NB Bancorp, Inc. Reports Third Quarter 2026 Financial Results, Declares Quarterly Cash Dividend

NEEDHAM, Mass., Oct. 15, 2026 /PRNewswire/ -- NB Bancorp, Inc. (the "Company") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the "Bank"), today announced its third quarter 2026 financial results.

SELECTED FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER OF 2026

One-time pre-tax charges during the prior quarter include:

"The third quarter of 2026 displayed Needham Bank's continued execution of our growth strategy as we continue to take market share and go up market for new customers. In the third quarter, gross loans increased 5.3%, while total deposits increased 3.2%. Through the first three quarters of 2026, total loans and total deposits have increased by 17.4% and 15.2%, respectively, on an annualized basis, while operating EPS has increased 27%. Our strong earnings performance reflects the continued momentum of our franchise, disciplined execution of our growth strategy, and the trust our customers place in us. We are expanding thoughtfully, investing in our capabilities and talent, and maintaining a strong balance sheet and prudent risk management. As we look ahead, we remain confident in our ability to deliver sustainable growth and long-term value for our customers, employees, communities, and shareholders," stated Joseph Campanelli, Chairman, President and Chief Executive Officer.

Declaration of Dividend

The Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on November 12, 2026, to shareholders of record as of October 29, 2026.

BALANCE SHEET

Total assets amounted to $7.68 billion as of September 30, 2026, representing an increase of $237.1 million, or 3.2%, from $7.45 billion as of June 30, 2026.

NET INTEREST INCOME

Net interest income increased $2.3 million, or 3.3%, to $71.4 million for the current quarter, compared to $69.1 million for the prior quarter. Net interest margin declined 3 basis points to 3.97% for the current quarter, from 4.00% in the prior quarter.

PROVISION FOR CREDIT LOSSES

Provision for credit losses decreased $1.9 million, or 61.0%, to a provision for credit losses of $1.2 million for the current quarter, compared to a provision for credit losses of $3.2 million for the prior quarter.

NONINTEREST INCOME

Noninterest income decreased $454 thousand, or 8.2%, to $5.1 million for the current quarter, compared to $5.6 million for the prior quarter.

NONINTEREST EXPENSE

Noninterest expense increased $2.3 million, or 5.1%, to $46.3 million for the current quarter, compared to $44.0 million for the prior quarter.

INCOME TAXES

Income tax expense decreased $486 thousand, or 7.6%, to $5.9 million for the current quarter, compared to $6.4 million for the prior quarter. The effective tax rate and the operating effective tax rate (1) were both 20.3% for the current quarter, compared to 23.2% and 23.1%, respectively, for the prior quarter. The primary driver of the decrease in income tax expense and the effective tax rate were state tax credits purchased during the current quarter.

COMMERCIAL REAL ESTATE PORTFOLIO

Commercial real estate loans, including multi-family real estate loans, increased $200.5 million, or 7.5%, to $2.89 billion, during the current quarter.

ASSET QUALITY

(1) Represents a non-GAAP measure. See Non-GAAP reconciliation of the corresponding GAAP measures on pages 13 and 14.

ABOUT NB BANCORP, INC.

NB Bancorp, Inc. (Nasdaq Capital Market: NBBK) is the registered bank holding company of Needham Bank. Needham Bank is headquartered in Needham, Massachusetts, which is approximately 17 miles southwest of Boston's financial district. Known as the "Builder's Bank," Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. Needham Bank offers an array of tech-forward products and services that businesses and consumers use to manage their financial needs. Needham Bank also provides services to companies in the cannabis industry by providing loans and deposits, along with supporting payment platforms in this industry, such as Mosaic. We have the financial expertise typically found at much larger institutions and the local knowledge and commitment you can only find at a community bank. For more information, please visit https://NeedhamBank.com. Needham Bank is a member of FDIC.

