Business
NB Bancorp, Inc. Reports Second Quarter 2024 Financial Results
NEEDHAM, Mass., July 24, 2024 /PRNewswire/ -- NB Bancorp, Inc. (the "Company") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank, today
About this update from Nb Bancorp, Inc.
[{"type":"text","content":"NEEDHAM, Mass., July 24, 2024 /PRNewswire/ -- NB Bancorp, Inc. (the \"Company\") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank, today announced its second quarter 2024 financial results.\n\nSELECTED FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER OF 2024\nNet income of $9.5 million, or $0.24 per diluted share, compared to net income of $8.7 million, or $0.22 per diluted share, for the prior quarter.Gross loans increased $142.7 million, or 3.6%, to $4.10 billion, from the prior quarter.Net interest margin on a fully-tax equivalent basis decreased 15 basis points to 3.45%.Asset quality remains strong:Annualized net charge-offs of 0.09% of average total loans and non-performing loans of $20.7 million, or 0.51% of total loans. All of the charge-offs in the quarter were in the purchased consumer loan portfolio.The increase in non-performing loans was primarily due to a $6.2 million office loan that was placed on non-accrual during the quarter. The Company also reserved $1.0 million against this loan during the quarter in the allowance for credit losses (\"ACL\").Provision for the ACL was $3.7 million, down from $4.4 million in the prior quarter and contributing to an increase in the ACL of $3.6 million, increasing ACL as a percentage of total loans to 0.92%.Total deposits increased $145.9 million, or 3.9%, from the prior quarter. There was no change in the brokered deposit balance, therefore the $145.9 million increase represents core deposit growth of 4.2%, for the quarter.Borrowings and brokered deposits totaled 7.5% of total assets, compared to 7.8% in the prior quarter.Strong capital position with 15.5% shareholders' equity to total assets and 15.5% tangible shareholders' equity to tangible assets.Book value per share and tangible book value per share were $17.43 and $17.41, respectively.\"We had a very successful second quarter, with loans growing 3.6% during the quarter while deposit growth continues to outpace the loan growth. We continue to see strong loan demand in our market and have continued to show that we can generate deposits to keep pace with the loan demand. Net income was $0.24 per share for the quarter, and we are poised to head into the third quarter in a strong balance sheet position,\" said Joseph Campanelli, Chairman, President and Chief Executive Officer. \"Tangible book value per share grew $...