Form 8-K
8-K — NB Bancorp, Inc.
Accession: 0001104659-26-046868
Filed: 2026-04-22
Period: 2026-04-22
CIK: 0001979330
SIC: 6036 (SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED)
Item: Results of Operations and Financial Condition
Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — nbbk-20260422x8k.htm (Primary)
EX-10.1 (nbbk-20260422xex10d1.htm)
EX-99.1 (nbbk-20260422xex99d1.htm)
GRAPHIC (nbbk-20260422xex10d1001.jpg)
GRAPHIC (nbbk-20260422xex99d1001.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: nbbk-20260422x8k.htm · Sequence: 1
NB BANCORP, INC._April 22, 2026
0001979330false00019793302026-04-222026-04-22
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 22, 2026
NB BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
Maryland
001-41899
93-2560883
(State or Other Jurisdiction)
(Commission File No.)
(I.R.S. Employer
of Incorporation)
Identification No.)
1063 Great Plain Avenue, Needham, Massachusetts
02492
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code: (781) 444-2100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $0.01 Per Share
NBBK
The Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
Results of Operation and Financial Condition.
On April 22, 2026, NB Bancorp, Inc. (the “Company”), the holding company for Needham Bank, issued a press release in which it announced its earnings for the quarter ended March 31, 2026.
A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 22, 2026, the Company’s Board of Directors (the “Board”) approved and adopted the NB Bancorp, Inc. and Needham Bank Executive Annual Incentive Plan (the “EAIP”), effective as of January 1, 2026.
The EAIP provides senior management executives of the Company and its affiliates with the opportunity to earn annual cash incentive awards, as determined by the Compensation Committee of the Board (the “Committee”). Under the EAIP, the Committee will establish target award opportunities (expressed as a percentage of base salary), performance goals, and a performance formula for each performance period (generally, the Company’s fiscal year). Awards are contingent upon the achievement of performance goals established by the Committee and may be adjusted, reduced or increased in the Committee’s discretion, subject to the terms of the EAIP. The EAIP also includes a maximum award opportunity of 125% of target and contains customary provisions regarding termination of employment, clawback and compliance with Section 409A of the Internal Revenue Code of 1986, as amended.
The foregoing description of the EAIP does not purport to be complete and is qualified in its entirety by reference to the full text of the EAIP, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 8.01
Other Events.
On April 22, 2026, the Board declared a dividend of $0.07 per share. The dividend will be paid May 20, 2026 to stockholders of record as of May 6, 2026.
The Company’s announcement of the Board’s dividend declaration is included in Exhibit 99 to this Current Report on Form 8-K as Exhibit 99.1 and is hereby incorporated by reference.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
10.1
NB Bancorp, Inc. and Needham Bank Executive Annual Incentive Plan
99.1
Press Release dated April 22, 2026
104.1
Cover Page Interactive Data File (Embedded within Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
NB BANCORP, INC.
DATE: April 22, 2026
By:
/s/Jean-Pierre Lapointe
Senior Executive Vice President and Chief Financial Officer
EX-10.1
EX-10.1
Filename: nbbk-20260422xex10d1.htm · Sequence: 2
NB Bancorp, Inc. and Needham Bank Executive Annual Incentive Plan
1.Background and Purpose.
1.1Purpose. The purpose of the NB Bancorp, Inc. and Needham Bank Executive Annual Incentive Plan (the “Plan”) is to align the interests of its senior executives with the interests of the Company and shareholders in obtaining superior financial results.
1.2Effective Date. The Plan is effective as of January 1, 2026 (the “Effective Date”), and shall remain in effect until it has been terminated pursuant to Section 8.6.
2.Definitions. The following terms shall have the following meanings:
2.1“Affiliate” means any corporation or other entity controlled by the Company.
2.2 “Award” means an award granted pursuant to the Plan, the payment of which shall be contingent on the attainment of Performance Goals with respect to a Performance Period, as determined by the Committee pursuant to Section 6.1.
2.3“Bank” means Needham Bank, and any successor thereto.
2.4 “Base Salary” means the Participant's annualized rate of base salary on the last day of the Performance Period before (a) deductions for taxes or benefits and (b) deferrals of compensation pursuant to any Company or Affiliate-sponsored plans.
2.5 “Board” means the Board of Directors of the Holding Company and the Bank, as constituted from time to time.
2.6 “Cause” means:
(a)If the Participant is a party to an employment agreement with the Company or an Affiliate and such agreement provides for a definition of Cause, the definition contained therein; or
(b)If no such agreement exists, or if such agreement does not define Cause:
(i)the Participant's failure to perform the Participant's duties (other than any such failure resulting from incapacity due to physical or mental illness);
(ii)the Participant's engagement in dishonesty, illegal conduct or misconduct, which is, in each case, materially injurious to the Company or its Affiliates;
(iii)the Participant's embezzlement, misappropriation or fraud, whether or not related to the Participant's employment with the Company;
(iv)the Participant's conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude, if such felony or other crime is work-related, materially impairs the Participant's ability to perform services for the Company or results in material harm to the Company or its Affiliates;
(v)the Participant's violation of the Company’s written policies or codes of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities, and ethical misconduct; or
(vi)the Participant's violation of any restrictive covenants entered into between the Participant and the Company or the Company’s Code of Conduct.
2.7“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, including any regulations or authoritative guidance promulgated thereunder and successor provisions thereto.
2.8“Committee” means the Compensation Committee appointed by the Board to administer the Plan pursuant to Section 3.1.
2.9“Company” means NB Bancorp, Inc. and its wholly-owned subsidiary Needham Bank collectively, and any successors thereto.
2.10“Disability” means, unless otherwise defined in an employment agreement between the Participant and the Company, total and permanent disability in accordance with the Company's long-term disability plan.
2.11“Holding Company” means NB Bancorp, Inc., and any successor thereto.
2.12“Maximum Award” means as to any Participant for any Plan Year, 125% of the Performance Goals.
2.13“Participant” means as to any Performance Period, the senior management executive of the Bank or an Affiliate who is designated by the Committee to participate in the Plan for that Performance Period.
2.14“Performance Criteria” means the performance criteria upon which the Performance Goals for a particular Performance Period are based, or such other criteria as determined by the Committee in accordance with Section 5.2.
2.15“Performance Goals” means the goals selected by the Committee, in its discretion, to be applicable to a Participant for any Performance Period. Performance Goals shall be based upon one or more Performance Criteria. Performance Goals may include a threshold level of performance below which no Award will be paid and levels of performance at which specified percentages of the Target Award will be paid and may also include a maximum level of performance above which no additional Award amount will be paid.
2.16“Performance Period” means the period for which performance is calculated, which unless otherwise indicated by the Committee, shall be the Plan Year.
2.17“Plan” means the NB Bancorp, Inc. and Needham Bank Executive Annual Incentive Plan, as hereafter amended from time to time.
2.18“Plan Year” means the Company’s fiscal year, which commences on January 1st and ends on December 31st.
