NEEDHAM,
Mass., April 24, 2024 /PRNewswire/ -- Bancorp,
Inc. (the "Company") (Nasdaq Capital Market: NBBK), the
holding company of Needham Bank,
today announced its first quarter 2024 financial results.
SELECTED FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER OF
2024
- Net income of $8.7 million, or
$0.22 per diluted share, compared to
net loss of $13.6 million, or
$0.32 loss per diluted share, for the
prior quarter.
- Gross loans increased $65.3
million, or 1.7%, to $3.95
billion, from the prior quarter.
- The net interest margin on a fully-tax equivalent basis
increased 21 basis points to 3.60%.
- Asset quality remains strong:
- Annualized net charge-offs of 0.19% of average total loans and
non-performing loans of $11.1
million, or 0.28% of total loans. All of the charge-offs in
the quarter were in the purchased consumer loan portfolio.
- Provision for the allowance for credit losses was $4.4 million, down from $5.9 million in the prior quarter and
contributing to an increase in the ACL of $2.1 million.
- Total deposits increased $384.7
million or 11.4% from the prior quarter, to $3.77 billion. Core deposits, which exclude
brokered deposits, increased $268.3
million or 8.4% from the prior quarter.
- Borrowings and brokered deposits totaled 7.8% of total assets,
compared to 10.3% in the prior quarter.
- Strong capital position with 15.8% shareholders equity to total
assets and 15.8% tangible shareholders' equity to tangible
assets.
- Book value and tangible book value per share were $17.18 and $17.16,
respectively.
"This was our first full quarter as a public company reporting
our continued success in executing our long-term strategy, which
includes growing core deposits and being prudent and patient in our
deployment of capital. In today's environment, capital and
liquidity are king. I'm happy to note we are well positioned on
both fronts," said Joseph
Campanelli, Chairman, President and Chief Executive Officer.
"The Company is poised to continue to grow market share and remain
disciplined in our capital management."
BALANCE SHEET
Total assets were $4.65 billion as of March 31, 2024,
representing an increase of $116.6
million, or 2.6%, from December 31, 2023.
- Cash and cash equivalents increased to $315.0 million from $272.6
million, a $42.4 million, or
15.6%, increase from the prior quarter as a result of deposit
growth outpacing loan and investment growth.
- Available-for-sale securities increased $17.7 million, or 9.3%, from the prior quarter,
to $207.2 million, due to purchases
of U.S. treasuries and government agency securities during the
quarter.
- Net loans increased to $3.92
billion, representing an increase of $63.3 million, or 1.6%, from the prior quarter as
demand for new originations continued. The main driver of the new
growth was in commercial real estate loans, which increased
$136.7 million, or 9.9%, partially
offset by a decline in construction and land development loans of
$87.4 million or 14.0%, as
$111.0 million of construction loans
converted to multi-family loans during the quarter.
- Deposits totaled $3.77 billion
representing an increase of $384.7
million, or 11.4%, from the prior quarter. The increase in
deposits was the result of growth in customer deposits, primarily
certificates of deposit, which increased $150.2 million, or 11.4% from the prior quarter,
along with money market accounts and noninterest-bearing demand
deposit accounts, which increased by $76.3
million, or 8.6%, and $51.3
million, or 9.7%, respectively from the prior quarter.
Additionally, brokered deposits increased $116.4 million, or 63.4%, from the prior quarter,
as a result of lower rates versus alternative funding sources.
- Federal Home Loan Bank of Boston ("FHLB") advances totaled $60.8 million representing a decrease of
$222.5 million, or 78.5%, from the
prior quarter. The decrease in FHLB advances was the result of
growth in brokered deposits due to lower rates and overall deposit
growth.
- Shareholders' equity was $733.8
million, representing a decrease of $24.1 million, or 3.2%, from the prior quarter.
The primary driver for the decrease was a $32.8 million increase in the unallocated shares
held by the Employee Stock Ownership Plan ("ESOP") from the final
purchases for the funding of the ESOP, partially offset by an
$8.7 million increase in retained
earnings from net income during the quarter.
NET INTEREST INCOME
Net interest income was
$38.6 million for the quarter ended
March 31, 2024, compared to $35.3
million for the prior quarter, representing an increase of
$3.4 million, or 9.5%.
- The increase in net interest income was primarily driven by an
increase in net interest margin of 21 basis points, from 3.60%
during the quarter ended March 31,
2024 compared to 3.39% during the prior quarter.
- The increase in interest income during the quarter ended
March 31, 2024 was attributable to
increases from both volume and rates, which contributed
$2.7 million and $1.2 million, respectively.
- The increase in interest expense for the quarter ended
March 31, 2024 was primarily driven
by increases in rates on interest-bearing deposits, which increased
interest expense by $1.5 million,
along with increases in volume on interest-bearing deposits, which
increased interest expense by $845
thousand.
NONINTEREST INCOME
Noninterest income was $3.5 million for the quarter ended
March 31, 2024, compared to $3.3
million for the prior quarter, representing an increase of
$249 thousand, or 7.7%.
- Other income was $623 thousand,
compared to $18 thousand in the prior
quarter, representing an increase of $605
thousand, or 3,361.1%, due to a one-time debit card brand
signing bonus.
- Swap contract income was $487
thousand, compared to $95
thousand in the prior quarter, representing an increase of
$392 thousand, or 412.6%, due to
increased swap contract originations.
- Customer service fees decreased $753
thousand, or 28.6%, from the prior quarter, primarily driven
by lower one-way deposit fee income from initial public offering
("IPO") funds that had been swept off-balance sheet.
NONINTEREST EXPENSE
Noninterest expense for the
quarter ended March 31, 2024 was $25.6 million, representing a decrease of
$27.2 million, or 51.6%, from the
prior quarter. This is directly attributable to one-time costs
associated with the Company's mutual-to-stock conversion and IPO
during the quarter ended December 31,
2023.
- Charitable contributions expense decreased $19.4 million for the quarter ended March 31, 2024 as a result of $19.1 million of expense during the prior quarter
resulting from the contribution to the Needham Bank Charitable
Foundation in connection with the Company's mutual-to-stock
conversion and IPO.
