Form 8-K

8-K — NB Bancorp, Inc.

Accession: 0001104659-26-064982

Filed: 2026-05-21

Period: 2026-05-21

CIK: 0001979330

SIC: 6036 (SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED)

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — nbbk-20260521x8k.htm (Primary)

EX-99.1 (nbbk-20260521xex99d1.htm)

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8-K

8-K (Primary)

Filename: nbbk-20260521x8k.htm · Sequence: 1

NB BANCORP, INC._May 21, 2026

0001979330false00019793302026-05-212026-05-21

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): May 21, 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 8.01

OTHER EVENTS

On May 21, 2026, NB Bancorp, Inc. (the “Company”), the parent company of Needham Bank, made available a slide presentation for an in-person investors bank meeting to be held on June 2, 2026. The presentation materials include information regarding the Company’s operations and financial performance. The slide presentation is included in this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits

Exhibit No.

Description

99.1

Presentation Materials of NB Bancorp, Inc. dated June 2, 2026

104

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: May 21, 2026

By:

/s/Jean-Pierre Lapointe

Senior Executive Vice President and Chief Financial Officer

EX-99.1

Filename: nbbk-20260521xex99d1.htm · Sequence: 2

Exhibit 99.1

June 2, 2026

Performance

Trust

Capital

Connect

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. Overview

Overview of NB Bancorp, Inc.

NASDAQCM: NBBK

Headquartered: Needham, MA

IPO: December 2023; Raised

~$410M in gross proceeds

BankProv: Acquisition Closed

November 15, 2025

Fourth largest public community

bank headquartered in

Massachusetts

The “Builder’s Bank” with deep

community relationships and

extensive expertise

Full-service bank with an array of

commercial banking products for

retail and business customers

Founded in 1892 to help

businesses and customers build

their futures

Total

Assets

$7.2B

Total

Gross

Loans

$6.2B

Total

Deposits

$6.1B

Total

Equity

$843M

TCE/

11.21%²

Tier 1

Leverage

Ratio

11.68%¹

Tier 1

Capital

Ratio

12.19%¹

Total

Capital

Ratio

13.00%¹

Q1’26

Operating

ROAA

0.92%²

Q1’26

Operating

ROATCE

7.43%²

Q1’26

NIM

3.94%

Q1’26

Operating

Efficiency

Ratio

60.06%²

Balance Sheet

Profitability

Capital

1) Financials reflect regulatory holding company data; estimated prior to filing of call report

2) See Appendix for reconciliation of non-GAAP financial metrics 4

Performance Post -IPO

1) See Appendix for reconciliation of non-GAAP financial metrics

• Asset Growth in $M +40.1% • Deposits in $M +40.7% • Operating EPS1 +46.2%

• Net Interest Margin YTD +13.2% • Operating ROAA1 +6.4% • Share Price +110.7%

$4,333

$6,097

IPO Q1'26

$5,158

$7,226

IPO Q1'26

$0.26

$0.38

IPO Q1'26

3.48%

3.94%

IPO Q1'26

0.86%

0.92%

IPO Q1'26

$10.00

$21.07

IPO Q1'26

1) Excludes banks with total assets greater than $10 billion; FDIC deposit data as of June 30, 2025

Source: S&P Capital IQ Pro

Well Positioned in Highly Attractive

Markets

Our branch network covers the metro-west area of Boston, southern New Hampshire and surrounding communities which are our

primary deposit market areas. We consider our primary lending market area to be the Greater Boston metropolitan area and surrounding

communities in Massachusetts, eastern Connecticut, southern New Hampshire and Rhode Island.

Boston-Cambridge-Newton, MA-NH MSA

Total Population: 5,065,382

‘26-’31 Proj. Pop. Change: 2.14%

Median HHI: $121,960

Proj. HHI Change: 12.10%

Manchester-Nashua, NH MSA

Total Population: 431,907

‘26-’31 Proj. Pop. Change: 1.40%

Median HHI: $113,649

Proj. HHI Change: 10.83%

Springfield

Manchester

Concord

Boston

Lowell

Plymouth

NBBK (18)

Keene

Gardner

Brockton

Pittsfield

Worcester

Gloucester

Dover

Boston MSA Community Bank Deposit Market Share¹

Total Deps.

2024 2025 in Market

Rank Rank Institution ($M)

2 1 Salem Five Bancorp 5,752

1 2 Cambridge Financial Group Inc. 5,410

3 3 NB Bancorp Inc. 5,246

4 4 Middlesex Bancorp MHC 4,755

6 5 Leader Bancorp Inc. 4,146

5 6 Charlesbridge MHC 4,019

7 7 IFS 1820 Bancorp MHC 3,261

9 8 Hometown Financial Group MHC 2,685

8 9 Northern Bancorp Inc. 2,669

11 10 River Run Bancorp MHC 2,294

All Other Market Participants 31,326

Market Total 71,564

Manchester MSA Community Bank Deposit Market Share¹

Total Deps.

