NB Bancorp, Inc. (NB Bancorp) reported a net income of $42.1 million for the year ended December 31, 2024, a significant increase from the $9.8 million reported in 2023. This surge is primarily attributed to a 27.6% increase in interest and fees on loans, reaching $270.7 million, and a substantial 186.9% rise in interest and dividends on cash equivalents and other assets, totaling $14.9 million. Offsetting these gains were a 66.1% increase in interest expense on deposits and a 715.7% increase in income tax expense. Operating net income, excluding one-time charges, was $45.5 million for 2024, compared to $34.3 million in 2023.
The company's total assets grew by 13.8% to $5.16 billion in 2024, driven by increases in net loans, cash and cash equivalents, bank-owned life insurance (BOLI), and available-for-sale (AFS) securities. Net loans increased by 11.3% to $4.29 billion, with growth across most loan portfolio segments except for construction and land development loans, which decreased by 6.3%. Deposits increased by 23.3% to $4.18 billion, with core deposits (excluding brokered deposits) rising by 20.7% to $3.87 billion. FHLB borrowings decreased by 57.4% to $120.8 million. Shareholders' equity increased by 1.0% to $765.2 million.
NB Bancorp's subsidiary, Needham Bank, added approximately 34 full-time employees during 2024, bringing the total employee count to 376. The bank's loan portfolio composition at the end of 2024 included 39.1% commercial real estate and multifamily loans, 28.9% one-to-four-family residential real estate loans and home equity loans, 13.5% construction and land development loans, and 12.9% commercial and industrial loans. Needham Bank also established the Needham Bank Charitable Foundation, contributing $19.1 million in cash and stock. The Foundation made $1.3 million in contributions during 2024.
Significant strategic developments included the completion of the mutual-to-stock conversion in December 2023, resulting in a public offering of common stock. The company also initiated a stock repurchase program in January 2025 to acquire up to 5% of its outstanding common stock. Needham Bank's business strategy focuses on moderate growth in commercial real estate, multifamily, and commercial and industrial loan portfolios, along with modest growth in its consumer loan portfolio and a continued emphasis on deposit gathering.
NB Bancorp's 10-K filing includes forward-looking statements, noting that future results may differ materially due to various factors, including general economic conditions, interest rate changes, credit losses, liquidity, competition, and regulatory changes. The company's risk factors section details potential challenges related to lending activities, market interest rates, economic conditions, funding, laws and regulations, operational matters, accounting matters, and competitive pressures. The company also highlights its cybersecurity strategy and compliance efforts related to its cannabis-related banking activities.
About NB Bancorp, Inc.
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