Nb Bancorp, Inc. · NASDAQ:NBBK
Nb Bancorp — KBW Investor Conference 2025
45 slides from Nb Bancorp's conference presentation, Nov 4, 2025
Slide 1: KBW Investor Conference, November 4, 2025
1 November 4, 2025 KBW Investor Conference
Slide 2: Forward Looking Statements
2 Forward Looking Statements Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to b e covered
Slide 3: NB Bancorp, Inc. Overview
NB Bancorp, Inc. Overview LO)
Slide 4: Overview of NB Bancorp, Inc.
4 Overview of NB Bancorp, Inc. NASDAQCM: NBBK Headquartered: Needham, MA IPO: December 2023; Raised ~$410M in gross proceeds Sixth largest public community bank headquartered in Massachusetts The “Builder’s Bank” with deep community relationships and extensive expertise Full-service bank with an arr
Slide 5: Performance Post-IPO
5 Performance Post-IPO 5 1) See Appendix for reconciliation of non-GAAP financial metrics • Asset Growth in $M +16.7% • Deposits in $M +14.8% • Operating EPS1 +78.3% • Net Interest Margin YTD +7.5% • Operating ROAA1 +28.3% • Share Price +43.3% $0.26 $1.20 IPO Q3'25 3.48% 3.74% IPO Q3'25
Slide 6: Local Market: Boston MSA and Massachusetts Economy
6 Largest Employers Boston MSA 2026-2031 Projected HHI Δ Massachusetts 2024 GDP by Industry Boston MSA Median HHI ($) Industry Drivers of Local Market 1) Other industries include accommodation and food services, waste management and remediation services, educational services, management of companies
Slide 7: Experienced Institutional Leadership
7 Experienced Institutional Leadership Joseph Campanelli Chairman, President & CEO William Darcey President & CEO – Provider Insurance Group Paul J. Ayoub Chair – Nutter McClennen & Fish LLP Susan Elliott Retired EVP – Federal Home Loan Bank of Boston Angela Jackson CEO – Future Forward Strategies C
Slide 8: Investment Highlights
8 Investment Highlights Experienced management team and talent base to grow market share, invest for the future and serve the community Focused on driving franchise value via relationship-based banking and active community involvement History of consistent earnings through various market cycles Exce
Slide 9: Financial Highlights for the Third Quarter 2025
9 Financial Highlights for the Third Quarter 2025 • GAAP Net income of $15.4 million, or $0.43 per diluted share for the quarter. • Operating Net Income1 (Non-GAAP) of $16.0 million, or $0.45 per diluted share for the quarter. • Gross loans increased $175.0 million, or 3.9%, to $4.72 billion, from $
Slide 10: Financial Highlights for the Third Quarter 2025 (Continued)
10 Financial Highlights for the Third Quarter 2025 (Continued) • Borrowings and brokered deposits totaled 7.9% of total assets, which is 60 bps higher than the prior quarter, resulting primarily from utilizing more brokered deposits to replace maturing FHLB advances and fund loan growth as FHLB adva
Slide 11: Financial Overview
Financial Overview LO)
Slide 12: History of Targeted Balance Sheet Growth
12 Total Deposits ($M) Tangible Common Equity ($M) Total Assets ($M) Total Gross Loans ($M) History of Targeted Balance Sheet Growth 12 $2,999 $2,923 $3,592 $4,533 $5,158 $5,242 $5,227 $5,442 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 $2,195 $2,105 $3,015 $3,889 $4,333 $4,465 $4,541 $4,716 2020 2021
Slide 13: Track Record of Strong Performance
13 Operating Return on Avg. Tangible Common Equity (%)1, 2 Operating Net Income ($M)1, 2 Operating Return on Average Assets (%)¹ Operating Return on Average Equity (%)¹ Track Record of Strong Performance 1) See Appendix for reconciliation of non-GAAP financial metrics 2) Q1 through Q3 ’25 operating
Slide 14: Track Record of Strong Performance (Cont.)