2.19“Pro-Rated Award” means an amount equal to the Award otherwise payable to the Participant for a Performance Period in which the Participant was actively employed by the Company or an Affiliate for only a portion thereof/the Target Award, multiplied by a fraction, the numerator of which is the number of days the Participant was actively employed by the Company or an Affiliate during the Performance Period and the denominator of which is the number of days in the Performance Period.
2.20“Target Award” means the target award payable under the Plan to a Participant for a particular Performance Period, expressed as a percentage of the Participant's Base Salary.
3.Administration.
3.1Administration by the Committee. The Plan shall be administered by the Committee.
3.2Authority of the Committee. Subject to the provisions of the Plan and applicable law, the Committee shall have the power, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: (a) designate Participants; (b) determine the terms and conditions of any Award; (c) determine whether, to what extent, and under what circumstances Awards may be forfeited or suspended; (d) interpret, administer, reconcile any inconsistency, correct any defect and/or supply any omission in the Plan or any instrument or agreement relating to, or Award granted under, the Plan; (e) establish, amend, suspend, or waive any rules for the administration, interpretation and application of the Plan; and (f) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.
3.3Decisions Binding. All determinations and decisions made by the Committee, the Board, and any delegate of the Committee pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, and shall be given the maximum deference permitted by law.
3.4Delegation by the Committee. The Committee, in its sole discretion, may delegate all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company; provided, however, that the Committee may not delegate its responsibility to make Awards to executive officers.
3.5Agents; Limitation of Liability. The Committee may appoint agents to assist in administering the Plan. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to it or him by any officer or employee of the Company, the Company’s certified public accountants, consultants or any other agent assisting in the administration of the Plan. Members of the Committee and any officer or employee of the Company acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination.
4.Eligibility and Participation.
4.1Eligibility. Only senior management executive level employees of the Company and its participating Affiliates are eligible to participate in the Plan.
4.2Participation. The Committee, in its discretion, shall select the persons who shall be Participants for each Performance Period. Only eligible individuals who are designated by the Committee to participate in the Plan with respect to a particular Performance Period may participate in the Plan for that Performance Period. An individual who is designated as a Participant for a given Performance Period is not guaranteed or assured of being selected for participation in any subsequent Performance Period.
5.Terms of Awards.
5.1Determination of Target Awards. Prior to, or reasonably promptly following the commencement of each Performance Period, the Committee, in its sole discretion, shall establish the Target Award, the payment of which shall be conditioned on the achievement of the Performance Goals for the Performance Period.
5.2Determination of Performance Goals and Performance Formula. Prior to, or reasonably promptly following the commencement of, each Performance Period, the Committee, in its sole discretion, shall establish in writing the Performance Goals for the Performance Period and shall prescribe a formula for determining the percentage of the Target Award which may be payable based upon the level of attainment of the Performance Goals for the Performance Period. The Performance Goals shall be based on one or more Performance Criteria, each of which may carry a different weight.
5.3Adjustments. The Committee is authorized to adjust or modify the calculation of a Performance Goal for a Performance Period in its sole discretion.
6.Payment of Awards.
6.1Determination of Awards.
(a)Following the completion of each Performance Period, the Committee shall determine the extent to which the Performance Goals have been achieved or exceeded. Subject to Section 6.1(c), if the minimum Performance Goals established by the Committee are not achieved, then no payment will be made.
(b)To the extent that the Performance Goals are achieved, the Committee shall then determine the amount of each Participant's Award.
(c)In determining the amount of each Award, the Committee may reduce, eliminate, or increase the amount of an Award if, in its sole discretion, such reduction, elimination, or increase is appropriate.
(d)In no event shall the amount of an Award for any Plan Year exceed the Maximum Award.
6.2Form and Timing of Payment. Except as otherwise provided herein, as soon as practicable following the Committee's determination pursuant to Section 6.1 for the applicable Performance Period, each Participant shall receive a cash lump sum payment of their Award, less required withholding. In no event shall such payment be made later than ninety (90) days following the end of the Performance Period.
6.3Employment Requirement. No Award shall be paid to any Participant who is not actively employed by the Company or an Affiliate on the date that Awards are paid.
7.Termination of Employment.
7.1Employment Requirement. Except as otherwise provided in Section 7.2, if a Participant's employment terminates for any reason prior to the date that Awards are paid, all of the Participant's rights to an Award for the Performance Period shall be forfeited. However, the Committee, in its sole discretion, may pay a Pro-Rated Award, subject to the Committee's determination that the Performance Goals for the Performance Period have been met. Such Pro-Rated Award will be paid at the same time and in the same manner as Awards are paid to other Participants. Notwithstanding the foregoing, if a Participant's employment is terminated for Cause, the Participant shall in all cases forfeit any Award not already paid.
7.2Termination of Employment Due to Death or Disability. If a Participant's employment is terminated by reason of the Participant's death or Disability during a Performance Period or following a Performance Period but before the date that the Award is paid, the Participant or their beneficiary will be paid a Pro-Rated Award or the Award that would otherwise be payable if the Participant remained employed through the date that the Award is paid. In the case of a Participant's Disability, the employment termination shall be deemed to have occurred on the date that the Committee determines that the Participant is Disabled. Payment of such Award or Pro-Rated Award, as applicable, will be made at the same time and in the same manner as Awards are paid to other Participants.
8.General Provisions.
8.1Compliance with Legal Requirements. The Plan and the granting of Awards shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required.
8.2Non-transferability. A person's rights and interests under the Plan, including any Award previously made to such person or any amounts payable under the Plan may not be assigned, pledged, or transferred, except in the event of the Participant's death, to a designated beneficiary in accordance with the Plan, or in the absence of such designation, by will or the laws of descent or distribution.
8.3No Right to Employment. Nothing in the Plan or in any notice of Award shall confer upon any person the right to continue in the employment of the Company or any Affiliate or affect the right of the Company or any Affiliate to terminate the employment of any Participant.
8.4No Right to Award. Unless otherwise expressly set forth in an employment agreement signed by the Company and a Participant, a Participant shall not have any right to any Award under the Plan until such Award has been paid to such Participant and participation in the
Plan in one Performance Period does not connote any right to become a Participant in the Plan in any future Performance Period.
8.5Withholding. The Company shall have the right to withhold from any Award, any federal, state or local income and/or payroll taxes required by law to be withheld and to take such other action as the Committee may deem advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to an Award.
8.6Amendment or Termination of the Plan. The Committee may, at any time, amend, suspend or terminate the Plan in whole or in part. Notwithstanding the foregoing, no amendment shall adversely affect the rights of any Participant to Awards allocated prior to such amendment, suspension or termination.
8.7Unfunded Status. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between the Company and any Participant, beneficiary or legal representative or any other person. To the extent that a person acquires a right to receive payments under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA).
8.8Governing Law. The Plan shall be construed, administered and enforced in accordance with the laws of Massachusetts without regard to conflicts of law.
8.9Beneficiaries. To the extent that the Committee permits beneficiary designations, any payment of Awards due under the Plan to a deceased Participant shall be paid to the beneficiary duly designated by the Participant in accordance with the Company’s practices. If no such beneficiary has been designated or survives the Participant, payment shall be made by will or the laws of descent or distribution.
