Business
/C O R R E C T I O N -- Needham Bank/
In the news release, NB Bancorp, Inc. Reports Third Quarter 2025 Financial Results, Declares Quarterly Cash Dividend, issued 22-Oct-2025 by Needham Bank over
About this update from Nb Bancorp, Inc.
[{"type":"text","content":"In the news release, NB Bancorp, Inc. Reports Third Quarter 2025 Financial Results, Declares Quarterly Cash Dividend, issued 22-Oct-2025 by Needham Bank over PR Newswire, we are advised by the company that under the \"ASSET QUALITY\" header in the text portion of the release, the second sentence in the third bullet point, beginning with \"The decrease was primarily due to...\" has been amended. The complete, corrected release follows:\n NB Bancorp, Inc. Reports Third Quarter 2025 Financial Results, Declares Quarterly Cash Dividend\n \n NEEDHAM, Mass., Oct. 22, 2025 /PRNewswire/ -- NB Bancorp, Inc. (the \"Company\") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the \"Bank\"), today announced its third quarter 2025 financial results. The Company reported net income of $15.4 million, or $0.43 per diluted common share, compared to net income of $14.6 million, or $0.39 per diluted common share, for the prior quarter. Operating net income(1), excluding one-time charges, amounted to $16.0 million, or $0.45 per diluted common share, compared to operating net income(1) of $15.0 million, or $0.40 per diluted common share for the prior quarter. The primary difference between net income and operating net income(1) for the third quarter of 2025 was merger and acquisition costs of $994 thousand (pre-tax) related to the Company's pending acquisition of Provident Bancorp, Inc. (\"Provident\") and its subsidiary, BankProv, which was announced on June 5, 2025.\n \n \n \n \n \n \n \n \"During the third quarter, we continued to deliver strong, record earnings as we executed our growth strategy. We look forward to the anticipated closing and conversion of our acquisition of Provident in the fourth quarter of 2025. We were able to expand new relationships with consumers and businesses across our markets resulting in an increase in both loans and deposits during the third quarter at annualized rates of 15.4% and 27.9%, respectively. We were able to reduce our loan to deposit ratio from 106% to 103% quarter over quarter. However, net interest margin declined by 4 basis points to 3.78% for the third quarter from 3.82% in the second quarter, as a result of a decrease in default interest income earned on loan workouts from the prior quarter, along with loans re-pricing and interest expense associated with two cash flow hedges execute...