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

NB Bancorp, Inc. Reports Second Quarter 2026 Financial Results, Declares Quarterly Cash Dividend NEEDHAM, Mass., July 22, 2026 /PRNewswire/ -- NB Bancorp, Inc. (the "Company") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the "Bank"), today announced its second quarter 2026 financial results.

"The second quarter of 2026 displayed Needham Bank's continued execution of our strategy for disciplined growth in market share as total loans increased 3.4% during the quarter, while total deposits increased 3.7% over the same period. Through the first half of 2026, total loans and total deposits have increased by 15.0% and 15.9% on an annualized basis, while operating EPS increased 24%, respectively. Our teams remained focused on executing our strategic priorities and investing in the infrastructure, technology, and operating capabilities needed to support continued profitable growth. This included targeted investments in artificial intelligence, improved internal systems and automation tools designed to enhance internal efficiency, scalability, and employee effectiveness. We are well positioned to continue to enhance the customer experience and grow market share, while improving long-term operating leverage. The dedication and collaboration of our employees continue to be defining strengths for Needham Bank. As we invest thoughtfully in technology, artificial intelligence, and operational capabilities, while maintaining strong credit performance and disciplined growth, we are building a more scalable and efficient organization that is well-positioned to deliver long-term value for our customers, communities, and shareholders," Campanelli concluded.

Declaration of Dividend

The Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on August 19, 2026, to shareholders of record as of August 5, 2026.

SELECTED FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER OF 2026

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

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

BALANCE SHEET

Total assets amounted to $7.45 billion as of June 30, 2026, representing an increase of $220.2 million, or 3.0%, from $7.23 billion as of March 31, 2026.

NET INTEREST INCOME

Net interest income increased $4.3 million, or 6.6%, to $69.1 million for the current quarter, compared to $64.9 million for the prior quarter. Net interest margin expanded 7 basis points to 4.00% for the current quarter, from 3.93% in the prior quarter.

PROVISION FOR CREDIT LOSSES

Provision for credit losses decreased $3.1 million, or 49.5%, to a provision for credit losses of $3.2 million for the current quarter, compared to a provision for credit losses of $6.3 million for the prior quarter.

NONINTEREST INCOME

Noninterest income increased $1.0 million, or 23.2%, to $5.6 million for the current quarter, compared to $4.5 million for the prior quarter.

NONINTEREST EXPENSE

Noninterest expense increased $1.3 million, or 3.1%, to $44.0 million for the current quarter, compared to $42.7 million for the prior quarter.

INCOME TAXES

Income tax expense increased $1.0 million, or 18.7%, to $6.4 million for the current quarter, compared to $5.4 million for the prior quarter. The increase was primarily driven by the increase in net income during the current quarter. The effective tax rate and the operating effective tax rate (1) were 23.2% and 23.1%, respectively, for the current quarter, compared to 26.4% and 26.2%, respectively, for the prior quarter. The primary drivers of the decrease in the effective tax rate were a higher volume of earned income tax credits and tax-exempt interest income on loans due to the origination of a tax-exempt loan at the end of the prior quarter.

COMMERCIAL REAL ESTATE PORTFOLIO

Commercial real estate loans increased $226.2 million, or 9.2%, to $2.69 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 margin, excluding purchase accounting adjustments, operating noninterest expense, operating noninterest income, 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 stockholders, 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

June 30, 2026

March 31, 2026

June 30, 2025

Earnings data

Net interest income

69,145

64,868

47,007

Noninterest income

5,559

4,513

4,278

Total revenue

74,704

69,381

51,285

Provision for credit losses

3,193

6,328

3,161

Noninterest expense

44,017

42,701

29,405

Pre-tax income

27,494

20,352

18,719

Net income

21,123

14,984

14,579

Operating net income (non-GAAP)

21,877

15,791

15,043

Operating noninterest expense (non-GAAP)

43,072

41,667

28,875

Per share data

Earnings per share, basic

0.53

0.37

0.39

Earnings per share, diluted

0.53

0.36

0.39

Operating earnings per share, basic (non-GAAP)

0.55

0.39

0.40

Operating earnings per share, diluted (non-GAAP)

0.55

0.38

0.40

Book value per share

19.22

18.83

18.09

Tangible book value per share (non-GAAP)