8.10Section 409A of the Code. It is intended that payments under the Plan shall be exempt from the requirements of Section 409A of the Code. In the event that any Award does not qualify for exempt treatment, it is intended that such amount will be paid in a manner that satisfies the requirements of Section 409A of the Code. The Plan shall be interpreted and construed accordingly. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Plan are either exempt from or comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A.
8.11Expenses. All costs and expenses in connection with the administration of the Plan shall be paid by the Company.
8.12Section Headings. The headings of the Plan have been inserted for convenience of reference only and in the event of any conflict, the text of the Plan, rather than such headings, shall control.
8.13Severability. In the event that any provision of the Plan shall be considered illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Plan, but shall be fully severable, and the Plan shall be construed and enforced as if such illegal or invalid provision had never been contained therein.
8.14Gender and Number. Except where otherwise indicated by the context, wherever used, the masculine pronoun includes the feminine pronoun; the plural shall include the singular, and the singular shall include the plural.
8.15Non-exclusive. Nothing in the Plan shall limit the authority of the Company, the Board or the Committee to adopt such other compensation arrangements, as it may deem desirable for any Participant.
8.16Notice. Any notice to be given to the Company or the Committee pursuant to the provisions of the Plan shall be in writing and directed to the Compensation Committee of the Company at 1063 Great Plain Ave, Needham, MA 02492.
8.17Successors. All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding upon any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the assets of the Company.
8.18Clawback. Notwithstanding any other provision of the Plan, the Company may cancel any Award, require reimbursement of any Award by a Participant, and effect any other right of recoupment of compensation provided under the Plan in accordance with any Company policies that may be adopted and/or modified from time to time (“Clawback Policy”). In addition, a Participant may be required to repay to the Company previously paid compensation, in accordance with the Clawback Policy. By accepting an Award, the Participant is agreeing to be bound by the Clawback Policy, as in effect or as may be adopted and/or modified from time to time by the Company in its discretion (including, without limitation, to comply with applicable law or stock exchange listing requirements).
The action permitted to be taken by the Board under this Section 8.18 is in addition to, and not in lieu of, any and all other rights of the Board and/or the Company under applicable law and shall apply notwithstanding anything to the contrary in the Plan.
EX-99.1
EX-99.1
Filename: nbbk-20260422xex99d1.htm · Sequence: 3
Exhibit 99.1
NB Bancorp, Inc. Reports First Quarter 2026 Financial Results, Declares Quarterly Cash Dividend
Investor Contact
JP Lapointe, SEVP, CFO
IR@NeedhamBank.com
781-474-5408
Needham, MA, April 22, 2026 – NB Bancorp, Inc. (the “Company”) (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the “Bank”), today announced its first quarter 2026 financial results. The Company reported net income of $15.0 million, or $0.36 per diluted common share, compared to net income of $7.7 million, or $0.19 per diluted common share, for the prior quarter. Operating net income(1), excluding one-time charges, amounted to $15.8 million, or $0.38 per diluted common share, compared to operating net income(1) of $21.2 million, or $0.51 per diluted common share for the prior quarter. The primary difference between net income and operating net income(1) for the first quarter of 2026 was a result of trailing merger and acquisition costs of $534 thousand (pre-tax) related to the Company’s completed acquisition of Provident Bancorp, Inc. (“Provident”) and its subsidiary, BankProv, on November 15, 2025 and non-recurring fees for business line expansion of $500 thousand (pre-tax).
“The first quarter of 2026 marked a pivotal transition for Needham Bank, following the seamless and successful integration of Provident. As a unified organization, we are advancing our technology infrastructure across a broad range of banking systems to position us for increased revenue growth, with a focus on expanding our cash management and payments capabilities and scalability. While expenses increased from front loading these strategic investment costs and the expenditure related to implementing and operating systems in parallel – necessary to preserve business and customer continuity – we anticipate these investments to drive substantial benefits for both customers and shareholders beginning in the second half of 2026, creating value as we pursue ongoing growth. We continued to execute our strategic plan with discipline, evidenced by strong core fundamentals, growing loans and core deposits on an annualized basis during the quarter by 15.0% and 15.7%, respectively, as we deepened and added more business and consumer relationships. Other key performance highlights include solid operating earnings per diluted share of $0.38, operating return on average equity of 7.43%, and consistently high credit quality. Net interest income increased 10.4% from the prior quarter, expanding net interest margin 2 basis points for the quarter and 33 basis points compared to the first quarter of 2025, showing our continued discipline on select assets and our related pricing,” commented Joseph Campanelli, Chairman, President and Chief Executive Officer. “We are proud of our seamless integration, now operating as one team, and remain committed to delivering exceptional service to our customers and community while driving sustained growth and long-term value for our shareholders,” Campanelli continued.
Declaration of Dividend
The Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on May 20, 2026, to shareholders of record as of May 6, 2026.
1
SELECTED FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER OF 2026
● Net income of $15.0 million, or $0.36 per diluted common share, compared to net income of $7.7 million, or $0.19 per diluted common share, for the prior quarter. Operating net income(1), excluding one-time charges, amounted to $15.8 million, or $0.38 per diluted common share, compared to operating net income(1) of $21.2 million, or $0.51 per diluted common share, for the prior quarter.
One-time charges during the current quarter include:
o Pre-tax trailing merger and acquisition costs of $534 thousand ($390 thousand net of tax) related to the Company’s completed acquisition of Provident;
o Non-recurring fees for business line expansion of $500 thousand ($366 thousand net of tax); and
o Tax expense and a modified endowment contract penalty of $50 thousand related to the surrender of Bank-owned life insurance (“BOLI”) policies from policies acquired from BankProv.
One-time pre-tax charges during the prior quarter include:
o Pre-tax merger and acquisition costs of $15.7 million ($11.4 million, net of tax) related to the Company’s completed acquisition of Provident; and
o Tax expense and a modified endowment contract penalty of $2.1 million related to the surrender of BOLI policies from policies acquired from BankProv.
● Net interest margin expanded by 2 basis points to 3.94% during the current quarter from 3.92% in the prior quarter.
● Gross loans increased $223.8 million, or 3.7%, to $6.21 billion, from $5.99 billion the prior quarter.
● Total deposits increased $243.5 million, or 4.2%, to $6.10 billion, from $5.85 billion in the prior quarter.
o Core deposits, which the Company considers to be all non-brokered deposits, increased $209.1 million, or 3.9%, to $5.53 billion, from $5.32 billion in the prior quarter.
o Brokered deposits increased $34.4 million, or 6.4%, to $570.1 million, from $535.7 million in the prior quarter.
● Book value per share and tangible book value per share(1) were $18.83 and $18.00, respectively, compared to $18.77 and $17.94, respectively, in the prior quarter. The increase in tangible book value per share(1) was a result of $15.0 million in net income for the quarter, partially offset by the repurchase of 1,288,509 shares during the current quarter at an all-in weighted average cost of $21.55 per share and $3.2 million in dividends paid during the quarter.