Non-GAAP Financial Measures

In addition to results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures, including pre-provision net revenue, operating net income, operating pre-tax income, net interest income, excluding purchase accounting adjustments, operating noninterest expense, operating income tax expense, operating effective tax rate, operating earnings per share, basic, operating earnings per share, diluted, operating return on average assets, operating return on average shareholders' equity, operating efficiency ratio, tangible shareholders' equity, tangible assets and tangible book value per share. The Company's management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

Forward-Looking Statements

Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (the "SEC"), in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Company believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Company's control. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions on a national basis and in the local markets in which the Company operates, including changes which adversely affect borrowers' ability to service and repay loans; changes in customer behavior due to political, business and economic conditions, including inflation and concerns about liquidity; turbulence in the capital and debt markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balances and mix of loans and deposits; changes in interest rates and real estate values; changes in loan collectability and increases in defaults and charge-off rates; decreases in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; risks related to the Company's acquisitions generally, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; unforeseen integration issues or impairment of other intangibles; and the Company's inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated; changing government regulation; competitive pressures from other financial institutions; changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents, fraud, natural disasters, and future pandemics; the risk that the Company may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Company's financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Company's Form 10-K and updated by our Quarterly Report on Form 10-Q and other filings submitted to the SEC. These statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.

NB BANCORP, INC.

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share data)

As of and for the three months ended

September 30, 2026

June 30, 2026

September 30, 2025

Earnings data

Net interest income

71,440

69,145

48,175

Noninterest income

5,105

5,559

3,682

Total revenue

76,545

74,704

51,857

Provision for credit losses

1,246

3,193

1,396

Noninterest expense

46,281

44,017

30,499

Pre-tax income

29,018

27,494

19,962

Net income

23,133

21,123

15,362

Operating net income (non-GAAP)

23,828

21,877

16,002

Operating noninterest expense (non-GAAP)

45,410

43,072

30,244

Per share data

Earnings per share, basic

0.59

0.53

0.43

Earnings per share, diluted

0.58

0.53

0.43

Operating earnings per share, basic (non-GAAP)

0.60

0.55

0.45

Operating earnings per share, diluted (non-GAAP)

0.60

0.55

0.45

Book value per share

19.57

19.22

18.51

Tangible book value per share (non-GAAP)

18.91

18.51

18.49

Profitability

Return on average assets

1.23 %

1.17 %

1.16 %

Operating return on average assets (non-GAAP)

1.26 %

1.21 %

1.20 %

Return on average shareholders' equity

10.73 %

10.03 %

8.35 %

Operating return on average shareholders' equity (non-GAAP)

11.05 %

10.39 %

8.70 %

Net interest margin

3.97 %

4.00 %

3.78 %

Net interest margin, excluding purchase accounting adjustments

3.81 %

3.87 %

3.78 %

Cost of deposits

2.69 %

2.68 %

2.92 %

Efficiency ratio

60.5 %

58.9 %

58.8 %

Operating efficiency ratio (non-GAAP)

59.3 %

57.7 %

58.3 %

Balance sheet, end of period

Total assets

7,683,996

7,446,880

5,442,446

Total loans

6,821,759

6,482,821

4,715,923

Total deposits

6,521,396

6,320,090

4,565,720

Total shareholders' equity

857,403

842,002

737,034

Asset quality

ACL

78,305

82,088

43,052

ACL / Total NPLs

217.1 %

296.8 %

379.1 %

Total NPLs / Total loans

0.53 %

0.43 %

0.24 %

Annualized net charge-offs / Average total loans

(0.31) %

(0.07) %

(0.05) %

Capital ratios

Shareholders' equity / Total assets

11.16 %

11.31 %

13.54 %

Tangible shareholders' equity / tangible assets (non-GAAP)

10.82 %

10.94 %

13.53 %

NB BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except share and per share data)

As of

September 30, 2026 change from

September 30, 2026

June 30, 2026

September 30, 2025

June 30, 2026

September 30, 2025

Assets

Cash and due from banks

238,502

372,522

197,604

(134,020)

(36.0) %

40,898

20.7 %

Federal funds sold

27,555

27,632

97,829

(77)

(0.3) %

(70,274)

(71.8) %

Total cash and cash equivalents

266,057

400,154

295,433

(134,097)

(33.5) %

(29,376)

(9.9) %

Available-for-sale securities, at fair value

279,518

272,640

231,023

6,878

2.5 %

48,495

21.0 %

Loans held for sale, at fair value

55,906

59,927

(4,021)

(6.7) %

55,906

0.0 %

Loans receivable, net of deferred fees

6,765,853

6,422,894

4,715,923

342,959

5.3 %

2,049,930

43.5 %

Allowance for credit losses

(78,305)