18.51

18.11

18.07

Profitability

Return on average assets

1.17 %

0.87 %

1.13 %

Operating return on average assets (non-GAAP)

1.21 %

0.92 %

1.16 %

Return on average shareholders' equity

10.03 %

7.05 %

7.84 %

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

10.39 %

7.43 %

8.09 %

Net interest margin

4.00 %

3.93 %

3.82 %

Net interest margin, excluding purchase accounting adjustments

3.87 %

3.82 %

Cost of deposits

2.68 %

2.73 %

3.00 %

Efficiency ratio

58.92 %

61.55 %

57.34 %

Operating efficiency ratio (non-GAAP)

57.66 %

60.06 %

56.30 %

Balance sheet, end of period

Total assets

7,446,880

7,226,649

5,226,618

Total loans

6,482,821

6,273,881

4,540,969

Total deposits

6,320,090

6,097,200

4,268,115

Total shareholders' equity

842,002

842,778

737,122

Asset quality

ACL

82,088

80,195

42,601

ACL / Total NPLs

296.8 %

176.0 %

341.4 %

Total NPLs / Total loans

0.43 %

0.73 %

0.27 %

Annualized net charge-offs / Average total loans

(0.07) %

(0.91) %

0.00 %

Capital ratios

Shareholders' equity / Total assets

11.31 %

11.66 %

14.10 %

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

10.94 %

11.27 %

14.09 %

NB BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

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

As of

June 30, 2026 change from

June 30, 2026

March 31, 2026

June 30, 2025

March 31, 2026

June 30, 2025

Assets

Cash and due from banks

372,522

327,951

157,175

44,571

13.6 %

215,347

137.0 %

Federal funds sold

27,632

47,618

101,587

(19,986)

(42.0) %

(73,955)

(72.8) %

Total cash and cash equivalents

400,154

375,569

258,762

24,585

6.5 %

141,392

54.6 %

Available-for-sale securities, at fair value

272,640

277,241

235,408

(4,601)

(1.7) %

37,232

15.8 %

Loans held for sale, at fair value

59,927

63,971

(4,044)

(6.3) %

59,927

0.0 %

Loans receivable, net of deferred fees

6,422,894

6,209,910

4,540,969

212,984

3.4 %

1,881,925

41.4 %

Allowance for credit losses

(82,088)

(80,195)

(42,601)

(1,893)

2.4 %

(39,487)

92.7 %

Net loans

6,340,806

6,129,715

4,498,368

211,091

3.4 %

1,842,438

41.0 %

Accrued interest receivable

28,898

27,150

20,386

1,748

6.4 %

8,512

41.8 %

Banking premises and equipment, net

49,298

47,335

34,289

1,963

4.1 %

15,009

43.8 %

Non-public investments

42,029

40,738

35,767

1,291

3.2 %

6,262

17.5 %

Bank-owned life insurance ("BOLI")

97,370

110,586

55,711

(13,216)

(12.0) %

41,659

74.8 %

Prepaid expenses and other assets

69,228

67,749

57,277

1,479

2.2 %

11,951

20.9 %

Goodwill

18,512

0.0 %

18,512

0.0 %

Core deposit intangible, net

17,519

18,411

1,005

(892)

(4.8) %

16,514

1643.2 %

Deferred income tax asset, net

50,499

49,672

29,645

827

1.7 %

20,854

70.3 %

Total assets

7,446,880

7,226,649

5,226,618

220,231

3.0 %

2,220,262

42.5 %

Liabilities and shareholders' equity

Deposits

Core deposits

5,600,238

5,527,148

4,013,955

73,090

1.3 %

1,586,283

39.5 %

Brokered deposits

719,852

570,052

254,160

149,800

26.3 %

465,692

183.2 %

Total deposits

6,320,090

6,097,200

4,268,115

222,890

3.7 %

2,051,975

48.1 %

Mortgagors' escrow accounts

4,420

4,858

4,117

(438)

(9.0) %

303

7.4 %

Federal Home Loan Bank ("FHLB") borrowings

181,247

189,701

127,600

(8,454)

