--- title: "NB Bancorp, Inc. Reports Second Quarter 2026 Financial Results, Declares Quarterly Cash Dividend | NBBK Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/293517606.md" description: "NB Bancorp, Inc. reported Q2 2026 net income of $21.1 million ($0.53 per diluted share), up from $15.0 million in the prior quarter. Operating net income rose 38.5% to $21.9 million. Key metrics improved: return on average assets reached 1.17%, net interest margin expanded to 4.00%, and efficiency ratio dropped to 58.92%. Credit quality strengthened with net charge-offs declining to 0.07%. The Board declared a quarterly cash dividend of $0.07 per share." datetime: "2026-07-22T12:15:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293517606.md) - [en](https://longbridge.com/en/news/293517606.md) - [zh-HK](https://longbridge.com/zh-HK/news/293517606.md) --- # NB Bancorp, Inc. Reports Second Quarter 2026 Financial Results, Declares Quarterly Cash Dividend | NBBK Stock News , /PRNewswire/ -- NB Bancorp, Inc. (the "Company") (Nasdaq Capital Market: **NBBK**), the holding company of Needham Bank (the "Bank"), today announced its second quarter 2026 financial results. - Net income for the second quarter of 2026 amounted to $21.1 million, or $0.53 per diluted common share, compared to net income of $15.0 million, or $0.36 per diluted common share, for the prior quarter. Return on average assets and return on average equity for the second quarter of 2026 were 1.17% and 10.03%, respectively, increases from 0.87% and 7.05%, respectively, for the prior quarter. - Operating net income(1) for the second quarter of 2026 increased 38.5% and amounted to $21.9 million, or $0.55 per diluted common share, compared to operating net income(1) of $15.8 million, or $0.38 per diluted common share, for the prior quarter. Operating return on average assets(1) and operating return on average equity(1) for the second quarter of 2026 were 1.21% and 10.39%, respectively, increases from 0.92% and 7.43%, respectively, for the prior quarter. - Net interest margin expanded by 7 basis points to 4.00% from 3.93% in the prior quarter as total loans increased 3.4% while total deposits increased 3.7% during the quarter. Net interest margin, excluding purchase accounting adjustments(1), expanded by 5 basis points to 3.87% during the current quarter from 3.82% in the prior quarter. - Efficiency ratio improved to 58.92% from 61.55% in the prior quarter, while operating efficiency ratio(1) improved to 57.66% from 60.06% in the prior quarter. - Net charge-offs (annualized) as a percent of average loans declined to 0.07% from 0.91% in the prior quarter. Non-performing loans as a percent of total loans decreased to 0.43% at the end of the second quarter from 0.73% at the end of the prior quarter. "The second quarter of 2026 displayed Needham Bank's continued execution of our strategy for disciplined growth in market share as total loans increased 3.4% during the quarter, while total deposits increased 3.7% over the same period. Through the first half of 2026, total loans and total deposits have increased by 15.0% and 15.9% on an annualized basis, while operating EPS increased 24%, respectively. Our teams remained focused on executing our strategic priorities and investing in the infrastructure, technology, and operating capabilities needed to support continued profitable growth. This included targeted investments in artificial intelligence, improved internal systems and automation tools designed to enhance internal efficiency, scalability, and employee effectiveness. We are well positioned to continue to enhance the customer experience and grow market share, while improving long-term operating leverage. The dedication and collaboration of our employees continue to be defining strengths for Needham Bank. As we invest thoughtfully in technology, artificial intelligence, and operational capabilities, while maintaining strong credit performance and disciplined growth, we are building a more scalable and efficient organization that is well-positioned to deliver long-term value for our customers, communities, and shareholders," Campanelli concluded. **Declaration of Dividend **The Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on August 19, 2026, to shareholders of record as of August 5, 2026. **SELECTED FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER OF 2026** - Net income of $21.1 million, or $0.53 per diluted common share, compared to net income of $15.0 million, or $0.36 per diluted common share, for the prior quarter. Operating net income(1), excluding one-time charges, amounted to $21.9 million, or $0.55 per diluted common share, compared to operating net income(1) of $15.8 million, or $0.38 per diluted common share, for the prior quarter. - Operating return on average assets increased to 1.21% from 0.92%, operating return on average equity increased to 10.39% from 7.43% and net interest margin expanded to 4.00% from 3.93%. - Credit trends from the BankProv acquisition improved during the quarter, where net charge-offs to