- Salaries and benefits were $17.6
million for the quarter ended March
31, 2024, representing a decrease of $6.8 million, or 27.8%, from the prior quarter,
primarily due to a $7.9 million
decrease in discretionary employee and a $1.5 million decrease in pension expense as a
result of the termination of the Company's defined benefit pension
plan during the prior quarter; partially offset by increased
salaries expense of $950 thousand,
mostly due to increased headcount, increased FICA tax expenses of
$620 thousand, due to the reset of
taxes at the beginning of the year along with taxes associated with
the bonus payout, and increased ESOP compensation costs of
$588 thousand from the ESOP
implementation.
- Federal Deposit Insurance Corporation and state insurance
assessments expense decreased by $1.5
million, or 80.6%, to $361
thousand, as a result of improved capital ratios as a result
of the mutual-to-stock conversion and IPO.
INCOME TAXES
Income tax expense for the quarter ended
March 31, 2024 was $3.4
million, representing a $10.0
million increase, or 152.6%, from the prior quarter.
The increase was primarily driven by the net loss in the prior
quarter and no investment tax credits earned during the current
quarter. The effective tax rate for the current quarter was 28.3%,
compared to (32.5%) in the prior quarter due to income tax credits
received in the prior quarter, whereas none were received in the
current quarter.
COMMERCIAL REAL ESTATE PORTFOLIO
Commercial real
estate loans increased $136.7
million, or 9.9%, to $1.52
billion, during the quarter ended
March 31, 2024.
- Multi-family loans increased $111.1
million or 52.9%, as a result of movement from construction
and land development loans, along with originations during the
quarter.
- Other and mixed use commercial real estate loans increased
$35.8 million and $12.6 million, respectively, during the quarter
resulting from continued originations.
- Increases noted above were partially offset by a decrease in
commercial real estate office loans of $23.5
million, or 10.5%, during the quarter as a result of
paydowns on outstanding loans.
- The Company's $321.1 million
multifamily real estate loan portfolio consists of high-quality,
performing loans primarily located in the Greater Boston area, primarily all of which
are adjustable-rate loans.
- The Company's $200.1 million
office portfolio is predominantly located in the Greater Boston suburbs and mostly consists of
Class A and B office space. The typical use of these office loans
are medical and lab space and do not consist of high-rise towers
located in Boston.
ASSET QUALITY
- The allowance for credit losses was $34.3 million as of March
31, 2024, or 0.87% of total gross loans, compared to
$32.2 million, or 0.83% of total
loans at December 31, 2023. The
Company recorded provisions for credit losses of $4.4 million during the quarter ended
March 31, 2024, compared to
$5.9 million for the prior quarter,
which included $539 thousand and
$4.2 million in provision for
unfunded commitments and loans, respectively.
- Non-performing loans totaled $11.1
million as of March 31, 2024,
an increase of $265 thousand, or
2.45%, from $10.8 million at the end
of the prior quarter.
- During the quarter ended March 31,
2024, the Company recorded total net charge-offs of
$1.8 million, or 0.19% of average
total loans on an annualized basis, compared to $1.3 million, or 0.14% on an annualized basis of
average total loans in the prior quarter. The increase in total net
charge-offs during the quarter ended March
31, 2024 was primarily due to charge-offs of purchased
consumer loans, primarily home improvement and solar loans.
- The Company's loan portfolio consists primarily of commercial
real estate and multifamily loans, one-to four-family residential
real estate loans, construction and land development loans,
commercial and industrial loans and consumer loans. These loans are
primarily made to individuals and businesses located in our primary
lending market area, which is the Greater
Boston metropolitan area and surrounding communities in
Massachusetts, eastern
Connecticut, southern New Hampshire and Rhode Island.
ABOUT NB BANCORP, INC.
NB Bancorp, Inc. (Nasdaq
Capital Market: NBBK) is the registered bank holding company of
Needham Bank. Needham Bank is headquartered in Needham, Massachusetts, which is approximately
17 miles southwest of Boston's
financial district. Known as the "Builder's Bank," Needham Bank has been helping individuals,
businesses and non-profits build for their futures since 1892.
Needham Bank offers an array of
tech-forward products and services that businesses and consumers
use to manage their financial needs. We have the financial
expertise typically found at much larger institutions and the local
knowledge and commitment you can only find at a community bank. For
more information, please visit https://NeedhamBank.com.
Needham Bank is a member of FDIC and
DIF.
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 net income excluding
conversion and IPO-related expenses, noninterest expense
excluding conversion and IPO-related expenses, earnings per
share excluding conversion and IPO-related expenses, return on
average assets excluding conversion and IPO-related expenses,
return on average shareholders' equity excluding conversion and
IPO-related expenses, efficiency ratio excluding conversion and
IPO-related expenses, tangible shareholders' equity, tangible
assets, tangible book value per share, and efficiency ratio. The
Company's management believes that the supplemental non-GAAP
information is utilized by regulators and market analysts to
evaluate a Company's financial condition and therefore, such
information is useful to investors. These disclosures should not be
viewed as a substitute for financial results determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies. Because non-GAAP financial measures are not
standardized, it may not be possible to compare these financial
measures with other companies' non-GAAP financial measures having
the same or similar names.
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 by the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. We may also make forward-looking statements in other
documents we file with the Securities and Exchange Commission (the
"SEC"), in our annual reports to our stockholders, in press
releases and other written materials, and in oral statements made
by our officers, directors or employees. You can identify
forward-looking statements by the use of the words "believe,"
"expect," "anticipate," "intend," "estimate," "assume," "outlook,"
"will," "should," and other expressions that predict or indicate
future events and trends and which do not relate to historical
matters. Although the Company believes that these forward-looking
statements are based on reasonable estimates and assumptions, they
are not guarantees of future performance and are subject to known
and unknown risks, uncertainties, and other factors. You should not
place undue reliance on our forward-looking statements. You should
exercise caution in interpreting and relying on forward looking
statements because they are subject to significant risks,
uncertainties and other factors which are, in some cases, beyond
the Company's control. The Company's actual results could differ
materially from those projected in the forward-looking statements
as a result of, among other factors, changes in general business
and economic conditions on a national basis and in the local
markets in which the Company operates, including changes which
adversely affect borrowers' ability to service and repay loans;
changes in customer behavior due to political, business and
economic conditions, including inflation and concerns about
liquidity; turbulence in the capital and debt markets; reductions
in net interest income resulting from interest rate volatility as
well as changes in the balances and mix of loans and deposits;
changes in interest rates and real estate values; changes in loan
collectability and increases in defaults and charge-off rates;
decreases in the value of securities and other assets, adequacy of
credit loss reserves, or deposit levels necessitating increased
borrowing to fund loans and investments; changing government
regulation; competitive pressures from other financial
institutions; changes in legislation or regulation and accounting
principles, policies and guidelines; cybersecurity incidents,
fraud, natural disasters, and future pandemics; the
risk that the Company may not be successful in the implementation
of its business strategy; the risk that intangibles recorded in the
Company's financial statements will become impaired; changes in
assumptions used in making such forward-looking statements; and the
other risks and uncertainties detailed in the Company's Form 10-K
and updated by our Quarterly Report on Form 10-Q and other filings
submitted to the SEC. These statements speak only as of the date of
this release and the Company does not undertake any obligation to
update or revise any of these forward-looking statements to reflect
events or circumstances occurring after the date of this
communication or to reflect the occurrence of unanticipated
events.
