NEEDHAM, Mass., July 22, 2026 /PRNewswire/ -- NB Bancorp, Inc. (the "Company") (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the "Bank"), today announced its second quarter 2026 financial results.

Net income for the second quarter of 2026 amounted to $21.1 million, or $0.53 per diluted common share, compared to net income of $15.0 million, or $0.36 per diluted common share, for the prior quarter. Return on average assets and return on average equity for the second quarter of 2026 were 1.17% and 10.03%, respectively, increases from 0.87% and 7.05%, respectively, for the prior quarter.
Operating net income⁽¹⁾ for the second quarter of 2026 increased 38.5% and amounted to $21.9 million, or $0.55 per diluted common share, compared to operating net income⁽¹⁾ of $15.8 million, or $0.38 per diluted common share, for the prior quarter. Operating return on average assets⁽¹⁾ and operating return on average equity⁽¹⁾ for the second quarter of 2026 were 1.21% and 10.39%, respectively, increases from 0.92% and 7.43%, respectively, for the prior quarter.
Net interest margin expanded by 7 basis points to 4.00% from 3.93% in the prior quarter as total loans increased 3.4% while total deposits increased 3.7% during the quarter. Net interest margin, excluding purchase accounting adjustments⁽¹⁾, expanded by 5 basis points to 3.87% during the current quarter from 3.82% in the prior quarter.
Efficiency ratio improved to 58.92% from 61.55% in the prior quarter, while operating efficiency ratio⁽¹⁾ improved to 57.66% from 60.06% in the prior quarter.
Net charge-offs (annualized) as a percent of average loans declined to 0.07% from 0.91% in the prior quarter. Non-performing loans as a percent of total loans decreased to 0.43% at the end of the second quarter from 0.73% at the end of the prior quarter.

"The second quarter of 2026 displayed Needham Bank's continued execution of our strategy for disciplined growth in market share as total loans increased 3.4% during the quarter, while total deposits increased 3.7% over the same period. Through the first half of 2026, total loans and total deposits have increased by 15.0% and 15.9% on an annualized basis, while operating EPS increased 24%, respectively. Our teams remained focused on executing our strategic priorities and investing in the infrastructure, technology, and operating capabilities needed to support continued profitable growth. This included targeted investments in artificial intelligence, improved internal systems and automation tools designed to enhance internal efficiency, scalability, and employee effectiveness. We are well positioned to continue to enhance the customer experience and grow market share, while improving long-term operating leverage. The dedication and collaboration of our employees continue to be defining strengths for Needham Bank. As we invest thoughtfully in technology, artificial intelligence, and operational capabilities, while maintaining strong credit performance and disciplined growth, we are building a more scalable and efficient organization that is well-positioned to deliver long-term value for our customers, communities, and shareholders," Campanelli concluded.

Declaration of Dividend

The Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on August 19, 2026, to shareholders of record as of August 5, 2026.

SELECTED FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER OF 2026

Net income of $21.1 million, or $0.53 per diluted common share, compared to net income of $15.0 million, or $0.36 per diluted common share, for the prior quarter. Operating net income⁽¹⁾, excluding one-time charges, amounted to $21.9 million, or $0.55 per diluted common share, compared to operating net income⁽¹⁾ of $15.8 million, or $0.38 per diluted common share, for the prior quarter.
Operating return on average assets increased to 1.21% from 0.92%, operating return on average equity increased to 10.39% from 7.43% and net interest margin expanded to 4.00% from 3.93%.
Credit trends from the BankProv acquisition improved during the quarter, where net charge-offs to average loans decreased to 0.07% from 0.91% and non-performing assets to total assets decreased to 0.37% from 0.63%

One-time pre-tax charges during the current quarter include:

- Non-recurring fees for business line expansion of $649 thousand ($499 thousand net of tax);
- Final merger and acquisition costs of $296 thousand ($227 thousand net of tax) related to the Company's acquisition of Provident; and
- Tax expense and a modified endowment contract penalty of $27 thousand related to the surrender of Bank-owned life insurance ("BOLI") policies acquired from BankProv.

One-time pre-tax charges during the prior quarter include:

- Pre-tax trailing merger and acquisition costs of $534 thousand ($390 thousand net of tax) related to the Company's completed acquisition of Provident;
- Non-recurring fees for business line expansion of $500 thousand ($366 thousand net of tax); and
- Tax expense and a modified endowment contract penalty of $50 thousand related to the surrender of BOLI policies acquired from BankProv.

Net interest margin expanded by 7 basis points to 4.00% during the current quarter from 3.93% in the prior quarter. Net interest margin, excluding purchase accounting adjustments⁽¹⁾, expanded by 5 basis points to 3.87% during the current quarter from 3.82% in the prior quarter.
Gross loans increased $213.0 million, or 3.4%, to $6.42 billion, from $6.21 billion in the prior quarter.
Total deposits increased $222.9 million, or 3.7%, to $6.32 billion, from $6.10 billion in the prior quarter.
- Core deposits, which the Company considers to be all non-brokered deposits, increased $73.1 million, or 1.3%, to $5.60 billion, from $5.53 billion in the prior quarter.
- Brokered deposits increased $149.8 million, or 26.3%, to $719.9 million, from $570.1 million in the prior quarter.
Book value per share and tangible book value per share⁽¹⁾ were $19.22 and $18.51, respectively, in the current quarter, compared to $18.83 and $18.11, respectively, in the prior quarter. The increase in tangible book value per share⁽¹⁾ was a result of $21.1 million in net income for the quarter, partially offset by the repurchase of 918,727 shares during the current quarter at an all-in weighted average cost of $20.13 per share and $3.1 million in dividends paid during the quarter.