(4.5) %

53,647

42.0 %

Accrued expenses and other liabilities

77,549

70,983

68,235

6,566

9.3 %

9,314

13.6 %

Accrued retirement liabilities

21,572

21,129

21,429

443

2.1 %

143

0.7 %

Total liabilities

6,604,878

6,383,871

4,489,496

221,007

3.5 %

2,115,382

47.1 %

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 June 30, 2026, 44,765,178 issued and outstanding at March 31, 2026

and 40,748,380 issued and outstanding at June 30, 2025

438

448

407

(10)

(2.2) %

7.6 %

Additional paid-in capital

415,841

432,858

358,793

(17,017)

(3.9) %

57,048

15.9 %

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

(41,285)

(41,873)

(43,643)

588

(1.4) %

2,358

(5.4) %

Retained earnings

474,970

456,978

427,707

17,992

3.9 %

47,263

11.1 %

Accumulated other comprehensive loss

(7,962)

(5,633)

(6,142)

(2,329)

41.3 %

(1,820)

29.6 %

Total shareholders' equity

842,002

842,778

737,122

(776)

(0.1) %

104,880

14.2 %

Total liabilities and shareholders' equity

7,446,880

7,226,649

5,226,618

220,231

3.0 %

2,220,262

42.5 %

NB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

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

Three Months Ended June 30, 2026

For the Three Months Ended

Change From Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

March 31, 2026

June 30, 2025

INTEREST AND DIVIDEND INCOME

Interest and fees on loans

106,574

100,042

74,719

6,532

6.5 %

31,855

42.6 %

Interest on securities

2,758

2,708

2,307

1.8 %

451

19.5 %

Interest and dividends on cash equivalents and other

2,460

2,936

2,822

(476)

(16.2) %

(362)

(12.8) %

Total interest and dividend income

111,792

105,686

79,848

6,106

5.8 %

31,944

40.0 %

INTEREST EXPENSE

Interest on deposits

40,686

39,579

31,690

1,107

2.8 %

8,996

28.4 %

Interest on borrowings

1,961

1,239

1,151

722

58.3 %

810

70.4 %

Total interest expense

42,647

40,818

32,841

1,829

4.5 %

9,806

29.9 %

NET INTEREST INCOME

69,145

64,868

47,007

4,277

6.6 %

22,138

47.1 %

PROVISION FOR CREDIT LOSSES

Provision for credit losses - loans

2,994

6,382

4,244

(3,388)

(53.1) %

(1,250)

(29.5) %

Provision for (release of) credit losses - unfunded commitments

199

(54)

(1,083)

253

468.5 %

1,282

(118.4) %

Total provision for credit losses

3,193

6,328

3,161

(3,135)

(49.5) %

1.0 %

NET INTEREST INCOME AFTER

PROVISION FOR CREDIT LOSSES

65,952

58,540

43,846

7,412

12.7 %

22,106

50.4 %

NONINTEREST INCOME

Customer service fees

3,681

3,131

2,554

550

17.6 %

1,127

44.1 %

Increase in cash surrender value of BOLI

962

853

787

109

12.8 %

175

22.2 %

Mortgage banking income

119

120

(27)

(22.7) %

(28)

(23.3) %

Swap contract income

201

524

(129)

(64.2) %

(452)

(86.3) %

Gain (loss) on sale of loans, net

227

(1)

228

22800.0 %

206

981.0 %

Other income

525

210

272

315

150.0 %

253

93.0 %

Total noninterest income

5,559

4,513

4,278

1,046

23.2 %

1,281

29.9 %

NONINTEREST EXPENSE

Salaries and employee benefits

25,549

25,468

18,567

0.3 %

6,982

37.6 %

Director and professional service fees

3,816

4,049

2,943

(233)

(5.8) %

873

29.7 %

Occupancy and equipment expenses

2,468

2,491

1,465

(23)

(0.9) %

1,003

68.5 %

Data processing expenses

4,899

4,439

2,493

460

10.4 %

2,406

96.5 %

Marketing and charitable contribution expenses

1,530

1,033

954

497

48.1 %

576

60.4 %

FDIC and state insurance assessments

1,584

1,152

883

432

37.5 %

701

79.4 %

General and administrative expenses

4,171

4,069

2,100

102

2.5 %

2,071

98.6 %

Total noninterest expense

44,017

42,701

29,405

1,316

3.1 %

14,612

49.7 %

INCOME BEFORE TAXES

27,494

20,352

18,719

7,142

35.1 %

8,775

46.9 %

INCOME TAX EXPENSE

6,371

5,368

4,140

1,003

18.7 %

2,231

53.9 %

NET INCOME

21,123

14,984

14,579

6,139

41.0 %

6,544

44.9 %

Weighted average common shares outstanding, basic

39,693,140

40,969,748

37,191,460

(1,276,608)