14 Operating Noninterest Income / Average Assets (%)¹ Operating Noninterest Expense / Average Assets (%)¹ Net Interest Margin (%) Operating Efficiency Ratio (%)¹ Track Record of Strong Performance (Cont.) 1) See Appendix for reconciliation of non-GAAP financial metrics 14 2.83% 2.81% 3.49% 3.41% 3.5
Slide 15: Capital Ratios (Indicative)
15 11.28%¹ 17.41%² 16.27%² 16.16%² 15.59%² 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 10.54% 16.51% 15.40% 15.24% 14.68% 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Tier 1 Capital Ratio (%) Total Capital Ratio (%) Tangible Common Equity / Tangible Assets (%) Leverage Ratio (%) Capital Ratios (Indicat
Slide 16: Loan Portfolio & Asset Quality
16 Loan Portfolio & Asset Quality
Slide 17: Diversified Loan Portfolio
17 Note: Loan composition reflects regulatory holding company data Diversified Loan Portfolio Q3’25 Yield on Loans: 6.65% $4.7B Q3’25 Total 17 Commercial Real Estate 31% 1-4 Family including HELOCs 27% Construction & Development 14% Commercial & Industrial 14% Multifamily 9% Consumer 6%
Slide 18: Loan Portfolio Stats – September 30, 2025
18 Loan balances above are not shown net of deferred fees Loan Portfolio Stats – September 30, 2025 Loan Type Balance Wtd. Avg. Rate Wtd. Avg. Maturity (Yrs) Fixed Rate (%) Variable Rate (%) Commercial Real Estate $1,449,675 6.54% 9.4 19.0% 81.0% 1-4 Family (incl. HELOCs) $1,272,835 5.30% 25.8 43.3%
Slide 19: Loan Portfolio Concentrations
19 Construction & Development / Total Indicative Risk-Based Capital (%)¹ Commercial Real Estate / Total Indicative Risk-Based Capital (%)¹ Loan Portfolio Concentrations 1) Financials reflect regulatory holding company data 19 280% 277% 342% 187% 202% 220% 241% 252% 2020 2021 2022 2023 2024 Q1'25 Q2'
Slide 20: Commercial Real Estate Portfolio
20 Owner-Occupied CRE By Collateral Type Non-Owner-Occupied CRE By Collateral Type Commercial Real Estate Portfolio $560M Q3’25 Total $1.32B Q3’25 Total 20 Cannabis Facility 46% Special Purpose 14% Industrial 14% Other 8% Retail 7% Hospitality 6% Office 5% Multi-Family 33% Hospitality 16% Office 13%
Slide 21: Needham Bank CRE Loan Examples
21 Loans Needham Bank Makes Loans Needham Bank Doesn’t Make Needham Bank CRE Loan Examples 21
Slide 22: Office Portfolio Overview
22 Office Portfolio Overview • Our $216.9 million office portfolio consists principally of suburban Class A and B office space used as medical and traditional offices. The portfolio does not consist of high-rise towers located in Boston. $217M Q3’25 Total 22 Office Portfolio as of 9/30/2025 Weighted
Slide 23: Overview of C&I Portfolio
23 C&I By Type C&I By Geography Overview of C&I Portfolio $652M Q3’25 Total $652M Q3’25 Total 23 Structured Finance 28% Cannabis Bridge Financing 16% Middle Market 16% Renewable Energy 14% Small Business / Other 12% Bridge Financing 10% Cannabis 4% Boston 13% Newport Beach, CA 11% Salem, NH 7% Sherm
Slide 24: Overview of Construction Lending
24 Construction By Type Construction By Geography Overview of Construction Lending $655M Q3’25 Total $655M Q3’25 Total 24 Condos 33% Multi-Family 20% Single Family 14% Mixed Use 9% Land 8% Special Purpose 5% Hotel / Motel 5% Office 3% Boston, MA 16% Fairfield, CT 8% Weston, MA 8% Milton, MA 8% Newto
Slide 25: Consumer Loans Overview
25 Consumer Loans Overview Amounts above exclude purchased premiums or discounts 25 Loan Type Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Purchased: Solar $51,504 $50,327 $48,494 $47,006 $45,678 Boat Loans 51,854 50,020 47,455 45,010 42,487 Home Improvement 46,354 44,443 42,472 40,042 37,753 Student Loa
Slide 26: Consumer Loans Trends
26 Consumer Loans Trends 26 $0 $500 $1,000 $1,500 $2,000 $2,500 $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Balance (thousands) Net Charge Offs - Purchased (3ME) Net Charge Offs - Originated (3ME) Total Purchased Balance Total Origin
Slide 27: Cannabis Business Highlights
27 Cannabis Business Highlights • As of September 30, 2025, we had outstanding loan balances of $418.6 million to cannabis businesses: • $258.5 million was direct to cannabis entities • $160.1 million was indirect to cannabis entities; • Weighted average LTV and DSCR was 53.6% and 2.68, respectively
Slide 28: Asset Quality: NPA Trends