average loans decreased to 0.07% from 0.91% and non-performing assets to total assets decreased to 0.37% from 0.63% One-time pre-tax charges during the current quarter include: - - Non-recurring fees for business line expansion of $649 thousand ($499 thousand net of tax); - Final merger and acquisition costs of $296 thousand ($227 thousand net of tax) related to the Company's acquisition of Provident; and - Tax expense and a modified endowment contract penalty of $27 thousand related to the surrender of Bank-owned life insurance ("BOLI") policies acquired from BankProv. One-time pre-tax charges during the prior quarter include: - - Pre-tax trailing merger and acquisition costs of $534 thousand ($390 thousand net of tax) related to the Company's completed acquisition of Provident; - Non-recurring fees for business line expansion of $500 thousand ($366 thousand net of tax); and - Tax expense and a modified endowment contract penalty of $50 thousand related to the surrender of BOLI policies acquired from BankProv. - Net interest margin expanded by 7 basis points to 4.00% during the current quarter from 3.93% in the prior quarter. Net interest margin, excluding purchase accounting adjustments(1), expanded by 5 basis points to 3.87% during the current quarter from 3.82% in the prior quarter. - Gross loans increased $213.0 million, or 3.4%, to $6.42 billion, from $6.21 billion in the prior quarter. - Total deposits increased $222.9 million, or 3.7%, to $6.32 billion, from $6.10 billion in the prior quarter. - Core deposits, which the Company considers to be all non-brokered deposits, increased $73.1 million, or 1.3%, to $5.60 billion, from $5.53 billion in the prior quarter. - Brokered deposits increased $149.8 million, or 26.3%, to $719.9 million, from $570.1 million in the prior quarter. - Book value per share and tangible book value per share(1) were $19.22 and $18.51, respectively, in the current quarter, compared to $18.83 and $18.11, respectively, in the prior quarter. The increase in tangible book value per share(1) was a result of $21.1 million in net income for the quarter, partially offset by the repurchase of 918,727 shares during the current quarter at an all-in weighted average cost of $20.13 per share and $3.1 million in dividends paid during the quarter. **BALANCE SHEET **Total assets amounted to $7.45 billion as of June 30, 2026, representing an increase of $220.2 million, or 3.0%, from $7.23 billion as of March 31, 2026. - Cash and cash equivalents increased $24.6 million, or 6.5%, to $400.2 million from $375.6 million in the prior quarter, as a result of net income earned during the quarter of $21.1 million, along with deposit growth of $222.9 million, partially offset by loan growth of $211.1 million and the repurchase of 918,727 shares during the current quarter at an all-in weighted average cost of $20.13 per share. - Net loans increased $211.1 million, or 3.4%, to $6.34 billion, from $6.13 billion in the prior quarter as demand for new loan originations and advances continued. The current quarter change was primarily seen in commercial real estate loans, which increased $196.7 million, or 10.2%, residential real estate loans, which increased $45.0 million, or 3.4%, and multi-family residential loans, which increased $29.6 million, or 5.5%, partially offset by mortgage warehouse loans, which decreased $59.5 million, or 21.5% along with continued run-off of the acquired Enterprise Value portfolio, which decreased $29.5 million, or 18.5%, from the prior quarter. - Deposits increased $222.9 million, or 3.7%, to $6.32 billion from $6.10 billion in the prior quarter. The change in deposits was the result of noninterest bearing demand deposits, which increased $80.8 million, or 9.3%, NOW accounts, which increased $61.8 million, or 8.9% and brokered deposits, which increased $149.8 million, or 26.3%, partially offset by money market accounts, which decreased $77.4 million, or 4.4%. - Shareholders' equity decreased $776 thousand, or 0.1%, to $842.0 million, from $842.8 million in the prior quarter, primarily as a result of the repurchase of 918,727 shares of common stock at an all-in weighted average cost of $20.13 per share totaling $18.5 million and $3.1 million in dividends paid during the current quarter, partially offset by net income of $21.1 million. Shareholders' equity to total assets and tangible shareholders' equity(1) to tangible assets were 11.3% and 10.9%, respectively, at the end of the current quarter, compared to 11.7% and 11.3%, respectively, at the end of the prior quarter. **NET INTEREST INCOME **Net interest income increased $4.3 million, or 6.6%, to $69.1 million for the current quarter, compared to $64.9 million for the prior quarter. Net interest margin expanded 7 basis points to 4.00% for the current quarter, from 3.93% in the prior quarter. - Interest income increased during the current quarter, primarily attributable to an increase in the average balance of and weighted average rate on loans as a result of the continued execution of our growth