(3.1) %

2,501,680

6.7 %

Weighted average common shares outstanding, diluted

40,000,305

41,421,002

37,550,409

(1,420,697)

(3.4) %

2,449,896

6.5 %

Earnings per share, basic

0.53

0.37

0.39

0.16

43.2 %

0.14

35.9 %

Earnings per share, diluted

0.53

0.36

0.39

0.17

47.2 %

0.14

35.9 %

NB BANCORP, INC.

AVERAGE BALANCES, INTEREST EARNED/PAID & AVERAGE YIELDS

(Unaudited)

(Dollars in thousands)

For the Three Months Ended

June 30, 2026

March 31, 2026

June 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)

6,377,025

106,574

6.70

6,090,227

100,042

6.66

4,479,479

74,719

6.69

Securities

279,196

2,758

3.96

273,308

2,708

4.02

232,812

2,307

3.97

Other investments (5)

34,301

612

7.16

28,275

265

3.80

28,525

605

8.51

Short-term investments (5)

237,667

1,848

3.12

295,394

2,671

3.67

200,524

2,217

4.43

Total interest-earning assets

6,928,189

111,792

6.47

6,687,204

105,686

6.41

4,941,340

79,848

6.48

Non-interest-earning assets

394,611

375,966

277,915

Allowance for credit losses

(81,276)

(88,102)

(39,931)

Total assets

7,241,524

6,975,068

5,179,324

Interest-bearing liabilities:

Savings accounts

210,544

324

0.62

207,681

263

0.51

119,736

134

0.45

NOW accounts

701,167

2,265

1.30

639,347

2,006

1.27

469,472

1,259

1.08

Money market accounts

1,699,366

12,783

3.02

1,711,672

12,732

3.02

1,090,163

9,062

3.33

Certificates of deposit and individual retirement accounts

2,595,290

25,314

3.91

2,497,213

24,578

3.99

1,964,678

21,235

4.34

Total interest-bearing deposits

5,206,367

40,686

3.13

5,055,913

39,579

3.17

3,644,049

31,690

3.49

FHLB borrowings

209,002

1,961

3.76

135,441

1,239

3.71

103,406

1,151

4.46

Total interest-bearing liabilities

5,415,369

42,647

3.16

5,191,354

40,818

3.19

3,747,455

32,841

3.52

Non-interest-bearing deposits

883,487

824,839

593,136

Other non-interest-bearing liabilities

98,225

97,370

93,063

Total liabilities

6,397,081

6,113,563

4,433,654

Shareholders' equity

844,443

861,505

745,670

Total liabilities and shareholders' equity

7,241,524

6,975,068

5,179,324

Net interest income

69,145

64,868

47,007

Net interest rate spread (1)

3.31

3.22

2.96

Net interest-earning assets (2)

1,512,820

1,495,850

1,193,885

Net interest margin (3)

4.00

3.93

3.82

Average interest-earning assets to interest-bearing liabilities

127.94

128.81

131.86

(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 Federal Reserve Bank 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)

June 30, 2026

Owner-Occupied

Non-Owner-Occupied

Balance

Percentage

Multi-Family

—

567,722

20 %

Industrial

185,270

163,112

348,382

13 %

Office

44,635

291,110

335,745

12 %

Hospitality

41,266

247,242

288,508

11 %

Mixed-Use

22,408

225,392

247,800

9 %

Retail

126,323

109,201

235,524

9 %

Cannabis Facility

201,153

8,913

210,066

8 %

Special Purpose

84,655

69,837

154,492

6 %

Recreational Vehicle Parks

13,255

65,162

78,417

3 %

Self Storage Facilities

—

71,147

3 %

Other

87,282

64,164

151,446

6 %

Total commercial real estate

806,247

1,883,002

2,689,249

100 %

Change From March 31, 2026

Change From June 30, 2025

Owner-Occupied

Non-Owner-Occupied

Balance

Percentage

Owner-Occupied

Non-Owner-Occupied

Balance

Percentage

Multi-Family

—

29,558

5 %

—

250,977

79 %

Industrial

55,111

6,772

61,883

22 %

98,479

50,105

148,584

74 %

Office

2,706

(2,552)

