739 Net interest income$ 2,420 2,081 Interest rate spread(2) 1.65 % 1.75 % Net interest-earning assets(3)$ 90,874 $ 46,157 Net interest margin(4) 1.79 % 1.86 % Average interest-earning assets to average-interest bearing liabilities 150.49 % 125.93 %
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(1) Other borrowings consists of 0% interest rate FHLB advances. (2) Equals the difference between the yield on average earning-assets and the
cost of average interest-bearing liabilities. (3) Equals total interest-earning assets less total interest-bearing liabilities. (4) Equals net interest income divided by average interest-earning assets. 31
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COMPARISON OF OPERATING RESULTS FOR THE THREE AND SIX MONTHS ENDED MONTHS ENDED
General. For the three months endedJune 30, 2022 , the Company had net income of$149,000 , compared to net income of$67,000 for the same period endedJune 30, 2021 . Additionally, for the six months endedJune 30, 2022 , the Company had a net loss of$130,000 , representing an increase in the net loss of$116,000 , from a net loss of$14,000 for the same period endedJune 30, 2021 . The changes in net income (loss) are primarily the result of the recognition of the Employee Retention Credit during the second quarter of 2022, offset by a decrease in other noninterest income categories and an increase of noninterest expenses which are expected to reoccur in future periods and are the result of additional expenses related to being a public company. Net Interest Income. Net interest income was$1.3 million and$1.0 million for the three months endedJune 30, 2022 and 2021. Net interest income was$2.4 million and$2.1 million for the six months endedJune 30, 2022 and 2021, respectively. The average yield on total interest-earning assets increased 9 basis points in the second quarter of 2022 compared to 2021. This increase was driven by an increase of 11 basis points in the average yield on loans, net, to 3.66%, an increase of 40 basis points for the average yield on investments, net, to 1.87%, and an increase in the average yield on interest-bearing deposits in other banks of 58 basis points, to 0.67%. During the three months endedJune 30, 2022 , two commercial loans totaling$1.8 million paid off in full with interest penalties, resulting in an increase to the average yield on loans, net. Management continues to deploy funds into the investments portfolio, helping to drive the increase in the average yield earned on investments. The average yield on total interest-earning assets decreased 23 basis points in the first six months of 2022 compared to 2021. During 2021, borrowers continued to take advantage of the lower interest rate environment and refinanced their mortgages, resulting in a decrease of the average yield on loans. The decrease was partially offset by a change in our asset mix, in which management invested available cash in securities available for sale to achieve a higher yield. The cost of interest-bearing liabilities decreased 10 basis points for the three months endedJune 30, 2022 from the three months endedJune 30, 2021 , and decreased 13 basis points for the six months endedJune 30, 2022 from the six months endedJune 30, 2021 . The net decrease in our funding costs was primarily driven by a decrease in the average yield of time deposits. During the first quarter of 2022, subsequent to the conversion closing, certain customers withdrew their funds held in time deposits prior to the maturity of these deposits. Upon the withdrawal of these funds, the customers were charged an interest penalty which resulted in a lower overall funding cost during the quarter. Provision for Loan Losses. The allowance for loan losses is established through a provision for loan losses charged to earnings as losses are estimated to have occurred in our loan portfolio. Loan losses are charged against the allowance when management believes the collectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of the underlying collateral, and prevailing economic conditions. The evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. A loan is considered impaired when, based on current information or events, it is probable that we will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. When a loan is impaired, the measurement of such impairment is based upon the fair value of the collateral of the loan. If the fair value of the collateral is less than the recorded investment in the loan, we will recognize the impairment by creating a valuation allowance with a corresponding charge against earnings. An allowance is also established for uncollectible interest on loans classified as substandard. The allowance is established by a charge to interest income equal to all interest previously accrued, and income is subsequently recognized only to the extent that cash payments are received. When, in management's judgment, the borrower's ability to make interest and principal payments is back to normal, the loan is returned to accrual status. During the three and six months endedJune 30, 2022 , a reversal of the provision was recorded for$16,000 , compared to a provision expense of$17,000 during the three and six months endedJune 30, 2021 . The reversal of the provision in 2022 was primarily the result of a decrease in the loan portfolio balance during the six months endedJune 30, 2022 . Net recoveries of$6,000 were recorded during the six months endedJune 30, 2022 , compared to net charge-offs of$95,000 during the same period endedJune 30, 2021 . Additionally, during the three months endedJune 30, 2022 , there were no recoveries or charge-offs recorded. During the three months endedJune 30, 2021 , charge-offs of$99,000 and recoveries of$2,000 were recorded, resulting in a net charge-offs of$97,000 . The establishment of the allowance for loan losses is significantly affected by uncertainties and management judgment and there is a likelihood that different amounts would be reported under different conditions or assumptions. Various regulatory agencies, as an integral part of their examination process, periodically review our allowance for loan losses. Such agencies may require us to make additional provisions for estimated loan losses based upon judgments different from those of management. 32
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Noninterest Income. The following table shows the components of noninterest income for the periods presented.