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NB BANCORP,
INC.
|
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SELECTED FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
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|
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|
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|
|
|
|
As of and for the
three months ended
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
|
|
|
|
|
|
|
|
|
Earnings
data
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
|
38,633
|
|
$
|
35,278
|
|
$
|
31,218
|
Noninterest income
|
|
3,501
|
|
|
3,252
|
|
|
5,867
|
Total
revenue
|
|
42,134
|
|
|
38,530
|
|
|
37,085
|
Provision
for credit losses
|
|
4,429
|
|
|
5,901
|
|
|
2,072
|
Noninterest expense
|
|
25,564
|
|
|
52,788
|
|
|
23,032
|
Pre-tax
income (loss)
|
|
12,141
|
|
|
(20,159)
|
|
|
11,981
|
Net income
(loss)
|
|
8,702
|
|
|
(13,617)
|
|
|
8,752
|
Net income
excluding conversion and IPO-related expenses (non-GAAP)
|
|
8,981
|
|
|
10,880
|
|
|
8,752
|
Noninterest expense excluding conversion and IPO-related
expenses
(non-GAAP)
|
|
25,174
|
|
|
23,875
|
|
|
23,032
|
|
|
|
|
|
|
|
|
|
Per share
data
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share
|
$
|
0.22
|
|
$
|
(0.32)
|
|
|
N/A
|
Earnings
per share excluding conversion and IPO-related expenses
(non-GAAP)
|
|
0.23
|
|
|
0.26
|
|
|
N/A
|
Book value
per share
|
|
17.18
|
|
|
17.75
|
|
|
N/A
|
Tangible
book value per share (non-GAAP)
|
|
17.16
|
|
|
17.72
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
Profitability
|
|
|
|
|
|
|
|
|
Return
(loss) on average assets
|
|
0.78 %
|
|
|
(1.25) %
|
|
|
0.99 %
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Return on
average assets excluding conversion and IPO-related expenses
(non-GAAP)
|
|
0.80 %
|
|
|
1.00 %
|
|
|
0.99 %
|
Return
(loss) on average shareholders' equity
|
|
4.77 %
|
|
|
(13.75) %
|
|
|
10.22 %
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Return on
average shareholders' equity excluding conversion and IPO-
related expenses (non-GAAP)
|
|
4.92 %
|
|
|
10.99 %
|
|
|
10.22 %
|
Net
interest margin
|
|
3.60 %
|
|
|
3.39 %
|
|
|
3.70 %
|
Cost of
deposits
|
|
3.82 %
|
|
|
3.56 %
|
|
|
1.99 %
|
Efficiency
ratio
|
|
60.67 %
|
|
|
137.00 %
|
|
|
62.11 %
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Efficiency
ratio excluding conversion and IPO-related expenses
(non-GAAP)
|
|
59.75 %
|
|
|
61.96 %
|
|
|
62.11 %
|
|
|
|
|
|
|
|
|
|
Balance sheet, end
of period
|
|
|
|
|
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|
|
Total
assets
|
$
|
4,650,019
|
|
$
|
4,533,412
|
|
$
|
3,713,901
|
Total
loans
|
|
3,954,623
|
|
|
3,889,279
|
|
|
3,214,008
|
Total
deposits
|
|
3,772,053
|
|
|
3,387,348
|
|
|
3,140,839
|
Total
shareholders' equity
|
|
733,838
|
|
|
757,959
|
|
|
351,785
|
|
|
|
|
|
|
|
|
|
Asset
quality
|
|
|
|
|
|
|
|
|
Allowance
for credit losses (ACL)
|
$
|
34,306
|
|
$
|
32,222
|
|
$
|
27,931
|
ACL /
Total nonperforming loans (NPLs)
|
|
310.1 %
|
|
|
298.4 %
|
|
|
213.5 %
|
Total NPLs
/ Total loans
|
|
0.28 %
|
|
|
0.28 %
|
|
|
0.41 %
|
Net
charge-offs (annualized) / Average total loans
|
|
(0.19) %
|
|
|
(0.14) %
|
|
|
(0.04) %
|
|
|
|
|
|
|
|
|
|
Capital
ratios
|
|
|
|
|
|
|
|
|
Shareholders' equity / Total assets
|
|
15.78 %
|
|
|
16.72 %
|
|
|
9.47 %
|
Tangible
shareholders' equity / tangible assets (non-GAAP)
|
|
15.76 %
|
|
|
16.70 %
|
|
|
9.44 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NB BANCORP,
INC.