154

0 %

18,478

110,801

129,279

63 %

Hospitality

1,996

(11,711)

(9,715)

(3) %

41,266

75,083

116,349

68 %

Mixed-Use

(922)

24,693

23,771

11 %

14,765

65,014

79,779

47 %

Retail

73,112

(5,164)

67,948

41 %

86,769

22,358

109,127

86 %

Cannabis Facility

(3,613)

(85)

(3,698)

(2) %

(54,604)

(6,185)

(60,789)

(22) %

Special Purpose

(2,298)

8,159

5,861

4 %

6,535

12,860

19,395

14 %

Recreational Vehicle Parks

(125)

13,159

13,034

20 %

13,255

65,162

78,417

100 %

Self Storage Facilities

—

(16,443)

(19) %

—

71,147

100 %

Other

38,079

15,791

53,870

55 %

47,462

9,372

56,834

60 %

Total commercial real

estate

164,046

62,177

226,223

9 %

272,405

726,694

999,099

59 %

March 31, 2026

June 30, 2025

Owner-Occupied

Non-Owner-Occupied

Balance

Percentage

Owner-Occupied

Non-Owner-Occupied

Balance

Percentage

Multi-Family

—

538,164

21 %

—

316,745

19 %

Industrial

130,159

156,340

286,499

12 %

86,791

113,007

199,798

12 %

Office

41,929

293,662

335,591

13 %

26,157

180,309

206,466

12 %

Hospitality

39,270

258,953

298,223

12 %

—

172,159

10 %

Mixed-Use

23,330

200,699

224,029

9 %

7,643

160,378

168,021

10 %

Retail

53,211

114,365

167,576

7 %

39,554

86,843

126,397

7 %

Cannabis Facility

204,766

8,998

213,764

9 %

255,757

15,098

270,855

16 %

Special Purpose

86,953

61,678

148,631

6 %

78,120

56,977

135,097

8 %

Recreational Vehicle Parks

13,380

52,003

65,383

3 %

—

0 %

Self Storage Facilities

—

87,590

4 %

—

0 %

Other

49,203

48,373

97,576

4 %

39,820

54,792

94,612

6 %

Total commercial real

estate

642,201

1,820,825

2,463,026

100 %

533,842

1,156,308

1,690,150

100 %

NB BANCORP, INC.

NON-GAAP RECONCILIATION

(Unaudited)

(Dollars in thousands)

For the Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

Net income (GAAP)

21,123

14,984

14,579

Add (Subtract):

Adjustments to net income:

Non-recurring fees for business line expansion

649

500

BOLI surrender tax and modified endowment contract penalty

Merger and acquisition expenses

296

534

530

Total adjustments to net income

972

1,084

594

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

218

277

130

Non-GAAP adjustments, net of tax

754

807

464

Operating net income (non-GAAP)

21,877

15,791

15,043

Weighted average common shares outstanding, basic

39,693,140

40,969,748

37,191,460

Weighted average common shares outstanding, diluted

40,000,305

41,421,002

37,550,409

Operating earnings per share, basic (non-GAAP)

0.55

0.39

0.40

Operating earnings per share, diluted (non-GAAP)

0.55

0.38

0.40

Pre-tax income (GAAP)

27,494

20,352

18,719

Add (Subtract):

Adjustments to pre-tax income:

Non-recurring fees for business line expansion

649

500

Merger and acquisition expenses

296

534

530

Total adjustments to pre-tax income

945

1,034

530

Operating pre-tax income (non-GAAP)

28,439

21,386

19,249

Net interest income (GAAP)

69,145

64,868

47,007

Subtract (Add):

Adjustments to net interest income:

Purchase accounting adjustments

1,972

1,623

Total impact of non-GAAP interest net income adjustments

1,972

1,623

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

67,173

63,245

47,007

Noninterest expense (GAAP)

44,017

42,701

29,405

Subtract (Add):

