Business
NB Bancorp, Inc. Reports First Quarter 2026 Financial Results, Declares Quarterly Cash Dividend
NEEDHAM, Mass., April 22, 2026 /PRNewswire/ -- NB Bancorp, Inc. (the "Company") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the
About this update from Nb Bancorp, Inc.
[{"type":"text","content":"NEEDHAM, Mass., April 22, 2026 /PRNewswire/ -- NB Bancorp, Inc. (the \"Company\") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the \"Bank\"), today announced its first quarter 2026 financial results. The Company reported net income of $15.0 million, or $0.36 per diluted common share, compared to net income of $7.7 million, or $0.19 per diluted common share, for the prior quarter. Operating net income(1), excluding one-time charges, amounted to $15.8 million, or $0.38 per diluted common share, compared to operating net income(1) of $21.2 million, or $0.51 per diluted common share for the prior quarter. The primary difference between net income and operating net income(1) for the first quarter of 2026 was a result of trailing merger and acquisition costs of $534 thousand (pre-tax) related to the Company's completed acquisition of Provident Bancorp, Inc. (\"Provident\") and its subsidiary, BankProv, on November 15, 2025 and non-recurring fees for business line expansion of $500 thousand (pre-tax).\n \n \n \n \n \n \n \n\"The first quarter of 2026 marked a pivotal transition for Needham Bank, following the seamless and successful integration of Provident. As a unified organization, we are advancing our technology infrastructure across a broad range of banking systems to position us for increased revenue growth, with a focus on expanding our cash management and payments capabilities and scalability. While expenses increased from front loading these strategic investment costs and the expenditure related to implementing and operating systems in parallel – necessary to preserve business and customer continuity – we anticipate these investments to drive substantial benefits for both customers and shareholders beginning in the second half of 2026, creating value as we pursue ongoing growth. We continued to execute our strategic plan with discipline, evidenced by strong core fundamentals, growing loans and core deposits on an annualized basis during the quarter by 15.0% and 15.7%, respectively, as we deepened and added more business and consumer relationships. Other key performance highlights include solid operating earnings per diluted share of $0.38, operating return on average equity of 7.43%, and consistently high credit quality. Net interest income increased 10.4% from the prior quarter, expanding net interest m...