2024 2025 in Market

Rank Rank Institution ($M)

1 1 Primary Bank 575

2 2 NB Bancorp Inc. 307

3 3 Bar Harbor Bankshares 248

4 4 BNH Financial 248

5 5 Millyard Bank 229

6 6 Bank of New England 111

9 7 Bangor Bancorp MHC 73

7 8 New Hampshire Mutual Bancorp 65

8 9 Lowell Five Bancorp MHC 63

11 10 Camden National Corp. 54

All Other Market Participants 54

Market Total 2,028

1) Excludes banks with total assets greater than $10 billion; FDIC deposit data as of June 30, 2025

Source: S&P Capital IQ Pro

Strength of Growing Deposit Base

Over the two-year period ended June 30, 2025, each Needham Bank branch experienced growth that

matched or exceeded growth in its respective market. In aggregate, Needham Bank achieved growth

at over 5 times the overall market growth during this period.

Branch June 2023 - June 2025 NB Deposit Growth June 2023 - June 2025 Market Growth* NB Performance

Needham Main Office 15% 9% 168%

Ashland 47% 13% 373%

Dedham 36% 25% 146%

Dover 25% 26% 99%

Medfield 23% 1% 2106%

Medford Retail 140% 39% 361%

Millis 51% 27% 187%

Mission Hill** 111% 0% N/A

Natick 53% 4% 1497%

Wellesley** 23% -22% N/A

Westwood 33% 23% 144%

All NB Branches (Excludes BP) 30% 6% 504%

*Market Grow th Source: S&P Capital IQ

**Incalculable as market contracted or did not grow

Largest Employers Boston MSA 2026-2031 Projected HHI Δ

Massachusetts 2024 GDP by Industry Boston MSA Median HHI ($)

Industry Drivers of Local Market

1) Other industries include accommodation and food services, waste management

and remediation services, educational services, management of companies,

transportation and warehousing, utilities, arts and entertainment.

Source: S&P Capital IQ Pro; U.S. Bureau of Economic Analysis; Massachusetts Department

of Economic Research

Experienced Institutional Leadership

Joseph Campanelli

Chairman, President & CEO

William Darcey

President & CEO – Provider

Insurance Group

Paul J. Ayoub

Chair – Nutter McClennen & Fish

LLP

Susan Elliott

Retired EVP – Federal Home

Loan Bank of Boston

Angela Jackson

CEO – Future Forward Strategies

Christopher Lynch

President – Marshall Resources

Joseph R. Nolan, Jr.

Chairman, President & CEO –

Eversource

Francis Orfanello

Lead Independent Director

Operating Partner – One Rock

Capital Partners

Hope Pascucci

President & Principal – Rose

Grove Capital Management

Raza Shaikh

Managing Director – Launchpad

Venture Group

Mark Whalen

Retired CEO – Needham Bank

Joseph

Campanelli

Chairman,

President & CEO

Christine

Roberts

SEVP & Chief

Operating Officer

James White

EVP & Chief Administrative

Officer

Paul Evangelista

EVP & Director of Consumer

Payments

Kevin Henkin

EVP & Chief Credit Officer

Stephanie Maiona

EVP, Director of Commercial

Real Estate

James Daley

EVP, Director Commercial and

Industrial

Executive Management Board of Directors

Lapointe

SEVP & Chief

Financial Officer

Kenneth Montgomery

Retired FVP, COO – Federal

Reserve Bank of Boston

Matt Richardson

EVP, Treasury & Cash

Management Services

Joseph Reilly

Former President & CEO –

Provident Bancorp, Inc. &

BankProv

Investment Highlights

Experienced management team and talent base to grow market share, invest for the future and serve the community

Focused on driving franchise value via relationship-based banking and active community involvement

History of consistent earnings through various market cycles

Excellent credit profile reflective of a diligent and conservative risk management culture

Prudent stewards of capital – committed to responsible lending, driving organic growth and investing in the future

Strong and stable deposit base with 130+ year history of banking in the communities served

Attractive markets of operation to continue generating core loans and deposits

Financial Highlights for the First

Quarter 2026

• GAAP Net income of $15.0 million, or $0.36 per diluted share for the quarter.

• Operating Net Income1 (Non-GAAP) of $15.8 million, or $0. 38 per diluted share for the quarter.

• Gross loans increased $223.8 million, or 3.7%, to $6.21 billion, from $6.00 billion in the prior

quarter; driven by growth in commercial and industrial loans of $135.4 million, or 13.4%,

construction and development loans of $52.1 million, or 7.1% and multi-family loans of $20.6

million, or 4.0%.

• The net interest margin expanded 2 basis points to 3.94%, while net interest income increased 10.4%

during the quarter; primarily the result of increased average loan balances.

• Asset quality remains strong:

• Annualized Q1 2026 net charge-offs of 0.91% of average total loans and non-performing loans of $45.6

million, or 0.73% of total loans.

• BankProv acquired loans accounted for 0.82% of net-charge offs to average total loans during the quarter

and 0.49% of non-performing loans at the end of the quarter.