Adjustments to noninterest expense:

Non-recurring fees for business line expansion

649

500

Merger and acquisition expenses

296

534

530

Total impact of non-GAAP noninterest expense adjustments

945

1,034

530

Operating noninterest expense (non-GAAP)

43,072

41,667

28,875

Operating net income (non-GAAP)

21,877

15,791

15,043

Average assets

7,241,524

6,975,068

5,179,324

Operating return on average assets (non-GAAP)

1.21 %

0.92 %

1.16 %

Average shareholders' equity

844,443

861,505

745,670

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

10.39 %

7.43 %

8.09 %

Operating noninterest expense (non-GAAP)

43,072

41,667

28,875

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

74,704

69,381

51,285

Operating efficiency ratio (non-GAAP)

57.66 %

60.06 %

56.30 %

Income tax expense (GAAP)

6,371

5,368

4,140

Add (Subtract):

Adjustments to income tax expense:

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

218

277

BOLI surrender tax and modified endowment contract penalty

(27)

(50)

(64)

Total impact of non-GAAP income tax expense adjustments

191

227

(64)

Operating income tax expense (non-GAAP)

6,562

5,595

4,076

Operating effective tax rate (non-GAAP)

23.1 %

26.2 %

21.2 %

As of

June 30, 2026

March 31, 2026

June 30, 2025

Total shareholders' equity (GAAP)

842,002

842,778

737,122

Subtract:

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

31,023

32,067

782

Total tangible shareholders' equity (non-GAAP)

810,979

810,711

736,340

Total assets (GAAP)

7,446,880

7,226,649

5,226,618

Subtract:

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

31,023

32,067

782

Total tangible assets (non-GAAP)

7,415,857

7,194,582

5,225,836

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

10.94 %

11.27 %

14.09 %

Total common shares outstanding

43,818,490

44,765,178

40,748,380

Tangible book value per share (non-GAAP)

18.51

18.11

18.07

NB BANCORP, INC.

ASSET QUALITY – NON-PERFORMING ASSETS (1)

(Unaudited)

(Dollars in thousands)

June 30, 2026

March 31, 2026

June 30, 2025

Real estate loans:

One-to-four-family residential

2,963

1,763

3,030

Home equity

1,547

1,673

1,368

Commercial real estate

957

394

1,984

Construction and land development

Commercial and industrial

20,446

38,885

4,558

Consumer

1,747

2,838

1,528

Total

27,660

45,563

12,478

Total non-performing loans to total loans

0.43 %

0.73 %

0.27 %

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

0.22 %

0.49 %

0.00 %

Total non-performing non-PCD loans to total loans

0.21 %

0.24 %

0.27 %

Total non-performing assets to total assets

0.37 %

0.63 %

0.24 %

Total non-performing PCD assets to total assets

0.19 %

0.42 %

0.00 %

Total non-performing non-PCD assets to total assets

0.18 %

0.21 %

0.24 %

(1)

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

(2)

PCD loans were the result of the BankProv acquisition closed on 11/15/25 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

June 30, 2026

March 31, 2026

June 30, 2025

Allowance for credit losses at beginning of the period

80,195

87,411

38,338

Provision for credit losses

2,994

6,382

4,244

Charge-offs:

One-to-Four-Family Residential

—

(56)

—

Commercial & Industrial

(294)

(12,370)

—

Consumer

(2,081)

(1,409)

(1,190)

Commercial real estate

(10)

—

Total charge-offs

(2,385)

(13,835)

(1,190)

Recoveries of loans previously charged off:

Commercial and industrial

1,188

Commercial real estate

—

923

Consumer

225

274

Total recoveries

1,284

237

1,209

Net charge-offs

(1,101)

(13,598)

Allowance for credit losses at end of the period

82,088

80,195

42,601

Allowance to non-performing loans

297 %

176 %

341.4 %

Allowance to total loans outstanding at the end of the period

1.28 %

1.29 %

0.94 %

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

(0.07) %

(0.91) %

0.00 %

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

0.00 %

(0.82) %

0.00 %

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

(0.07) %

(0.08) %

0.00 %

(1)

PCD loans were the result of the BankProv acquisition closed on 11/15/25 and did not exist prior to that date.

SOURCE Needham Bank