BALANCE SHEET
Total assets amounted to $7.23 billion as of March 31, 2026, representing an increase of $220.3 million, or 3.1%, from $7.01 billion as of December 31, 2025.
● Cash and cash equivalents decreased $32.2 million, or 7.9%, to $375.4 million from $407.6 million in the prior quarter, as a result of the increase in loans of $223.8 million and the repurchase of 1,288,509 shares totaling $27.8 million during the current quarter, partially offset by the increase in deposits of $243.5 million during the current quarter.
● Net loans increased $231.0 million, or 3.9%, to $6.13 billion, from $5.90 billion in the prior quarter as demand for new loan originations and advances continued. The current quarter increase was primarily seen in commercial and industrial loans, which increased $135.4 million, or 13.4%, construction and land development loans, which increased $52.1 million, or 7.1%, multi-family residential loans, which increased $20.6 million, or 4.0% and residential real estate loans, which increased $11.6 million, or 0.9%.
● Deposits increased $243.5 million, or 4.2%, to $6.10 billion from $5.85 billion in the prior quarter. The increase in deposits was the result of increases in money market accounts of $92.3 million, or 5.6%, noninterest bearing demand deposits of $44.6 million, or 5.4%, certificates of deposit of $39.1 million, or 2.0%, brokered deposits of $34.4 million, or 6.4% and NOW accounts of $30.4 million, or 4.6%.
2
● Shareholders’ equity decreased $16.2 million, or 1.9%, to $842.8 million, from $858.9 million in the prior quarter, primarily as a result of the repurchase of 1,288,509 shares of common stock at an all-in weighted average cost of $21.55 per share totaling $27.8 million and $3.2 million in dividends paid during the current quarter, partially offset by net income of $15.0 million. Shareholders’ equity to total assets and tangible shareholders’ equity(1) to tangible assets were 11.7% and 11.2% respectively, at the end of the current quarter, compared to 12.3% and 11.8%, respectively, at the end of the prior quarter.
NET INTEREST INCOME
Net interest income was $64.9 million for the current quarter, compared to $58.8 million for the prior quarter, an increase of $6.1 million, or 10.4%. Net interest margin expanded 2 basis points to 3.94% for the current quarter, from 3.92% in the prior quarter.
● The increase in interest income during the current quarter was primarily attributable to an increase in the average balance of loans as a result of the continued execution of our growth strategy.
● The increase in interest expense for the current quarter was primarily driven by increases in the average balances of money market and certificates of deposit and individual retirement accounts, partially offset by a decrease in the weighted average rate on money market and certificates of deposit and individual retirement accounts.
● The ending balance of gross loans of $6.21 billion, is $119.7 million or 2.0%, higher than the average balance of gross loans at the end of the quarter, primarily the result of one large cannabis loan of $115.0 million closing near the end of the quarter, which did not have a significant impact on the yield during the current quarter.
PROVISION FOR CREDIT LOSSES
Provision for credit losses increased $7.4 million, or 695.9%, to a provision for credit losses of $6.3 million for the current quarter, compared to a release of credit losses of $1.1 million for the prior quarter.
● The provision for credit losses on loans amounted to $6.4 million for the current quarter, compared to a release of $1.6 million for the prior quarter, representing an increase of $7.9 million, or 510.4%, primarily driven by growth in the balance of commercial and industrial loans, along with increased peer commercial real estate credit losses impacting quantitative reserves, and an elevated qualitative factor risk grade for the commercial and industrial portfolio.
● The release of credit losses on unfunded commitments was $54 thousand for the current quarter, compared to a provision of $493 thousand for the prior quarter, representing a decrease of $547 thousand, or 111.0%, primarily driven by net unfunded commitments increasing $58 million in the prior quarter, compared to $14.5 million in the current quarter.
NONINTEREST INCOME
Noninterest income was $4.5 million for the current quarter, compared to $4.4 million for the prior quarter, representing an increase of $111 thousand, or 2.5%.
● Loss on sale of loans, net, was $1 thousand for the current quarter, compared to $519 thousand in the prior quarter, representing a decrease of $518 thousand, or 99.8%, resulting from the adjustment to record a $66.4 million consumer loan portfolio at fair value, which transferred to loans held for sale during the prior quarter.
● Swap contract income was $201 thousand for the current quarter, compared to $677 thousand in the prior quarter, representing a decrease of $476 thousand, or 70.3%, due to decreased swap contract demand.
● Customer service fees were $3.1 million for the current quarter, compared to $2.9 million in the prior quarter, representing an increase of $235 thousand, or 8.1%, due to increased cash management fees and customer transactional volume.
● Other income was $210 thousand, compared to $442 thousand in the prior quarter, resulting in a decrease of $232 thousand, or 52.5%, from the recognition of a higher amount of preferred dividends from solar tax credit investments during the prior quarter.
3
NONINTEREST EXPENSE
Noninterest expense for the current quarter was $42.7 million, representing a decrease of $6.6 million, or 13.4%, from $49.3 million for the prior quarter.
● Merger and acquisition expenses were $534 thousand for the current quarter, compared to $15.7 million for the prior quarter, representing a $15.2 million, or 96.6%, decrease due to the completion of the Provident acquisition in the prior quarter.
● Salaries and employee benefits expenses were $25.5 million for the current quarter, compared to $21.1 million for the prior quarter, representing a $4.3 million, or 20.5%, increase resulting from a full quarter of increased headcount from the Provident acquisition and continued growth.
● Director and professional service fee expenses were $4.0 million for the current quarter, compared to $2.5 million for the prior quarter, representing an increase of $1.5 million, or 62.0%, resulting from a $500 thousand one-time business expansion fee, legal fees from contract reviews and director stock compensation from grants made during the current quarter.
● Data processing expenses were $4.4 million for the current quarter, compared to $3.3 million for the prior quarter, representing an increase of $1.1 million, or 32.7%, primarily driven by our significant investment in technology and systems in support of upcoming revenue initiatives, requiring the operation of systems in parallel for a period of time, as well as a full quarter of increased transactional volume from the Provident acquisition.
● General and administrative expenses were $3.5 million for the current quarter, compared to $2.8 million for the prior quarter, representing an increase of $711 thousand, or 25.2%, mainly a result of a full quarter of amortization of the Provident core deposit intangible.
INCOME TAXES
Income tax expense for the current quarter was $5.4 million, representing a $1.8 million, or 25.2%, decrease from $7.2 million for the prior quarter. The decrease was primarily driven by the reduction in non-deductible merger and acquisition expenses and BOLI surrender tax and penalty. The effective tax rate and the operating effective tax rate(1) were 26.4% and 26.2%, respectively, for the current quarter, compared to 48.2% and 30.8%, respectively, for the prior quarter. The primary drivers of the decrease in the effective tax rate were gain on BOLI surrender of $6.2 million and non-deductible merger and acquisition expenses of $1.9 million during the prior quarter.
COMMERCIAL REAL ESTATE PORTFOLIO
Commercial real estate loans increased $21.5 million, or 0.9%, to $2.46 billion, during the current quarter.
