NB Bancorp, Inc. Reports Positive Earnings and Share Repurchase Program

NB Bancorp, Inc., the parent company of Needham Bank, recently disclosed its financial performance for the fourth quarter of 2024. The company reported a net income of $15.6 million, translating to $0.40 per diluted share, compared to $8.4 million or $0.21 per diluted share in the previous quarter. Operating net income, excluding one-time charges, stood at $13.3 million or $0.34 per diluted share, slightly up from the prior quarter.

Joseph Campanelli, Chairman, President, and CEO of NB Bancorp, expressed contentment for closing the first year as a public entity with positive financial results. Deposit growth outpacing loan growth, with a 3.3% increase in deposits and a 2.0% increase in loans, was highlighted. Tangible book value concluded the year at $17.89. Additionally, the company initiated its first share repurchase program authorizing the repurchase of up to 2,135,286 shares, equivalent to 5% of the outstanding common stock.

The revenue increase was primarily driven by improved interest income on loans and investments, reflecting a period-over-period growth of 20.1%. However, interest expenses also rose, albeit marginally, by 19.5%.

Non-interest income experienced a significant surge of 198.9% to $3.8 million, mainly due to a surge in income from BOLI and reduced losses from securities sales. Non-interest expenses slightly increased by 4.2%, attributed to higher director and professional service fees, general and administrative expenses, and data processing expenses.

The company’s balance sheet reflected total assets of $5.16 billion, a notable increase of $155.3 million from the previous quarter. Total deposits increased by 3.3%, driven primarily by growth in money market accounts, non-interest-bearing demand deposits, and NOW accounts.

The firm also revealed plans for a stock repurchase program covering approximately 5% of the outstanding shares. This strategy allows for share buybacks through various methods, including open market transactions and block trades, to enhance long-term shareholder value.

NB Bancorp, Inc., headquartered in Needham, Massachusetts, aims to deliver innovative financial products and services to customers, maintaining a unique blend of tech-forward solutions and community-centric approach characteristic of a local bank. The company’s performance underscores a successful year and an optimistic outlook for future growth and shareholder value.

This move aligns with the broader market sentiment aiming at capital efficiency and enhancing shareholder returns.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NB Bancorp’s 8K filing here.

About NB Bancorp

NB Bancorp, Inc focuses on operating as a bank holding company for Needham Bank that provides various banking products and services in Greater Boston metropolitan area and surrounding communities in Massachusetts, eastern Connecticut, southern New Hampshire, and Rhode Island. The company offers various deposits, including certificate of deposit, individual retirement, money market, savings, NOW, demand deposit, and interest-bearing and noninterest-bearing checking accounts; and commercial real estate and multifamily, one- to four-family residential real estate, construction and land development, commercial and industrial, and consumer loans, as well as home equity loans and lines of credit.