NB Bancorp, Inc. reported a significant increase in its financial performance for the second quarter of 2025, with net income rising to $14.6 million, a 54.2% increase from $9.5 million in the same period last year. This growth was driven by an $8.3 million increase in net interest income, totaling $47 million, and a $1.2 million rise in noninterest income, which reached $4.2 million. The company's total interest and dividend income also saw a notable increase of 12.3%, amounting to $79.8 million, primarily due to a 14.5% rise in interest and fees on loans.
In comparison to the previous fiscal period, NB Bancorp's total assets increased by $68.8 million, or 1.3%, reaching $5.23 billion as of June 30, 2025. This growth was attributed to a $204.2 million increase in net loans, which rose to $4.50 billion, and a $7.2 million increase in available-for-sale securities. The company’s loan portfolio expansion was particularly notable in construction and land development loans, which surged by 24.1%, and commercial and industrial loans, which grew by 11.7%. However, cash and cash equivalents decreased by 28.9% to $258.7 million, reflecting increased loan originations and share repurchases.
Strategically, NB Bancorp announced a definitive merger agreement on June 5, 2025, to acquire Provident Bancorp, Inc. and BankProv, valued at approximately $211.8 million. This merger is expected to close in the fourth quarter of 2025, pending regulatory approvals and shareholder votes. The company also repurchased 1,106,588 shares during the quarter, part of a broader strategy to enhance shareholder value.
Operationally, the company reported a total deposit increase of $90.4 million, or 2.2%, to $4.27 billion, with core deposits rising by 3.8% to $4.01 billion. The increase in deposits was driven by growth in money market accounts and noninterest-bearing demand deposits. As of June 30, 2025, NB Bancorp had approximately $441.9 million in loans to borrowers in the cannabis industry, reflecting its ongoing commitment to this sector.
Looking ahead, NB Bancorp's management expressed confidence in the company's ability to maintain its growth trajectory, supported by its strategic initiatives and strong capital position. The company remains well-capitalized, exceeding all regulatory capital requirements, and anticipates continued growth in its loan portfolio and overall financial performance.
About NB Bancorp, Inc.
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