Nb Bancorp, Inc. · NASDAQ:NBBK
Nb Bancorp — Janney Investor Conference 2026
49 slides from Nb Bancorp's conference presentation, Feb 4, 2026
Slide 1: February 4, 2026 Janney Investor Conference
1 February 4, 2026 Janney 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 be covered b
Slide 3: NB Bancorp, Inc. Overview
( NB Bancorp, Inc. Overview LU) NBBa
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 BankProv: Acquisition Closed November 15, 2025 Sixth largest public community bank headquartered in Massachusetts The “Builder’s Bank” with deep community relationships and ex
Slide 5: Performance Post-IPO
5 Performance Post-IPO 5 1) See Appendix for reconciliation of non-GAAP financial metrics • Asset Growth in $M +54.4% • Deposits in $M +50.5% • Operating EPS1 +415.4% • Net Interest Margin YTD +12.6% • Operating ROAA1 +56.8% • Share Price +98.2% $4,533 $7,001 IPO Q4'25 $3,889 $5,854 IPO Q4'25 $0.26
Slide 6: Well Positioned in Highly Attractive Markets
6 1) Excludes banks with total assets greater than $10 billion; FDIC deposit data as of June 30, 2025 Source: S&P Capital IQ Pro Well Positioned in Highly Attractive Markets Our branch network covers the metro-west area of Boston, southern New Hampshire and surrounding communities which are our prim
Slide 7: Strength of Growing Deposit Base
7 Strength of Growing Deposit Base Over the two-year period ended June 30, 2025, each Needham Bank branch experienced growth that matched or exceeded growth in its respective market. In aggregate, Needham Bank achieved growth at over 5 times the overall market growth during this period. Branch June
Slide 8: Industry Drivers of Local Market
8 Largest Employers Boston MSA 2026-2031 Projected HHI Δ Massachusetts 2024 GDP by Industry Boston MSA Median HHI ($) Industry Drivers of Local Market 1) Other industries include accommodation and food services, waste management and remediation services, educational services, management of companies
Slide 9: Experienced Institutional Leadership
9 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 10: Investment Highlights
10 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 Exc
Slide 11: BankProv Acquisition
11 BankProv Acquisition Needham BankProv Purchase Accounting Adjustments Combined Cash $ 367.2 $ 80.6 $ (111.8) $ 336.0 Investments 235.2 24.4 - 259.6 Total Loans 4,814.8 1,259.7 (33.1) 6,041.4 Allowance for Credit Losses (44.7) (20.2) (27.7) (92.6) Loans, net 4,770.1 1,239.5 (60.8) 5,948.8 Bank-own
Slide 12: BankProv Acquisition Results
12 BankProv Acquisition Results 12 Pro Forma Actual at 12/31/25 $ Change . 0 % Change (Dollars in millions) Total Assets (Combined) $7,100 $7,001 $(99) -1.39% Total Loans (Combined) $6,100 $5,986 $(246) -1.87% Total Deposits (Combined) $5,900 $5,854 $(46) -0.78% Tangible Equity (Combined) $800 $823
Slide 13: Financial Highlights for the Fourth Quarter 2025
13 Financial Highlights for the Fourth Quarter 2025 • GAAP Net income of $7.7 million, or $0.19 per diluted share for the quarter. • Operating Net Income1 (Non-GAAP) of $21.2 million, or $0.51 per diluted share for the quarter. • Gross loans increased $1.27 billion, or 26.9%, to $6.0 billion, from $
Slide 14: Financial Highlights for the Fourth Quarter 2025 (Continued)
14 Financial Highlights for the Fourth Quarter 2025 (Continued) • Total core deposits increased $1.14 billion or 27.3% from the prior quarter, to $5.32 billion, primarily driven by acquired BankProv deposits of $1.01 billion, along with organic growth in customer certificates of deposit of $53.8 mil
Slide 15: Financial Overview
( Financial Overview LU) NBB
Slide 16: Targeted Balance Sheet Growth
16 Total Deposits ($M) Tangible Common Equity ($M) Total Assets ($M) Total Gross Loans ($M) Targeted Balance Sheet Growth 16 $2,999 $2,923 $3,592 $4,533 $5,158 $5,242 $5,227 $5,442 $7,001 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 $2,195 $2,105 $3,015 $3,889 $4,333 $4,465 $4,541 $4,716 $5,986
Slide 17: Track Record of Strong Performance
17 Operating Return on Avg. Tangible Common Equity (%)1, 2 Operating Net Income ($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 Q4 ’25 operating
Slide 18: Track Record of Strong Performance (Cont.)
