NB Bancorp, Inc. reported a net income of $12.7 million for the first quarter of 2025, a significant increase of 45.4% compared to $8.7 million in the same period last year. This growth was driven by a $4.9 million rise in net interest income, totaling $43.5 million, and a substantial reduction in the provision for credit losses, which fell by $3.3 million to $1.2 million. The company's earnings per share for the quarter were $0.33, up from $0.22 in the prior year.
Total assets for NB Bancorp increased by $84.4 million, or 1.6%, reaching $5.24 billion as of March 31, 2025. This growth was primarily attributed to a $131.8 million increase in net loans, which rose to $4.43 billion, reflecting the company's strategy to diversify its loan portfolio into higher-yielding segments. Notably, construction and development loans increased by 10.7%, while commercial and industrial loans grew by 8.9%. The bank also reported a slight decrease in cash and cash equivalents, which fell by 13.9% to $313.4 million.
In terms of deposits, NB Bancorp saw a $149 million increase, or 3.6%, bringing total deposits to $4.33 billion. Core deposits, which exclude brokered deposits, rose by 3.9% to $4.02 billion, driven by growth in money market accounts and certificates of deposit. The bank's borrowings from the Federal Home Loan Bank (FHLB) decreased by 24.8% to $90.8 million, reflecting the overall deposit growth.
The company also completed a share repurchase program, buying back 2.14 million shares at an average price of $19.06 per share. This program was part of a broader strategy to enhance shareholder value. As of March 31, 2025, NB Bancorp maintained a strong capital position, exceeding all regulatory capital requirements and being categorized as well-capitalized.
Looking ahead, NB Bancorp's management expressed optimism about continued growth, emphasizing their commitment to diversifying the loan portfolio and managing interest rate risk effectively. The company remains focused on maintaining a strong liquidity position and adapting to changing market conditions.
About NB Bancorp, Inc.
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