Business
NB Bancorp, Inc. Reports Fourth Quarter 2025 Financial Results, Declares Quarterly Cash Dividend, Announces Share Repurchase Plan
NEEDHAM, Mass., Jan. 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., Jan. 22, 2026 /PRNewswire/ -- NB Bancorp, Inc. (the \"Company\") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the \"Bank\"), today announced its fourth quarter 2025 financial results. The Company reported net income of $7.7 million, or $0.19 per diluted common share, compared to net income of $15.4 million, or $0.43 per diluted common share, for the prior quarter. Operating net income(1), excluding one-time charges, amounted to $21.2 million, or $0.51 per diluted common share, compared to operating net income(1) of $16.0 million, or $0.45 per diluted common share for the prior quarter. The primary difference between net income and operating net income(1) for the fourth quarter of 2025 was merger and acquisition costs of $15.7 million (pre-tax) related to the Company's completed acquisition of Provident Bancorp, Inc. (\"Provident\") and its subsidiary, BankProv, on November 15, 2025, and $2.1 million of tax expense and modified endowment contract penalty related to the surrender of bank-owned life insurance (\"BOLI\") policies acquired from BankProv.\n \n \n \n \n \n \n \n\"The fourth quarter was a monumental quarter for Needham Bank as a result of the merger with Provident. During the same weekend that the merger closed, we converted BankProv customers onto our core system. The team, comprised of both Needham Bank and BankProv employees, worked diligently to prepare us to successfully execute on the conversion. Our actual results were better than our pro-forma estimates, with tangible book value dilution of 5.3%, compared to our estimated 6.1% and merger-related expenses were $2.4 million (pre-tax) lower than our projections. We look forward to beginning 2026 as one team with all of the merger activities behind us. In addition to completing and converting BankProv, we continued to execute on our strategic plan, growing loans (excluding those transferred to loans held for sale) and core deposits organically during the quarter, on an annualized basis, by 9.4% and 12.1%, respectively. Our operating results for the quarter were strong, with operating earnings per share of $0.51 and operating return on average assets and average equity of 1.35% and 10.51%, respectively. Net interest margin expanded by 14 basis points for the quarter and expanded by 40 basis points compared to the fourth quarter ...