• Provision for credit losses was $6.3 million, up from a $1.1 million release of credit losses in the prior

quarter, primarily from the growth in the commercial and industrial loan portfolio.

• The Allowance for Credit Losses (“ACL”) decreased by $7.2 million during the quarter, primarily from

$12.4 million in charge offs on two BankProv purchased credit deteriorated loans.

• Resulting in a decreased coverage ratio of 1.29% of total loans, compared to 1.46% in the prior quarter,

but still above our peers.

1) See Appendix for reconciliation of non-GAAP financial metrics

Financial Highlights for the First

Quarter 2026 (Continued)

• Total core deposits increased $209.1 million, or 3.9%, from the prior quarter, to $5.53 billion,

primarily driven by growth in money market accounts of $92.3 million, noninterest-bearing demand

deposits of $44.6 million, customer certificates of deposit of $39.1 and NOW accounts of $30.4

million.

• The loans to deposit ratio remained consistent at 102% during the quarter, as loan growth was

funded with deposits.

• Borrowings and brokered deposits totaled 10.5% of total assets, which is consistent with the prior

quarter.

• Strong capital position with 11.7% shareholders equity to total assets and 11.2% tangible

shareholders' equity to tangible assets¹.

• Book value and tangible book value per share were $18.83 and $18.00¹, respectively.

• One-time transactions recorded during the quarter included:

• Trailing BankProv acquisition costs of $534 thousand ($390 thousand net of tax) related to the

completed BankProv acquisition that closed on November 15, 2025;

• Non-recurring fees for business line expansion of $500 thousand ($366 thousand net of tax); and

• Tax expense and modified endowment contract penalty of $50 thousand related to the surrender of

bank-owned life insurance policies acquired from BankProv.

1) See Appendix for reconciliation of non-GAAP financial metrics

Financial Overview

Total Deposits ($M) Tangible Common Equity ($M)

Total Assets ($M) Total Gross Loans ($M)

Targeted Balance Sheet Growth

$2,923

$3,592

$4,533

$5,158

$7,001 $7,226

2021 2022 2023 2024 2025 Q1'26

$2,105

$3,015

$3,889 $4,333

$5,986 $6,210

2021 2022 2023 2024 2025 Q1'26

$2,565 $2,887 $3,387

$4,178

$5,854 $6,097

2021 2022 2023 2024 2025 Q1'26

$326 $343

$757 $765 $821 $806

2021 2022 2023 2024 2025 Q1'26

Operating Return on Avg. Tangible Common

Equity (%)1, 2

Operating Net Income ($M)1, 2

Operating Return on Average Assets (%)¹ Operating Return on Average Equity (%)¹

Track Record of Strong Performance

1) See Appendix for reconciliation of non-GAAP financial metrics

2) Q1 ’26 operating net income reflects annualized totals 15

0.77%

0.96% 0.86% 0.95%

1.21%

0.92%

2021 2022 2023 2024 2025 Q1'26

6.81%

9.06% 9.40%

6.09%

8.73%

7.43%

2021 2022 2023 2024 2025 Q1'26

6.81%

9.08% 9.43%

6.10%

8.96%

7.77%

2021 2022 2023 2024 2025 Q1'26

$21.6

$30.1 $34.3

$45.5

$66.2 $63.3

2021 2022 2023 2024 2025 Q1'26

Operating Noninterest Income / Average Assets (%)¹ Operating Noninterest Expense / Average Assets (%)¹

Net Interest Margin (%) Operating Efficiency Ratio (%)¹

Track Record of Strong Performance

(Cont.)

1) See Appendix for reconciliation of non-GAAP financial metrics

65.8%

62.3%

60.0%

58.2%

56.2%

60.1%

2021 2022 2023 2024 2025 Q1'26

0.27%

0.26%

0.31%

0.28%

0.26% 0.26%

2021 2022 2023 2024 2025 Q1'26

2.00%

2.28% 2.29% 2.12%

2.42% 2.42%

2021 2022 2023 2024 2025 Q1'26

2.81%

3.49% 3.41% 3.53% 3.79% 3.94%

2021 2022 2023 2024 2025 Q1'26

11.28%¹

17.41%²

13.59%² 13.00%²

2021 2022 2023 2024 2025 Q1'26

10.54%¹

16.51%²

12.83%² 12.19%²

2021 2022 2023 2024 2025 Q1'26

Tier 1 Capital Ratio (%) Total Capital Ratio (%)

Tangible Common Equity / Tangible Assets (%) Leverage Ratio (%)

Capital Ratios

1) Financials reflect indicative bank level call report data

2) Financials reflect indicative regulatory holding company data

Note: “NR” stands for “Not Reported” denoting the Bank’s election into the Community