28 $25.9 $6.0 $13.0 $10.8 $13.9 $11.4 $12.5 $11.4 $3.4 $4.5 $8.3 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Nonaccruals ($M) TDRs ($M) OREO ($M) Reserves / Loans (%) & Reserves / NPLs (%) NPA Trends Asset Quality 1) Financials reflect bank level call report data 2) Financials reflect regulatory hold
Slide 29: Historically Strong Credit Culture
29 1) Reflects annualized metrics Note: Values may not sum due to rounding Historically Strong Credit Culture NCOs / Average Loans (%)¹ • Our loan portfolio consists primarily of commercial real estate and multifamily loans, one-to four-family residential real estate loans, construction and land dev
Slide 30: Funding & Liquidity Management
30 Funding & Liquidity Management
Slide 31: Balanced Deposit Base
31 Note: Deposit composition reflects regulatory holding company data Balanced Deposit Base Q3’25 Cost of Deposits: 3.41% $4.6B Q3’25 Total 31 Savings & MMDA 29% Jumbo CDs 28% Transaction 24% Retail CDs 10% Brokered CDs 9%
Slide 32: Support of Strong Deposit Base: Cost of Deposits
32 Note: Deposit composition reflects regulatory holding company data Support of Strong Deposit Base Cost of Deposits 32 1.03% 0.43% 0.48% 2.34% 3.28% 3.11% 3.00% 2.92% 0.00% 2.00% 4.00% 6.00% 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25
Slide 33: Certificates of Deposit Maturities
33 Note: Deposit composition reflects regulatory holding company data Certificates of Deposit Maturities 33 Time Deposit Maturities ($M) Brokered Deposit Maturities ($M) 4.13% 4.17% 4.15% 4.10% 3.41% $0 $500 $1,000 12/2025 03/2026 06/2026 09/2026 12/2026 4.18% 4.24% $0 $100 $200 $300 $400 12/2025 03
Slide 34: Overview of Securities Portfolio
34 Overview of Securities Portfolio $231M Q3' 25 Total Q3’25 Yield on Securities: 3.78% 34 Corporate Bonds 36% U.S. Treasuries 30% Mortgage-Backed Securities 19% U.S. Gov't Agencies 5% Collateralized Mortgage Obligations 5% SBA Securities 3% Municipal Obligations 3%
Slide 35: Interest Rate Sensitivity
35 Interest Rate Sensitivity 35 At September 30, 2025 Change in Interest Rates Net Interest Income Year 1 Change (bps) Year 1 Forecast ($000) From Level +300 $218,118 9.2% +200 213,450 6.9% +100 207,991 4.2% -- 199,696 -- (100) 192,970 (3.4%) (200) 187,997 (5.9%) (300) 183,951 (7.9%)
Slide 36: Prudent Liquidity Management
36 FHLB Advances 1.5% Brokered Deposits 13.8% FHLB Unused Borrowing Capacity 28.9% FED Available Borrowing Capacity 21.5% Capacity for Additional Brokered Deposits 34.4% % of Total Liquidity Prudent Liquidity Management As of September 30, 2025, the Company had: • $41.5 million of outstanding advanc
Slide 37: Pending BankProv Acquisition
37 Pending BankProv Acquisition
Slide 38: Pending BankProv Acquisition
38 Pending BankProv Acquisition
Slide 39: Pending BankProv Acquisition
39 Pending BankProv Acquisition
Slide 40: Appendix
Appendix LO)
Slide 41: Notes and Reconciliation of U.S. GAAP and Non-GAAP Financial Measures
41 Notes and Reconciliation of U.S. GAAP and Non-GAAP Financial Measures In addition to results presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), this press release contains certain non-GAAP financial measures, including operating ne
Slide 42: Notes and Reconciliation of U.S. GAAP and Non-GAAP Financial Measures (Cont.)
42 Notes and Reconciliation of U.S. GAAP and Non-GAAP Financial Measures (Cont.) In addition to results presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), this press release contains certain non-GAAP financial measures, including oper
Slide 43: Notes and Reconciliation of U.S. GAAP and Non-GAAP Financial Measures (Cont.)
43 Notes and Reconciliation of U.S. GAAP and Non-GAAP Financial Measures (Cont.) In addition to results presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), this press release contains certain non-GAAP financial measures, including oper
Slide 44: Executive Management Biographies
44 Executive Management Biographies Joseph Campanelli Chairman, President & CEO Christine Roberts EVP & Chief Operating Officer JP Lapointe EVP & Chief Financial Officer Mr. Campanelli has served as President and Chief Executive Officer of Needham Bank since joining the Bank in January 2017 and was
Slide 45: Thank You
Thank You Lo —