----------------      -----------  ---  --------------- 
Noninterest expense on 
 an operating basis 
 (non-GAAP)               $            25,499   $       25,708    $           23,088 
                             ================      ===========  ===  =============== 
 
 
Noninterest income 
 (GAAP)                   $             1,265   $        2,981    $            3,138 
                             ----------------      -----------  ---  --------------- 
 
Subtract (Add): 
Noninterest expense 
components: 
Losses on sales of 
 securities available 
 for sale, net                        (1,868)                -                     - 
                             ----------------      -----------  ---  --------------- 
Total impact of 
 non-GAAP noninterest 
 income adjustments       $           (1,868)   $            -    $                - 
                             ----------------      -----------  ---  --------------- 
Noninterest income on 
 an operating basis 
 (non-GAAP)               $             3,133   $        2,981    $            3,138 
                             ================      ===========  ===  =============== 
 
 
Operating net income 
 (non-GAAP)               $            13,116   $        9,858    $            8,467 
Average assets                      4,890,204        4,703,456             4,133,146 
Operating return on 
 average assets 
 (non-GAAP)                            1.07 %           0.84 %                0.81 % 
Average shareholders' 
 equity                               754,609          741,325               363,469 
Operating return on 
 average shareholders' 
 equity (non-GAAP)                     6.91 %           5.35 %                9.24 % 
 
 
Noninterest expense on 
 an operating basis 
 (non-GAAP)               $            25,499   $       25,708    $           23,088 
Total revenue (net 
 interest income plus 
 total noninterest 
 income on an operating 
 basis) (non-GAAP)                     44,457           41,703                36,622 
Operating efficiency 
 ratio (non-GAAP)                     57.36 %          61.65 %               63.04 % 
 
                                                    As of 
                         ----------------------------------------------------------- 
                          September 30, 2024    June 30, 2024    September 30, 2023 
                         --------------------  ---------------  -------------------- 
 
Total shareholders' 
 equity (GAAP)            $           747,449   $      734,312    $          365,701 
Subtract: 
Intangible assets (core 
 deposit intangible)                    1,116            1,153                 1,265 
                             ----------------      -----------  ---  --------------- 
Total tangible 
 shareholders' equity 
 (non-GAAP)                           746,333          733,159               364,436 
Total assets (GAAP)                 5,002,557        4,799,777             4,231,792 
Subtract: 
Intangible assets (core 
 deposit intangible)                    1,116            1,153                 1,265 
                             ----------------      -----------  ---  --------------- 
Total tangible assets 
 (non-GAAP)               $         5,001,441   $    4,798,624    $        4,230,527 
Tangible shareholders' 
 equity / tangible 
 assets (non-GAAP)                    14.92 %          15.28 %                8.61 % 
Total common shares 
 outstanding                       42,705,729       42,705,729                   N/A 
Tangible book value per 
 share (non-GAAP)         $             17.48   $        17.17    $              N/A 
 
 
 
 
 
 
NB BANCORP, INC. 
 ASSET QUALITY -- NON-PERFORMING ASSETS (1) 
 (Unaudited) 
 (Dollars in thousands) 
 
                    September 30, 2024    June 30, 2024    September 30, 2023 
                   --------------------  ---------------  -------------------- 
Real estate 
loans: 
 One to 
  four-family 
  residential       $             5,070   $        4,251   $             3,903 
 Home equity                      1,060              636                   592 
 Commercial real 
  estate                          3,030            7,056                   430 
 Construction and 
  land 
  development                        10            2,237                 2,414 
Commercial and 
 industrial                       4,743            4,575                 4,615 
Consumer                          2,099            1,974                   993 
                       ----------------      -----------      ---------------- 
 Total              $            16,012   $       20,729   $            12,947 
                       ================      ===========      ================ 
 
 Total 
  non-performing 
  loans to total 
  loans                          0.38 %           0.51 %                0.35 % 
 Total 
  non-performing 
  assets to total 
  assets                         0.32 %           0.43 %                0.31 % 
 
 
(1) Non-performing loans and assets are comprised of non-accrual loans 
 
 
NB BANCORP, INC. 
 ASSET QUALITY -- PROVISION, ALLOWANCE, AND NET (CHARGE-OFFS) RECOVERIES 
 (Unaudited) 
 (Dollars in thousands) 
 
                                      For the Three Months Ended 
                      ----------------------------------------------------------- 
                       September 30, 2024    June 30, 2024    September 30, 2023 
                      --------------------  ---------------  -------------------- 
Allowance for credit 
 losses at beginning 
 of the period         $            37,857   $       34,306   $            31,473 
 
 Provision for 
  credit losses                      4,997            4,429                 1,965 
 
 Charge-offs: 
 One-to-Four-Family 
  Residential                           --               --                   379 
 Commercial and 
  industrial                            --               22                   679 
 Consumer                            1,305              924                   699 
 Commercial real 
 estate                              4,000               --                    -- 
                          ----------------      -----------      ---------------- 
 Total charge-offs                   5,305              946                 1,757 
 
 Recoveries of loans 
 previously charged 
 off: 
 Commercial and 
  industrial                            12               14                    12 
 Consumer                               44               54                   196 
                          ----------------      -----------      ---------------- 
 Total recoveries                       56               68                   208 
 
 Net (charge-offs) 
  recoveries                       (5,249)            (878)               (1,549) 
                          ----------------      -----------      ---------------- 
 
Allowance for credit 
 losses at end of 
 the period            $            37,605   $       37,857   $            31,889 
                          ================      ===========      ================ 
 
Allowance to 
 non-performing 
 loans                             234.9 %          182.6 %               246.3 % 
Allowance to total 
 loans outstanding 
 at the end of the 
 period                             0.89 %           0.92 %                0.86 % 
Net (charge-offs) 
 recoveries 
 (annualized) to 
 average loans 
 outstanding during 
 the period                       (0.50) %         (0.09) %              (0.17) % 
 

View original content:https://www.prnewswire.com/news-releases/nb-bancorp-inc-reports-third-quarter-2024-financial-results-302292147.html

SOURCE Needham Bank

/CONTACT: Investor Contact: JP Lapointe, EVP and CFO, IR@NeedhamBank.com, 781-474-5408

(END) Dow Jones Newswires

October 30, 2024 17:46 ET (21:46 GMT)