|
|
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|
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|
|
|
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CONSOLIDATED BALANCE
SHEETS
|
|
|
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|
|
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|
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|
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|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
As of
|
|
March 31, 2024 change
from
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
|
December 31, 2023
|
|
March 31, 2023
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
163,657
|
|
$
|
90,485
|
|
$
|
91,216
|
|
$
|
73,172
|
80.9 %
|
|
$
|
72,441
|
79.4 %
|
Federal funds
sold
|
|
151,374
|
|
|
182,106
|
|
|
655
|
|
|
(30,732)
|
(16.9) %
|
|
|
150,719
|
23010.5 %
|
Total cash
and cash equivalents
|
|
315,031
|
|
|
272,591
|
|
|
91,871
|
|
|
42,440
|
15.6 %
|
|
|
223,160
|
242.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale
securities, at fair value
|
|
207,169
|
|
|
189,465
|
|
|
244,917
|
|
|
17,704
|
9.3 %
|
|
|
(37,748)
|
(15.4) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
3,954,623
|
|
|
3,889,279
|
|
|
3,214,008
|
|
|
65,344
|
1.7 %
|
|
|
740,615
|
23.0 %
|
Allowance for credit
losses
|
|
(34,306)
|
|
|
(32,222)
|
|
|
(27,931)
|
|
|
(2,084)
|
6.5 %
|
|
|
(6,375)
|
22.8 %
|
Net
loans
|
|
3,920,317
|
|
|
3,857,057
|
|
|
3,186,077
|
|
|
63,260
|
1.6 %
|
|
|
734,240
|
23.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest
receivable
|
|
17,843
|
|
|
17,284
|
|
|
11,657
|
|
|
559
|
3.2 %
|
|
|
6,186
|
53.1 %
|
Banking premises and
equipment, net
|
|
35,106
|
|
|
35,531
|
|
|
36,043
|
|
|
(425)
|
(1.2) %
|
|
|
(937)
|
(2.6) %
|
Federal Home Loan Bank
stock, at cost
|
|
4,357
|
|
|
14,558
|
|
|
7,862
|
|
|
(10,201)
|
(70.1) %
|
|
|
(3,505)
|
(44.6) %
|
Federal Reserve Bank
stock, at cost
|
|
10,319
|
|
|
10,323
|
|
|
8,673
|
|
|
(4)
|
0.0 %
|
|
|
1,646
|
19.0 %
|
Non-public
investments
|
|
13,619
|
|
|
13,852
|
|
|
10,313
|
|
|
(233)
|
(1.7) %
|
|
|
3,306
|
32.1 %
|
Bank-owned life
insurance ("BOLI")
|
|
50,917
|
|
|
50,516
|
|
|
49,377
|
|
|
401
|
0.8 %
|
|
|
1,540
|
3.1 %
|
Prepaid expenses and
other assets
|
|
56,289
|
|
|
53,109
|
|
|
55,239
|
|
|
3,180
|
6.0 %
|
|
|
1,050
|
1.9 %
|
Deferred income tax
asset
|
|
19,052
|
|
|
19,126
|
|
|
11,872
|
|
|
(74)
|
(0.4) %
|
|
|
7,180
|
60.5 %
|
Total
assets
|
$
|
4,650,019
|
|
$
|
4,533,412
|
|
$
|
3,713,901
|
|
$
|
116,607
|
2.6 %
|
|
$
|
936,118
|
25.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
3,772,053
|
|
$
|
3,387,348
|
|
$
|
3,140,839
|
|
$
|
384,705
|
11.4 %
|
|
$
|
631,214
|
20.1 %
|
Mortgagors' escrow
accounts
|
|
4,300
|
|
|
4,229
|
|
|
3,867
|
|
|
71
|
1.7 %
|
|
|
433
|
11.2 %
|
FHLB
borrowings
|
|
60,837
|
|
|
283,338
|
|
|
160,079
|
|
|
(222,501)
|
(78.5) %
|
|
|
(99,242)
|
(62.0) %
|
Accrued expenses and
other liabilities
|
|
60,760
|
|
|
81,325
|
|
|
45,623
|
|
|
(20,565)
|
(25.3) %
|
|
|
15,137
|
33.2 %
|
Accrued retirement
liabilities
|
|
18,231
|
|
|
19,213
|
|
|
11,708
|
|
|
(982)
|
(5.1) %
|
|
|
6,523
|
55.7 %
|
Total
liabilities
|
|
3,916,181
|
|
|
3,775,453
|
|
|
3,362,116
|
|
|
140,728
|
3.7 %
|
|
|
554,065
|
16.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01
par value, 5,000,000 shares authorized; no shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
issued and
outstanding
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
0.0 %
|
|
|
-
|
0.0 %
|
Common stock, $0.01 par
value, 120,000,000 shares authorized; 42,705,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
issued and
outstanding at March 31, 2024 and December 31, 2023,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
respectively, no shares issued and outstanding at March 31,
2023
|
|
427
|
|
|
427
|
|
|
-
|
|
|
-
|
0.0 %
|
|
|
427
|
0.0 %
|
Additional paid-in
capital
|
|
416,812
|
|
|
417,030
|
|
|
-
|
|
|
(218)
|
(0.1) %
|
|
|
416,812
|
0.0 %
|
Unallocated ESOP common
stock
|
|
(46,590)
|
|
|
(13,774)
|
|
|
-
|
|
|
(32,816)
|
238.2 %
|
|
|
(46,590)
|
0.0 %
|
Retained
earnings
|
|
374,874
|
|
|
366,173
|
|
|
365,099
|
|
|
8,701
|
2.4 %
|
|
|
9,775
|
2.7 %
|
Accumulated other
comprehensive loss
|
|
(11,685)
|
|
|
(11,897)
|
|
|
(13,314)
|
|
|
212
|
(1.8) %
|
|
|
1,629
|
(12.2) %
|
Total
shareholders' equity
|
|
733,838
|
|
|
757,959
|
|
|
351,785
|
|
|
(24,121)
|
(3.2) %
|
|
|
382,053
|
108.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$
|
4,650,019
|
|
|