Bank Leverage Ratio framework; See Appendix for reconciliation of non-GAAP financial

metrics

NR NR NR NR

11.16%²

9.54%²

16.70%²

14.82%²

11.78%² 11.21%²

2021 2022 2023 2024 2025 Q1'26

11.23%¹ 10.49%¹

17.71%²

15.29%²

13.28%²

11.68%²

2021 2022 2023 2024 2025 Q1'26

Loan Portfolio & Asset Quality

Note: Loan composition reflects regulatory holding company data

Diversified Loan Portfolio

Q1’26 Yield on Loans: 6.66%

$6.22B

Q1’26 Total

Commercial

Real Estate

31%

1-4 Family

including

HELOCs

22%

Commercial &

Industrial

18%

Construction &

Development

13%

Multifamily

Warehouse

Consumer

Mortgage Warehouse Portfolio Overview

• Our $277.2 million mortgage warehouse lending portfolio, acquired from BankProv, consists of

facility lines to non-bank mortgage origination companies (“originators”).

o It is a national platform with relationships across the United States that offers Master

Repurchase Agreement facilities (“Facilities”) to independent originators, which allow them to

fund the closing of residential mortgage loans.

o Each Facility advance is fully collateralized, typically by a security interest in one- to four-family

residential mortgage loans and is further enhanced by deposit balances.

o The primary source of repayment of the facilities is the sale of the underlying mortgage loans to

outside investors, which typically occurs within 15 days, except for construction-to-permanent

loans, which generally take longer to sell due to the nature of the loan. These investors can

include Federal National Mortgage Association/Federal Home Loan Mortgage Corporation and

Government National Mortgage Association, as well as other large financial institutions.

• The credit risk associated with this type of lending is the risk that the originators are unable to sell

the loans, which is very low. The entire portfolio is current as of March 31, 2026.

• We approve facilities to originators by conducting a thorough due diligence review of the originator

and its ownership to assess their financial liquidity and regulatory risk profiles. We use a proprietary,

risk-based scoring model to underwrite the companies, which correlates to our internal loan risk

rating system and continually monitor originators’ performance through both internal and external

financial management and quality reviews.

Enterprise Value (“EV”) Portfolio

• Our C&I portfolio as of March 31, 2026 includes a $159.1 million EV portfolio, acquired from

BankProv. The EV portfolio consists of loans and lines to entities collateralized by the cash flows and

underlying enterprise value of the borrowing entity.

• This portfolio has loans across the country and is geographically disperse.

• The balance of this portfolio as of the date of the BankProv acquisition was $207.0 million. The

portfolio has paid down $35.5 million in the short time since acquisition. As of April 30, 2026, this

portfolio has paid down to $141 million.

• The purchased credit deteriorated EV loans charged off during this time period amounted to

$12.4 million and the Bank had $13.2 million in specific reserves against the charged-off loans.

• The credit risk associated with this type of lending is the risk that the cash flows of the entity

significantly decrease and do not provide for the ability to repay the remaining balance of the loan.

• Management monitors this portfolio very closely and has been in close contact with predominantly

all of the borrowing entities since acquisition.

• Of the $42.3 million of purchase-credit deteriorated fair value marks recorded, $31.2 million related

to the EV portfolio with $18.0 million still remaining.

Loan balances above are not shown net of deferred fees

Loan Portfolio Stats – March 31, 2026

Loan Type Balance Wtd. Avg.

Rate

Wtd. Avg.

Maturity

(Yrs)

Fixed

Rate (%)

Variable

Rate (%)

Commercial

Real Estate

$1,924,802 6.08% 9.9 17.2% 82.8%

1-4 Family (incl.

HELOCs)

$1,341,318 5.27% 25.3 42.0% 58.0%

C&I $1,143,086 6.74% 6.9 24.3% 75.7%

Construction $782,721 7.57% 5.2 20.9% 79.1%

Multi-family $538,164 5.73% 16.4 3.6% 96.4%

Mortgage

Warehouse

$277,191 6.35% 0.1 0.0% 100.0%

Consumer $212,923 8.72% 11.3 97.4% 2.6%

Total Loans $6,220,265 6.31% 12.2 25.8% 74.2%

Construction & Development / Total Indicative Risk-Based Capital (%)¹

Commercial Real Estate / Total Indicative Risk-Based Capital (%)¹

Loan Portfolio Concentrations

1) Financials reflect regulatory holding company data

277% 342%

187% 202%

305% 322%

2021 2022 2023 2024 2025 Q1'26

129% 144%

79% 72% 89% 97%

2021 2022 2023 2024 2025 Q1'26

Owner-Occupied CRE By Collateral Type Non-Owner-Occupied CRE By Collateral Type

Commercial Real Estate Portfolio

$642M

Q1’26 Total

$1.82B

Q1’26 Total

Cannabis

Facility

32%

Industrial

Other 20%

14%

Special

Purpose

14%

Retail

Office

Hospitality

Multi -

Family

30%

Office

15%

Hospitality

13%

Mixed Use

11%

Industrial

Retail

Self -Storage

Facilities

Other

Recreational

Vehicles

Park

Special

Purpose

Cannabis Facility

Loans Needham Bank Makes

Loans Needham Bank Doesn’t

Make

Needham Bank CRE Loan Examples

Office Portfolio Overview

• Our $348.2 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.