strategy, partially offset by a reduction in the average balance of and weighted average rate on short-term investments. - Interest expense increased for the current quarter, primarily driven by increases in the average balances of certificates of deposit and individual retirement accounts and FHLB borrowings, partially offset by a decrease in the weighted average rate on certificates of deposit and individual retirement accounts. **PROVISION FOR CREDIT LOSSES **Provision for credit losses decreased $3.1 million, or 49.5%, to a provision for credit losses of $3.2 million for the current quarter, compared to a provision for credit losses of $6.3 million for the prior quarter. - The provision for credit losses on loans decreased $3.4 million, or 53.1%, to $3.0 million for the current quarter, compared to $6.4 million for the prior quarter, primarily driven by an $822 thousand recovery from a commercial and industrial loan, improved qualitative factors on commercial real estate and multi-family loans and no downgrades in qualitative factors, which existed in the prior quarter. - The provision for credit losses on unfunded commitments increased $253 thousand, or 468.5%, to $199 thousand for the current quarter, compared to a release of $54 thousand for the prior quarter, primarily driven by an increase in net unfunded commitments in the current quarter. **NONINTEREST INCOME **Noninterest income increased $1.0 million, or 23.2%, to $5.6 million for the current quarter, compared to $4.5 million for the prior quarter. - Customer service fees increased $550 thousand, or 17.6%, to $3.7 million for the current quarter, compared to $3.1 million in the prior quarter due to increased loan fee income, cash management fees and customer transactional volume. - Other income increased $315 thousand, or 150.0%, to $525 thousand for the current quarter, compared to $210 thousand in the prior quarter, primarily driven by $229 thousand of credit card branding and marketing income recognized during the quarter, along with higher preferred dividends from solar tax credit investments. - Gain (loss) on sale of loans, net, increased $228 thousand to a $227 thousand gain in the current quarter, compared to a $1 thousand loss in the prior quarter, resulting from the improvement in the fair market value of consumer loans held for sale during the current quarter. **NONINTEREST EXPENSE **Noninterest expense increased $1.3 million, or 3.1%, to $44.0 million for the current quarter, compared to $42.7 million for the prior quarter. - Marketing and charitable contribution expenses increased $497 thousand, or 48.1%, to $1.5 million for the current quarter, compared to $1.0 million for the prior quarter, primarily resulting from advertising expenses related to customer events and branch openings, as well as a higher volume of Bank contributions to charities during the current quarter. - Data processing expenses increased $460 thousand, or 10.4%, to $4.9 million for the current quarter, compared to $4.4 million for the prior quarter, primarily driven by our continued investment in technology and systems in support of upcoming revenue initiatives, requiring the operation of systems in parallel for a period of time while new systems are implemented. - FDIC and state insurance assessment expenses increased $432 thousand, or 37.5%, to $1.6 million for the current quarter, compared to $1.2 million for the prior quarter, primarily driven by increased insurance assessments related to the BankProv acquisition. **INCOME TAXES **Income tax expense increased $1.0 million, or 18.7%, to $6.4 million for the current quarter, compared to $5.4 million for the prior quarter. The increase was primarily driven by the increase in net income during the current quarter. The effective tax rate and the operating effective tax rate(1) were 23.2% and 23.1%, respectively, for the current quarter, compared to 26.4% and 26.2%, respectively, for the prior quarter. The primary drivers of the decrease in the effective tax rate were a higher volume of earned income tax credits and tax-exempt interest income on loans due to the origination of a tax-exempt loan at the end of the prior quarter. **COMMERCIAL REAL ESTATE PORTFOLIO **Commercial real estate loans increased $226.2 million, or 9.2%, to $2.69 billion, during the current quarter. - Cannabis facility commercial real estate loans decreased $3.7 million, or 1.7%, to $210.1 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 $29.6 million, or 5.5%, during the current quarter to $567.7 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 $335.7 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 and are performing at the end of the current quarter. **ASSET QUALITY** - The allowance for credit losses ("ACL") amounted to $82.1 million as of June 30, 2026, or 1.28% of total loans, compared to $80.2 million, or 1.29% of total loans as of March 31, 2026. - The Company recorded a provision for credit losses of $3.2 million during the current quarter, which included a provision for credit losses on loans of $3.0 million