(82,088)

(43,052)

3,783

(4.6) %

(35,253)

81.9 %

Net loans

6,687,548

6,340,806

4,672,871

346,742

5.5 %

2,014,677

43.1 %

Accrued interest receivable

29,971

28,898

21,074

1,073

3.7 %

8,897

42.2 %

Banking premises and equipment, net

51,107

49,298

33,842

1,809

3.7 %

17,265

51.0 %

Non-public investments

49,161

42,029

44,531

7,132

17.0 %

4,630

10.4 %

Bank-owned life insurance ("BOLI")

98,178

97,370

56,342

808

0.8 %

41,836

74.3 %

Prepaid expenses and other assets

71,048

69,228

57,720

1,820

2.6 %

13,328

23.1 %

Goodwill

16,520

18,512

(1,992)

(10.8) %

16,520

0.0 %

Core deposit intangible, net

16,628

17,519

967

(891)

(5.1) %

15,661

1619.5 %

Deferred income tax asset, net

62,354

50,499

28,643

11,855

23.5 %

33,711

117.7 %

Total assets

7,683,996

7,446,880

5,442,446

237,116

3.2 %

2,241,550

41.2 %

Liabilities and shareholders' equity

Deposits

Core deposits

5,828,759

5,600,238

4,177,047

228,521

4.1 %

1,651,712

39.5 %

Brokered deposits

692,637

719,852

388,673

(27,215)

(3.8) %

303,964

78.2 %

Total deposits

6,521,396

6,320,090

4,565,720

201,306

3.2 %

1,955,676

42.8 %

Mortgagors' escrow accounts

4,919

4,420

4,543

499

11.3 %

376

8.3 %

Federal Home Loan Bank ("FHLB") borrowings

150,322

181,247

41,453

(30,925)

(17.1) %

108,869

262.6 %

Accrued expenses and other liabilities

127,414

77,549

73,139

49,865

64.3 %

54,275

74.2 %

Accrued retirement liabilities

22,542

21,572

20,557

970

4.5 %

1,985

9.7 %

Total liabilities

6,826,593

6,604,878

4,705,412

221,715

3.4 %

2,121,181

45.1 %

Shareholders' equity:

Preferred stock, $0.01 par value, 5,000,000 shares authorized; no shares

issued and outstanding

0.0 %

Common stock, $0.01 par value, 120,000,000 shares authorized; 43,818,490 issued and

outstanding at September 30, 2026 and June 30, 2026 and 39,826,446 issued and outstanding

at September 30, 2025

438

398

0.0 %

10.1 %

Additional paid-in capital

417,943

415,841

342,526

2,102

0.5 %

75,417

22.0 %

Unallocated common shares held by the Employee Stock Ownership Plan ("ESOP")

(40,690)

(41,285)

(43,049)

595

(1.4) %

2,359

(5.5) %

Retained earnings

495,082

474,970

440,281

20,112

4.2 %

54,801

12.4 %

Accumulated other comprehensive loss

(15,370)

(7,962)

(3,122)

(7,408)

93.0 %

(12,248)

392.3 %

Total shareholders' equity

857,403

842,002

737,034

15,401

1.8 %

120,369

16.3 %

Total liabilities and shareholders' equity

7,683,996

7,446,880

5,442,446

237,116

3.2 %

2,241,550

41.2 %

NB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands, except share and per share data)

For the Three Months Ended

Change From Three Months Ended

September 30, 2026

June 30, 2026

September 30, 2025

June 30, 2026

September 30, 2025

INTEREST AND DIVIDEND INCOME

Interest and fees on loans

110,730

106,574

77,365

4,156

3.9 %

33,365

43.1 %

Interest on securities

3,144

2,758

2,253

386

14.0 %

891

39.5 %

Interest and dividends on cash equivalents and other

2,282

2,460

2,070

(178)

(7.2) %

212

10.2 %

Total interest and dividend income

116,156

111,792

81,688

4,364

3.9 %

34,468

42.2 %

INTEREST EXPENSE

Interest on deposits

42,896

40,686

31,273

2,210

5.4 %

11,623

37.2 %

Interest on borrowings

1,820

1,961

2,240

(141)

(7.2) %

(420)