4,533,412
|
|
$
|
3,713,901
|
|
$
|
116,607
|
2.6 %
|
|
$
|
936,118
|
25.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NB BANCORP,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
Three Months Ended
March 31, 2024 Change
From Three Months Ended
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
|
December 31, 2023
|
|
March 31, 2023
|
INTEREST AND
DIVIDEND INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
64,000
|
|
$
|
61,696
|
|
$
|
43,760
|
|
$
|
2,304
|
3.7 %
|
|
$
|
20,240
|
46.3 %
|
Interest and dividends
on investment securities
|
|
1,279
|
|
|
1,161
|
|
|
1,117
|
|
|
118
|
10.2 %
|
|
|
162
|
14.5 %
|
Interest on cash
equivalents and other
|
|
2,914
|
|
|
1,445
|
|
|
1,140
|
|
|
1,469
|
101.7 %
|
|
|
1,774
|
155.6 %
|
Total
interest and dividend income
|
|
68,193
|
|
|
64,302
|
|
|
46,017
|
|
|
3,891
|
6.1 %
|
|
|
22,176
|
48.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
28,217
|
|
|
25,845
|
|
|
12,293
|
|
|
2,372
|
9.2 %
|
|
|
15,924
|
129.5 %
|
Interest on
borrowings
|
|
1,343
|
|
|
3,179
|
|
|
2,506
|
|
|
(1,836)
|
(57.8) %
|
|
|
(1,163)
|
(46.4) %
|
Total
interest expense
|
|
29,560
|
|
|
29,024
|
|
|
14,799
|
|
|
536
|
1.8 %
|
|
|
14,761
|
99.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
38,633
|
|
|
35,278
|
|
|
31,218
|
|
|
3,355
|
9.5 %
|
|
|
7,415
|
23.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR CREDIT
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses - loans
|
|
3,890
|
|
|
1,662
|
|
|
2,072
|
|
|
2,228
|
134.1 %
|
|
|
1,818
|
87.7 %
|
Provision for credit
losses - unfunded commitments
|
|
539
|
|
|
4,239
|
|
|
-
|
|
|
(3,700)
|
(87.3) %
|
|
|
539
|
0.0 %
|
Total
provision for credit losses
|
|
4,429
|
|
|
5,901
|
|
|
2,072
|
|
|
(1,472)
|
(24.9) %
|
|
|
2,357
|
113.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION FOR CREDIT LOSSES
|
|
34,204
|
|
|
29,377
|
|
|
29,146
|
|
|
4,827
|
16.4 %
|
|
|
5,058
|
17.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service
fees
|
|
1,880
|
|
|
2,633
|
|
|
1,696
|
|
|
(753)
|
(28.6) %
|
|
|
184
|
10.8 %
|
Increase in cash
surrender value of BOLI
|
|
401
|
|
|
394
|
|
|
371
|
|
|
7
|
1.8 %
|
|
|
30
|
8.1 %
|
Mortgage banking
income
|
|
110
|
|
|
112
|
|
|
230
|
|
|
(2)
|
(1.8) %
|
|
|
(120)
|
(52.2) %
|
Swap contract
income
|
|
487
|
|
|
95
|
|
|
107
|
|
|
392
|
412.6 %
|
|
|
380
|
355.1 %
|
Employee retention
credit income
|
|
-
|
|
|
-
|
|
|
3,452
|
|
|
-
|
0.0 %
|
|
|
(3,452)
|
(100.0) %
|
Other income
|
|
623
|
|
|
18
|
|
|
11
|
|
|
605
|
3361.1 %
|
|
|
612
|
5563.6 %
|
Total
noninterest income
|
|
3,501
|
|
|
3,252
|
|
|
5,867
|
|
|
249
|
7.7 %
|
|
|
(2,366)
|
(40.3) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
17,560
|
|
|
24,311
|
|
|
14,977
|
|
|
(6,751)
|
(27.8) %
|
|
|
2,583
|
17.2 %
|
Director and
professional service fees
|
|
1,908
|
|
|
1,247
|
|
|
1,664
|
|
|
661
|
53.0 %
|
|
|
244
|
14.7 %
|
Occupancy and equipment
expenses
|
|
1,336
|
|
|
1,266
|
|
|
1,375
|
|
|
70
|
5.5 %
|
|
|
(39)
|
(2.8) %
|
Data processing
expenses
|
|
1,995
|
|
|
2,044
|
|
|
1,717
|
|
|
(49)
|
(2.4) %
|
|
|
278
|
16.2 %
|
Marketing and
charitable contribution expenses
|
|
742
|
|
|
20,110
|
|
|
1,190
|
|
|
(19,368)
|
(96.3) %
|
|
|
(448)
|
(37.6) %
|
FDIC and state
insurance assessments
|
|
361
|
|
|
1,863
|
|
|
692
|
|
|
(1,502)
|
(80.6) %
|
|
|
(331)
|
(47.8) %
|
General and
administrative expenses
|
|
1,662
|
|
|
1,947
|
|
|
1,417
|
|
|
(285)
|
(14.6) %
|
|
|
245
|
17.3 %
|
Total
noninterest expense
|
|
25,564
|
|
|
52,788
|
|
|
23,032
|
|
|
(27,224)
|
(51.6) %
|
|
|
2,532
|
11.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
TAXES
|
|
12,141
|
|
|
(20,159)
|
|
|
11,981
|
|
|
32,300
|
(160.2) %
|
|
|
160
|
1.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
TAXES
|
|
3,439
|
|
|
(6,542)
|
|
|
3,229
|
|
|
9,981
|
(152.6) %
|
|
|
210
|
6.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
$
|
8,702
|
|
$
|
(13,617)
|
|
$
|
8,752
|
|
$
|
22,319
|
(163.9) %
|
|
$
|
(50)
|
(0.6) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding, basic
|
|
39,689,644
|
|
|
42,018,229
|
|
|
N/A
|
|
|
(2,328,585)
|
(5.5) %
|
|
|
N/A
|
N/A
|
Weighted average common
shares outstanding, diluted
|
|
39,689,644
|
|
|
42,018,229
|
|
|
N/A
|
|
|
(2,328,585)
|
(5.5) %
|
|
|
N/A
|
N/A
|
Earnings (loss) per
share, basic
|
$
|
0.22
|
|
$
|
(0.32)
|
|
$
|
N/A
|
|
$
|
0.54
|
(167.7) %
|
|
$
|
N/A
|
N/A
|
Earnings (loss) per
share, diluted
|
$
|
0.22
|
|
$
|
(0.32)
|
|
$
|
N/A
|
|
$
|
0.54
|
(167.7) %
|
|
$
|
N/A
|
N/A
|
NB BANCORP,
INC.