Three months ended June 30, Six months ended June 30, Noninterest income: 2022 2021 2022 2021 (Dollars in thousands) Gain on sale of mortgage loans $ 38 $ 81 $ 69$ 245 Rental income on office building 10 10 21 21 Service charges on deposits 75 74 146 141 Increase in cash surrender value of BOLI 44 44 87 88 Other 522 66 554 103 Total noninterest income $ 689 $ 275$ 877 $ 598 Noninterest income increased$414,000 , or 150.5%, to$689,000 for the quarter endedJune 30, 2022 compared to$275,000 for the quarter endedJune 30, 2021 . The primary driver of the increase was the recognition of the Employee Retention Credit of$503,000 during the second quarter of 2022. This increase was offset by a reduction in the volume of mortgage loans sold and the resulting gain on the sale of mortgage loans. During the three months endedJune 30, 2022 , we sold$2.1 million in loans compared to$4.8 million during the three months endedJune 30, 2021 . The decrease in sale of mortgage loans was partially due to the decision to originate a higher percentage of loans for the portfolio, as well as an overall decrease in total loans originated during the period. Consistent with the increase in second quarter of 2022, noninterest income increased$279,000 , or 46.7%, to$877,000 for the six months endedJune 30, 2022 compared to$598,000 for the same period endedJune 30, 2021 . The increase is due to the recognition of the Employee Retention Credit during the second quarter of 2022, offset by a reduction in the volume of mortgage loans sold and the resulting gain on the sale of mortgage loans. During the six months endedJune 30, 2022 , we sold$5.8 million in loans compared to$13.9 million during the six months endedJune 30, 2021 . The decrease in sale of mortgage loans was partially due to the decision to originate a higher percentage of loans for the portfolio, as well as an overall decrease in total loans originated during the period.
Noninterest Expense. The following table shows the components of noninterest expense for the periods presented.
Three months ended June 30, Six months ended June 30, Noninterest expense: 2022 2021 2022 2021 (Dollars in thousands) Salaries and employee benefits$ 1,057 $ 822$ 2,010 $ 1,691 Equipment and occupancy 161 156 342 341 Data processing 154 154 302 328 Professional services 137 47 270 112 Advertising 12 14 38 38 Supervisory fees and assessments 37 31 78 63 Loan expenses 20 31 49 72 Deposit expenses 54 50 88 95 Foreclosure and other real estate owned expenses - 8 - 8 Other 200 83 302 165 Total noninterest expense$ 1,832 $ 1,396 $ 3,479 $ 2,913 Noninterest expense increased$436,000 , or 31.2%, to$1.8 million for the three months endedJune 30, 2022 compared to$1.4 million for the three months endedJune 30, 2021 . The primary drivers for the increase in noninterest expense are salaries and employee benefits and professional services expenses. Salaries and employee benefits increased$235,000 , or 28.6% as a result of an increase in the number of full-time equivalent employees during the period to 38 employees as ofJune 30, 2022 compared to 35 employees as ofJune 30, 2021 , as the Bank continues to invest in hiring high performing individuals and growing the strength of our lending team. Additionally, the Bank entered into an Employee Stock Ownership Plan at the closing of the conversion, which resulted in additional ESOP related expenses of$49,000 during the three months endedJune 30, 2022 . Professional service fees increased$90,000 , or 191.5%, to$137,000 during the three months endedJune 30, 2022 compared to$47,000 for the three months endedJune 30, 2021 . This increase is the results of additional expenses associated with being a public company and are expected to reoccur in future periods. Other noninterest expense increased$117,000 , or 141.0%, to$200,000 during the three months endedJune 30, 2022 compared to$83,000 for the three months endedJune 30, 2021 , primarily due to additional expenses associated with the filing for the Employee Retention Credit. Noninterest expense increased$566,000 , or 19.4%, to$3.5 million for the six months endedJune 30, 2022 compared to$2.9 million for the six months endedJune 30, 2021 . The primary drivers for the increase in noninterest expense are salaries and employee benefits and professional services expenses. Salaries and employee benefits increased$318,000 , or 18.8% as a result of an increase in the number of full-time equivalent employees during the periods. Additionally, the Bank entered into an Employee Stock Ownership Plan at the closing of the conversion, which resulted in additional ESOP related expenses of$103,000 during the six months endedJune 30, 2022 . Professional service fees increased$158,000 , or 141.1%, to$270,000 during the six months endedJune 30, 2022 compared to$112,000 for the six months endedJune 30, 2021 . This increase is the result of additional expenses associated with being a public company and are expected to reoccur in future periods. Other noninterest expense increased$137,000 , or 83.0%, to$302,000 during the six months endedJune 30, 2022 compared to$165,000 for the six months endedJune 30, 2021 , primarily due to additional expenses associated with the filing for the Employee Retention Credit. Provision for Income Tax Expense (Benefit). During the three months endedJune 30, 2022 , the Company recognized income tax expense of$40,000 , compared to an income tax benefit of$193,000 during the same period endedJune 30, 2021 . The increase in expense is primarily due to the recognition of the Employee Retention Credit income during the second quarter of 2022. Income tax benefit decreased$201,000 , or 84.8%, to$36,000 for the six months endedJune 30, 2022 compared to$237,000 for the six months endedJune 30, 2021 , primarily due to the recognition of the Employee Retention Credit income during 2022. 33
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