(18.8) %

Total interest expense

44,716

42,647

33,513

2,069

4.9 %

11,203

33.4 %

NET INTEREST INCOME

71,440

69,145

48,175

2,295

3.3 %

23,265

48.3 %

PROVISION FOR CREDIT LOSSES

Provision for credit losses - loans

1,391

2,994

1,041

(1,603)

(53.5) %

350

33.6 %

(Release of) provision for credit losses - unfunded commitments

(145)

199

355

(344)

(172.9) %

(500)

(140.8) %

Total provision for credit losses

1,246

3,193

1,396

(1,947)

(61.0) %

(150)

(10.7) %

NET INTEREST INCOME AFTER

PROVISION FOR CREDIT LOSSES

70,194

65,952

46,779

4,242

6.4 %

23,415

50.1 %

NONINTEREST INCOME

Customer service fees

3,505

3,681

2,498

(176)

(4.8) %

1,007

40.3 %

Increase in cash surrender value of BOLI

808

962

631

(154)

(16.0) %

177

28.1 %

Mortgage banking income

165

148

79.3 %

11.5 %

Swap contract income

479

208

407

565.3 %

271

130.3 %

Gain (loss) on sale of loans, net

(185)

227

(412)

(181.5) %

(230)

(511.1) %

Other income

333

525

152

(192)

(36.6) %

181

119.1 %

Total noninterest income

5,105

5,559

3,682

(454)

(8.2) %

1,423

38.6 %

NONINTEREST EXPENSE

Salaries and employee benefits

27,499

25,549

18,641

1,950

7.6 %

8,858

47.5 %

Director and professional service fees

4,158

3,816

2,920

342

9.0 %

1,238

42.4 %

Occupancy and equipment expenses

3,047

2,468

1,559

579

23.5 %

1,488

95.4 %

Data processing expenses

5,351

4,899

2,911

452

9.2 %

2,440

83.8 %

Marketing and charitable contribution expenses

1,073

1,530

949

(457)

(29.9) %

124

13.1 %

FDIC and state insurance assessments

1,434

1,584

928

(150)

(9.5) %

506

54.5 %

Core deposit intangible amortization expense

892

0.0 %

855

2310.8 %

General and administrative expenses

2,827

3,279

2,554

(452)

(13.8) %

273

10.7 %

Total noninterest expense

46,281

44,017

30,499

2,264

5.1 %

15,782

51.7 %

INCOME BEFORE TAXES

29,018

27,494

19,962

1,524

5.5 %

9,056

45.4 %

INCOME TAX EXPENSE

5,885

6,371

4,600

(486)

(7.6) %

1,285

27.9 %

NET INCOME

23,133

21,123

15,362

2,010

9.5 %

7,771

50.6 %

Weighted average common shares outstanding, basic

39,432,499

39,693,140

35,372,205

(260,641)

(0.7) %

4,060,294

11.5 %

Weighted average common shares outstanding, diluted

39,833,964

40,000,305

35,579,456

(166,341)

(0.4) %

4,254,508

12.0 %

Earnings per share, basic

0.59

0.53

0.43

0.06

11.3 %

0.16

37.2 %

Earnings per share, diluted

0.58

0.53

0.43

0.05

9.4 %

0.15

34.9 %

NB BANCORP, INC.

AVERAGE BALANCES, INTEREST EARNED/PAID & AVERAGE YIELDS

(Unaudited)

(Dollars in thousands)

For the Three Months Ended

September 30, 2026

June 30, 2026

September 30, 2025

Average

Outstanding

Average

Outstanding

Average

Outstanding

Average

Balance

Interest

Yield/Rate (4)

Balance

Interest

Yield/Rate (4)

Balance

Interest

Yield/Rate (4)

Interest-earning assets:

Loans (5)

6,599,690

110,730

6.66

6,377,025

106,574

6.70

4,612,631

77,365

6.65

Securities

280,383

3,144

4.45

279,196

2,758

3.96

236,187

2,253

3.78

Other investments (5)

22,788

252

4.39

34,301

612

7.16

32,585

223

2.72

Short-term investments (5)

243,386

2,030

3.31

237,667

1,848

3.12

178,290

1,847

4.11

Total interest-earning assets

7,146,247

116,156

6.45

6,928,189

111,792

6.47

5,059,693

81,688

6.41

Non-interest-earning assets

409,580

394,611

256,928

Allowance for credit losses

(81,486)