|
AVERAGE BALANCES,
INTEREST EARNED/PAID & AVERAGE YIELDS
|
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
For the Three
Months Ended
|
|
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
|
|
|
Average
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
Outstanding
|
|
|
|
|
Average
|
|
Outstanding
|
|
|
|
|
Average
|
|
Outstanding
|
|
|
|
|
Average
|
|
|
|
Balance
|
|
Interest
|
|
Yield/Rate (5)
|
|
Balance
|
|
Interest
|
|
Yield/Rate (1)
|
|
Balance
|
|
Interest
|
|
Yield/Rate (5)
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
3,903,044
|
|
$
|
64,000
|
|
6.60
|
%
|
$
|
3,784,363
|
|
$
|
61,696
|
|
6.47
|
%
|
$
|
3,093,708
|
|
$
|
43,760
|
|
5.74
|
%
|
Securities
|
|
|
193,296
|
|
|
1,279
|
|
2.66
|
%
|
|
194,024
|
|
|
1,161
|
|
2.37
|
%
|
|
235,243
|
|
|
1,117
|
|
1.93
|
%
|
Other
investments
|
|
|
38,724
|
|
|
416
|
|
4.32
|
%
|
|
42,101
|
|
|
430
|
|
4.05
|
%
|
|
37,905
|
|
|
537
|
|
5.75
|
%
|
Short-term
investments
|
|
|
175,616
|
|
|
2,498
|
|
5.72
|
%
|
|
111,067
|
|
|
1,015
|
|
3.63
|
%
|
|
57,678
|
|
|
603
|
|
4.24
|
%
|
Total interest-earning
assets
|
|
|
4,310,680
|
|
|
68,193
|
|
6.36
|
%
|
|
4,131,555
|
|
|
64,302
|
|
6.17
|
%
|
|
3,424,534
|
|
|
46,017
|
|
5.45
|
%
|
Non-interest-earning
assets
|
|
|
217,883
|
|
|
|
|
|
|
|
224,969
|
|
|
|
|
|
|
|
197,450
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
|
(32,744)
|
|
|
|
|
|
|
|
(32,638)
|
|
|
|
|
|
|
|
(26,302)
|
|
|
|
|
|
|
Total assets
|
|
$
|
4,495,819
|
|
|
|
|
|
|
$
|
4,323,886
|
|
|
|
|
|
|
$
|
3,595,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
accounts
|
|
$
|
127,487
|
|
|
16
|
|
0.05
|
%
|
$
|
135,629
|
|
|
17
|
|
0.05
|
%
|
$
|
159,087
|
|
|
20
|
|
0.05
|
%
|
NOW accounts
|
|
|
320,392
|
|
|
4,413
|
|
5.54
|
%
|
|
330,830
|
|
|
3,981
|
|
4.77
|
%
|
|
368,795
|
|
|
668
|
|
0.73
|
%
|
Money market
accounts
|
|
|
851,077
|
|
|
3,495
|
|
1.65
|
%
|
|
829,353
|
|
|
3,092
|
|
1.48
|
%
|
|
654,043
|
|
|
1,933
|
|
1.20
|
%
|
Certificates of deposit
and individual retirement accounts
|
|
|
1,669,490
|
|
|
20,293
|
|
4.89
|
%
|
|
1,580,538
|
|
|
18,755
|
|
4.71
|
%
|
|
1,322,760
|
|
|
9,672
|
|
2.97
|
%
|
Total interest-bearing
deposits
|
|
|
2,968,446
|
|
|
28,217
|
|
3.82
|
%
|
|
2,876,350
|
|
|
25,845
|
|
3.56
|
%
|
|
2,504,685
|
|
|
12,293
|
|
1.99
|
%
|
FHLB
advances
|
|
|
98,886
|
|
|
1,343
|
|
5.46
|
%
|
|
220,475
|
|
|
3,179
|
|
5.72
|
%
|
|
200,194
|
|
|
2,506
|
|
5.08
|
%
|
Total interest-bearing
liabilities
|
|
|
3,067,332
|
|
|
29,560
|
|
3.88
|
%
|
|
3,096,825
|
|
|
29,024
|
|
3.72
|
%
|
|
2,704,879
|
|
|
14,799
|
|
2.22
|
%
|
Non-interest-bearing
deposits
|
|
|
611,305
|
|
|
|
|
|
|
|
729,928
|
|
|
|
|
|
|
|
478,910
|
|
|
|
|
|
|
Other
non-interest-bearing liabilities
|
|
|
83,487
|
|
|
|
|
|
|
|
104,211
|
|
|
|
|
|
|
|
64,551
|
|
|
|
|
|
|
Total
liabilities
|
|
|
3,762,124
|
|
|
|
|
|
|
|
3,930,964
|
|
|
|
|
|
|
|
3,248,340
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
733,695
|
|
|
|
|
|
|
|
392,922
|
|
|
|
|
|
|
|
347,342
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
4,495,819
|
|
|
|
|
|
|
$
|
4,323,886
|
|
|
|
|
|
|
$
|
3,595,682
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
38,633
|
|
|
|
|
|
|
$
|
35,278
|
|
|
|
|
|
|
$
|
31,218
|
|
|
|
Net interest rate
spread (2)
|
|
|
|
|
|
|
|
2.48
|
%
|
|
|
|
|
|
|
2.45
|
%
|
|
|
|
|
|
|
3.23
|
%
|
Net interest-earning
assets (3)
|
|
$
|
1,243,348
|
|
|
|
|
|
|
$
|
1,034,730
|
|
|
|
|
|
|
$
|
719,655
|
|
|
|
|
|
|
Net interest margin
(4)
|
|
|
|
|
|
|
|
3.60
|
%
|
|
|
|
|
|
|
3.39
|
%
|
|
|
|
|
|
|
3.70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets to interest-bearing liabilities
|
|
|
140.54
|
%
|
|
|
|
|
|
|
133.41
|
%
|
|
|
|
|
|
|
126.61
|
%
|
|
|
|
|
|
|
(2) Net interest rate
spread represents the difference between the weighted average yield
on interest-earning assets and the weighted average rate of
interest-bearing liabilities.
|
(3) Net
interest-earning assets represent total interest-earning assets
less total interest-bearing liabilities.
|
(4) Net interest margin
represents net interest income divided by average total
interest-earning assets.
|
(5)
Annualized
|
NB BANCORP,
INC.
