NB Bancorp, Inc.

Listed Company

NBBKCIK 0001979330NasdaqEmerging GrowthSavings Institutions, Not Federally CharteredFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$50.30M

Total Assets

$7.01B

Equity

$858.93M

Shares Out

45.60M

Op. Cash Flow

$60.79M

Business

NB Bancorp, Inc. is the registered bank holding company for Needham Bank and provides banking and financial services through its subsidiary bank. It offers deposit products, online and mobile banking, cash management, mortgage banking, a portfolio of investment securities, and lending products including commercial real estate and multifamily loans, one-to-four-family residential mortgages, construction and land development loans, commercial and industrial loans, home equity and consumer loans. The Bank’s commercial lending is organized into Small Business, Middle Market and Structured Finance divisions and it maintains underwriting, servicing and risk management functions. It serves customers primarily in the Greater Boston metropolitan area and surrounding communities in New England through branch locations, digital channels and correspondent funding sources.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Interest and fees on loans	315	271	212	114
Interest on investment securities	10	7	5	5
Interest and dividends on cash equivalents and other	11	15	5	2
Total interest and dividend income	336	293	222	121
Interest on deposits	133	127	76	13
Interest on borrowings	5	4	14	3
Total interest expense	138	131	90	16
NET INTEREST INCOME	197	161	132	105
Provision for credit losses - loans	5	15	10	7
(Release of) provision for credit losses - unfunded commitments	−24,000	−3	4	—
Total provision for credit losses	5	12	14	7
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	193	149	118	99
Customer service fees	11	8	8	5
Increase in cash surrender value of BOLI	3	2	2	1
Mortgage banking income	53,000	1	581,000	595,000
Swap contract income	1	2	2	1
Loss on sale of available-for-sale securities, net	—	−2	—	—
Employee retention credit income	—	—	3	—
Other income	852,000	2	64,000	22,000
Total noninterest income	16	13	15	9
Salaries and employee benefits	77	67	68	47
Director and professional service fees	11	9	6	5
Occupancy and equipment expenses	7	6	5	4
Data processing expenses	12	9	8	6
Marketing and charitable contribution expenses	4	3	23	3
FDIC and state insurance assessments	3	3	5	2
Merger and acquisition expenses	17	—	—	—
General and administrative expenses	7	6	6	4
Total noninterest expense	138	103	121	71
INCOME BEFORE TAXES	71	59	12	36
INCOME TAX EXPENSE	21	16	2	6
NET INCOME	50	42	10	30
Weighted average common shares outstanding, basic	37	39	42	—
Weighted average common shares outstanding, diluted	38	39	42	—
Earnings per share, basic	1.34	1.07	0.23	—
Earnings per share, diluted	1.34	1.07	0.23	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	326	211	90	131	—
Federal funds sold	82	153	182	25	—
Total cash and cash equivalents	408	364	273	157	—
Available-for-sale securities, at fair value	269	228	190	—	—
Loans held for sale, at fair value	66	0	—	—	—
Loans receivable, net of deferred fees	5,986	4,333	3,889	—	—
Allowance for credit losses	−87	−39	−32	−25	—
Net loans	5,899	4,294	3,857	—	—
Accrued interest receivable	25	20	17	11	—
Banking premises and equipment, net	46	35	36	35	—
Non-public investments	34	24	39	11	—
"Bank-owned life insurance (""BOLI"")"	104	103	51	49	—
Prepaid expenses and other assets	68	59	53	57	—
Goodwill	19	0	0	0	—
Core deposit intangible	19	1	—	—	—
Deferred income tax asset, net	49	30	19	11	—
Total assets	7,006	5,158	4,533	3,592	—
Core deposits	5,318	3,868	3,204	—	—
Brokered deposits	536	310	184	—	—
Total deposits	5,854	4,178	3,387	2,887	—
Mortgagors' escrow accounts	5	5	4	4	—
"Federal Home Loan Bank (""FHLB"") borrowings"	196	121	283	293	—
Accrued expenses and other liabilities	71	66	81	52	—
Accrued retirement liabilities	22	24	19	12	—
Total liabilities	6,147	4,393	3,775	3,248	—
