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NB Bancorp, Inc. (Nasdaq Capital Market: NBBK) is the registered bank holding company of Needham Bank, headquartered in Needham, Massachusetts, about 17 miles southwest of Boston's financial district. Known as the "Builder's Bank," Needham Bank has been a cornerstone in helping individuals, businesses, and non-profits build for their futures since 1892. Needham Bank offers a range of tech-forward products and services tailored for both businesses and consumers, combining the financial expertise of larger institutions with the local knowledge and commitment unique to a community bank.
NB Bancorp, Inc. focuses on taking deposits from the general public and reinvesting those funds in various loan products. These include commercial real estate and multifamily loans, one- to four-family residential real estate loans, construction and land development loans, commercial and industrial loans, and consumer loans. The bank's strategic approach emphasizes prudent capital management, aiming to grow in a safe and selective manner.
Among its recent achievements, NB Bancorp announced its 2023 financial results, highlighting the transformative impact of its IPO. The company made a significant one-time donation of $2.0 million in cash and 1.7 million shares of common stock to the Needham Bank Charitable Foundation, totaling a market value of $19.1 million. This, along with other IPO-related expenses, influenced the net income, leading to a reported $9.8 million for the year ended December 31, 2023, compared to $30.1 million in the prior year. Excluding these one-time expenses, the net income was $34.3 million.
Financial highlights include:
- Total assets: $4.53 billion as of December 31, 2023, marking a 26.2% increase from the previous year.
- Net interest income: $130.1 million for 2023, a 23.9% increase from 2022.
- Noninterest income: $15.6 million for 2023, a significant 67.9% increase year-over-year.
- Noninterest expense: $119.9 million for 2023, up by 68.5% due to IPO-related costs.
For the first quarter of 2024, NB Bancorp reported continued success, with total assets of $4.65 billion as of March 31, 2024, and a 9.9% increase in commercial real estate loans. Net interest income for the first quarter was $38.6 million, and noninterest income was $3.5 million.
NB Bancorp's commitment to its local community, combined with its strategic growth and prudent financial management, positions it as a robust institution in the financial sector. For more information, visit NeedhamBank.com.
NB Bancorp, Inc. is a member of FDIC and DIF and operates under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
NB Bancorp (NBBK) reported Q3 2024 net income of $8.4 million ($0.21 per diluted share), down from $9.5 million ($0.24 per diluted share) in Q2. Operating net income, excluding one-time charges, was $13.1 million ($0.33 per diluted share). Gross loans increased 3.7% to $4.25 billion, while net interest margin improved to 3.51%. The company faced one-time charges including a $1.9 million loss on securities sale, $1.6 million in BOLI-related expenses, and $2.5 million in tax expenses from solar credits. Total deposits grew 3.2% to $4.04 billion, with strong capital position at 14.9% shareholders' equity to total assets.
NB Bancorp (NBBK) has announced the appointment of Kenneth C. Montgomery to its Board of Directors and that of its subsidiary, Needham Bank. Montgomery brings extensive experience from his roles at the Federal Reserve Bank of Boston, where he most recently served as First Vice President and Chief Operating Officer. His notable achievements include overseeing the FedNow Service program, aimed at advancing the U.S. payment system.
Montgomery's background includes serving as interim President and CEO of the Federal Reserve Bank of Boston and holding positions overseeing technology groups and systems across the Federal Reserve System. His expertise in technology and cybersecurity is further evidenced by his involvement with the Advanced Cyber Security Center and past association with the Greater Boston Chamber of Commerce.
NB Bancorp (NBBK) reported strong Q2 2024 financial results. Key highlights include:
- Net income of $9.5 million ($0.24 per diluted share), up from $8.7 million in Q1
- Gross loans increased 3.6% to $4.10 billion
- Total deposits grew 3.9% to $3.92 billion
- Net interest margin decreased 15 basis points to 3.45%
- Asset quality remains strong with 0.09% annualized net charge-offs
- Allowance for credit losses increased to 0.92% of total loans
The company saw growth in commercial and industrial loans, construction loans, and residential real estate loans. However, multi-family residential loans declined. NB Bancorp maintains a strong capital position with 15.5% shareholders' equity to total assets.
Breakthrough T1D, formerly known as JDRF, has appointed Matthew Cohn as the new chair of its Global Mission Board. The volunteer-led group focuses on type 1 diabetes (T1D) research, fundraising, community engagement, and advocacy. Cohn, a long-time volunteer and father of two daughters with T1D, brings extensive leadership experience from his roles in various industries and non-profit organizations. He has also served on the International Board of Directors and as president of the Eastern Pennsylvania Chapter. Cohn aims to continue the work of outgoing chair Jennifer Bennett and support Breakthrough T1D’s mission to cure, prevent, and treat T1D.
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