and a provision of $199 thousand for unfunded commitments, compared to a provision for credit losses of $6.3 million during the prior quarter, which included a provision for credit losses on loans of $6.4 million and a release of provision of $54 thousand for unfunded commitments. - The increase in the ACL for the current quarter was primarily driven by loan growth. - Non-performing loans ("NPLs") decreased $17.9 million, or 39.3%, to $27.7 million as of June 30, 2026, from $45.6 million at the end of the prior quarter. The decrease was primarily due to the decrease in commercial and industrial loans on non-accrual of $18.4 million, resulting from improved performance or workouts. The ACL as a percent of NPLs is 297% as of June 30, 2026, an increase from 176% at the end of the prior quarter. - During the current quarter, the Company recorded total net charge-offs of $1.1 million, or 0.07% of average total loans on an annualized basis, which related to non-purchase-credit-deteriorated ("PCD") loans, compared to net charge-offs of $13.6 million, or 0.91% of average total loans on an annualized basis, in the prior quarter. The $12.4 million decrease in net charge-offs during the current quarter was primarily a result of prior quarter charge-offs on previously fully reserved for PCD commercial and industrial loans. - 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 greater New England. (1) Represents a non-GAAP measure. See Non-GAAP reconciliation of the corresponding GAAP measures on pages 13 and 14. **ABOUT NB BANCORP, INC. **NB Bancorp, Inc. (Nasdaq Capital Market: NBBK) is the registered bank holding company of Needham Bank. Needham Bank is headquartered in Needham, Massachusetts, which is approximately 17 miles southwest of Boston's financial district. Known as the "Builder's Bank," Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. Needham Bank offers an array of tech-forward products and services that businesses and consumers use to manage their financial needs. Needham Bank also provides services to companies in the cannabis industry by providing loans and deposits, along with supporting payment platforms in this industry, such as Mosaic. We have the financial expertise typically found at much larger institutions and the local knowledge and commitment you can only find at a community bank. For more information, please visit https://NeedhamBank.com. Needham Bank is a member of FDIC. **Non-GAAP Financial Measures **In addition to results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures, including pre-provision net revenue, operating net income, operating pre-tax income, net interest margin, excluding purchase accounting adjustments, operating noninterest expense, operating noninterest income, operating effective tax rate, operating earnings per share, basic, operating earnings per share, diluted, operating return on average assets, operating return on average shareholders' equity, operating efficiency ratio, tangible shareholders' equity, tangible assets and tangible book value per share. The Company's management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a Company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. **Forward-Looking Statements **Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (the "SEC"), in our annual reports to our stockholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Company believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Company's control. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions on a national basis and in the local markets in which the Company operates, including changes which adversely affect borrowers' ability to service and repay loans; changes in customer behavior due to political, business and economic conditions, including inflation and concerns about liquidity; turbulence in the capital and debt markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balances and mix of loans and deposits; changes in interest rates and real estate values; changes in loan collectability and increases in defaults and charge-off rates; decreases in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; risks related to the Company's acquisitions generally, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; unforeseen integration issues or impairment of other intangibles; and the Company's inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated; changing government regulation; competitive pressures from other financial institutions; changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents, fraud, natural disasters, and future pandemics; the risk that the Company may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Company's financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Company's Form 10-K and updated by our Quarterly Report on Form 10-Q and other filings submitted to the SEC. These statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events. **NB BANCORP, INC.