(81,276)

(42,746)

Total assets

7,474,341

7,241,524

5,273,875

Interest-bearing liabilities:

Savings accounts

218,715

488

0.89

210,544

324

0.62

121,704

181

0.59

NOW accounts

770,406

2,771

1.43

701,167

2,265

1.30

467,761

1,397

1.18

Money market accounts

1,735,863

13,305

3.04

1,699,366

12,783

3.02

1,119,539

9,331

3.31

Certificates of deposit and individual retirement accounts

2,682,909

26,332

3.89

2,595,290

25,314

3.91

1,933,665

20,364

4.18

Total interest-bearing deposits

5,407,893

42,896

3.15

5,206,367

40,686

3.13

3,642,669

31,273

3.41

FHLB borrowings

78,665

868

4.38

208,453

1,956

3.76

199,852

2,240

4.45

FRB borrowings

100,543

952

3.76

549

3.65

—

Total interest-bearing liabilities

5,587,101

44,716

3.18

5,415,369

42,647

3.16

3,842,521

33,513

3.46

Non-interest-bearing deposits

915,117

883,487

606,046

Other non-interest-bearing liabilities

116,917

98,225

95,329

Total liabilities

6,619,135

6,397,081

4,543,896

Shareholders' equity

855,206

844,443

729,979

Total liabilities and shareholders' equity

7,474,341

7,241,524

5,273,875

Net interest income

71,440

69,145

48,175

Net interest rate spread (1)

3.27

3.31

2.95

Net interest-earning assets (2)

1,559,146

1,512,820

1,217,172

Net interest margin (3)

3.97

4.00

3.78

Average interest-earning assets to

interest-bearing liabilities

127.91

127.94

131.68

(1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(3) Net interest margin represents net interest income divided by average total interest-earning assets.

(4) Annualized.

(5) Loans include loans held for sale, at fair value. Other investments are comprised of FRB stock, FHLB stock and swap collateral accounts. Short-term investments are comprised of cash and cash equivalents.

NB BANCORP, INC.

COMMERCIAL REAL ESTATE BY COLLATERAL TYPE

(Unaudited)

(Dollars in thousands)

September 30, 2026

Owner-Occupied

Non-Owner-Occupied

Balance

Percentage

Multi-Family

—

584,967

19 %

Industrial

194,827

166,816

361,643

13 %

Office

43,627

321,332

364,959

13 %

Hospitality

811

305,332

306,143

11 %

Retail

126,658

199,417

326,075

11 %

Mixed-Use

24,524

237,946

262,470

9 %

Cannabis Facility

186,687

8,827

195,514

7 %

Special Purpose

83,062

115,289

198,351

7 %

Recreational Vehicle Parks

11,057

64,962

76,019

3 %

Self Storage Facilities

—

55,191

2 %

Other

79,346

79,028

158,374

5 %

Total commercial real estate

750,599

2,139,107

2,889,706

100 %

Change From June 30, 2026

Change From September 30, 2025

Owner-Occupied

Non-Owner-Occupied

Balance

Percentage

Owner-Occupied

Non-Owner-Occupied

Balance

Percentage

Multi-Family

—

17,245

3 %

—

154,539

36 %

Industrial

9,819

3,704

13,523

4 %

117,339

54,152

171,491

90 %

Office

(1,008)

28,725

27,717

8 %

18,370

137,414

155,784

74 %

Hospitality

(40,455)

58,090

17,635

6 %

(35,362)

93,990

58,628

24 %

Retail

335

90,216

90,551

38 %

88,037

113,078

201,115

161 %

Mixed-Use

2,116

12,554

14,670

6 %

16,509

77,495

94,004

56 %

Cannabis Facility

(14,466)

(86)

(14,552)

(7) %

(68,048)

(341)

(68,389)

(26) %

Special Purpose

(1,593)

45,452

43,859

28 %

2,152

58,523

60,675

44 %

Recreational Vehicle Parks

(2,198)

(200)

(2,398)

(3) %

11,057

64,962

76,019

100 %

Self Storage Facilities

—

(15,956)

(22) %

—

55,191

100 %

Other

(8,198)