BALANCE SHEET

Total assets amounted to $7.45 billion as of June 30, 2026, representing an increase of $220.2 million, or 3.0%, from $7.23 billion as of March 31, 2026.

Cash and cash equivalents increased $24.6 million, or 6.5%, to $400.2 million from $375.6 million in the prior quarter, as a result of net income earned during the quarter of $21.1 million, along with deposit growth of $222.9 million, partially offset by loan growth of $211.1 million and the repurchase of 918,727 shares during the current quarter at an all-in weighted average cost of $20.13 per share.
Net loans increased $211.1 million, or 3.4%, to $6.34 billion, from $6.13 billion in the prior quarter as demand for new loan originations and advances continued. The current quarter change was primarily seen in commercial real estate loans, which increased $196.7 million, or 10.2%, residential real estate loans, which increased $45.0 million, or 3.4%, and multi-family residential loans, which increased $29.6 million, or 5.5%, partially offset by mortgage warehouse loans, which decreased $59.5 million, or 21.5% along with continued run-off of the acquired Enterprise Value portfolio, which decreased $29.5 million, or 18.5%, from the prior quarter.
Deposits increased $222.9 million, or 3.7%, to $6.32 billion from $6.10 billion in the prior quarter. The change in deposits was the result of noninterest bearing demand deposits, which increased $80.8 million, or 9.3%, NOW accounts, which increased $61.8 million, or 8.9% and brokered deposits, which increased $149.8 million, or 26.3%, partially offset by money market accounts, which decreased $77.4 million, or 4.4%.
Shareholders' equity decreased $776 thousand, or 0.1%, to $842.0 million, from $842.8 million in the prior quarter, primarily as a result of the repurchase of 918,727 shares of common stock at an all-in weighted average cost of $20.13 per share totaling $18.5 million and $3.1 million in dividends paid during the current quarter, partially offset by net income of $21.1 million. Shareholders' equity to total assets and tangible shareholders' equity⁽¹⁾ to tangible assets were 11.3% and 10.9%, respectively, at the end of the current quarter, compared to 11.7% and 11.3%, respectively, at the end of the prior quarter.

NET INTEREST INCOME

Net interest income increased $4.3 million, or 6.6%, to $69.1 million for the current quarter, compared to $64.9 million for the prior quarter. Net interest margin expanded 7 basis points to 4.00% for the current quarter, from 3.93% in the prior quarter.

Interest income increased during the current quarter, primarily attributable to an increase in the average balance of and weighted average rate on loans as a result of the continued execution of our growth strategy, partially offset by a reduction in the average balance of and weighted average rate on short-term investments.
Interest expense increased for the current quarter, primarily driven by increases in the average balances of certificates of deposit and individual retirement accounts and FHLB borrowings, partially offset by a decrease in the weighted average rate on certificates of deposit and individual retirement accounts.

PROVISION FOR CREDIT LOSSES

Provision for credit losses decreased $3.1 million, or 49.5%, to a provision for credit losses of $3.2 million for the current quarter, compared to a provision for credit losses of $6.3 million for the prior quarter.

The provision for credit losses on loans decreased $3.4 million, or 53.1%, to $3.0 million for the current quarter, compared to $6.4 million for the prior quarter, primarily driven by an $822 thousand recovery from a commercial and industrial loan, improved qualitative factors on commercial real estate and multi-family loans and no downgrades in qualitative factors, which existed in the prior quarter.
The provision for credit losses on unfunded commitments increased $253 thousand, or 468.5%, to $199 thousand for the current quarter, compared to a release of $54 thousand for the prior quarter, primarily driven by an increase in net unfunded commitments in the current quarter.

NONINTEREST INCOME

Noninterest income increased $1.0 million, or 23.2%, to $5.6 million for the current quarter, compared to $4.5 million for the prior quarter.

Customer service fees increased $550 thousand, or 17.6%, to $3.7 million for the current quarter, compared to $3.1 million in the prior quarter due to increased loan fee income, cash management fees and customer transactional volume.
Other income increased $315 thousand, or 150.0%, to $525 thousand for the current quarter, compared to $210 thousand in the prior quarter, primarily driven by $229 thousand of credit card branding and marketing income recognized during the quarter, along with higher preferred dividends from solar tax credit investments.
Gain (loss) on sale of loans, net, increased $228 thousand to a $227 thousand gain in the current quarter, compared to a $1 thousand loss in the prior quarter, resulting from the improvement in the fair market value of consumer loans held for sale during the current quarter.

NONINTEREST EXPENSE

Noninterest expense increased $1.3 million, or 3.1%, to $44.0 million for the current quarter, compared to $42.7 million for the prior quarter.