** **SELECTED FINANCIAL HIGHLIGHTS** **(Unaudited)** **(Dollars in thousands, except per share data)** **As of and for the three months ended** **June** **30,** **2026** **March** **31,** **2026** **June** **30,** **2025** **Earnings data** Net interest income $ 69,145 $ 64,868 $ 47,007 Noninterest income 5,559 4,513 4,278 Total revenue 74,704 69,381 51,285 Provision for credit losses 3,193 6,328 3,161 Noninterest expense 44,017 42,701 29,405 Pre-tax income 27,494 20,352 18,719 Net income 21,123 14,984 14,579 Operating net income (non-GAAP) 21,877 15,791 15,043 Operating noninterest expense (non-GAAP) 43,072 41,667 28,875 **Per share data** Earnings per share, basic $ 0.53 $ 0.37 $ 0.39 Earnings per share, diluted 0.53 0.36 0.39 Operating earnings per share, basic (non-GAAP) 0.55 0.39 0.40 Operating earnings per share, diluted (non-GAAP) 0.55 0.38 0.40 Book value per share 19.22 18.83 18.09 Tangible book value per share (non-GAAP) 18.51 18.11 18.07 **Profitability** Return on average assets 1.17 % 0.87 % 1.13 % Operating return on average assets (non-GAAP) 1.21 % 0.92 % 1.16 % Return on average shareholders' equity 10.03 % 7.05 % 7.84 % Operating return on average shareholders' equity (non-GAAP) 10.39 % 7.43 % 8.09 % Net interest margin 4.00 % 3.93 % 3.82 % Net interest margin, excluding purchase accounting adjustments 3.87 % 3.82 % 3.82 % Cost of deposits 2.68 % 2.73 % 3.00 % Efficiency ratio 58.92 % 61.55 % 57.34 % Operating efficiency ratio (non-GAAP) 57.66 % 60.06 % 56.30 % **Balance sheet, end of period** Total assets $ 7,446,880 $ 7,226,649 $ 5,226,618 Total loans 6,482,821 6,273,881 4,540,969 Total deposits 6,320,090 6,097,200 4,268,115 Total shareholders' equity 842,002 842,778 737,122 **Asset quality** ACL $ 82,088 $ 80,195 $ 42,601 ACL / Total NPLs 296.8 % 176.0 % 341.4 % Total NPLs / Total loans 0.43 % 0.73 % 0.27 % Annualized net charge-offs / Average total loans (0.07) % (0.91) % 0.00 % **Capital ratios** Shareholders' equity / Total assets 11.31 % 11.66 % 14.10 % Tangible shareholders' equity / tangible assets (non-GAAP) 10.94 % 11.27 % 14.09 % **NB BANCORP, INC.** **CONSOLIDATED BALANCE SHEETS** **(Unaudited)** **(Dollars in thousands, except share and per share data)** **As of** **June** **30,** **2026 change from** **June** **30,** **2026** **March** **31,** **2026** **June** **30,** **2025** **March** **31,** **2026** **June** **30,** **2025** **Assets** Cash and due from banks $ 372,522 $ 327,951 $ 157,175 $ 44,571 13.6 % $ 215,347 137.0 % Federal funds sold 27,632 47,618 101,587 (19,986) (42.0) % (73,955) (72.8) % Total cash and cash equivalents 400,154 375,569 258,762 24,585 6.5 % 141,392 54.6 % Available-for-sale securities, at fair value 272,640 277,241 235,408 (4,601) (1.7) % 37,232 15.8 % Loans held for sale, at fair value 59,927 63,971 \- (4,044) (6.3) % 59,927 0.0 % Loans receivable, net of deferred fees 6,422,894 6,209,910 4,540,969 212,984 3.4 % 1,881,925 41.4 % Allowance for credit losses (82,088) (80,195) (42,601) (1,893) 2.4 % (39,487) 92.7 % Net loans 6,340,806 6,129,715 4,498,368 211,091 3.4 % 1,842,438 41.0 % Accrued interest receivable 28,898 27,150 20,386 1,748 6.4 % 8,512 41.8 % Banking premises and equipment, net 49,298 47,335 34,289 1,963 4.1 % 15,009 43.8 % Non-public investments 42,029 40,738 35,767 1,291 3.2 % 6,262 17.5 % Bank-owned life insurance ("BOLI") 97,370 110,586 55,711 (13,216) (12.0) % 41,659 74.8 % Prepaid expenses and other assets 69,228 67,749 57,277 1,479 2.2 % 11,951 20.9 % Goodwill 18,512 18,512 \- \- 0.0 % 18,512 0.0 % Core deposit intangible, net 17,519 18,411 1,005 (892) (4.8) % 16,514 1643.2 % Deferred income tax asset, net 50,499 49,672 29,645 827 1.7 % 20,854 70.3 % **Total assets** $ 7,446,880 $ 7,226,649 $ 5,226,618 $ 220,231 3.0 % $ 2,220,262 42.5 % **Liabilities and shareholders' equity** Deposits Core deposits $ 5,600,238 $ 5,527,148 $ 4,013,955 $ 73,090 1.3 % $ 1,586,283 39.5 % Brokered deposits 719,852 570,052 254,160 149,800 26.3 % 465,692 183.2 % Total deposits 6,320,090 6,097,200 4,268,115 222,890 3.7 % 2,051,975 48.1 % Mortgagors' escrow accounts 4,420 4,858 4,117 (438) (9.0) % 303 7.4 % Federal Home Loan Bank ("FHLB") borrowings 181,247 189,701 127,600 (8,454) (4.5) % 53,647 42.0 % Accrued expenses and other liabilities 77,549 70,983 68,235 6,566 9.3 % 9,314 13.6 % Accrued retirement liabilities 21,572 21,129 21,429 443 2.1 % 143 0.7 % **Total liabilities** 6,604,878 6,383,871 4,489,496 221,007 3.5 % 2,115,382 47.1 % **Shareholders' equity:** Preferred stock, $0.01 par value, 5,000,000 shares authorized; no shares issued and outstanding \- \- \- \- 0.0 % \- 0.0 % Common stock, $0.01 par value, 120,000,000 shares authorized; 43,818,490 issued and outstanding at June 30, 2026, 44,765,178 issued and outstanding at March 31, 2026 and 40,748,380 issued and outstanding at June 30, 2025 438 448 407 (10) (2.2) % 31 7.6 % Additional paid-in capital 415,841 432,858 358,793 (17,017) (3.9) % 57,048 15.9 % Unallocated common shares held by the Employee Stock Ownership Plan ("ESOP") (41,285) (41,873) (43,643) 588 (1.4) % 2,358 (5.4) % Retained earnings 474,970 456,978 427,707 17,992 3.9 % 47,263 11.1 % Accumulated other comprehensive loss (7,962) (5,633) (6,142) (2,329) 41.3 % (1,820) 29.6 % **Total shareholders' equity** 842,002 842,778 737,122 (776) (0.1) % 104,880 14.2 % **Total liabilities and shareholders' equity** $ 7,446,880 $ 7,226,649 $ 5,226,618 $ 220,231 3.0 % $ 2,220,262 42.5 % **NB BANCORP, INC.