16,361

8,163

5 %

40,741

9,805

50,546

47 %

Total commercial real estate

(55,648)

256,105

200,457

7 %

190,795

818,808

1,009,603

54 %

June 30, 2026

September 30, 2025

Owner-Occupied

Non-Owner-Occupied

Balance

Percentage

Owner-Occupied

Non-Owner-Occupied

Balance

Percentage

Multi-Family

—

567,722

20 %

—

430,428

23 %

Industrial

185,008

163,112

348,120

13 %

77,488

112,664

190,152

10 %

Office

44,635

292,607

337,242

12 %

25,257

183,918

209,175

11 %

Hospitality

41,266

247,242

288,508

11 %

36,173

211,342

247,515

13 %

Retail

126,323

109,201

235,524

9 %

38,621

86,339

124,960

7 %

Mixed-Use

22,408

225,392

247,800

9 %

8,015

160,451

168,466

9 %

Cannabis Facility

201,153

8,913

210,066

8 %

254,735

9,168

263,903

14 %

Special Purpose

84,655

69,837

154,492

6 %

80,910

56,766

137,676

7 %

Recreational Vehicle Parks

13,255

65,162

78,417

3 %

—

0 %

Self Storage Facilities

—

71,147

3 %

—

0 %

Other

87,544

62,667

150,211

6 %

38,605

69,223

107,828

6 %

Total commercial real estate

806,247

1,883,002

2,689,249

100 %

559,804

1,320,299

1,880,103

100 %

NB BANCORP, INC.

NON-GAAP RECONCILIATION

(Unaudited)

(Dollars in thousands)

For the Three Months Ended

September 30, 2026

June 30, 2026

September 30, 2025

Net income (GAAP)

23,133

21,123

15,362

Add (Subtract):

Adjustments to net income:

Non-recurring fees for business line expansion

649

Contract settlement fees

871

BOLI surrender tax and modified endowment contract penalty

Defined benefit pension termination refund

(739)

State tax expense - voluntary disclosure agreements

561

Merger and acquisition expenses

296

994

Total adjustments to net income

871

972

816

Less net tax benefit associated with pre-tax non-GAAP adjustments to net income

176

218

176

Non-GAAP adjustments, net of tax

695

754

640

Operating net income (non-GAAP)

23,828

21,877

16,002

Weighted average common shares outstanding, basic

39,432,499

39,693,140

35,372,205

Weighted average common shares outstanding, diluted

39,833,964

40,000,305

35,579,456

Operating earnings per share, basic (non-GAAP)

0.60

0.55

0.45

Operating earnings per share, diluted (non-GAAP)

0.60

0.55

0.45

Pre-tax income (GAAP)

29,018

27,494

19,962

Add (Subtract):

Adjustments to pre-tax income:

Contract settlement fees

871

Defined benefit pension termination refund

(739)

Non-recurring fees for business line expansion

649

Merger and acquisition expenses

296

994

Total adjustments to pre-tax income

871

945

255

Operating pre-tax income (non-GAAP)

29,889

28,439

20,217

Net interest income (GAAP)

71,440

69,145

48,175

Subtract (Add):

Adjustments to net interest income:

Purchase accounting adjustments

2,614

1,972

Total impact of non-GAAP net interest income adjustments

2,614

1,972

Net interest income, excluding purchase accounting adjustments (non-GAAP)

68,826

67,173

48,175

Noninterest expense (GAAP)

46,281

44,017

30,499

Subtract (Add):

Adjustments to noninterest expense:

Contract settlement fees

871

Non-recurring fees for business line expansion

649

Defined benefit pension termination refund

(739)

Merger and acquisition expenses

296

994

Total impact of non-GAAP noninterest expense adjustments

871

945

255

Operating noninterest expense (non-GAAP)

45,410

43,072

30,244

Operating net income (non-GAAP)

23,828

21,877

16,002

Average assets

7,474,341

7,241,524

5,273,875

Operating return on average assets (non-GAAP)

1.26 %

1.21 %

1.20 %

Average shareholders' equity

855,206

844,443

729,979

Operating return on average shareholders' equity (non-GAAP)

11.05 %

10.39 %

8.70 %

Operating noninterest expense (non-GAAP)

45,410

43,072

30,244

Total pre-provision net revenue (net interest income plus total noninterest income)