Marketing and charitable contribution expenses increased $497 thousand, or 48.1%, to $1.5 million for the current quarter, compared to $1.0 million for the prior quarter, primarily resulting from advertising expenses related to customer events and branch openings, as well as a higher volume of Bank contributions to charities during the current quarter.
Data processing expenses increased $460 thousand, or 10.4%, to $4.9 million for the current quarter, compared to $4.4 million for the prior quarter, primarily driven by our continued investment in technology and systems in support of upcoming revenue initiatives, requiring the operation of systems in parallel for a period of time while new systems are implemented.
FDIC and state insurance assessment expenses increased $432 thousand, or 37.5%, to $1.6 million for the current quarter, compared to $1.2 million for the prior quarter, primarily driven by increased insurance assessments related to the BankProv acquisition.

INCOME TAXES

Income tax expense increased $1.0 million, or 18.7%, to $6.4 million for the current quarter, compared to $5.4 million for the prior quarter. The increase was primarily driven by the increase in net income during the current quarter. The effective tax rate and the operating effective tax rate⁽¹⁾ were 23.2% and 23.1%, respectively, for the current quarter, compared to 26.4% and 26.2%, respectively, for the prior quarter. The primary drivers of the decrease in the effective tax rate were a higher volume of earned income tax credits and tax-exempt interest income on loans due to the origination of a tax-exempt loan at the end of the prior quarter.

COMMERCIAL REAL ESTATE PORTFOLIO

Commercial real estate loans increased $226.2 million, or 9.2%, to $2.69 billion, during the current quarter.

Cannabis facility commercial real estate loans decreased $3.7 million, or 1.7%, to $210.1 million during the current quarter. The Company's cannabis facility commercial real estate portfolio is secured entirely by the underlying commercial real estate of the borrower operation, in addition to, in most cases, a lien on all business assets. The vast majority of the cannabis facility loan portfolio balances have a loan-to-value ratio of 65% or lower, with appraisal reports taking a blended approach (using both cannabis and non-cannabis use comparable real estate sales, which we believe are generally more conservative).
The cannabis facility portfolio has geographic dispersion, with lower dollar exposure loans remaining local and larger dollar exposure loans generally tied to multi-state operators with a more national footprint. All cannabis facility loan relationships were current at the end of the current quarter.
The Company's multi-family real estate loan portfolio increased $29.6 million, or 5.5%, during the current quarter to $567.7 million. The Company's multi-family real estate loan portfolio consists of properties primarily located in the Greater Boston area, all of which are adjustable-rate loans and performing at the end of the current quarter.
The Company's $335.7 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 and are performing at the end of the current quarter.

ASSET QUALITY

The allowance for credit losses ("ACL") amounted to $82.1 million as of June 30, 2026, or 1.28% of total loans, compared to $80.2 million, or 1.29% of total loans as of March 31, 2026.
The Company recorded a provision for credit losses of $3.2 million during the current quarter, which included a provision for credit losses on loans of $3.0 million and a provision of $199 thousand for unfunded commitments, compared to a provision for credit losses of $6.3 million during the prior quarter, which included a provision for credit losses on loans of $6.4 million and a release of provision of $54 thousand for unfunded commitments.
The increase in the ACL for the current quarter was primarily driven by loan growth.
Non-performing loans ("NPLs") decreased $17.9 million, or 39.3%, to $27.7 million as of June 30, 2026, from $45.6 million at the end of the prior quarter. The decrease was primarily due to the decrease in commercial and industrial loans on non-accrual of $18.4 million, resulting from improved performance or workouts. The ACL as a percent of NPLs is 297% as of June 30, 2026, an increase from 176% at the end of the prior quarter.
During the current quarter, the Company recorded total net charge-offs of $1.1 million, or 0.07% of average total loans on an annualized basis, which related to non-purchase-credit-deteriorated ("PCD") loans, compared to net charge-offs of $13.6 million, or 0.91% of average total loans on an annualized basis, in the prior quarter. The $12.4 million decrease in net charge-offs during the current quarter was primarily a result of prior quarter charge-offs on previously fully reserved for PCD commercial and industrial loans.
As part of its ongoing credit risk management framework and prudent oversight, the Company periodically reviews lending relationships across all portfolios to ensure alignment with its risk appetite, regulatory expectations, and evolving market conditions.
The Company's loan portfolio consists primarily of commercial real estate and multi-family loans, one-to-four-family residential real estate loans, construction and land development loans, commercial and industrial loans, mortgage warehouse 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 greater New England.

(1)	Represents a non-GAAP measure. See Non-GAAP reconciliation of the corresponding GAAP measures on pages 13 and 14.

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. Needham Bank also provides services to companies in the cannabis industry by providing loans and deposits, along with supporting payment platforms in this industry, such as Mosaic.

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.

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 revenue, operating net income, operating pre-tax income, net interest margin, excluding purchase accounting adjustments, operating noninterest expense, operating noninterest income, operating effective tax rate, operating earnings per share, basic, operating earnings per share, diluted, operating return on average assets, operating return on average shareholders' equity, operating efficiency ratio, tangible shareholders' equity, tangible assets and tangible book value per share. 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; risks related to the Company's acquisitions generally, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; unforeseen integration issues or impairment of other intangibles; and the Company's inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated; 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.