** **CONSOLIDATED STATEMENTS OF INCOME** **(Unaudited)** **(Dollars in thousands, except share and per share data)** **Three Months Ended June** **30,** **2026** **For the Three Months Ended** **Change From Three Months Ended** **June** **30,** **2026** **March** **31,** **2026** **June** **30,** **2025** **March** **31,** **2026** **June** **30,** **2025** **INTEREST AND DIVIDEND INCOME** Interest and fees on loans $ 106,574 $ 100,042 $ 74,719 $ 6,532 6.5 % $ 31,855 42.6 % Interest on securities 2,758 2,708 2,307 50 1.8 % 451 19.5 % Interest and dividends on cash equivalents and other 2,460 2,936 2,822 (476) (16.2) % (362) (12.8) % Total interest and dividend income 111,792 105,686 79,848 6,106 5.8 % 31,944 40.0 % **INTEREST EXPENSE** Interest on deposits 40,686 39,579 31,690 1,107 2.8 % 8,996 28.4 % Interest on borrowings 1,961 1,239 1,151 722 58.3 % 810 70.4 % Total interest expense 42,647 40,818 32,841 1,829 4.5 % 9,806 29.9 % **NET INTEREST INCOME** 69,145 64,868 47,007 4,277 6.6 % 22,138 47.1 % **PROVISION FOR CREDIT LOSSES** Provision for credit losses - loans 2,994 6,382 4,244 (3,388) (53.1) % (1,250) (29.5) % Provision for (release of) credit losses - unfunded commitments 199 (54) (1,083) 253 468.5 % 1,282 (118.4) % Total provision for credit losses 3,193 6,328 3,161 (3,135) (49.5) % 32 1.0 % **NET INTEREST INCOME AFTER** **PROVISION FOR CREDIT LOSSES** 65,952 58,540 43,846 7,412 12.7 % 22,106 50.4 % **NONINTEREST INCOME** Customer service fees 3,681 3,131 2,554 550 17.6 % 1,127 44.1 % Increase in cash surrender value of BOLI 962 853 787 109 12.8 % 175 22.2 % Mortgage banking income 92 119 120 (27) (22.7) % (28) (23.3) % Swap contract income 72 201 524 (129) (64.2) % (452) (86.3) % Gain (loss) on sale of loans, net 227 (1) 21 228 22800.0 % 206 981.0 % Other income 525 210 272 315 150.0 % 253 93.0 % Total noninterest income 5,559 4,513 4,278 1,046 23.2 % 1,281 29.9 % **NONINTEREST EXPENSE** Salaries and employee benefits 25,549 25,468 18,567 81 0.3 % 6,982 37.6 % Director and professional service fees 3,816 4,049 2,943 (233) (5.8) % 873 29.7 % Occupancy and equipment expenses 2,468 2,491 1,465 (23) (0.9) % 1,003 68.5 % Data processing expenses 4,899 4,439 2,493 460 10.4 % 2,406 96.5 % Marketing and charitable contribution expenses 1,530 1,033 954 497 48.1 % 576 60.4 % FDIC and state insurance assessments 1,584 1,152 883 432 37.5 % 701 79.4 % General and administrative expenses 4,171 4,069 2,100 102 2.5 % 2,071 98.6 % Total noninterest expense 44,017 42,701 29,405 1,316 3.1 % 14,612 49.7 % **INCOME BEFORE TAXES** 27,494 20,352 18,719 7,142 35.1 % 8,775 46.9 % **INCOME TAX EXPENSE** 6,371 5,368 4,140 1,003 18.7 % 2,231 53.9 % **NET INCOME** $ 21,123 $ 14,984 $ 14,579 $ 6,139 41.0 % $ 6,544 44.9 % Weighted average common shares outstanding, basic 39,693,140 40,969,748 37,191,460 (1,276,608) (3.1) % 2,501,680 6.7 % Weighted average common shares outstanding, diluted 40,000,305 41,421,002 37,550,409 (1,420,697) (3.4) % 2,449,896 6.5 % Earnings per share, basic $ 0.53 $ 0.37 $ 0.39 $ 0.16 43.2 % $ 0.14 35.9 % Earnings per share, diluted $ 0.53 $ 0.36 $ 0.39 $ 0.17 47.2 % $ 0.14 35.9 % **NB BANCORP, INC.** **AVERAGE BALANCES, INTEREST EARNED/PAID & AVERAGE YIELDS** **(Unaudited)** **(Dollars in thousands)** **For** **the Three Months Ended** **June** **30,** **2026** **March** **31,** **2026** **June** **30,** **2025** **Average** **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) $ 6,377,025 $ 106,574 6.70 % $ 6,090,227 $ 100,042 6.66 % $ 4,479,479 $ 74,719 6.69 % Securities 279,196 2,758 3.96 % 273,308 2,708 4.02 % 232,812 2,307 3.97 % Other investments (5) 34,301 612 7.16 % 28,275 265 3.80 % 28,525 605 8.51 % Short-term investments (5) 237,667 1,848 3.12 % 295,394 2,671 3.67 % 200,524 2,217 4.43 % Total interest-earning assets 6,928,189 111,792 6.47 % 6,687,204 105,686 6.41 % 4,941,340 79,848 6.48 % Non-interest-earning assets 394,611 375,966 277,915 Allowance for credit losses (81,276) (88,102) (39,931) Total assets $ 7,241,524 $ 6,975,068 $ 5,179,324 **Interest-bearing liabilities:** Savings accounts $ 210,544 324 0.62 % $ 207,681 263 0.51 % $ 119,736 134 0.45 % NOW accounts 701,167 2,265 1.30 % 639,347 2,006 1.27 % 469,472 1,259 1.08 % Money market accounts 1,699,366 12,783 3.02 % 1,711,672 12,732 3.02 % 1,090,163 9,062 3.33 % Certificates of deposit and individual retirement accounts 2,595,290 25,314 3.91 % 2,497,213 24,578 3.99 % 1,964,678 21,235 4.34 % Total interest-bearing deposits 5,206,367 40,686 3.13 % 5,055,913 39,579 3.17 % 3,644,049 31,690 3.49 % FHLB borrowings 209,002 1,961 3.76 % 135,441 1,239 3.71 % 103,406 1,151 4.46 % Total interest-bearing liabilities 5,415,369 42,647 3.16 % 5,191,354 40,818 3.19 % 3,747,455 32,841 3.52 % Non-interest-bearing deposits 883,487 824,839 593,136 Other