---------------- ----------- --- ---------------
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)
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