Preferred stock, $0.01 par value, 5,000,000 shares authorized; no shares issued and outstanding	—	—	—	—	—
Common stock, $0.01 par value, 120,000,000 shares authorized; 45,770,128 issued and outstanding at December 31, 2025 and 42,705,729 shares issued and outstanding at December 31, 2024	458,000	427,000	427,000	—	—
Additional paid-in capital	459	417	417	—	—
"Unallocated common shares held by the Employee Stock Ownership Plan (""ESOP"")"	−42	−45	−14	—	—
Retained earnings	445	400	366	358	—
Accumulated other comprehensive loss	−3	−8	−12	−14	—
Total shareholders' equity	859	765	758	344	326
Total liabilities and shareholders' equity	7,006	5,158	4,533	3,592	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Net income	50	42	10	30
Net accretion of available-for-sale securities	−291,000	−336,000	−240,000	71,000
Amortization of core deposit intangible	576,000	149,000	149,000	111,000
Provision for credit losses	5	12	14	7
Loan hedge fair value adjustments, including amortization	140,000	130,000	161,000	—
Change in net deferred loan origination fees	1	1	4	3
Mortgage loans originated for sale	−7	−14	−2	−2
Proceeds from sale of mortgage loans held for sale	9	24	2	2
Write down on consumer loans transferred to held for sale	517,000	—	—	—
Gain on sale of mortgage loans	−165,000	−293,000	−5,000	−47,000
Depreciation and amortization expense	3	3	3	2
Gain from BOLI death benefit	−25,000	—	—	—
Increase in cash surrender values of BOLI	−3	−2	−2	−1
Deferred income tax expense (benefit)	3	−10	−8	−1
ESOP expense	4	3	—	—
Stock-based compensation	3	—	—	—
Accrued interest receivable	−1	−2	−6	−3
Prepaid expenses and other assets	5	−7	8	−27
Accrued expenses and other liabilities	−9	−13	22	27
Accrued retirement liabilities	−3	5	7	4
NET CASH PROVIDED BY OPERATING ACTIVITIES	61	43	53	40
Loan originations and purchases, net of repayments	−506	−464	−883	−914
Purchases of available-for-sale securities	−102	−143	−44	−174
Proceeds from sales of available-for-sale securities	24	27	0	0
Proceeds from maturities, calls and paydowns of available-for-sale securities	67	80	104	171
Recoveries of loans previously charged off	2	623,000	924,000	235,000
Net change in non-public investments	−3	4	−7	−18
Acquisition, net of cash and cash equivalents acquired	−48	—	—	—
Proceeds from BOLI death benefit	128,000	—	—	—
Proceeds from surrender (purchases) of BOLI policies	49	−50	—	—
Purchases of banking premises and equipment	−3	−2	−3	−8
NET CASH USED IN INVESTING ACTIVITIES	−519	−546	−832	−668
Net change in deposits	540	790	501	25
Net change in mortgagors' escrow accounts	4,000	320,000	165,000	414,000
Net proceeds (costs) from stock offering and issuance of common shares	—	−225,000	417	—
Purchase of common shares held by ESOP	—	−33	−14	—
Repurchase of common shares under share repurchase plans	−77	—	—	—
Dividends declared and paid	−6	—	—	—
(Decrease) increase in FHLB borrowings, net	45	−163	−10	293
NET CASH PROVIDED BY FINANCING ACTIVITIES	502	595	895	318
NET CHANGE IN CASH AND CASH EQUIVALENTS	44	91	116	−311
Interest	143	128	89	7
Initial recognition of operating lease right of use assets and lease liabilities	3	—	—	2
Increase in operating lease right of use assets and lease liabilities resulting from lease modifications	3	—	—	—
Unrealized gains on available-for-sale securities	6	5	4	−19
Unrealized holding losses (gains) on cash flow hedge	1	—	−321,000	—
Mortgage loans transferred to loans held for sale	2	10	—	—
Consumer loans transferred to loans held for sale	67	—	—	—
Unrealized pension losses (gains) from director pension plan	948,000	−262,000	106,000	—
Restricted stock awards granted	13,000	—	—	—
Fair value of assets acquired in Provident Acquisition, net of cash	1,320	—	—	—
Fair value of liabilities assumed in Provident Acquisition	1,176	—	—	—
Goodwill from Provident Acquisition	19	—	—	—
Common stock issued for Provident Acquisition	115	—	—	—

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