non-interest-bearing liabilities 98,225 97,370 93,063 Total liabilities 6,397,081 6,113,563 4,433,654 Shareholders' equity 844,443 861,505 745,670 Total liabilities and shareholders' equity $ 7,241,524 $ 6,975,068 $ 5,179,324 Net interest income $ 69,145 $ 64,868 $ 47,007 Net interest rate spread (1) 3.31 % 3.22 % 2.96 % Net interest-earning assets (2) $ 1,512,820 $ 1,495,850 $ 1,193,885 Net interest margin (3) 4.00 % 3.93 % 3.82 % Average interest-earning assets to interest-bearing liabilities 127.94 % 128.81 % 131.86 % (1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. (2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (3) Net interest margin represents net interest income divided by average total interest-earning assets. (4) Annualized. (5) Loans include loans held for sale, at fair value. Other investments are comprised of Federal Reserve Bank stock, FHLB stock and swap collateral accounts. Short-term investments are comprised of cash and cash equivalents. **NB BANCORP, INC.** **COMMERCIAL REAL ESTATE BY COLLATERAL TYPE** **(Unaudited)** **(Dollars in thousands)** **June** **30,** **2026** **Owner-Occupied** **Non-Owner-Occupied** **Balance** **Percentage** Multi-Family $ — $ 567,722 $ 567,722 20 % Industrial 185,270 163,112 348,382 13 % Office 44,635 291,110 335,745 12 % Hospitality 41,266 247,242 288,508 11 % Mixed-Use 22,408 225,392 247,800 9 % Retail 126,323 109,201 235,524 9 % Cannabis Facility 201,153 8,913 210,066 8 % Special Purpose 84,655 69,837 154,492 6 % Recreational Vehicle Parks 13,255 65,162 78,417 3 % Self Storage Facilities — 71,147 71,147 3 % Other 87,282 64,164 151,446 6 % Total commercial real estate $ 806,247 $ 1,883,002 $ 2,689,249 100 % **Change From March** **31,** **2026** **Change From June** **30,** **2025** **Owner-Occupied** **Non-Owner-Occupied** **Balance** **Percentage** **Owner-Occupied** **Non-Owner-Occupied** **Balance** **Percentage** Multi-Family $ — $ 29,558 $ 29,558 5 % $ — $ 250,977 $ 250,977 79 % Industrial 55,111 6,772 61,883 22 % 98,479 50,105 148,584 74 % Office 2,706 (2,552) 154 0 % 18,478 110,801 129,279 63 % Hospitality 1,996 (11,711) (9,715) (3) % 41,266 75,083 116,349 68 % Mixed-Use (922) 24,693 23,771 11 % 14,765 65,014 79,779 47 % Retail 73,112 (5,164) 67,948 41 % 86,769 22,358 109,127 86 % Cannabis Facility (3,613) (85) (3,698) (2) % (54,604) (6,185) (60,789) (22) % Special Purpose (2,298) 8,159 5,861 4 % 6,535 12,860 19,395 14 % Recreational Vehicle Parks (125) 13,159 13,034 20 % 13,255 65,162 78,417 100 % Self Storage Facilities — (16,443) (16,443) (19) % — 71,147 71,147 100 % Other 38,079 15,791 53,870 55 % 47,462 9,372 56,834 60 % Total commercial real estate $ 164,046 $ 62,177 $ 226,223 9 % $ 272,405 $ 726,694 $ 999,099 59 % **March** **31,** **2026** **June** **30,** **2025** **Owner-Occupied** **Non-Owner-Occupied** **Balance** **Percentage** **Owner-Occupied** **Non-Owner-Occupied** **Balance** **Percentage** Multi-Family $ — $ 538,164 $ 538,164 21 % $ — $ 316,745 $ 316,745 19 % Industrial 130,159 156,340 286,499 12 % 86,791 113,007 199,798 12 % Office 41,929 293,662 335,591 13 % 26,157 180,309 206,466 12 % Hospitality 39,270 258,953 298,223 12 % — 172,159 172,159 10 % Mixed-Use 23,330 200,699 224,029 9 % 7,643 160,378 168,021 10 % Retail 53,211 114,365 167,576 7 % 39,554 86,843 126,397 7 % Cannabis Facility 204,766 8,998 213,764 9 % 255,757 15,098 270,855 16 % Special Purpose 86,953 61,678 148,631 6 % 78,120 56,977 135,097 8 % Recreational Vehicle Parks 13,380 52,003 65,383 3 % — — — 0 % Self Storage Facilities — 87,590 87,590 4 % — — — 0 % Other 49,203 48,373 97,576 4 % 39,820 54,792 94,612 6 % Total commercial real estate $ 642,201 $ 1,820,825 $ 2,463,026 100 % $ 533,842 $ 1,156,308 $ 1,690,150 100 % **NB BANCORP, INC.** **NON-GAAP RECONCILIATION** **(Unaudited)** **(Dollars in thousands)** **For the Three Months Ended** **June** **30,** **2026** **March** **31,** **2026** **June** **30,** **2025** Net income (GAAP) $ 21,123 $ 14,984 $ 14,579 **Add (Subtract):** Adjustments to net income: Non-recurring fees for business line expansion 649 500 \- BOLI surrender tax and modified endowment contract penalty 27 50 64 Merger and acquisition expenses 296 534 530 Total adjustments to net income $ 972 $ 1,084 $ 594 Less net tax benefit associated with pre-tax non-GAAP adjustments to net income 218 277 130 Non-GAAP adjustments, net of tax 754 807 464 **Operating net income (non-GAAP)** $ 21,877 $ 15,791 $ 15,043 Weighted average common shares outstanding, basic 39,693,140 40,969,748 37,191,460 Weighted average common shares outstanding, diluted 40,000,305 41,421,002 37,550,409 **Operating earnings per share, basic (non-GAAP)** $ 0.55 $ 0.39 $ 0.40 **Operating earnings per share, diluted (non-GAAP)** $ 0.55 $ 0.38 $ 0.40 Pre-tax income (GAAP) $ 27,494 $ 20,352 $ 18,719 **Add (Subtract):** Adjustments to pre-tax income: Non-recurring fees for business line expansion 649 500 \- Merger and acquisition expenses 296 534 530 Total adjustments to pre-tax income 945 1,034 530 **Operating pre-tax income (non-GAAP)** $ 28,439 $ 21,386 $ 