NB BANCORP, INC.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share data)
	As of and for the three months ended
	June 30, 2026		March 31, 2026		June 30, 2025

Earnings data
Net interest income	$	69,145	$	64,868	$	47,007
Noninterest income		5,559		4,513		4,278
Total revenue		74,704		69,381		51,285
Provision for credit losses		3,193		6,328		3,161
Noninterest expense		44,017		42,701		29,405
Pre-tax income		27,494		20,352		18,719
Net income		21,123		14,984		14,579
Operating net income (non-GAAP)		21,877		15,791		15,043
Operating noninterest expense (non-GAAP)		43,072		41,667		28,875

Per share data
Earnings per share, basic	$	0.53	$	0.37	$	0.39
Earnings per share, diluted		0.53		0.36		0.39
Operating earnings per share, basic (non-GAAP)		0.55		0.39		0.40
Operating earnings per share, diluted (non-GAAP)		0.55		0.38		0.40
Book value per share		19.22		18.83		18.09
Tangible book value per share (non-GAAP)		18.51		18.11		18.07

Profitability
Return on average assets		1.17 %		0.87 %		1.13 %
Operating return on average assets (non-GAAP)		1.21 %		0.92 %		1.16 %
Return on average shareholders' equity		10.03 %		7.05 %		7.84 %
Operating return on average shareholders' equity (non-GAAP)		10.39 %		7.43 %		8.09 %
Net interest margin		4.00 %		3.93 %		3.82 %
Net interest margin, excluding purchase accounting adjustments		3.87 %		3.82 %		3.82 %
Cost of deposits		2.68 %		2.73 %		3.00 %
Efficiency ratio		58.92 %		61.55 %		57.34 %
Operating efficiency ratio (non-GAAP)		57.66 %		60.06 %		56.30 %

Balance sheet, end of period
Total assets	$	7,446,880	$	7,226,649	$	5,226,618
Total loans		6,482,821		6,273,881		4,540,969
Total deposits		6,320,090		6,097,200		4,268,115
Total shareholders' equity		842,002		842,778		737,122

Asset quality
ACL	$	82,088	$	80,195	$	42,601
ACL / Total NPLs		296.8 %		176.0 %		341.4 %
Total NPLs / Total loans		0.43 %		0.73 %		0.27 %
Annualized net charge-offs / Average total loans		(0.07) %		(0.91) %		0.00 %

Capital ratios
Shareholders' equity / Total assets		11.31 %		11.66 %		14.10 %
Tangible shareholders' equity / tangible assets (non-GAAP)		10.94 %		11.27 %		14.09 %

NB BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share and per share data)

	As of						June 30, 2026 change from
	June 30, 2026		March 31, 2026		June 30, 2025		March 31, 2026			June 30, 2025
Assets
Cash and due from banks	$	372,522	$	327,951	$	157,175	$	44,571	13.6 %	$	215,347	137.0 %
Federal funds sold		27,632		47,618		101,587		(19,986)	(42.0) %		(73,955)	(72.8) %
Total cash and cash equivalents		400,154		375,569		258,762		24,585	6.5 %		141,392	54.6 %

Available-for-sale securities, at fair value		272,640		277,241		235,408		(4,601)	(1.7) %		37,232	15.8 %

Loans held for sale, at fair value		59,927		63,971		-		(4,044)	(6.3) %		59,927	0.0 %

Loans receivable, net of deferred fees		6,422,894		6,209,910		4,540,969		212,984	3.4 %		1,881,925	41.4 %
Allowance for credit losses		(82,088)		(80,195)		(42,601)		(1,893)	2.4 %		(39,487)	92.7 %
Net loans		6,340,806		6,129,715		4,498,368		211,091	3.4 %		1,842,438	41.0 %

Accrued interest receivable		28,898		27,150		20,386		1,748	6.4 %		8,512	41.8 %
Banking premises and equipment, net		49,298		47,335		34,289		1,963	4.1 %		15,009	43.8 %
Non-public investments		42,029		40,738		35,767		1,291	3.2 %		6,262	17.5 %
Bank-owned life insurance ("BOLI")		97,370		110,586		55,711		(13,216)	(12.0) %		41,659	74.8 %
Prepaid expenses and other assets		69,228		67,749		57,277		1,479	2.2 %		11,951	20.9 %
Goodwill		18,512		18,512		-		-	0.0 %		18,512	0.0 %
Core deposit intangible, net		17,519		18,411		1,005		(892)	(4.8) %		16,514	1643.2 %
Deferred income tax asset, net		50,499		49,672		29,645		827	1.7 %		20,854	70.3 %
Total assets	$	7,446,880	$	7,226,649	$	5,226,618	$	220,231	3.0 %	$	2,220,262	42.5 %