|
COMMERCIAL REAL
ESTATE BY COLLATERAL TYPE
|
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner-
Occupied
|
|
Non-
Owner-
Occupied
|
|
Balance
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
210,700
|
|
$
|
71,950
|
|
$
|
282,650
|
|
|
19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Office
|
|
44,288
|
|
|
155,836
|
|
|
200,124
|
|
|
13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Family
|
|
—
|
|
|
321,124
|
|
|
321,124
|
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
86,096
|
|
|
105,264
|
|
|
191,360
|
|
|
13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Purpose
|
|
120,242
|
|
|
59,950
|
|
|
180,192
|
|
|
12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
|
|
63
|
|
|
148,244
|
|
|
148,307
|
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
72,489
|
|
|
41,402
|
|
|
113,891
|
|
|
8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Mixed-Use
|
|
10,518
|
|
|
68,348
|
|
|
78,866
|
|
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial real
estate
|
$
|
544,396
|
|
$
|
972,118
|
|
$
|
1,516,514
|
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023
|
|
Change From Three
Months Ended March 31, 2024
|
|
Owner-
Occupied
|
|
Non-
Owner-
Occupied
|
|
Balance
|
|
Percentage
|
|
Owner-
Occupied
|
|
Non-
Owner-
Occupied
|
|
Balance
|
|
Percentage
|
Industrial
|
$
|
212,246
|
|
$
|
72,288
|
|
$
|
284,534
|
|
|
21 %
|
|
$
|
(1,546)
|
|
$
|
(338)
|
|
$
|
(1,884)
|
|
|
(1) %
|
Office
|
|
39,330
|
|
|
184,246
|
|
|
223,576
|
|
|
16 %
|
|
|
4,958
|
|
|
(28,410)
|
|
|
(23,452)
|
|
|
(10) %
|
Multi-Family
|
|
—
|
|
|
209,982
|
|
|
209,982
|
|
|
15 %
|
|
|
—
|
|
|
111,142
|
|
|
111,142
|
|
|
53 %
|
Retail
|
|
84,269
|
|
|
104,596
|
|
|
188,865
|
|
|
14 %
|
|
|
1,827
|
|
|
668
|
|
|
2,495
|
|
|
1 %
|
Special
Purpose
|
|
119,073
|
|
|
59,876
|
|
|
178,949
|
|
|
13 %
|
|
|
1,169
|
|
|
74
|
|
|
1,243
|
|
|
1 %
|
Hospitality
|
|
1,217
|
|
|
148,278
|
|
|
149,495
|
|
|
11 %
|
|
|
(1,154)
|
|
|
(34)
|
|
|
(1,188)
|
|
|
(1) %
|
Other
|
|
58,548
|
|
|
19,580
|
|
|
78,128
|
|
|
6 %
|
|
|
13,941
|
|
|
21,822
|
|
|
35,763
|
|
|
46 %
|
Mixed-Use
|
|
8,974
|
|
|
57,338
|
|
|
66,312
|
|
|
5 %
|
|
|
1,544
|
|
|
11,010
|
|
|
12,554
|
|
|
19 %
|
Total commercial real
estate
|
$
|
523,657
|
|
$
|
856,184
|
|
$
|
1,379,841
|
|
|
100 %
|
|
$
|
20,739
|
|
$
|
115,934
|
|
$
|
136,673
|
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023
|
|
Change From Three
Months Ended March 31, 2024
|
|
Owner-
Occupied
|
|
Non-
Owner-
Occupied
|
|
Balance
|
|
Percentage
|
|
Owner-
Occupied
|
|
Non-
Owner-
Occupied
|
|
Balance
|
|
Percentage
|
Industrial
|
$
|
64,473
|
|
$
|
51,383
|
|
$
|
115,856
|
|
|
11 %
|
|
$
|
146,227
|
|
$
|
20,567
|
|
$
|
166,794
|
|
|
144 %
|
Office
|
|
34,751
|
|
|
128,486
|
|
|
163,237
|
|
|
15 %
|
|
|
9,537
|
|
|
27,350
|
|
|
36,887
|
|
|
23 %
|
Multi-Family
|
|
—
|
|
|
199,755
|
|
|
199,755
|
|
|
18 %
|
|
|
—
|
|
|
121,369
|
|
|
121,369
|
|
|
61 %
|
Retail
|
|
32,638
|
|
|
103,167
|
|
|
135,805
|
|
|
12 %
|
|
|
53,458
|
|
|
2,097
|
|
|
55,555
|
|
|
41 %
|
Special
Purpose
|
|
57,079
|
|
|
51,162
|
|
|
108,241
|
|
|
10 %
|
|
|
63,163
|
|
|
8,788
|
|
|
71,951
|
|
|
66 %
|
Hospitality
|
|
1,239
|
|
|
108,333
|
|
|
109,572
|
|
|
10 %
|
|
|
(1,176)
|
|
|
39,911
|
|
|
38,735
|
|
|
35 %
|
Other
|
|
62,175
|
|
|
104,402
|
|
|
166,577
|
|
|
15 %
|
|
|
10,314
|
|
|
(63,000)
|
|
|
(52,686)
|
|
|
(32) %
|
Mixed-Use
|
|
13,419
|
|
|
77,747
|
|
|
91,166
|
|
|
8 %
|
|
|
(2,901)
|
|
|
(9,399)
|
|
|
(12,300)
|
|
|
(13) %
|
Total commercial real
estate
|
$
|
265,774
|
|
$
|
824,435
|
|
$
|
1,090,209
|
|
|
100 %
|
|
$
|
278,622
|
|
$
|
147,683
|
|
$
|
426,305
|
|
|
39 %
|
|
|
|
|
|
|
|
|
|
NB BANCORP,
INC.
|
|
|
|
|
|
|
|
|
NON-GAAP
RECONCILIATION
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
|
8,702
|
|
$
|
(13,617)
|
|
$
|
8,752
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
Noninterest expense
components:
|
|
|
|
|
|
|
|
|
Needham Bank Charitable
Foundation contribution resulting from IPO
|
|
-
|
|
|
19,082
|
|
|
-
|
One-time conversion and
IPO-related compensation expense
|
|
-
|
|
|
7,931
|
|
|
-
|
Defined benefit pension
termination expense
|
|
390
|
|
|
1,900
|
|
|
-
|
Permanent tax
differences resulting from public company tax laws (1)
|
|
-
|
|
|
3,680
|
|
|
-
|
Total impact of
non-GAAP adjustment
|
$
|
390
|
|
$
|
32,593
|
|
$
|
-
|
Less net tax benefit
associated with non-GAAP adjustments
|
|
111
|
|
|
8,096
|
|
|
-
|
Non-GAAP adjustments,
net of tax
|
|
279
|
|
|
24,497
|
|
|
-
|
Net income excluding
conversion and IPO-related expenses (non-GAAP)
|
$
|
8,981
|
|
$
|
10,880
|
|
$
|
8,752
|
Weighted average common
shares outstanding
|
|
39,689,644
|
|
|
42,018,229
|
|
|
N/A
|
Earnings per share
excluding conversion and IPO-related expenses
(non-GAAP)
|
|
0.23
|
|
|
0.26
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
(1) These amounts are
reflected in income tax expense and reflect amounts related to