● Cannabis facility commercial real estate loans decreased $1.2 million, or 0.6%, to $213.8 million during the current quarter. The Company’s cannabis facility commercial real estate portfolio is secured entirely by the underlying commercial real estate of the borrower operation, in addition to, in most cases, a lien on all business assets. The vast majority of the cannabis facility loan portfolio balances have a loan-to-value ratio of 65% or lower, with appraisal reports taking a blended approach (using both cannabis and non-cannabis use comparable real estate sales, which we believe are generally more conservative).
● The cannabis facility portfolio has geographic dispersion, with lower dollar exposure loans remaining local and larger dollar exposure loans generally tied to multi-state operators with a more national footprint. All cannabis facility loan relationships were current at the end of the current quarter.
● The Company’s multi-family real estate loan portfolio increased $20.6 million, or 4.0%, during the current quarter to $538.2 million. The Company’s multi-family real estate loan portfolio consists of properties primarily located in the Greater Boston area, all of which are adjustable-rate loans and performing at the end of the current quarter.
● The Company’s $323.3 million office portfolio consists principally of suburban Class A and B office space used as medical and traditional offices. The portfolio does not consist of high-rise towers located in Boston.
ASSET QUALITY
● The allowance for credit losses (“ACL”) amounted to $80.2 million as of March 31, 2026, or 1.29% of total loans, compared to $87.4 million, or 1.46% of total loans at December 31, 2025.
4
● The Company recorded a provision for credit losses of $6.3 million during the current quarter, which included a provision for $6.4 million for loans and a release of $54 thousand for unfunded commitments, compared to a release of credit losses of $1.1 million during the prior quarter, which included a release of $1.6 million for loans and a provision of $493 thousand for unfunded commitments.
● The decrease in the ACL for the current quarter was primarily driven by the $10.6 million partial charge-off of a purchased credit deteriorated (“PCD”) commercial and industrial loan, which carried a $10.8 million reserve, partially offset by increases in ACL balance from provisions for credit losses as a result of loan growth, larger peer commercial real estate credit losses realized in the prior quarter impacting quantitative reserves, and an elevated qualitative factor risk grade for the commercial and industrial portfolio.
● Non-performing loans (“NPLs”) totaled $45.6 million as of March 31, 2026, an increase of $2.2 million, or 5.1%, from $43.4 million at the end of the prior quarter. The increase was primarily due to the increase in commercial and industrial loans on non-accrual of $2.6 million, partially offset by reductions in one-to-four family residential loans on non-accrual.
● During the current quarter, the Company recorded total net charge-offs of $13.6 million, or 0.91% of average total loans on an annualized basis, which included $12.4 million and $1.2 million in net charge-offs on PCD and non-PCD loans, respectively, compared to net charge-offs of $4.4 million, or 0.32% of average total loans on an annualized basis, in the prior quarter. The increase in net charge-offs during the current quarter was primarily a result of $12.4 million in charge-offs on previously reserved for PCD commercial and industrial loans. Charge-offs on non-PCD loans declined $3.2 million during the current quarter as a result of a $3.8 million charge-off on a previously reserved for commercial and industrial loan during the prior quarter.
● As part of its ongoing credit risk management framework and prudent oversight, the Company periodically reviews lending relationships across all portfolios to ensure alignment with its risk appetite, regulatory expectations, and evolving market conditions.
● The Company’s loan portfolio consists primarily of commercial real estate and multi-family loans, one-to-four-family residential real estate loans, construction and land development loans, commercial and industrial loans, mortgage warehouse loans and consumer loans. These loans are primarily made to individuals and businesses located in our primary lending market area, which is the Greater Boston metropolitan area and surrounding communities in Massachusetts, southern New Hampshire, eastern Connecticut and Rhode Island
(1) Represents a non-GAAP measure. See Non-GAAP reconciliation of the corresponding GAAP measures on page 13.
5
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 and Corduro.
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, 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,
6
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.
7
NB BANCORP, INC.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share data)
As of and for the three months ended
March 31, 2026
December 31, 2025
March 31, 2025
Earnings data
Net interest income
$
64,868
$
58,752
$
43,526
Noninterest income
4,513
4,402
3,882
Total revenue
69,381
63,154
47,408
Provision for credit losses
6,328
(1,062)
1,158
Noninterest expense
42,701
49,334
28,681
Pre-tax income
20,352
14,882
17,569
Net income
14,984
7,707
12,655
Operating net income (non-GAAP)
15,791
21,200
13,693
Operating noninterest expense (non-GAAP)
41,667
33,594
27,464
Per share data
Earnings per share, basic
$
0.37
$
0.19
$
0.33
Earnings per share, diluted
0.36
0.19
0.33
Operating earnings per share, basic (non-GAAP)
0.39
0.52
0.35
Operating earnings per share, diluted (non-GAAP)
0.38
0.51
0.35
Book value per share
18.83
18.77
18.23
Tangible book value per share (non-GAAP)
18.00
17.94
18.20
Profitability
Return on average assets
0.87%
0.49%
1.00%
Operating return on average assets (non-GAAP)
0.92%
1.35%
1.08%
Return on average shareholders' equity
7.05%
3.82%
6.78%
Operating return on average shareholders' equity (non-GAAP)
7.43%
10.51%
7.33%
Net interest margin
3.94%
3.92%
3.61%
Cost of deposits
2.73%
2.86%
3.11%
Efficiency ratio
61.55%
78.12%
60.50%
Operating efficiency ratio (non-GAAP)
60.06%
53.19%
57.93%
Balance sheet, end of period
Total assets
$
7,226,437
$
7,006,130
$
5,242,157
Total loans
6,209,910
5,986,140
4,464,303
Total deposits
6,096,988
5,853,534
4,326,617
Total shareholders' equity
842,778
858,932
739,611
Asset quality
ACL
$