18 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 18 2.83% 2.81% 3.49% 3.41% 3.5
Slide 19: Capital Ratios (Indicative)
19 11.28%¹ 17.41%²16.27%²16.16%²15.59%² 14.18%² 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 10.54%¹ 16.51%² 15.40%² 15.24%² 14.68%² 12.80%² 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 Tier 1 Capital Ratio (%) Total Capital Ratio (%) Tangible Common Equity / Tangible Assets (%) Leverage Rat
Slide 20: Loan Portfolio & Asset Quality
20 Loan Portfolio & Asset Quality
Slide 21: Diversified Loan Portfolio
21 Note: Loan composition reflects regulatory holding company data Diversified Loan Portfolio Q4’25 Yield on Loans: 6.71% $6.0B Q4’25 Total 21 Commercial Real Estate 32% 1-4 Family including HELOCs 22% Commercial & Industrial 17% Construction & Development 12% Multifamily 9% Mortgage Warehouse 5% Co
Slide 22: Mortgage Warehouse Portfolio Overview
22 Mortgage Warehouse Portfolio Overview • Our $285.9 million mortgage warehouse lending portfolio, acquired from BankProv, consists of facility lines to non-bank mortgage origination companies (“originators”). o It is a national platform with relationships across the United States that offers Maste
Slide 23: Enterprise Value ("EV") Portfolio
23 Enterprise Value (“EV”) Portfolio • Our C&I portfolio includes a $187.7 million EV portfolio, acquired from BankProv. The EV portfolio consists of loans and lines to entities collateralized by the cash flows and underlying enterprise value of the borrowing entity. • This portfolio has loans acros
Slide 24: Loan Portfolio Stats – December 31, 2025
24 Loan balances above are not shown net of deferred fees Loan Portfolio Stats – December 31, 2025 Loan Type Balance Wtd. Avg. Rate Wtd. Avg. Maturity (Yrs) Fixed Rate (%) Variable Rate (%) Commercial Real Estate $1,924,043 6.13% 10.0 18.9% 81.1% 1-4 Family (incl. HELOCs) $1,329,758 5.28% 25.5 42.7%
Slide 25: Loan Portfolio Concentrations
25 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 25 280% 277% 342% 187% 202% 220% 241% 252% 308% 2020 2021 2022 2023 2024 Q1'2
Slide 26: Commercial Real Estate Portfolio
26 Owner-Occupied CRE By Collateral Type Non-Owner-Occupied CRE By Collateral Type Commercial Real Estate Portfolio $665M Q4’25 Total $1.78B Q4’25 Total 26 Cannabis Facility 31% Industrial 23% Other 15% Special Purpose 13% Retail 7% Office 6% Hospitality 6% Multi-Family 29% Office 14% Hospitality 14
Slide 27: Loans Needham Bank Makes / Doesn't Make; CRE Loan Examples
27 Loans Needham Bank Makes Loans Needham Bank Doesn’t Make Needham Bank CRE Loan Examples 27
Slide 28: Office Portfolio Overview
28 Office Portfolio Overview • Our $310.4 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. $310M Q4’25 Total 28 Office Portfolio as of 12/31/2025 Weighte
Slide 29: Overview of C&I Portfolio
29 C&I By Type C&I By Geography Overview of C&I Portfolio $1.01B Q4’25 Total $1.01B Q4’25 Total 29 Structured Finance 16% Middle Market 15% Cannabis Bridge Financing 12% Bridge Financing 5% Cannabis 2% Small Business / Other 31% Boston 9% Newport Beach, CA 9% New York, NY 6% Miami, FL 6% Vero Beach,
Slide 30: Overview of Construction Lending
30 Construction By Type Construction By Geography Overview of Construction Lending $731M Q4’25 Total $731M Q4’25 Total 30 Boston, MA 12% Weston, MA 7% Fairfield, CT 7% Milton, MA 7% Newton, MA 6% Salem, NH 5% Natick, MA 5% Cambridge, MA 4% Cranston, RI 4% Wyoming, RI 3% Other Condos 39% 31% Multi-Fa
Slide 31: Consumer Loans Overview
31 Consumer Loans Overview Amounts above exclude purchased premiums or discounts 31 Loan Type Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Purchased: Solar $50,327 $48,494 $47,006 $45,678 $44,410 Boat Loans 50,020 47,455 45,010 42,487 238 Home Improvement 44,443 42,472 40,042 37,753 35,832 Student Loans
Slide 32: Consumer Loans Trends
32 Consumer Loans Trends 32 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Balance (thousands) Period Overview of Purchased Consumer Loans Net Charge Offs - Purchased (3ME) Net Charge Offs - Or
Slide 33: Cannabis Business Highlights