$348M

Q1’26 Total

Office Portfolio as of 3/31/2026

Weighted Average

Rate

Weighted Average

Maturity (Yrs)

Weighted Average

LTV

Weighted Average

DSCR

5.93% 8.23 51.8% 1.78X

Non -Owner -

Occupied -

Office

65%

Non -Owner -

Occupied -

Medical Office

15%

Owner -

Occupied -

Office

10%

Construction -

Office

Construction -

Medical Office

Owner -Occupied -

Medical Office

C&I By Type C&I By Geography

Overview of C&I Portfolio

$1.14B

Q1’26 Total

$1.14B

Q1’26 Total

Structured

Finance

34%

Middle Market

17%

Renewable

Energy

16%

Cannabis

12%

Cannabis Bridge

Financing

Bridge

Financing

Small Business / Other

Chicago, IL

11%

Boston

Newport Beach, CA

Miami, FL

New York, NY

Vero Beach,

Salem, NH 4%

Weston, MA

Sherman

Oaks, CA

Other

48%

Construction By Type Construction By Geography

Overview of Construction Lending

$783M

Q1’26 Total

$783M

Q1’26 Total

Condos

29%

Multi -Family

Single Family 19%

12%

Mixed Use

11%

Land

10%

Special

Purpose

Hotel /

Motel

Office

Other

4% Boston, MA

11%

Weston, MA

Fairfield, CT

Milton, MA

Newton, MA

Salem, NH 4%

5% Natick, MA

Cambridge,

Cranston, RI

Wyoming, RI

Other

40%

Consumer Loans Overview

Amounts above exclude purchased premiums or discounts

Loan Type Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Purchased:

Solar $ 48,494 $ 47,006 $ 45,678 $ 44,410 $ 43,080

Boat Loans 47,455 45,010 42,487 238 -

Home Improvement 42,472 40,042 37,753 35,832 34,084

Student Loans 6,472 6,139 5,768 5,455 5,029

Total Purchased Balance $ 144,893 $ 138,197 $ 131,686 $ 85,935 $ 82,193

Originated:

Auto Loans $ 61,796 $ 55,589 $ 68,307 $ 75,560 $ 82,167

Boat Loans 39,508 52,535 57,570 35,967 41,228

Other 6,127 7,385 5,696 6,035 5,773

Total Originated Balance $ 107,431 $ 115,509 $ 131,573 $ 117,562 $ 129,168

Loans Held for Sale - Boat Loans - - - 63,447 63,971

Net Charge Offs - Purchased

(3ME) $1,018 $709 $458 $1,130 $385

Net Charge Offs - Originated

(3ME) $347 $207 $144 $8 $636

Consumer Loans Trends

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Balance (thousands)

Period

Overview of Purchased Consumer Loans

Net Charge Offs - Purchased (3ME) Net Charge Offs - Originated (3ME) Total Purchased Balance (incl. LHFS) Total Originated Balance

Cannabis Business Highlights

• As of March 31, 2026, we had outstanding loan balances of $466.8 million to cannabis businesses:

• $321.0 million was direct to cannabis entities;

• $145.8 million was indirect to cannabis entities;

• Weighted average LTV and DSCR was 35.1.% and 3.23, respectively; and,

• 52.0% of the total outstanding loans were collateralized by real estate, including 100% of the

direct cannabis loans

• As of March 31, 2026, the Company had $455.6 million in cannabis deposits

• $355.1 million in cannabis-direct and $100.5 million in cannabis-indirect

Cannabis Business Loans ($M) Cannabis Business Deposits ($M)

70.0% 70.5% 60.7% 61.8% 56.5%

68.8%

30.0% 29.5% 39.3% 38.2% 43.5%

31.2%

12/2024 03/2025 06/2025 09/2025 12/2025 03/2026

Cannabis Direct Cannabis Indirect

$358.7M $395.2M $413.8M $408.9M

$466.8M $455.6M

12/2024 03/2025 06/2025 09/2025 12/2025 03/2026

Reserves / Loans (%) & Reserves / NPLs (%)

NPA Trends

Asset Quality

1) Financials reflect bank level call report data

2) Financials reflect regulatory holding company data

1.10%¹ 0.36%¹ 0.56%¹ 0.24%² NPAs / Assets

0.27%² 0.62%² 0.63%²

0.87% 0.83% 0.83% 0.89%

1.46%

1.29% 175%

117%

298% 280%

201% 146%

100%

200%

300%

0.50%

1.00%

1.50%

2.00%

2021 2022 2023 2024 2025 Q1'26

Reserves / Loans Reserves / NPLs

$6.0 $13.0 $10.8 $13.9 $7.5 $15.3

$35.9

$30.3

$4.5 $8.3

2021 2022 2023 2024 2025 Q1'26

NBBK Nonaccruals ($M) BankProv Nonaccruals ($M) TDRs ($M) OREO ($M)

1) Reflects annualized metrics

Note: Values may not sum due to rounding

Historically Strong Credit Culture

NCOs / Average Loans (%)¹

• Our loan portfolio consists primarily of commercial real estate and multifamily 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, Eastern Connecticut, Southern New

Hampshire and Rhode Island.