Liabilities and shareholders' equity
Deposits
Core deposits	$	5,600,238	$	5,527,148	$	4,013,955	$	73,090	1.3 %	$	1,586,283	39.5 %
Brokered deposits		719,852		570,052		254,160		149,800	26.3 %		465,692	183.2 %
Total deposits		6,320,090		6,097,200		4,268,115		222,890	3.7 %		2,051,975	48.1 %
Mortgagors' escrow accounts		4,420		4,858		4,117		(438)	(9.0) %		303	7.4 %
Federal Home Loan Bank ("FHLB") borrowings		181,247		189,701		127,600		(8,454)	(4.5) %		53,647	42.0 %
Accrued expenses and other liabilities		77,549		70,983		68,235		6,566	9.3 %		9,314	13.6 %
Accrued retirement liabilities		21,572		21,129		21,429		443	2.1 %		143	0.7 %
Total liabilities		6,604,878		6,383,871		4,489,496		221,007	3.5 %		2,115,382	47.1 %

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; 43,818,490 issued and
outstanding at June 30, 2026, 44,765,178 issued and outstanding at March 31, 2026
and 40,748,380 issued and outstanding at June 30, 2025		438		448		407		(10)	(2.2) %		31	7.6 %
Additional paid-in capital		415,841		432,858		358,793		(17,017)	(3.9) %		57,048	15.9 %
Unallocated common shares held by the Employee Stock Ownership Plan ("ESOP")		(41,285)		(41,873)		(43,643)		588	(1.4) %		2,358	(5.4) %
Retained earnings		474,970		456,978		427,707		17,992	3.9 %		47,263	11.1 %
Accumulated other comprehensive loss		(7,962)		(5,633)		(6,142)		(2,329)	41.3 %		(1,820)	29.6 %
Total shareholders' equity		842,002		842,778		737,122		(776)	(0.1) %		104,880	14.2 %

Total liabilities and shareholders' equity	$	7,446,880	$	7,226,649	$	5,226,618	$	220,231	3.0 %	$	2,220,262	42.5 %

NB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except share and per share data)
							Three Months Ended June 30, 2026
	For the Three Months Ended						Change From Three Months Ended
	June 30, 2026		March 31, 2026		June 30, 2025		March 31, 2026			June 30, 2025
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	106,574	$	100,042	$	74,719	$	6,532	6.5 %	$	31,855	42.6 %
Interest on securities		2,758		2,708		2,307		50	1.8 %		451	19.5 %
Interest and dividends on cash equivalents and other		2,460		2,936		2,822		(476)	(16.2) %		(362)	(12.8) %
Total interest and dividend income		111,792		105,686		79,848		6,106	5.8 %		31,944	40.0 %

INTEREST EXPENSE
Interest on deposits		40,686		39,579		31,690		1,107	2.8 %		8,996	28.4 %
Interest on borrowings		1,961		1,239		1,151		722	58.3 %		810	70.4 %
Total interest expense		42,647		40,818		32,841		1,829	4.5 %		9,806	29.9 %

NET INTEREST INCOME		69,145		64,868		47,007		4,277	6.6 %		22,138	47.1 %

PROVISION FOR CREDIT LOSSES
Provision for credit losses - loans		2,994		6,382		4,244		(3,388)	(53.1) %		(1,250)	(29.5) %
Provision for (release of) credit losses - unfunded commitments		199		(54)		(1,083)		253	468.5 %		1,282	(118.4) %
Total provision for credit losses		3,193		6,328		3,161		(3,135)	(49.5) %		32	1.0 %

NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES		65,952		58,540		43,846		7,412	12.7 %		22,106	50.4 %

NONINTEREST INCOME
Customer service fees		3,681		3,131		2,554		550	17.6 %		1,127	44.1 %
Increase in cash surrender value of BOLI		962		853		787		109	12.8 %		175	22.2 %
Mortgage banking income		92		119		120		(27)	(22.7) %		(28)	(23.3) %
Swap contract income		72		201		524		(129)	(64.2) %		(452)	(86.3) %
Gain (loss) on sale of loans, net		227		(1)		21		228	22800.0 %		206	981.0 %
Other income		525		210		272		315	150.0 %		253	93.0 %
Total noninterest income		5,559		4,513		4,278		1,046	23.2 %		1,281	29.9 %

NONINTEREST EXPENSE
Salaries and employee benefits		25,549		25,468		18,567		81	0.3 %		6,982	37.6 %
Director and professional service fees		3,816		4,049		2,943		(233)	(5.8) %		873	29.7 %
Occupancy and equipment expenses		2,468		2,491		1,465		(23)	(0.9) %		1,003	68.5 %
Data processing expenses		4,899		4,439		2,493		460	10.4 %		2,406	96.5 %
Marketing and charitable contribution expenses		1,530		1,033		954		497	48.1 %		576	60.4 %
FDIC and state insurance assessments		1,584		1,152		883		432	37.5 %		701	79.4 %
General and administrative expenses		4,171		4,069		2,100		102	2.5 %		2,071	98.6 %
Total noninterest expense		44,017		42,701		29,405		1,316	3.1 %		14,612	49.7 %

