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NB Bancorp, Inc. Reports Fourth Quarter 2024 Financial Results and Announces Commencement of Share Repurchase Plan
NEEDHAM, Mass., Jan. 22, 2025 /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., Jan. 22, 2025 /PRNewswire/ -- NB Bancorp, Inc. (the \"Company\") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the \"Bank\"), today announced its fourth quarter 2024 financial results. The Company reported net income of $15.6 million, or $0.40 per diluted share, compared to net income of $8.4 million, or $0.21 per diluted share, for the prior quarter. Operating net income, excluding one-time charges, amounted to $13.3 million, or $0.34 per diluted share, compared to operating net income of $13.1 million, or $0.33 per diluted share for the prior quarter.\n\n \n \n \n \n \n \n\n \n\"We completed our first full year as a public company with a strong financial performance. Results for the fourth quarter include operating net income of $0.34 per share for the quarter and another quarter where our deposit growth outpaced loan growth, which were both impressive, at 3.3% and 2.0%, respectively. Tangible book value ended the year at $17.89, as we are happy to announce the commencement of our first share repurchase program, whereby we plan to prudently manage our capital levels as we head into 2025 with continued growth opportunities,\" commented Joseph Campanelli, Chairman, President and Chief Executive Officer. \"Our first year as a public company was successful in many facets and we look forward to continued growth and success as we begin our second year of continuing to create shareholder value,\" Campanelli continued.\nThe Company announced today that it has adopted a stock repurchase program for up to 2,135,286 shares of the Company's common stock, which equals approximately 5.0% of the shares currently outstanding. This is the Company's first stock repurchase program since completing its mutual-to-stock conversion and related stock offering in December 2023.\nSELECTED FINANCIAL HIGHLIGHTS FOR THE FOURTH QUARTER OF 2024\nNet income of $15.6 million, or $0.40 per diluted share, compared to net income of $8.4 million, or $0.21 per diluted share, for the prior quarter. Operating net income, excluding one-time charges, amounted to $13.3 million, or $0.34 per diluted share, compared to operating net income of $13.1 million, or $0.33 per diluted share for the prior quarter. One-time charges during the current quarter include:Tax benefit related to an adjustment to a basis write-down of solar income ta...