• For the quarter ended March 31, 2026, the Company’s NCOs / Average Loans were primarily composed

of two purchased credit deteriorated loans totaling $12.4 million in charge offs, which carried $13.2

million in specific reserves at the time of charge off. NCOs / Average Loans for organic Needham Bank

loans was 0.08% for Q1 ‘26.

0.16

0.00 0.10

0.22 0.18

0.91

(0.10%)

0.20%

0.50%

0.80%

2021 2022 2023 2024 2025 Q1'26

Funding & Liquidity Management

Note: Deposit composition reflects regulatory holding company data

Balanced Deposit Base

Q1’26 Cost of Deposits: 2.73%

$6.1B

Q1’26 Total

Note: Deposit composition reflects regulatory holding company data

Support of Strong Deposit Base

Cost of Deposits

3/31/2026 12/31/2025 Change

Balance WAR Balance WAR Balance ($) Balance (%) WAR

($ in Thousands)

Noninterest-bearing demand deposits $871,343 0.00% $824,403 0.00% $46,940 5.69% 0.00%

Savings accounts 211,295 0.56% 208,672 0.46% 2,623 1.26% 0.10%

NOW accounts 692,821 0.17% 664,719 0.16% 28,102 4.23% 0.01%

Money market accounts 1,743,163 2.98% 1,650,849 2.97% 92,314 5.59% 0.01%

Customer CDs 2,008,314 3.97% 1,969,210 4.07% 39,104 1.99% -0.10%

Brokered CDs 570,052 3.85% 535,681 3.94% 34,371 6.42% -0.09%

$6,096,988 2.53% $5,853,534 2.60% $243,454 4.16% -0.07%

1.03% 0.43% 0.48%

2.34%

3.28% 2.96% 2.73%

0.00%

2.00%

4.00%

2020 2021 2022 2023 2024 2025 Q1'26

Note: Deposit composition reflects regulatory holding company data

Certificates of Deposit Maturities

Time Deposit Maturities ($M)

Brokered Deposit Maturities ($M)

4.06%

3.96%

3.82%

3.57%

3.74%

$200

$400

$600

$800

$1,000

$1,200

06/2026 09/2026 12/2026 03/2027 06/2027

3.85%

3.89%

0.00% 0.00% 0.00%

$100

$200

$300

$400

$500

$600

06/2026 09/2026 12/2026 03/2027 06/2027

Overview of Securities Portfolio

$277M

Q1’ 26 Total

Q1’ 26 Yield on Securities: 4.02%

U.S. Treasuries

35%

Mortgage -Backed

Securities

32%

Corporate

Bonds

22%

Collateralized

Mortgage

Obligations

Municipal

Obligations

SBA Securities

U.S. Gov't

Agencies

Interest Rate Sensitivity

At March 31, 2026

Change in Interest Rates Net Interest Income Year 1 Change

(bps) Year 1 Forecast ($000) From Level

+400 $278,649 6.7%

+300 $275,608 5.5%

+200 271,756 4.0%

+100 267,723 2.5%

-- 261,269 --

(100) 257,262 (1.5%)

(200) 254,567 (2.6%)

(300) 252,994 (3.2%)

Prudent Liquidity Management

As of March 31, 2026, the Company had:

• $188.3 million of outstanding advances from the Federal

Home Loan Bank of Boston (“FHLBB”)

• $570.1 million of brokered deposits

• $892.7 million of unused borrowing capacity with the

FHLBB

• $1.0 billion available with the Federal Reserve Bank’s

Borrower-in-Custody Program.

• $1.2 billion of additional capacity for brokered deposits,

pursuant to internal liquidity policy stating that brokered

deposits can be up to 25.0% of total assets

80.5%

unused

capacity

FHLB Advances

4.8%

Brokered Deposits

14.6%

FHLB Unused

Borrowing Capacity

22.9%

FED Available

Borrowing Capacity

25.8%

Capacity for

Additional Brokered

Deposits

31.8%

% of Total Liquidity

Appendix

Notes and Reconciliation of U.S. GAAP and 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.

1) These amounts are reflected in income tax expense and reflect amounts related to

current year compensation and a write-down for future LTIP vesting amounts that are

not expected to be tax deductible on a tax return. These amounts are not included in

the calculation of the tax benefit associated with non-GAAP adjustments.

