NB Bancorp, Inc. reported significant financial growth in its latest quarterly filing, with net income for the second quarter of 2026 reaching $21.1 million, a 44.9% increase from $14.6 million in the same period last year. This translates to earnings per diluted share of $0.53, compared to $0.39 in the prior year. For the first half of 2026, net income totaled $36.1 million, up 32.6% from $27.2 million in the first half of 2025. The increase in profitability was primarily driven by a 47.1% rise in net interest income, which reached $69.1 million, attributed to a substantial increase in the average balance of interest-earning assets.
The company’s total assets grew by $440.5 million, or 6.3%, to $7.45 billion as of June 30, 2026, compared to $7.01 billion at the end of 2025. This growth was largely fueled by a $442.1 million increase in net loans, which rose to $6.34 billion, reflecting strategic expansions in commercial real estate and commercial and industrial loans. Additionally, deposits increased by $466.3 million, or 8.0%, to $6.32 billion, with core deposits rising by 5.3% to $5.60 billion.
In terms of operational developments, NB Bancorp completed its acquisition of Provident Bancorp, Inc. in November 2025, which significantly contributed to its asset growth. The company also reported a notable increase in loans to the cannabis industry, which rose by 34.0% to $542.4 million. The bank's focus on diversifying its loan portfolio has led to a higher concentration in commercial-related loans, which typically offer better yields.
The filing also highlighted a strategic increase in noninterest expenses, which rose by 49.7% to $44.0 million for the quarter, primarily due to higher salaries and employee benefits associated with the acquisition and organic growth. The company’s provision for credit losses increased to $3.2 million, reflecting the growth in its loan portfolio and adjustments for specific reserves. Looking ahead, NB Bancorp remains optimistic about its growth trajectory, supported by its strong capital position and ongoing investments in technology and branch expansion.
About NB Bancorp, Inc.
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