Business
NB Bancorp, Inc. Reports Second Quarter 2025 Financial Results, Initiates Quarterly Cash Dividend
NEEDHAM, Mass., July 23, 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., July 23, 2025 /PRNewswire/ -- NB Bancorp, Inc. (the \"Company\") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the \"Bank\"), today announced its second quarter 2025 financial results. The Company reported net income of $14.6 million, or $0.39 per diluted common share, compared to net income of $12.7 million, or $0.33 per diluted common share, for the prior quarter. Operating net income, excluding one-time charges, amounted to $15.0 million, or $0.40 per diluted common share, compared to operating net income of $13.7 million, or $0.35 per diluted common share for the prior quarter. The primary difference between net income and operating net income for the second quarter of 2025 was merger and acquisition costs of $530 thousand 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\n \n\"Our second quarter was an exciting period for our entire team as we delivered record earnings, commenced our second share repurchase program and announced our pending acquisition of Provident. We are focused on continued execution of our growth strategy and anticipate closing and converting the acquisition in the fourth quarter of 2025. We were able to continue growing loans during the second quarter, which grew at an annualized rate of 6.8%. However, core deposits remained relatively flat as we prepared for the recent conversion to Q2, an advanced cash management and treasury services platform for commercial customers. Additionally, net interest margin expanded by 21 basis points to 3.82% for the second quarter from 3.61% in the first quarter. We also repurchased over 1.1 million shares in our outstanding share repurchase program with an average per share price of $17.08, providing accretive value to our shareholders. We look forward to the second half of 2025, which we expect will provide the Company with additional growth opportunities on both sides of the balance sheet,\" commented Joseph Campanelli, Chairman, President and Chief Executive Officer. \"We look forward to continuing to grow market share and taking advantage of opportunities that arise while we prudently manage shareholders' equity and enhance shareholder value,\" Campanelli continued.\nDeclaration of DividendThe Board of ...