INCOME BEFORE TAXES		27,494		20,352		18,719		7,142	35.1 %		8,775	46.9 %

INCOME TAX EXPENSE		6,371		5,368		4,140		1,003	18.7 %		2,231	53.9 %

NET INCOME	$	21,123	$	14,984	$	14,579	$	6,139	41.0 %	$	6,544	44.9 %

Weighted average common shares outstanding, basic		39,693,140		40,969,748		37,191,460		(1,276,608)	(3.1) %		2,501,680	6.7 %
Weighted average common shares outstanding, diluted		40,000,305		41,421,002		37,550,409		(1,420,697)	(3.4) %		2,449,896	6.5 %
Earnings per share, basic	$	0.53	$	0.37	$	0.39	$	0.16	43.2 %	$	0.14	35.9 %
Earnings per share, diluted	$	0.53	$	0.36	$	0.39	$	0.17	47.2 %	$	0.14	35.9 %

NB BANCORP, INC.
AVERAGE BALANCES, INTEREST EARNED/PAID & AVERAGE YIELDS
(Unaudited)
(Dollars in thousands)

	For the Three Months Ended
	June 30, 2026							March 31, 2026							June 30, 2025
	Average							Average							Average
	Outstanding					Average		Outstanding					Average		Outstanding					Average
	Balance			Interest		Yield/Rate ⁽⁴⁾		Balance			Interest		Yield/Rate ⁽⁴⁾		Balance			Interest		Yield/Rate ⁽⁴⁾
Interest-earning assets:
Loans ⁽⁵⁾	$	6,377,025		$	106,574	6.70	%	$	6,090,227		$	100,042	6.66	%	$	4,479,479		$	74,719	6.69	%
Securities		279,196			2,758	3.96	%		273,308			2,708	4.02	%		232,812			2,307	3.97	%
Other investments ⁽⁵⁾		34,301			612	7.16	%		28,275			265	3.80	%		28,525			605	8.51	%
Short-term investments ⁽⁵⁾		237,667			1,848	3.12	%		295,394			2,671	3.67	%		200,524			2,217	4.43	%
Total interest-earning assets		6,928,189			111,792	6.47	%		6,687,204			105,686	6.41	%		4,941,340			79,848	6.48	%
Non-interest-earning assets		394,611							375,966							277,915
Allowance for credit losses		(81,276)							(88,102)							(39,931)
Total assets	$	7,241,524						$	6,975,068						$	5,179,324

Interest-bearing liabilities:
Savings accounts	$	210,544			324	0.62	%	$	207,681			263	0.51	%	$	119,736			134	0.45	%
NOW accounts		701,167			2,265	1.30	%		639,347			2,006	1.27	%		469,472			1,259	1.08	%
Money market accounts		1,699,366			12,783	3.02	%		1,711,672			12,732	3.02	%		1,090,163			9,062	3.33	%
Certificates of deposit and individual retirement accounts		2,595,290			25,314	3.91	%		2,497,213			24,578	3.99	%		1,964,678			21,235	4.34	%
Total interest-bearing deposits		5,206,367			40,686	3.13	%		5,055,913			39,579	3.17	%		3,644,049			31,690	3.49	%
FHLB borrowings		209,002			1,961	3.76	%		135,441			1,239	3.71	%		103,406			1,151	4.46	%
Total interest-bearing liabilities		5,415,369			42,647	3.16	%		5,191,354			40,818	3.19	%		3,747,455			32,841	3.52	%
Non-interest-bearing deposits		883,487							824,839							593,136
Other non-interest-bearing liabilities		98,225							97,370							93,063
Total liabilities		6,397,081							6,113,563							4,433,654
Shareholders' equity		844,443							861,505							745,670
Total liabilities and shareholders' equity	$	7,241,524						$	6,975,068						$	5,179,324
Net interest income				$	69,145						$	64,868						$	47,007
Net interest rate spread ⁽¹⁾						3.31	%						3.22	%						2.96	%
Net interest-earning assets ⁽²⁾	$	1,512,820						$	1,495,850						$	1,193,885
Net interest margin ⁽³⁾						4.00	%						3.93	%						3.82	%

Average interest-earning assets to interest-bearing liabilities		127.94	%						128.81	%						131.86	%

(1)	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.
(2)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(3)	Net interest margin represents net interest income divided by average total interest-earning assets.
(4)	Annualized.
(5)	Loans include loans held for sale, at fair value. Other investments are comprised of Federal Reserve Bank stock, FHLB stock and swap collateral accounts. Short-term investments are comprised of cash and cash equivalents.

NB BANCORP, INC.
COMMERCIAL REAL ESTATE BY COLLATERAL TYPE
(Unaudited)
(Dollars in thousands)

	June 30, 2026
	Owner-Occupied		Non-Owner-Occupied		Balance		Percentage
Multi-Family	$	—	$	567,722	$	567,722		20 %
Industrial		185,270		163,112		348,382		13 %
Office		44,635		291,110		335,745		12 %
Hospitality		41,266		247,242		288,508		11 %
Mixed-Use		22,408		225,392		247,800		9 %
Retail		126,323		109,201		235,524		9 %
Cannabis Facility		201,153		8,913		210,066		8 %
Special Purpose		84,655		69,837		154,492		6 %
Recreational Vehicle Parks		13,255		65,162		78,417		3 %
Self Storage Facilities		—		71,147		71,147		3 %
Other		87,282		64,164		151,446		6 %
Total commercial real estate	$	806,247	$	1,883,002	$	2,689,249		100 %