33 Cannabis Business Highlights • As of December 30, 2025, we had outstanding loan balances of $404.9 million to cannabis businesses: • $228.8 million was direct to cannabis entities • $176.1 million was indirect to cannabis entities; • Weighted average LTV and DSCR was 49.2% and 2.95, respectively;
Slide 34: Asset Quality
34 Reserves / Loans (%) & Reserves / NPLs (%) NPA Trends Asset Quality 1) Financials reflect bank level call report data 2) Financials reflect regulatory holding company data 1.10%¹ 0.56%¹ 0.24%² 0.36%¹ NPAs / Assets 34 0.27%² 0.22%² 0.24%² 0.21%² 0.62%² 0.90% 0.87% 0.83% 0.83% 0.89% 0.86% 0.94% 0.9
Slide 35: Historically Strong Credit Culture
35 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 36: Funding & Liquidity Management
36 Funding & Liquidity Management
Slide 37: Balanced Deposit Base
37 Note: Deposit composition reflects regulatory holding company data Balanced Deposit Base Q4’25 Cost of Deposits: 2.86% $5.9B Q4’25 Total 37 Savings & MMDA 32% Jumbo CDs 25% Transaction 25% Retail CDs 9% Brokered CDs 9%
Slide 38: Support of Strong Deposit Base
38 Note: Deposit composition reflects regulatory holding company data Support of Strong Deposit Base Cost of Deposits 38 1.03% 0.43% 0.48% 2.34% 3.28% 3.11% 3.00% 2.92% 2.86% 0.00% 2.00% 4.00% 6.00% 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25
Slide 39: Certificates of Deposit Maturities
39 Note: Deposit composition reflects regulatory holding company data Certificates of Deposit Maturities 39 Time Deposit Maturities ($M) Brokered Deposit Maturities ($M) 4.12% 4.10% 4.04% 3.69% 3.08% $0 $500 $1,000 03/2026 06/2026 09/2026 12/2026 03/2027 3.94% 0.00% 0.00% 3.88% 0.0% $0 $100 $200 $30
Slide 40: Overview of Securities Portfolio
40 Overview of Securities Portfolio $273M Q4' 25 Total Q4’25 Yield on Securities: 4.21% 40 U.S. Treasuries 35% Corporate Bonds 27% Mortgage-Backed Securities 26% Collateralized Mortgage Obligations 4% U.S. Gov't Agencies 3% SBA Securities 3% Municipal Obligations 2%
Slide 41: Interest Rate Sensitivity
41 Interest Rate Sensitivity 41 At December 31, 2025 Change in Interest Rates Net Interest Income Year 1 Change (bps) Year 1 Forecast ($000) From Level +400 $275,507 10.5% +300 $270,556 8.5% +200 264,733 6.2% +100 258,487 3.7% -- 249,268 -- (100) 243,011 (2.5%) (200) 238,154 (4.5%) (300) 233,744 (6.
Slide 42: Prudent Liquidity Management
42 Prudent Liquidity Management As of December 31, 2025, the Company had: • $194.9 million of outstanding advances from the Federal Home Loan Bank of Boston (“FHLBB”) • $535.7 million of brokered deposits • $913.7 million of unused borrowing capacity with the FHLBB • $1.1 billion available with the
Slide 43: Appendix
Appendix LU)
Slide 44: Notes and Reconciliation of U.S. GAAP and Non-GAAP Financial Measures
44 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 (“GAAP”), this press release contains certain non-GAAP financial measures, including pre-provision net
Slide 45: Notes and Reconciliation of U.S. GAAP and Non-GAAP Financial Measures (Cont.)
45 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 (“GAAP”), this press release contains certain non-GAAP financial measures, including pre-provi
Slide 46: Notes and Reconciliation of U.S. GAAP and Non-GAAP Financial Measures (Cont.)
46 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 (“GAAP”), this press release contains certain non-GAAP financial measures, including pre-provi
Slide 47: Notes and Reconciliation of U.S. GAAP and Non-GAAP Financial Measures (Cont.)
47 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 (“GAAP”), this press release contains certain non-GAAP financial measures, including pre-provi
Slide 48: Executive Management Biographies
48 Executive Management Biographies Joseph Campanelli Chairman, President & CEO Christine Roberts SEVP & Chief Operating Officer JP Lapointe SEVP & Chief Financial Officer Mr. Campanelli has served as President and Chief Executive Officer of Needham Bank since joining the Bank in January 2017 and wa
Slide 49: Thank You
( Thank You LD) —