19,249 Net interest income (GAAP) $ 69,145 $ 64,868 $ 47,007 **Subtract (Add):** Adjustments to net interest income: Purchase accounting adjustments 1,972 1,623 \- Total impact of non-GAAP interest net income adjustments $ 1,972 $ 1,623 $ \- **Net interest income, excluding purchase accounting adjustments (non-GAAP)** $ 67,173 $ 63,245 $ 47,007 Noninterest expense (GAAP) $ 44,017 $ 42,701 $ 29,405 **Subtract (Add):** Adjustments to noninterest expense: Non-recurring fees for business line expansion 649 500 \- Merger and acquisition expenses 296 534 530 Total impact of non-GAAP noninterest expense adjustments $ 945 $ 1,034 $ 530 **Operating noninterest expense (non-GAAP)** $ 43,072 $ 41,667 $ 28,875 Operating net income (non-GAAP) $ 21,877 $ 15,791 $ 15,043 Average assets 7,241,524 6,975,068 5,179,324 **Operating return on average assets (non-GAAP)** 1.21 % 0.92 % 1.16 % Average shareholders' equity $ 844,443 $ 861,505 $ 745,670 **Operating return on average shareholders' equity (non-GAAP)** 10.39 % 7.43 % 8.09 % Operating noninterest expense (non-GAAP) $ 43,072 $ 41,667 $ 28,875 Total pre-provision net revenue (net interest income plus total noninterest income) 74,704 69,381 51,285 **Operating efficiency ratio (non-GAAP)** 57.66 % 60.06 % 56.30 % Income tax expense (GAAP) $ 6,371 $ 5,368 $ 4,140 **Add (Subtract):** Adjustments to income tax expense: Net tax benefit associated with pre-tax non-GAAP adjustments to net income 218 277 \- BOLI surrender tax and modified endowment contract penalty (27) (50) (64) Total impact of non-GAAP income tax expense adjustments $ 191 $ 227 $ (64) **Operating income tax expense (non-GAAP)** $ 6,562 $ 5,595 $ 4,076 **Operating effective tax rate (non-GAAP)** 23.1 % 26.2 % 21.2 % **As of** **June** **30,** **2026** **March** **31,** **2026** **June** **30,** **2025** Total shareholders' equity (GAAP) $ 842,002 $ 842,778 $ 737,122 **Subtract:** Intangible assets (core deposit intangible, net of tax and goodwill) 31,023 32,067 782 **Total tangible shareholders' equity (non-GAAP)** 810,979 810,711 736,340 Total assets (GAAP) 7,446,880 7,226,649 5,226,618 **Subtract:** Intangible assets (core deposit intangible, net of tax and goodwill) 31,023 32,067 782 **Total tangible assets (non-GAAP)** $ 7,415,857 $ 7,194,582 $ 5,225,836 Tangible shareholders' equity / tangible assets (non-GAAP) 10.94 % 11.27 % 14.09 % Total common shares outstanding 43,818,490 44,765,178 40,748,380 **Tangible book value per share (non-GAAP)** $ 18.51 $ 18.11 $ 18.07 **NB BANCORP, INC.** **ASSET QUALITY – NON-PERFORMING ASSETS** **(1)** **(Unaudited)** **(Dollars in thousands)** **June** **30,** **2026** **March** **31,** **2026** **June** **30,** **2025** Real estate loans: One-to-four-family residential $ 2,963 $ 1,763 $ 3,030 Home equity 1,547 1,673 1,368 Commercial real estate 957 394 1,984 Construction and land development \- 10 10 Commercial and industrial 20,446 38,885 4,558 Consumer 1,747 2,838 1,528 Total $ 27,660 $ 45,563 $ 12,478 Total non-performing loans to total loans 0.43 % 0.73 % 0.27 % Total non-performing PCD loans to total loans (2) 0.22 % 0.49 % 0.00 % Total non-performing non-PCD loans to total loans 0.21 % 0.24 % 0.27 % Total non-performing assets to total assets 0.37 % 0.63 % 0.24 % Total non-performing PCD assets to total assets 0.19 % 0.42 % 0.00 % Total non-performing non-PCD assets to total assets 0.18 % 0.21 % 0.24 % (1) Non-performing loans and assets are comprised of non-accrual loans. (2) PCD loans were the result of the BankProv acquisition closed on 11/15/25 and did not exist prior to that date. **NB BANCORP, INC.** **ASSET QUALITY – PROVISION, ALLOWANCE, AND NET (CHARGE-OFFS) RECOVERIES** **(Unaudited)** **(Dollars in thousands)** **For** **the Three Months Ended** **June** **30,** **2026** **March** **31,** **2026** **June** **30,** **2025** Allowance for credit losses at beginning of the period $ 80,195 $ 87,411 $ 38,338 Provision for credit losses 2,994 6,382 4,244 Charge-offs: One-to-Four-Family Residential — (56) — Commercial & Industrial (294) (12,370) — Consumer (2,081) (1,409) (1,190) Commercial real estate (10) — — Total charge-offs (2,385) (13,835) (1,190) Recoveries of loans previously charged off: Commercial and industrial 1,188 12 12 Commercial real estate — — 923 Consumer 96 225 274 Total recoveries 1,284 237 1,209 Net charge-offs (1,101) (13,598) 19 Allowance for credit losses at end of the period $ 82,088 $ 80,195 $ 42,601 Allowance to non-performing loans 297 % 176 % 341.4 % Allowance to total loans outstanding at the end of the period 1.28 % 1.29 % 0.94 % Annualized net charge-offs to average loans outstanding during the period (0.07) % (0.91) % 0.00 % Annualized net charge-offs to average loans outstanding during the period – PCD loans (1) 0.00 % (0.82) % 0.00 % Annualized net charge-offs to average loans outstanding during the period – Non-PCD loans (0.07) % (0.08) % 0.00 % (1) PCD loans were the result of the BankProv acquisition closed on 11/15/25 and did not exist prior to that date. 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