	Change From March 31, 2026								Change From June 30, 2025
	Owner-Occupied		Non-Owner-Occupied		Balance		Percentage		Owner-Occupied		Non-Owner-Occupied		Balance		Percentage
Multi-Family	$	—	$	29,558	$	29,558		5 %	$	—	$	250,977	$	250,977		79 %
Industrial		55,111		6,772		61,883		22 %		98,479		50,105		148,584		74 %
Office		2,706		(2,552)		154		0 %		18,478		110,801		129,279		63 %
Hospitality		1,996		(11,711)		(9,715)		(3) %		41,266		75,083		116,349		68 %
Mixed-Use		(922)		24,693		23,771		11 %		14,765		65,014		79,779		47 %
Retail		73,112		(5,164)		67,948		41 %		86,769		22,358		109,127		86 %
Cannabis Facility		(3,613)		(85)		(3,698)		(2) %		(54,604)		(6,185)		(60,789)		(22) %
Special Purpose		(2,298)		8,159		5,861		4 %		6,535		12,860		19,395		14 %
Recreational Vehicle Parks		(125)		13,159		13,034		20 %		13,255		65,162		78,417		100 %
Self Storage Facilities		—		(16,443)		(16,443)		(19) %		—		71,147		71,147		100 %
Other		38,079		15,791		53,870		55 %		47,462		9,372		56,834		60 %
Total commercial real estate	$	164,046	$	62,177	$	226,223		9 %	$	272,405	$	726,694	$	999,099		59 %


	March 31, 2026								June 30, 2025
	Owner-Occupied		Non-Owner-Occupied		Balance		Percentage		Owner-Occupied		Non-Owner-Occupied		Balance		Percentage
Multi-Family	$	—	$	538,164	$	538,164		21 %	$	—	$	316,745	$	316,745		19 %
Industrial		130,159		156,340		286,499		12 %		86,791		113,007		199,798		12 %
Office		41,929		293,662		335,591		13 %		26,157		180,309		206,466		12 %
Hospitality		39,270		258,953		298,223		12 %		—		172,159		172,159		10 %
Mixed-Use		23,330		200,699		224,029		9 %		7,643		160,378		168,021		10 %
Retail		53,211		114,365		167,576		7 %		39,554		86,843		126,397		7 %
Cannabis Facility		204,766		8,998		213,764		9 %		255,757		15,098		270,855		16 %
Special Purpose		86,953		61,678		148,631		6 %		78,120		56,977		135,097		8 %
Recreational Vehicle Parks		13,380		52,003		65,383		3 %		—		—		—		0 %
Self Storage Facilities		—		87,590		87,590		4 %		—		—		—		0 %
Other		49,203		48,373		97,576		4 %		39,820		54,792		94,612		6 %
Total commercial real estate	$	642,201	$	1,820,825	$	2,463,026		100 %	$	533,842	$	1,156,308	$	1,690,150		100 %

NB BANCORP, INC.
NON-GAAP RECONCILIATION
(Unaudited)
(Dollars in thousands)
	For the Three Months Ended
	June 30, 2026		March 31, 2026		June 30, 2025

Net income (GAAP)	$	21,123	$	14,984	$	14,579

Add (Subtract):
Adjustments to net income:
Non-recurring fees for business line expansion		649		500		-
BOLI surrender tax and modified endowment contract penalty		27		50		64
Merger and acquisition expenses		296		534		530
Total adjustments to net income	$	972	$	1,084	$	594
Less net tax benefit associated with pre-tax non-GAAP adjustments to net income		218		277		130
Non-GAAP adjustments, net of tax		754		807		464
Operating net income (non-GAAP)	$	21,877	$	15,791	$	15,043
Weighted average common shares outstanding, basic		39,693,140		40,969,748		37,191,460
Weighted average common shares outstanding, diluted		40,000,305		41,421,002		37,550,409
Operating earnings per share, basic (non-GAAP)	$	0.55	$	0.39	$	0.40
Operating earnings per share, diluted (non-GAAP)	$	0.55	$	0.38	$	0.40

Pre-tax income (GAAP)	$	27,494	$	20,352	$	18,719

Add (Subtract):
Adjustments to pre-tax income:
Non-recurring fees for business line expansion		649		500		-
Merger and acquisition expenses		296		534		530
Total adjustments to pre-tax income		945		1,034		530
Operating pre-tax income (non-GAAP)	$	28,439	$	21,386	$	19,249

Net interest income (GAAP)	$	69,145	$	64,868	$	47,007

Subtract (Add):
Adjustments to net interest income:
Purchase accounting adjustments		1,972		1,623		-
Total impact of non-GAAP interest net income adjustments	$	1,972	$	1,623	$	-
Net interest income, excluding purchase accounting adjustments (non-GAAP)	$	67,173	$	63,245	$	47,007

Noninterest expense (GAAP)	$	44,017	$	42,701	$	29,405

Subtract (Add):
Adjustments to noninterest expense:
Non-recurring fees for business line expansion		649		500		-
Merger and acquisition expenses		296		534		530
Total impact of non-GAAP noninterest expense adjustments	$	945	$	1,034	$	530
Operating noninterest expense (non-GAAP)	$	43,072	$	41,667	$	28,875