76,545

74,704

51,857

Operating efficiency ratio (non-GAAP)

59.32 %

57.66 %

58.32 %

Income tax expense (GAAP)

5,885

6,371

4,600

Add (Subtract):

Adjustments to income tax expense:

State tax expense - voluntary disclosure agreements

(561)

Net tax benefit associated with pre-tax non-GAAP adjustments to net income

176

218

176

BOLI surrender tax and modified endowment contract penalty

(27)

Total impact of non-GAAP income tax expense adjustments

176

191

(385)

Operating income tax expense (non-GAAP)

6,061

6,562

4,215

Operating effective tax rate (non-GAAP)

20.3 %

23.1 %

20.8 %

As of

September 30, 2026

June 30, 2026

September 30, 2025

Total shareholders' equity (GAAP)

857,403

842,002

737,034

Subtract:

Intangible assets (core deposit intangible, net of tax and goodwill)

28,814

31,023

744

Total tangible shareholders' equity (non-GAAP)

828,589

810,979

736,290

Total assets (GAAP)

7,683,996

7,446,880

5,442,446

Subtract:

Intangible assets (core deposit intangible, net of tax and goodwill)

28,814

31,023

744

Total tangible assets (non-GAAP)

7,655,182

7,415,857

5,441,702

Tangible shareholders' equity / tangible assets (non-GAAP)

10.82 %

10.94 %

13.53 %

Total common shares outstanding

43,818,490

39,826,446

Tangible book value per share (non-GAAP)

18.91

18.51

18.49

NB BANCORP, INC.

ASSET QUALITY – NON-PERFORMING ASSETS (1)

(Unaudited)

(Dollars in thousands)

September 30, 2026

June 30, 2026

September 30, 2025

Real estate loans:

One-to-four-family residential

3,255

2,963

2,771

Home equity

1,546

1,547

1,001

Commercial real estate

13,587

957

809

Construction and land development

Commercial and industrial

16,686

20,446

4,686

Consumer

1,002

1,747

2,080

Total

36,076

27,660

11,357

Total non-performing loans to total loans

0.53 %

0.43 %

0.24 %

Total non-performing PCD loans to total loans (2)

0.15 %

0.22 %

0.00 %

Total non-performing non-PCD loans to total loans

0.38 %

0.21 %

0.24 %

Total non-performing assets to total assets

0.47 %

0.37 %

0.21 %

Total non-performing PCD assets to total assets

0.14 %

0.19 %

0.00 %

Total non-performing non-PCD assets to total assets

0.33 %

0.18 %

0.21 %

(1) Non-performing loans and assets are comprised of non-accrual loans.

(2) PCD loans were the result of the BankProv acquisition closed on November 15, 2025 and did not exist prior to that date.

NB BANCORP, INC.

ASSET QUALITY – PROVISION, ALLOWANCE, AND NET (CHARGE-OFFS) RECOVERIES

(Unaudited)

(Dollars in thousands)

For the Three Months Ended

September 30, 2026

June 30, 2026

September 30, 2025

Allowance for credit losses at beginning of the period

82,088

80,195

42,601

Provision for credit losses

1,391

2,994

1,041

Charge-offs:

Commercial & Industrial

(4,044)

(294)

—

Consumer

(1,335)

(2,081)

(693)

Commercial real estate

—

(10)

—

Total charge-offs

(5,379)

(2,385)

(693)

Recoveries of loans previously charged off:

Commercial and industrial

1,188

Consumer

193

Total recoveries

205

1,284

103

Net charge-offs

(5,174)

(1,101)

(590)

Allowance for credit losses at end of the period

78,305

82,088

43,052

Allowance to non-performing loans

217 %

297 %

379 %

Allowance to total loans outstanding at the end of the period

1.16 %

1.28 %

0.91 %

Annualized net charge-offs to average loans outstanding during the period

(0.31) %

(0.07) %

(0.05) %

Annualized net charge-offs to average loans outstanding during the period – PCD loans (1)

(0.24) %

0.00 %

Annualized net charge-offs to average loans outstanding during the period – Non-PCD loans

(0.07) %

(0.05) %

(1) PCD loans were the result of the BankProv acquisition closed on November 15, 2025 and did not exist prior to that date.

SOURCE Needham Bank