2023
|
|
|
|
|
|
|
|
|
compensation and a
writedown for future LTIP vesting amounts that are not expected to
be deductible
|
|
|
|
|
|
|
|
|
on a tax return. These
amounts are not included in the calculation of the tax impact on
the non-GAAP adjustments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
|
|
|
|
|
|
|
|
|
Noninterest expense
(GAAP)
|
$
|
25,564
|
|
$
|
52,788
|
|
$
|
23,032
|
|
|
|
|
|
|
|
|
|
Subtract:
|
|
|
|
|
|
|
|
|
Noninterest expense
components:
|
|
|
|
|
|
|
|
|
Needham Bank Charitable
Foundation contribution resulting from IPO
|
|
-
|
|
|
19,082
|
|
|
-
|
One-time conversion and
IPO-related compensation expense
|
|
-
|
|
|
7,931
|
|
|
-
|
Defined benefit pension
termination expense
|
|
390
|
|
|
1,900
|
|
|
-
|
Total impact of
non-GAAP noninterest expense adjustments
|
$
|
390
|
|
$
|
28,913
|
|
$
|
-
|
Noninterest expense
excluding conversion and IPO-related expenses
(non-GAAP)
|
$
|
25,174
|
|
$
|
23,875
|
|
$
|
23,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
|
|
|
|
|
|
|
|
|
Net income excluding
conversion and IPO-related expenses (non-GAAP)
|
$
|
8,981
|
|
$
|
10,880
|
|
$
|
8,752
|
Average
assets
|
|
4,495,819
|
|
|
4,323,886
|
|
|
3,595,682
|
Return on average
assets excluding conversion and IPO-related expenses
(non-GAAP)
|
|
0.80 %
|
|
|
1.00 %
|
|
|
0.99 %
|
Average shareholders'
equity
|
|
733,695
|
|
|
392,922
|
|
|
347,342
|
Return on average
shareholders' equity excluding conversion and
IPO-related
|
|
|
|
|
|
|
|
|
expenses
(non-GAAP)
|
|
4.92 %
|
|
|
10.99 %
|
|
|
10.22 %
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
733,838
|
|
$
|
757,959
|
|
$
|
351,785
|
Subtract:
|
|
|
|
|
|
|
|
|
Intangible assets (core
deposit intangible)
|
|
1,191
|
|
|
1,227
|
|
|
1,340
|
Total tangible
shareholders' equity (non-GAAP)
|
|
732,647
|
|
|
756,732
|
|
|
350,445
|
Total assets
(GAAP)
|
|
4,650,019
|
|
|
4,533,412
|
|
|
3,713,901
|
Subtract:
|
|
|
|
|
|
|
|
|
Intangible assets (core
deposit intangible)
|
|
1,191
|
|
|
1,227
|
|
|
1,340
|
Total tangible
assets (non-GAAP)
|
$
|
4,648,828
|
|
$
|
4,532,185
|
|
$
|
3,712,561
|
Tangible shareholders'
equity / tangible assets (non-GAAP)
|
|
15.76 %
|
|
|
16.70 %
|
|
|
9.44 %
|
Total common shares
outstanding
|
|
42,705,729
|
|
|
42,705,729
|
|
|
N/A
|
Tangible book value
per share (non-GAAP)
|
$
|
17.16
|
|
$
|
17.72
|
|
$
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
|
|
|
|
|
|
|
|
|
Noninterest expense
excluding conversion and IPO-related expenses (non-GAAP)
|
$
|
25,174
|
|
$
|
23,875
|
|
$
|
23,032
|
Total
revenue
|
|
42,134
|
|
|
38,530
|
|
|
37,085
|
Efficiency ratio
excluding conversion and IPO-related expenses
(non-GAAP)
|
|
59.75 %
|
|
|
61.96 %
|
|
|
62.11 %
|
NB BANCORP,
INC.
|
ASSET QUALITY –
NON-PERFORMING ASSETS
|
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One to four-family
residential
|
|
$
|
4,281
|
|
$
|
4,100
|
|
$
|
5,748
|
Home equity
|
|
|
586
|
|
|
590
|
|
|
570
|
Commercial real
estate
|
|
|
422
|
|
|
422
|
|
|
670
|
Construction and land
development
|
|
|
10
|
|
|
10
|
|
|
10
|
Commercial and
industrial
|
|
|
4,125
|
|
|
4,138
|
|
|
5,077
|
Consumer
|
|
|
1,640
|
|
|
1,539
|
|
|
1,010
|
Total
|
|
$
|
11,064
|
|
$
|
10,799
|
|
$
|
13,085
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans to total loans
|
|
|
0.28 %
|
|
|
0.28 %
|
|
|
0.41 %
|
Total non-performing
assets to total assets
|
|
|
0.24 %
|
|
|
0.24 %
|
|
|
0.35 %
|
NB BANCORP,
INC.
|
ASSET QUALITY –
PROVISION, ALLOWANCE, AND NET (CHARGE-OFFS)
RECOVERIES
|
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
Allowance for credit
losses at beginning of the period
|
$
|
32,222
|
|
$
|
31,889
|
|
$
|
25,028
|
|
|
|
|
|
|
|
|
|
Adjustment to allowance
for adoption of ASU 2016-13
|
|
—
|
|
|
—
|
|
|
1,159
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
3,890
|
|
|
1,662
|
|
|
2,072
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
Consumer
|
|
1,942
|
|
|
1,519
|
|
|
637
|
Total
charge-offs
|
|
1,942
|
|
|
1,519
|
|
|
637
|
|
|
|
|
|
|
|
|
|
Recoveries of loans
previously charged off:
|
|
|
|
|
|
|
|
|
Commercial Real
Estate
|
|
—
|
|
|
12
|
|
|
12
|
Consumer
|
|
136
|
|
|
178
|
|
|
297
|
Total
recoveries
|
|
136
|
|
|
190
|
|
|
309
|
|
|
|
|
|
|
|
|
|
Net (charge-offs)
recoveries
|
|
(1,806)
|
|
|
(1,329)
|
|
|
(328)
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses at end of the period
|
$
|
34,306
|
|
$
|
32,222
|
|
$
|
27,931
|
|
|
|
|
|
|
|
|
|
Allowance to
non-performing loans
|
|
310 %
|
|
|
298 %
|
|
|
213 %
|
Allowance to total
loans outstanding at the end of the period
|
|
0.87 %
|
|
|
0.83 %
|
|
|
0.87 %
|
Net (charge-offs)
recoveries (annualized) to average loans outstanding during the
period
|
|
(0.19) %
|
|
|
(0.14) %
|
|
|
(0.04) %
|
View original
content:https://www.prnewswire.com/news-releases/nb-bancorp-inc-reports-first-quarter-2024-financial-results-302126809.html
SOURCE Needham Bank