80,195
$
87,411
$
38,338
ACL / Total NPLs
176.0%
201.5%
337.1%
Total NPLs / Total loans
0.73%
0.72%
0.25%
Annualized net charge-offs / Average total loans
(0.91)%
(0.32)%
(0.13)%
Capital ratios
Shareholders' equity / Total assets
11.66%
12.26%
14.11%
Tangible shareholders' equity / tangible assets (non-GAAP)
11.21%
11.78%
14.09%
8
NB BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share and per share data)
As of
March 31, 2026 change from
March 31, 2026
December 31, 2025
March 31, 2025
December 31, 2025
March 31, 2025
Assets
Cash and due from banks
$
327,739
$
325,711
$
201,140
$
2,028
0.6%
$
126,599
62.9%
Federal funds sold
47,618
81,885
112,306
(34,267)
(41.8)%
(64,688)
(57.6)%
Total cash and cash equivalents
375,357
407,596
313,446
(32,239)
(7.9)%
61,911
19.8%
Available-for-sale securities, at fair value
277,241
268,959
234,680
8,282
3.1%
42,561
18.1%
Loans held for sale, at fair value
63,971
66,447
-
(2,476)
(3.7)%
63,971
0.0%
Loans receivable, net of deferred fees
6,209,910
5,986,140
4,464,303
223,770
3.7%
1,745,607
39.1%
Allowance for credit losses
(80,195)
(87,411)
(38,338)
7,216
(8.3)%
(41,857)
109.2%
Net loans
6,129,715
5,898,729
4,425,965
230,986
3.9%
1,703,750
38.5%
Accrued interest receivable
27,150
25,390
19,533
1,760
6.9%
7,617
39.0%
Banking premises and equipment, net
47,335
46,209
34,069
1,126
2.4%
13,266
38.9%
Non-public investments
40,738
33,740
24,710
6,998
20.7%
16,028
64.9%
Bank-owned life insurance ("BOLI")
110,586
104,335
103,688
6,251
6.0%
6,898
6.7%
Prepaid expenses and other assets
67,749
68,079
55,305
(330)
(0.5)%
12,444
22.5%
Goodwill
18,512
18,512
-
-
0.0%
18,512
0.0%
Core deposit intangible, net
18,411
19,303
1,042
(892)
(4.6)%
17,369
1666.9%
Deferred income tax asset, net
49,672
48,831
29,719
841
1.7%
19,953
67.1%
Total assets
$
7,226,437
$
7,006,130
$
5,242,157
$
220,307
3.1%
$
1,984,280
37.9%
Liabilities and shareholders' equity
Deposits
Core deposits
$
5,526,936
$
5,317,853
$
4,017,378
$
209,083
3.9%
$
1,509,558
37.6%
Brokered deposits
570,052
535,681
309,239
34,371
6.4%
260,813
84.3%
Total deposits
6,096,988
5,853,534
4,326,617
243,454
4.2%
1,770,371
40.9%
Mortgagors' escrow accounts
4,858
5,193
4,464
(335)
(6.5)%
394
8.8%
Federal Home Loan Bank ("FHLB") borrowings
189,701
196,235
90,835
(6,534)
(3.3)%
98,866
108.8%
Accrued expenses and other liabilities
70,983
70,716
60,344
267
0.4%
10,639
17.6%
Accrued retirement liabilities
21,129
21,520
20,286
(391)
(1.8)%
843
4.2%
Total liabilities
6,383,659
6,147,198
4,502,546
236,461
3.8%
1,881,113
41.8%
Shareholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized; no shares
issued and outstanding
-
-
-
-
0.0%
-
0.0%
Common stock, $0.01 par value, 120,000,000 shares authorized; 44,765,178 issued and
outstanding at March 31, 2026, 45,770,128 issued and outstanding at December 31, 2025
and 40,570,433 issued and outstanding at March 31, 2025
448
458
406
(10)
(2.2)%
42
10.3%
Additional paid-in capital
432,858
458,864
376,773
(26,006)
(5.7)%
56,085
14.9%
Unallocated common shares held by the Employee Stock Ownership Plan ("ESOP")
(41,873)
(42,454)
(44,231)
581
(1.4)%
2,358
(5.3)%
Retained earnings
456,978
445,200
413,128
11,778
2.6%
43,850
10.6%
Accumulated other comprehensive loss
(5,633)
(3,136)
(6,465)
(2,497)
79.6%
832
(12.9)%
Total shareholders' equity
842,778
858,932
739,611
(16,154)
(1.9)%
103,167
13.9%
Total liabilities and shareholders' equity
$
7,226,437
$
7,006,130
$
5,242,157
$
220,307
3.1%
$
1,984,280
37.9%
9
NB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended March 31, 2026
For the Three Months Ended
Change From Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
December 31, 2025
March 31, 2025
INTEREST AND DIVIDEND INCOME
Interest and fees on loans
$
100,042
$
91,485
$
71,440
$
8,557
9.4%
$
28,602
40.0%
Interest on securities
2,708
2,658
2,290
50
1.9%
418
18.3%
Interest and dividends on cash equivalents and other
2,936
3,219
3,121
(283)
(8.8)%
(185)
(5.9)%
Total interest and dividend income
105,686
97,362
76,851
8,324
8.5%
28,835
37.5%
INTEREST EXPENSE
Interest on deposits
39,579
37,677
32,239
1,902
5.0%
7,340
22.8%
Interest on borrowings
1,239
933
1,086
306
32.8%
153
14.1%
Total interest expense
40,818
38,610
33,325
2,208
5.7%
7,493
22.5%
NET INTEREST INCOME
64,868
58,752
43,526
6,116
10.4%
21,342
49.0%
PROVISION FOR CREDIT LOSSES
Provision for (release of) credit losses - loans
6,382
(1,555)
947
7,937
(510.4)%
5,435
573.9%
(Release of) provision for credit losses - unfunded commitments
(54)
493
211
(547)
(111.0)%
(265)
(125.6)%
Total provision for (release of) credit losses
6,328
(1,062)
1,158
7,390
(695.9)%
5,170
446.5%
NET INTEREST INCOME AFTER
PROVISION FOR (RELEASE OF) CREDIT LOSSES
58,540
59,814
42,368
(1,274)
(2.1)%
16,172
38.2%
NONINTEREST INCOME
Customer service fees
3,131
2,896
2,558
235
8.1%
573
22.4%
Increase in cash surrender value of BOLI
853
844
1,031
9
1.1%
(178)
(17.3)%
Mortgage banking income
119
62
149
57
91.9%
(30)
(20.1)%
Swap contract income
201
677
88
(476)
(70.3)%
113
128.4%
(Loss) gain on sale of loans, net
(1)
(519)
27
518
(99.8)%
(28)
(103.7)%
Other income
210
442
29
(232)
(52.5)%
181
624.1%
Total noninterest income
4,513
4,402
3,882
111
2.5%
631
16.3%
NONINTEREST EXPENSE
Salaries and employee benefits
25,468
21,134
19,149
4,334
20.5%
6,319
33.0%
Director and professional service fees
4,049
2,500
2,148
1,549
62.0%
1,901
88.5%
Occupancy and equipment expenses
2,491
1,954
1,580
537
27.5%
911
57.7%
Data processing expenses
4,439
3,344
2,765
1,095
32.7%
1,674
60.5%
Marketing and charitable contribution expenses
1,033
1,087
846
(54)
(5.0)%
187
22.1%
FDIC and state insurance assessments
1,152
751
813
401
53.4%
339
41.7%
Merger and acquisition expenses
534
15,740
-
(15,206)
(96.6)%
534
0.0%
General and administrative expenses
3,535
2,824
1,380
711
25.2%
2,155
156.2%
Total noninterest expense
42,701
49,334
28,681
(6,633)
(13.4)%
14,020
48.9%
INCOME BEFORE TAXES
20,352
14,882
17,569
5,470
36.8%
2,783
15.8%
INCOME TAX EXPENSE
5,368
7,175
4,914
(1,807)
(25.2)%
454
9.2%
NET INCOME
$
14,984
$
7,707
$
12,655
$
7,277
94.4%
$
2,329
18.4%
Weighted average common shares outstanding, basic
40,969,748
40,870,969
38,755,746
98,779
0.2%
2,214,002
5.7%
Weighted average common shares outstanding, diluted
41,421,002
41,172,645
38,755,746
248,357
0.6%
2,665,256
6.9%
Earnings per share, basic
$
0.37
$
0.19
$
0.33
$
0.18
94.7%
$
0.04
12.1%
Earnings per share, diluted
$
0.36
$
0.19
$
0.33
$
0.17
89.5%
$
0.03
9.1%
10
NB BANCORP, INC.
