**NB Bancorp Reports Increased Revenue and Net Income for Fiscal Year 2025**
NB Bancorp, Inc. (NBBK), the holding company for Needham Bank, announced its financial results for the fiscal year ended December 31, 2025, showcasing significant growth compared to the previous year. The company reported net income of $50.3 million, a 19.3% increase from the $42.1 million reported in 2024. This growth was primarily driven by a $36.3 million increase in net interest income, a $3.6 million increase in noninterest income, and a $7.5 million decrease in the provision for credit losses. However, these gains were partially offset by a $34.9 million increase in noninterest expense and a $4.4 million increase in income tax expense.
A key strategic development for NB Bancorp in 2025 was the acquisition of Provident Bancorp, Inc. and its subsidiary, BankProv, on November 15, 2025. This acquisition expanded Needham Bank's presence into northern Massachusetts and southern New Hampshire, adding approximately $1.40 billion in total assets, $1.18 billion in total loans, and $1.14 billion in total deposits. The acquisition was valued at $226.5 million, comprised of $111.8 million in cash and 5,943,682 shares of common stock valued at $114.7 million. The company's total loan portfolio reached $5.99 billion, reflecting a 37.4% increase from the $4.34 billion reported in the previous year.
Operationally, NB Bancorp has focused on diversifying its commercial and industrial loan portfolio, enhancing its online and mobile banking offerings, and strengthening cybersecurity controls. The bank added approximately 152 full-time employees during the year, a majority of which were retained from the Provident Acquisition. Total deposits increased by 40.1% to $5.85 billion, with core deposits (excluding brokered deposits) comprising 90.8% of the total. The company also continues to emphasize residential mortgage lending, with one-to-four-family residential real estate loans totaling $1.18 billion.
Looking ahead, NB Bancorp intends to continue executing its strategy of maximizing sustainable profitability through moderate growth in its commercial real estate and multifamily loan portfolio, diversification of its commercial and industrial loan portfolio, and a focus on deposit gathering. The company also plans to prudently grow its mortgage warehouse lending portfolio, which was acquired as part of the Provident Acquisition. The company's board of directors has authorized a share repurchase program, reflecting confidence in the company's financial position and future prospects.
About NB Bancorp, Inc.
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