Operating net income (non-GAAP)	$	21,877	$	15,791	$	15,043
Average assets		7,241,524		6,975,068		5,179,324
Operating return on average assets (non-GAAP)		1.21 %		0.92 %		1.16 %
Average shareholders' equity	$	844,443	$	861,505	$	745,670
Operating return on average shareholders' equity (non-GAAP)		10.39 %		7.43 %		8.09 %

Operating noninterest expense (non-GAAP)	$	43,072	$	41,667	$	28,875
Total pre-provision net revenue (net interest income plus total noninterest income)		74,704		69,381		51,285
Operating efficiency ratio (non-GAAP)		57.66 %		60.06 %		56.30 %

Income tax expense (GAAP)	$	6,371	$	5,368	$	4,140

Add (Subtract):
Adjustments to income tax expense:
Net tax benefit associated with pre-tax non-GAAP adjustments to net income		218		277		-
BOLI surrender tax and modified endowment contract penalty		(27)		(50)		(64)
Total impact of non-GAAP income tax expense adjustments	$	191	$	227	$	(64)
Operating income tax expense (non-GAAP)	$	6,562	$	5,595	$	4,076

Operating effective tax rate (non-GAAP)		23.1 %		26.2 %		21.2 %


	As of
	June 30, 2026		March 31, 2026		June 30, 2025

Total shareholders' equity (GAAP)	$	842,002	$	842,778	$	737,122
Subtract:
Intangible assets (core deposit intangible, net of tax and goodwill)		31,023		32,067		782
Total tangible shareholders' equity (non-GAAP)		810,979		810,711		736,340

Total assets (GAAP)		7,446,880		7,226,649		5,226,618
Subtract:
Intangible assets (core deposit intangible, net of tax and goodwill)		31,023		32,067		782
Total tangible assets (non-GAAP)	$	7,415,857	$	7,194,582	$	5,225,836
Tangible shareholders' equity / tangible assets (non-GAAP)		10.94 %		11.27 %		14.09 %
Total common shares outstanding		43,818,490		44,765,178		40,748,380
Tangible book value per share (non-GAAP)	$	18.51	$	18.11	$	18.07

NB BANCORP, INC.
ASSET QUALITY – NON-PERFORMING ASSETS ⁽¹⁾
(Unaudited)
(Dollars in thousands)

	June 30, 2026		March 31, 2026		June 30, 2025
Real estate loans:
One-to-four-family residential	$	2,963	$	1,763	$	3,030
Home equity		1,547		1,673		1,368
Commercial real estate		957		394		1,984
Construction and land development		-		10		10
Commercial and industrial		20,446		38,885		4,558
Consumer		1,747		2,838		1,528
Total	$	27,660	$	45,563	$	12,478

Total non-performing loans to total loans		0.43 %		0.73 %		0.27 %
Total non-performing PCD loans to total loans ⁽²⁾		0.22 %		0.49 %		0.00 %
Total non-performing non-PCD loans to total loans		0.21 %		0.24 %		0.27 %

Total non-performing assets to total assets		0.37 %		0.63 %		0.24 %
Total non-performing PCD assets to total assets		0.19 %		0.42 %		0.00 %
Total non-performing non-PCD assets to total assets		0.18 %		0.21 %		0.24 %

(1)	Non-performing loans and assets are comprised of non-accrual loans.
(2)	PCD loans were the result of the BankProv acquisition closed on 11/15/25 and did not exist prior to that date.

NB BANCORP, INC.
ASSET QUALITY – PROVISION, ALLOWANCE, AND NET (CHARGE-OFFS) RECOVERIES
(Unaudited)
(Dollars in thousands)

	For the Three Months Ended
	June 30, 2026		March 31, 2026		June 30, 2025
Allowance for credit losses at beginning of the period	$	80,195	$	87,411	$	38,338

Provision for credit losses		2,994		6,382		4,244

Charge-offs:
One-to-Four-Family Residential		—		(56)		—
Commercial & Industrial		(294)		(12,370)		—
Consumer		(2,081)		(1,409)		(1,190)
Commercial real estate		(10)		—		—
Total charge-offs		(2,385)		(13,835)		(1,190)

Recoveries of loans previously charged off:
Commercial and industrial		1,188		12		12
Commercial real estate		—		—		923
Consumer		96		225		274
Total recoveries		1,284		237		1,209

Net charge-offs		(1,101)		(13,598)		19

Allowance for credit losses at end of the period	$	82,088	$	80,195	$	42,601

Allowance to non-performing loans		297 %		176 %		341.4 %
Allowance to total loans outstanding at the end of the period		1.28 %		1.29 %		0.94 %
Annualized net charge-offs to average loans outstanding during the period		(0.07) %		(0.91) %		0.00 %
Annualized net charge-offs to average loans outstanding during the period – PCD loans ⁽¹⁾		0.00 %		(0.82) %		0.00 %
Annualized net charge-offs to average loans outstanding during the period – Non-PCD loans		(0.07) %		(0.08) %		0.00 %

(1)	PCD loans were the result of the BankProv acquisition closed on 11/15/25 and did not exist prior to that date.

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SOURCE Needham Bank