AVERAGE BALANCES, INTEREST EARNED/PAID & AVERAGE YIELDS
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
Average
Average
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)
$
6,090,227
$
100,042
6.66
%
$
5,410,208
$
91,485
6.71
%
$
4,366,206
$
71,440
6.64
%
Securities
273,308
2,708
4.02
%
250,435
2,658
4.21
%
230,406
2,290
4.03
%
Other investments (5)
28,275
265
3.80
%
25,659
627
9.69
%
27,529
219
3.23
%
Short-term investments (5)
290,385
2,671
3.73
%
265,146
2,592
3.88
%
264,343
2,902
4.45
%
Total interest-earning assets
6,682,195
105,686
6.41
%
5,951,448
97,362
6.49
%
4,888,484
76,851
6.38
%
Non-interest-earning assets
375,966
344,709
296,729
Allowance for credit losses
(88,102)
(68,363)
(38,685)
Total assets
$
6,970,059
$
6,227,794
$
5,146,528
Interest-bearing liabilities:
Savings accounts
$
207,681
263
0.51
%
$
164,423
217
0.52
%
$
113,750
46
0.16
%
NOW accounts
639,347
2,006
1.27
%
557,988
1,601
1.14
%
470,469
1,074
0.93
%
Money market accounts
1,711,672
12,732
3.02
%
1,435,761
11,602
3.21
%
1,073,041
8,716
3.29
%
Certificates of deposit and individual retirement accounts
2,497,213
24,578
3.99
%
2,351,324
24,257
4.09
%
1,979,184
22,403
4.59
%
Total interest-bearing deposits
5,055,913
39,579
3.17
%
4,509,496
37,677
3.31
%
3,636,444
32,239
3.60
%
FHLB borrowings
135,441
1,239
3.71
%
92,927
933
3.98
%
91,168
1,086
4.83
%
Total interest-bearing liabilities
5,191,354
40,818
3.19
%
4,602,423
38,610
3.33
%
3,727,612
33,325
3.63
%
Non-interest-bearing deposits
819,830
720,467
571,552
Other non-interest-bearing liabilities
97,370
104,914
90,023
Total liabilities
6,108,554
5,427,804
4,389,187
Shareholders' equity
861,505
799,990
757,341
Total liabilities and shareholders' equity
$
6,970,059
$
6,227,794
$
5,146,528
Net interest income
$
64,868
$
58,752
$
43,526
Net interest rate spread (1)
3.22
%
3.16
%
2.75
%
Net interest-earning assets (2)
$
1,490,841
$
1,349,025
$
1,160,872
Net interest margin (3)
3.94
%
3.92
%
3.61
%
Average interest-earning assets to interest-bearing liabilities
128.72
%
129.31
%
131.14
%
(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.
11
NB BANCORP, INC.
COMMERCIAL REAL ESTATE BY COLLATERAL TYPE
(Unaudited)
(Dollars in thousands)
March 31, 2026
Owner-Occupied
Non-Owner-Occupied
Balance
Percentage
Multi-Family
$
—
$
538,164
$
538,164
21%
Office
41,929
281,375
323,304
13%
Hospitality
39,270
236,798
276,068
11%
Industrial
128,550
146,492
275,042
11%
Mixed-Use
22,506
199,728
222,234
9%
Cannabis Facility
204,766
8,998
213,764
9%
Retail
53,211
109,978
163,189
7%
Special Purpose
86,767
61,678
148,445
6%
Self Storage Facilities
—
87,590
87,590
4%
Recreational Vehicle Parks
13,587
73,922
87,509
4%
Other
51,615
76,102
127,717
5%
Total commercial real estate
$
642,201
$
1,820,825
$
2,463,026
100%
Change From December 31, 2025
Change From March 31, 2025
Owner-Occupied
Non-Owner-Occupied
Balance
Percentage
Owner-Occupied
Non-Owner-Occupied
Balance
Percentage
Multi-Family
$
—
$
20,637
$
20,637
4%
$
—
$
196,545
$
196,545
58%
Office
2,211
34,804
37,015
13%
16,187
120,262
136,449
73%
Hospitality
2,275
(9,515)
(7,240)
(3)%
39,270
64,513
103,783
60%
Industrial
(25,850)
(9,810)
(35,660)
(11)%
4,332
72,697
77,029
39%
Mixed-Use
(4,535)
2,740
(1,795)
(1)%
14,853
87,199
102,052
85%
Cannabis Facility
(1,157)
(87)
(1,244)
(1)%
(102,736)
(6,178)
(108,914)
(34)%
Retail
8,194
6,132
14,326
10%
8,795
22,546
31,341
24%
Special Purpose
(1,760)
(533)
(2,293)
(2)%
8,070
7,493
15,563
12%
Self Storage Facilities
—
23,275
23,275
36%
—
87,590
87,590
0%
Recreational Vehicle Parks
(1,578)
(368)
(1,946)
(2)%
13,587
73,922
87,509
0%
Other
(298)
(23,321)
(23,619)
(16)%
11,228
5,252
16,480
15%
Total commercial real estate
$
(22,498)
$
43,954
$
21,456
1%
$
13,586
$
731,841
$
745,427
43%
December 31, 2025
March 31, 2025
Owner-Occupied
Non-Owner-Occupied
Balance
Percentage
Owner-Occupied
Non-Owner-Occupied
Balance
Percentage
Multi-Family
$
—
$
517,527
$
517,527
21%
$
—
341,619
$
341,619
20%
Office
39,718
246,571
286,289
12%
25,742
161,113
186,855
11%
Hospitality
36,995
246,313
283,308
12%
—
172,285
172,285
10%
Industrial
154,400
156,302
310,702
13%
124,218
$
73,795
198,013
12%
Mixed-Use
27,041
196,988
224,029
9%
7,653
112,529
120,182
7%
Cannabis Facility
205,923
9,085
215,008
9%
307,502
15,176
322,678
19%
Retail
45,017
103,846
148,863
6%
44,416
87,432
131,848
8%
Special Purpose
88,527
62,211
150,738
6%
78,697
54,185
132,882
8%
Self Storage Facilities
—
64,315
64,315
3%
—
—
—
0%
Recreational Vehicle Parks
15,165
74,290
89,455
4%
—
—
—
0%
Other
51,913
99,423
151,336
5%
40,387
70,850
111,237
5%
Total commercial real estate
$
664,699
$
1,776,871
$
2,441,570
100%
$
628,615
$
1,088,984
$
1,717,599
100%
12
NB BANCORP, INC.