$ in thousands 2021 2022 2023 2024 2025 Q1 2026

Return on Average Tangible Common Equity:

Net Income $21,575 $30,065 $9,825 $42,149 $50,302 $14,984

Adjustments to Net Income:

Merger and acquisition costs - - - - - - - - 17,265 534

Non-recurring fees for business line expansion - - - - - - - - - - 500

Needham Bank Charitable Foundation Contribution Resulting from IPO - - - - 19,082 - - - - - -

One-Time Conversion and IPO-Related Expenses - - - - 7,931 - - - - - -

Defined Benefit Pension Termination Expense (Refund), net - - - - 1,900 390 480 - -

Permanent Tax Differences Resulting from Public Company Tax Laws¹ - - - - 3,680 - - - - - -

Losses on sales of securities available for sale, net - - - - - - 1,868 - - - -

BOLI surrender tax and managed endowment contract penalty - - - - - - 1,705 2,310 50

State tax expense - voluntary disclosure agreements - - - - - - - - 561 - -

Total Adjustments to Net Income - - - - $32,593 $3,963 $20,616 $1,084

Less: Net tax benefit associated with pre-tax non-GAAP adjustments to net income - - - - 8,096 634 4,739 277

Non-GAAP Adjustments, net of tax - - - - 24,497 3,329 15,877 807

Operating net income (Non-GAAP) $21,575 $30,065 $34,322 $45,478 $66,179 $15,791

Average Shareholders' Equity $316,723 $331,872 $365,120 $746,332 $758,284 $861,505

Less: Average Intangible Assets - - 689 1,302 1,153 19,447 37,369

Average Tangible Shareholders' Equity (Non-GAAP) $316,723 $331,184 $363,818 $745,179 $738,837 $824,136

ROATCE (Annualized Adjusted Net Income / Average Tangible Shareholders' Equity) 6.81% 9.08% 9.43% 6.10% 8.96% 7.77%

Notes and Reconciliation of U.S. GAAP and Non -GAAP

Financial Measures (Cont.)

financial measures having the same or similar names.

$ in thousands 2021 2022 2023 2024 2025 Q1 2026

Operating pre-tax income (non-GAAP):

Pre-tax income (GAAP) $27,632 $36,388 $11,844 $58,619 $71,131 $20,352

Add (Subtract):

Merger and acquisition costs - - - - - - - - 17,265 534

Non-recurring fees for business line expansion - - - - - - - - - - 500

Needham Bank Charitable Foundation Contribution Resulting from IPO - - - - 19,082 - - - - - -

One-Time Conversion and IPO-Related Expenses - - - - 7,931 - - - - - -

Defined Benefit Pension Termination Expense (Refund), net - - - - 1,900 390 480 - -

Losses on sales of securities available for sale, net - - - - 3,680 - - - - - -

Operating pre-tax income (non-GAAP) 27,632 36,388 44,437 59,009 88,876 21,386

Operating Return on Average Assets (Non-GAAP):

Operating net income (Non-GAAP) 21,575 30,065 34,322 45,478 66,179 15,791

Average Assets 2,793,333 3,118,890 3,973,093 4,786,379 5,458,675 6,970,059

Operating Return on Average Assets (Non-GAAP) 0.77% 0.96% 0.86% 0.95% 1.21% 0.92%

Operating Return on Average Shareholders' Equity (Non-GAAP):

Operating net income (Non-GAAP) 21,575 30,065 34,322 45,478 66,179 15,791

Average Shareholders' Equity 316,723 331,872 365,120 746,332 758,284 861,505

Operating Return on Average Shareholders' Equity (Non-GAAP) 6.81% 9.06% 9.40% 6.09% 8.73% 7.43%

Tangible Shareholders' Equity / Tangible Assets (Non-GAAP):

Shareholders' Equity $326,129 $344,065 $757,959 $765,167 $858,932 $842,778

Less: Intangible Assets - - 1,377 1,227 1,079 37,815 36,923

Tangible Shareholders' Equity (Non-GAAP) $326,129 $342,688 $756,732 $764,088 $821,117 $805,855

Total Assets $2,922,671 $3,595,335 $4,533,412 $5,157,737 $7,006,130 $7,226,437

Less: Intangible Assets - - 1,377 1,227 1,079 37,815 36,923

Tangible Assets (Non-GAAP) $2,922,671 $3,593,958 $4,532,185 $5,156,658 $6,968,315 $7,189,514

Tangible Shareholders' Equity / Tangible Assets (TSE / TA) (Non-GAAP) 11.16% 9.54% 16.70% 14.82% 11.78% 11.21%

Notes and Reconciliation of U.S. GAAP and Non -GAAP

Financial Measures (Cont.)

financial measures having the same or similar names.

$ in thousands 2021 2022 2023 2024 2025 Q1 2026

Efficiency Ratio:

Net Interest Income $78,011 $104,964 $130,057 $161,198 $197,457 $64,868

Noninterest Income 8,654 9,275 15,577 11,532 16,200 4,513

Total Income $86,665 $114,239 $145,634 $172,730 $213,657 $69,381

Noninterest Income $8,654 $9,275 $15,577 $11,532 $16,200 $4,513

Adjustments to Noninterest Income:

Losses on sales of securities available for sale, net - - - - - - 1,868 - - - -

Operating Noninterest Income (Non-GAAP) $8,654 $9,275 $15,577 $13,400 $16,200 $4,513

Noninterest Expense $56,983 $71,151 $119,905 $101,989 $137,873 $42,701

Adjustments to Noninterest Expense:

Merger and acquisition costs - - - - - - - - 17,265 534

Non-recurring fees for business line expansion - - - - - - - - - - 500

Needham Bank Charitable Foundation Contribution Resulting from IPO - - - - 19,082 - - - - - -

One-Time Conversion and IPO-Related Expenses - - - - 7,931 - - - - - -

Defined Benefit Pension Termination Expense - - - - 1,900 390 480 - -

Reversal of previously taken amortization of solar tax credit investments - - - - 3,680 - - - - - -

Operating Noninterest Expense (Non-GAAP) $56,983 $71,151 $87,312 $101,599 $120,128 $41,667

Operating Efficiency Ratio (Non-GAAP) 65.8% 62.3% 60.0% 58.2% 56.2% 60.1%

Operating effective tax rate (non-GAAP):

Income tax expense (GAAP) $6,057 $6,323 $2,019 $16,470 $20,829 $5,368

Add (Subtract):

Permanent Tax Differences Resulting from Public Company Tax Laws¹ - - - - 3,680 - - - - - -

BOLI surrender tax and modified endowment contract penalty - - - - - - (1,705) (2,310) (50)

State tax expense - voluntary disclosure agreements - - - - - - - - (561) - -

Net tax benefit associated with pre-tax non-GAAP adjustments to net income - - - - 8,096 634 4,739 277

Total impact of non-GAAP income tax expense adjustments - - - - 11,776 (1,071) 1,868 227

Income tax expense on an operating basis (non-GAAP) $6,057 $6,323 $13,795 $15,399 $22,697 $5,595

Operating effective tax rate (non-GAAP) 21.9% 17.4% 31.0% 26.1% 25.5% 26.2%

Notes and Reconciliation of U.S. GAAP and Non -GAAP

Financial Measures (Cont.)

financial measures having the same or similar names.

$ in thousands 2021 2022 2023 2024 2025 Q1 2026

Operating Noninterest Income to Average Assets (Non-GAAP)

Operating Noninterest Income (Non-GAAP) 8,654 9,275 15,577 13,400 16,200 4,513

Average Assets $2,793,333 $3,118,890 $3,973,093 $4,786,379 $5,458,675 $6,970,059

Operating Noninterest Income to Average Assets (Non-GAAP) 0.31% 0.30% 0.39% 0.28% 0.30% 0.26%

Operating Noninterest Expense to Average Assets (Non-GAAP)

Operating Noninterest Expense (Non-GAAP) 56,983 71,151 87,312 101,599 120,128 41,667

Average Assets $2,793,333 $3,118,890 $3,973,093 $4,786,379 $5,458,675 $6,970,059

Operating Noninterest Expense to Average Assets (Non-GAAP) 2.04% 2.28% 2.20% 2.12% 2.20% 2.42%

Executive Management Biographies

Joseph

Campanelli

Chairman,

President & CEO

Christine

Roberts

SEVP & Chief

Operating Officer

Lapointe

SEVP & Chief

Financial Officer

Mr. Campanelli has served as President and Chief Executive Officer of Needham Bank since joining the Bank in

January 2017 and was elected Chairman in 2022. Mr. Campanelli has over 40 years of banking experience in a

variety of senior and executive positions, including having served as the President and Chief Executive Officer of

Sovereign Bancorp, Inc. and its subsidiary Sovereign Bank as well as Chairman, President and Chief Executive

Officer of Flagstar Bancorp, Inc. and its subsidiary Flagstar Bank. Additionally, Mr. Campanelli has a long history of

community involvement, currently serving on the board of the Massachusetts Business Roundtable, Boys and Girls

Club of Boston and The One Hundred Club of Boston.

Ms. Roberts is Senior Executive Vice President and Chief Operating Officer of Needham Bank, a position she has held

since January 2025 when she joined Needham Bank. Prior to this, Ms. Roberts was Executive Vice President of

Citizens Pay at Citizens Bank since April 2022. Ms. Roberts had been employed at Citizens Bank since August 2012,

where she held positions of increasing responsibility across the institution.

Mr. Lapointe is Senior Executive Vice President and Chief Financial Officer, a position he has held since February

2024. Prior to this, Mr. Lapointe was the Chief Financial Officer of Northeast Bank from November 2017 until

February 2024. Prior to joining Northeast Bank, Mr. Lapointe served as a Senior Audit Manager at Wolf & Company,

P.C. in its external and internal audit practices, with a focus on the financial services sector from 2004 to 2017. Mr.

Lapointe is a certified public accountant registered in the Commonwealth of Massachusetts.

Kevin

Henkin

EVP & Chief

Credit Officer

Mr. Henkin is Executive Vice President and Chief Credit Officer of Needham Bank, a position he has held since April

2018. In this role, Mr. Henkin has primary responsibility for managing all aspects of the credit risk management

framework over the Bank’s lending operations. Mr. Henkin has over 30 years of banking experience, having served

at other financial institutions as well as running a bank consulting firm for three years at which Mr. Henkin

conducted external loan reviews, stress testing and due diligence for financial institutions.

Thank You

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May 21, 2026

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