NON-GAAP RECONCILIATION
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
Net income (GAAP)
$
14,984
$
7,707
$
12,655
Add (Subtract):
Adjustments to net income:
Defined benefit pension termination refund
-
-
1,217
Non-recurring fees for business line expansion
500
-
-
BOLI surrender tax and modified endowment contract penalty
50
2,092
154
Merger and acquisition expenses
534
15,740
-
Total adjustments to net income
$
1,084
$
17,832
$
1,371
Less net tax benefit associated with pre-tax non-GAAP adjustments to net income
277
4,339
333
Non-GAAP adjustments, net of tax
807
13,493
1,038
Operating net income (non-GAAP)
$
15,791
$
21,200
$
13,693
Weighted average common shares outstanding, basic
40,969,748
40,870,969
38,755,746
Weighted average common shares outstanding, diluted
41,421,002
41,172,645
38,755,746
Operating earnings per share, basic (non-GAAP)
$
0.39
$
0.52
$
0.35
Operating earnings per share, diluted (non-GAAP)
$
0.38
$
0.51
$
0.35
Pre-tax income (GAAP)
$
20,352
$
14,882
$
17,569
Add (Subtract):
Adjustments to pre-tax income:
Defined benefit pension termination refund
-
-
1,217
Non-recurring fees for business line expansion
500
-
-
Merger and acquisition expenses
534
15,740
-
Total adjustments to pre-tax income
1,034
15,740
1,217
Operating pre-tax income (non-GAAP)
$
21,386
$
30,622
$
18,786
Noninterest expense (GAAP)
$
42,701
$
49,334
$
28,681
Subtract (Add):
Adjustments to noninterest expense:
Defined benefit pension termination refund
$
-
$
-
$
1,217
Non-recurring fees for business line expansion
500
-
-
Merger and acquisition expenses
534
15,740
-
Total impact of non-GAAP noninterest expense adjustments
$
1,034
$
15,740
$
1,217
Noninterest expense on an operating basis (non-GAAP)
$
41,667
$
33,594
$
27,464
Operating net income (non-GAAP)
$
15,791
$
21,200
$
13,693
Average assets
6,970,059
6,227,794
5,146,528
Operating return on average assets (non-GAAP)
0.92%
1.35%
1.08%
Average shareholders’ equity
$
861,505
$
799,990
$
757,341
Operating return on average shareholders' equity (non-GAAP)
7.43%
10.51%
7.33%
Noninterest expense on an operating basis (non-GAAP)
$
41,667
$
33,594
$
27,464
Total pre-provision net revenue (net interest income plus total noninterest income)
69,381
63,154
47,408
Operating efficiency ratio (non-GAAP)
60.06%
53.19%
57.93%
Income tax expense (GAAP)
$
5,368
$
7,175
$
4,914
Add (Subtract):
Adjustments to income tax expense:
Net tax benefit associated with pre-tax non-GAAP adjustments to net income
277
4,339
333
BOLI surrender tax and modified endowment contract penalty
(50)
(2,092)
(154)
Total impact of non-GAAP income tax expense adjustments
$
227
$
2,247
$
179
Income tax expense on an operating basis (non-GAAP)
$
5,595
$
9,422
$
5,093
Operating effective tax rate (non-GAAP)
26.2%
30.8%
27.1%
13
As of
March 31, 2026
December 31, 2025
March 31, 2025
Total shareholders’ equity (GAAP)
$
842,778
$
858,932
$
739,611
Subtract:
Intangible assets (core deposit intangible and goodwill)
36,923
37,815
1,042
Total tangible shareholders’ equity (non-GAAP)
805,855
821,117
738,569
Total assets (GAAP)
7,226,437
7,006,130
5,242,157
Subtract:
Intangible assets (core deposit intangible and goodwill)
36,923
37,815
1,042
Total tangible assets (non-GAAP)
$
7,189,514
$
6,968,315
$
5,241,115
Tangible shareholders' equity / tangible assets (non-GAAP)
11.21%
11.78%
14.09%
Total common shares outstanding
44,765,178
45,770,128
40,570,443
Tangible book value per share (non-GAAP)
$
18.00
$
17.94
$
18.20
14
NB BANCORP, INC.
ASSET QUALITY – NON-PERFORMING ASSETS (1)
(Unaudited)
(Dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Real estate loans:
One-to-four-family residential
$
1,763
$
2,712
$
3,043
Home equity
1,673
1,359
1,157
Commercial real estate
394
855
841
Construction and land development
10
10
10
Commercial and industrial
38,885
36,251
4,560
Consumer
2,838
2,184
1,761
Total
$
45,563
$
43,371
$
11,372
Total non-performing loans to total loans
0.73%
0.72%
0.25%
Total non-performing PCD loans to total loans
0.49%
0.60%
0.00%
Total non-performing non-PCD loans to total loans
0.24%
0.12%
0.25%
Total non-performing assets to total assets
0.63%
0.62%
0.22%
Total non-performing PCD assets to total assets
0.42%
0.51%
0.00%
Total non-performing non-PCD assets to total assets
0.21%
0.11%
0.22%
(1) Non-performing loans and assets are comprised of non-accrual loans
15
NB BANCORP, INC.
ASSET QUALITY – PROVISION, ALLOWANCE, AND NET (CHARGE-OFFS) RECOVERIES
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
Allowance for credit losses at beginning of the period
$
87,411
$
43,052
$
38,744
Adjustment to allowance for Provident acquisition
—
50,271
—
Provision for (release of) credit losses
6,382
(1,555)
947
Charge-offs:
One-to-Four-Family Residential
(56)
—
—
Commercial & Industrial
(12,370)
(3,763)
—
Consumer
(1,409)
(1,325)
(1,558)
Commercial real estate
—
(17)
—
Total charge-offs
(13,835)
(5,105)
(1,558)
Recoveries of loans previously charged off:
Commercial and industrial
12
562
12
Consumer
225
186
193
Total recoveries
237
748
205
Net charge-offs
(13,598)
(4,357)
(1,353)
Allowance for credit losses at end of the period
$
80,195
$
87,411
$
38,338
Allowance to non-performing loans
176%
202%
337.1%
Allowance to total loans outstanding at the end of the period
1.29%
1.46%
0.86%
Annualized net charge-offs to average loans outstanding during the period
(0.91)%
(0.32)%
(0.13)%
Annualized net charge-offs to average loans outstanding during the period - PCD loans
(0.82)%
0.00%
0.00%
Annualized net charge-offs to average loans outstanding during the period - Non-PCD loans
(0.08)%
(0.32)%
(0.13)%
16
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v3.26.1
Document and Entity Information
Apr. 22, 2026
Document and Entity Information [Abstract]
Document Type
8-K
Document Period End Date
Apr. 22, 2026
Entity Registrant Name
NB BANCORP, INC.
Entity Incorporation, State or Country Code
MD
Entity File Number
001-41899
Entity Tax Identification Number
93-2560883
Entity Address, Address Line One
1063 Great Plain Avenue
Entity Address, City or Town
Needham
Entity Address State Or Province
MA
Entity Address, Postal Zip Code
02492
City Area Code
781
Local Phone Number
444-2100
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Common Stock, Par Value $0.01 Per Share
Trading Symbol
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Security Exchange Name
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
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Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration