Form 8-K
8-K — NB Bancorp, Inc.
Accession: 0001104659-26-064982
Filed: 2026-05-21
Period: 2026-05-21
CIK: 0001979330
SIC: 6036 (SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED)
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — nbbk-20260521x8k.htm (Primary)
EX-99.1 (nbbk-20260521xex99d1.htm)
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8-K
8-K (Primary)
Filename: nbbk-20260521x8k.htm · Sequence: 1
NB BANCORP, INC._May 21, 2026
0001979330false00019793302026-05-212026-05-21
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 21, 2026
NB BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
Maryland
001-41899
93-2560883
(State or Other Jurisdiction)
(Commission File No.)
(I.R.S. Employer
of Incorporation)
Identification No.)
1063 Great Plain Avenue, Needham, Massachusetts
02492
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code: (781) 444-2100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $0.01 Per Share
NBBK
The Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01
OTHER EVENTS
On May 21, 2026, NB Bancorp, Inc. (the “Company”), the parent company of Needham Bank, made available a slide presentation for an in-person investors bank meeting to be held on June 2, 2026. The presentation materials include information regarding the Company’s operations and financial performance. The slide presentation is included in this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
99.1
Presentation Materials of NB Bancorp, Inc. dated June 2, 2026
104
Cover Page Interactive Data File (Embedded within Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
NB BANCORP, INC.
DATE: May 21, 2026
By:
/s/Jean-Pierre Lapointe
Senior Executive Vice President and Chief Financial Officer
EX-99.1
EX-99.1
Filename: nbbk-20260521xex99d1.htm · Sequence: 2
Exhibit 99.1
1
June 2, 2026
Performance
Trust
Capital
Connect
2
Forward Looking Statements
Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be
covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking
statements in other documents we file with the Securities and Exchange Commission (the “SEC”), in our annual reports to our
stockholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You
can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,”
“outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to
historical matters. Although the Company believes that these forward-looking statements are based on reasonable estimates and
assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other
factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and
relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some
cases, beyond the Company’s control. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions on a national basis and in
the local markets in which the Company operates, including changes which adversely affect borrowers’ ability to service and repay
loans; changes in customer behavior due to political, business and economic conditions, including inflation and concerns about
liquidity; turbulence in the capital and debt markets; reductions in net interest income resulting from interest rate volatility as well as
changes in the balances and mix of loans and deposits; changes in interest rates and real estate values; changes in loan collectability
and increases in defaults and charge-off rates; decreases in the value of securities and other assets, adequacy of credit loss reserves, or
deposit levels necessitating increased borrowing to fund loans and investments; risks related to the Company’s acquisitions
generally, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and
charges related to these transactions being significantly higher than anticipated; unforeseen integration issues or impairment of other
intangibles; and the Company’s inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within
the timeframes originally anticipated; changing government regulation; competitive pressures from other financial institutions;
changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents, fraud, natural
disasters, and future pandemics; the risk that the Company may not be successful in the implementation of its business strategy; the
risk that intangibles recorded in the Company’s financial statements will become impaired; changes in assumptions used in making
such forward-looking statements; and the other risks and uncertainties detailed in the Company’s Form 10-K and updated by our
Quarterly Report on Form 10-Q and other filings submitted to the SEC. These statements speak only as of the date of this release and
the Company does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or
circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.
2
3
NB Bancorp, Inc. Overview
4
Overview of NB Bancorp, Inc.
NASDAQCM: NBBK
Headquartered: Needham, MA
IPO: December 2023; Raised
~$410M in gross proceeds
BankProv: Acquisition Closed
November 15, 2025
Fourth largest public community
bank headquartered in
Massachusetts
The “Builder’s Bank” with deep
community relationships and
extensive expertise
Full-service bank with an array of
commercial banking products for
retail and business customers
Founded in 1892 to help
businesses and customers build
their futures
Total
Assets
$7.2B
Total
Gross
Loans
$6.2B
Total
Deposits
$6.1B
Total
Equity
$843M
TCE/
TA
11.21%²
Tier 1
Leverage
Ratio
11.68%¹
Tier 1
Capital
Ratio
12.19%¹
Total
Capital
Ratio
13.00%¹
Q1’26
Operating
ROAA
0.92%²
Q1’26
Operating
ROATCE
7.43%²
Q1’26
NIM
3.94%
Q1’26
Operating
Efficiency
Ratio
60.06%²
Balance Sheet
Profitability
Capital
1) Financials reflect regulatory holding company data; estimated prior to filing of call report
2) See Appendix for reconciliation of non-GAAP financial metrics 4
5
Performance Post -IPO
5
1) See Appendix for reconciliation of non-GAAP financial metrics
• Asset Growth in $M +40.1% • Deposits in $M +40.7% • Operating EPS1 +46.2%
• Net Interest Margin YTD +13.2% • Operating ROAA1 +6.4% • Share Price +110.7%
$4,333
$6,097
IPO Q1'26
$5,158
$7,226
IPO Q1'26
$0.26
$0.38
IPO Q1'26
3.48%
3.94%
IPO Q1'26
0.86%
0.92%
IPO Q1'26
$10.00
$21.07
IPO Q1'26
6
1) Excludes banks with total assets greater than $10 billion; FDIC deposit data as of June 30, 2025
Source: S&P Capital IQ Pro
Well Positioned in Highly Attractive
Markets
Our branch network covers the metro-west area of Boston, southern New Hampshire and surrounding communities which are our
primary deposit market areas. We consider our primary lending market area to be the Greater Boston metropolitan area and surrounding
communities in Massachusetts, eastern Connecticut, southern New Hampshire and Rhode Island.
6
Boston-Cambridge-Newton, MA-NH MSA
Total Population: 5,065,382
‘26-’31 Proj. Pop. Change: 2.14%
Median HHI: $121,960
Proj. HHI Change: 12.10%
Manchester-Nashua, NH MSA
Total Population: 431,907
‘26-’31 Proj. Pop. Change: 1.40%
Median HHI: $113,649
Proj. HHI Change: 10.83%
MA
NH
Springfield
Manchester
Concord
Boston
Lowell
Plymouth
NBBK (18)
Keene
Gardner
Brockton
Pittsfield
Worcester
Gloucester
Dover
Boston MSA Community Bank Deposit Market Share¹
Total Deps.
2024 2025 in Market
Rank Rank Institution ($M)
2 1 Salem Five Bancorp 5,752
1 2 Cambridge Financial Group Inc. 5,410
3 3 NB Bancorp Inc. 5,246
4 4 Middlesex Bancorp MHC 4,755
6 5 Leader Bancorp Inc. 4,146
5 6 Charlesbridge MHC 4,019
7 7 IFS 1820 Bancorp MHC 3,261
9 8 Hometown Financial Group MHC 2,685
8 9 Northern Bancorp Inc. 2,669
11 10 River Run Bancorp MHC 2,294
All Other Market Participants 31,326
Market Total 71,564
Manchester MSA Community Bank Deposit Market Share¹
Total Deps.
2024 2025 in Market
Rank Rank Institution ($M)
1 1 Primary Bank 575
2 2 NB Bancorp Inc. 307
3 3 Bar Harbor Bankshares 248
4 4 BNH Financial 248
5 5 Millyard Bank 229
6 6 Bank of New England 111
9 7 Bangor Bancorp MHC 73
7 8 New Hampshire Mutual Bancorp 65
8 9 Lowell Five Bancorp MHC 63
11 10 Camden National Corp. 54
All Other Market Participants 54
Market Total 2,028
1) Excludes banks with total assets greater than $10 billion; FDIC deposit data as of June 30, 2025
Source: S&P Capital IQ Pro
7
Strength of Growing Deposit Base
Over the two-year period ended June 30, 2025, each Needham Bank branch experienced growth that
matched or exceeded growth in its respective market. In aggregate, Needham Bank achieved growth
at over 5 times the overall market growth during this period.
Branch June 2023 - June 2025 NB Deposit Growth June 2023 - June 2025 Market Growth* NB Performance
Needham Main Office 15% 9% 168%
Ashland 47% 13% 373%
Dedham 36% 25% 146%
Dover 25% 26% 99%
Medfield 23% 1% 2106%
Medford Retail 140% 39% 361%
Millis 51% 27% 187%
Mission Hill** 111% 0% N/A
Natick 53% 4% 1497%
Wellesley** 23% -22% N/A
Westwood 33% 23% 144%
All NB Branches (Excludes BP) 30% 6% 504%
*Market Grow th Source: S&P Capital IQ
**Incalculable as market contracted or did not grow
8
Largest Employers Boston MSA 2026-2031 Projected HHI Δ
Massachusetts 2024 GDP by Industry Boston MSA Median HHI ($)
Industry Drivers of Local Market
1) Other industries include accommodation and food services, waste management
and remediation services, educational services, management of companies,
transportation and warehousing, utilities, arts and entertainment.
Source: S&P Capital IQ Pro; U.S. Bureau of Economic Analysis; Massachusetts Department
of Economic Research
8
9
Experienced Institutional Leadership
Joseph Campanelli
Chairman, President & CEO
William Darcey
President & CEO – Provider
Insurance Group
Paul J. Ayoub
Chair – Nutter McClennen & Fish
LLP
Susan Elliott
Retired EVP – Federal Home
Loan Bank of Boston
Angela Jackson
CEO – Future Forward Strategies
Christopher Lynch
President – Marshall Resources
Joseph R. Nolan, Jr.
Chairman, President & CEO –
Eversource
Francis Orfanello
Lead Independent Director
Operating Partner – One Rock
Capital Partners
Hope Pascucci
President & Principal – Rose
Grove Capital Management
Raza Shaikh
Managing Director – Launchpad
Venture Group
Mark Whalen
Retired CEO – Needham Bank
Joseph
Campanelli
Chairman,
President & CEO
Christine
Roberts
SEVP & Chief
Operating Officer
James White
EVP & Chief Administrative
Officer
Paul Evangelista
EVP & Director of Consumer
Payments
Kevin Henkin
EVP & Chief Credit Officer
Stephanie Maiona
EVP, Director of Commercial
Real Estate
James Daley
EVP, Director Commercial and
Industrial
Executive Management Board of Directors
JP
Lapointe
SEVP & Chief
Financial Officer
9
Kenneth Montgomery
Retired FVP, COO – Federal
Reserve Bank of Boston
Matt Richardson
EVP, Treasury & Cash
Management Services
Joseph Reilly
Former President & CEO –
Provident Bancorp, Inc. &
BankProv
10
Investment Highlights
Experienced management team and talent base to grow market share, invest for the future and serve the community
Focused on driving franchise value via relationship-based banking and active community involvement
History of consistent earnings through various market cycles
Excellent credit profile reflective of a diligent and conservative risk management culture
Prudent stewards of capital – committed to responsible lending, driving organic growth and investing in the future
Strong and stable deposit base with 130+ year history of banking in the communities served
Attractive markets of operation to continue generating core loans and deposits
10
11
Financial Highlights for the First
Quarter 2026
• GAAP Net income of $15.0 million, or $0.36 per diluted share for the quarter.
• Operating Net Income1 (Non-GAAP) of $15.8 million, or $0. 38 per diluted share for the quarter.
• Gross loans increased $223.8 million, or 3.7%, to $6.21 billion, from $6.00 billion in the prior
quarter; driven by growth in commercial and industrial loans of $135.4 million, or 13.4%,
construction and development loans of $52.1 million, or 7.1% and multi-family loans of $20.6
million, or 4.0%.
• The net interest margin expanded 2 basis points to 3.94%, while net interest income increased 10.4%
during the quarter; primarily the result of increased average loan balances.
• Asset quality remains strong:
• Annualized Q1 2026 net charge-offs of 0.91% of average total loans and non-performing loans of $45.6
million, or 0.73% of total loans.
• BankProv acquired loans accounted for 0.82% of net-charge offs to average total loans during the quarter
and 0.49% of non-performing loans at the end of the quarter.
• Provision for credit losses was $6.3 million, up from a $1.1 million release of credit losses in the prior
quarter, primarily from the growth in the commercial and industrial loan portfolio.
• The Allowance for Credit Losses (“ACL”) decreased by $7.2 million during the quarter, primarily from
$12.4 million in charge offs on two BankProv purchased credit deteriorated loans.
• Resulting in a decreased coverage ratio of 1.29% of total loans, compared to 1.46% in the prior quarter,
but still above our peers.
1) See Appendix for reconciliation of non-GAAP financial metrics
11
12
Financial Highlights for the First
Quarter 2026 (Continued)
• Total core deposits increased $209.1 million, or 3.9%, from the prior quarter, to $5.53 billion,
primarily driven by growth in money market accounts of $92.3 million, noninterest-bearing demand
deposits of $44.6 million, customer certificates of deposit of $39.1 and NOW accounts of $30.4
million.
• The loans to deposit ratio remained consistent at 102% during the quarter, as loan growth was
funded with deposits.
• Borrowings and brokered deposits totaled 10.5% of total assets, which is consistent with the prior
quarter.
• Strong capital position with 11.7% shareholders equity to total assets and 11.2% tangible
shareholders' equity to tangible assets¹.
• Book value and tangible book value per share were $18.83 and $18.00¹, respectively.
• One-time transactions recorded during the quarter included:
• Trailing BankProv acquisition costs of $534 thousand ($390 thousand net of tax) related to the
completed BankProv acquisition that closed on November 15, 2025;
• Non-recurring fees for business line expansion of $500 thousand ($366 thousand net of tax); and
• Tax expense and modified endowment contract penalty of $50 thousand related to the surrender of
bank-owned life insurance policies acquired from BankProv.
1) See Appendix for reconciliation of non-GAAP financial metrics
12
13
Financial Overview
14
Total Deposits ($M) Tangible Common Equity ($M)
Total Assets ($M) Total Gross Loans ($M)
Targeted Balance Sheet Growth
14
$2,923
$3,592
$4,533
$5,158
$7,001 $7,226
2021 2022 2023 2024 2025 Q1'26
$2,105
$3,015
$3,889 $4,333
$5,986 $6,210
2021 2022 2023 2024 2025 Q1'26
$2,565 $2,887 $3,387
$4,178
$5,854 $6,097
2021 2022 2023 2024 2025 Q1'26
$326 $343
$757 $765 $821 $806
2021 2022 2023 2024 2025 Q1'26
15
Operating Return on Avg. Tangible Common
Equity (%)1, 2
Operating Net Income ($M)1, 2
Operating Return on Average Assets (%)¹ Operating Return on Average Equity (%)¹
Track Record of Strong Performance
1) See Appendix for reconciliation of non-GAAP financial metrics
2) Q1 ’26 operating net income reflects annualized totals 15
0.77%
0.96% 0.86% 0.95%
1.21%
0.92%
2021 2022 2023 2024 2025 Q1'26
6.81%
9.06% 9.40%
6.09%
8.73%
7.43%
2021 2022 2023 2024 2025 Q1'26
6.81%
9.08% 9.43%
6.10%
8.96%
7.77%
2021 2022 2023 2024 2025 Q1'26
$21.6
$30.1 $34.3
$45.5
$66.2 $63.3
2021 2022 2023 2024 2025 Q1'26
16
Operating Noninterest Income / Average Assets (%)¹ Operating Noninterest Expense / Average Assets (%)¹
Net Interest Margin (%) Operating Efficiency Ratio (%)¹
Track Record of Strong Performance
(Cont.)
1) See Appendix for reconciliation of non-GAAP financial metrics
16
65.8%
62.3%
60.0%
58.2%
56.2%
60.1%
2021 2022 2023 2024 2025 Q1'26
0.27%
0.26%
0.31%
0.28%
0.26% 0.26%
2021 2022 2023 2024 2025 Q1'26
2.00%
2.28% 2.29% 2.12%
2.42% 2.42%
2021 2022 2023 2024 2025 Q1'26
2.81%
3.49% 3.41% 3.53% 3.79% 3.94%
2021 2022 2023 2024 2025 Q1'26
17
11.28%¹
17.41%²
13.59%² 13.00%²
2021 2022 2023 2024 2025 Q1'26
10.54%¹
16.51%²
12.83%² 12.19%²
2021 2022 2023 2024 2025 Q1'26
Tier 1 Capital Ratio (%) Total Capital Ratio (%)
Tangible Common Equity / Tangible Assets (%) Leverage Ratio (%)
Capital Ratios
1) Financials reflect indicative bank level call report data
2) Financials reflect indicative regulatory holding company data
Note: “NR” stands for “Not Reported” denoting the Bank’s election into the Community
Bank Leverage Ratio framework; See Appendix for reconciliation of non-GAAP financial
metrics
NR NR NR NR
17
11.16%²
9.54%²
16.70%²
14.82%²
11.78%² 11.21%²
2021 2022 2023 2024 2025 Q1'26
11.23%¹ 10.49%¹
17.71%²
15.29%²
13.28%²
11.68%²
2021 2022 2023 2024 2025 Q1'26
18
Loan Portfolio & Asset Quality
19
Note: Loan composition reflects regulatory holding company data
Diversified Loan Portfolio
Q1’26 Yield on Loans: 6.66%
$6.22B
Q1’26 Total
19
Commercial
Real Estate
31%
1-4 Family
including
HELOCs
22%
Commercial &
Industrial
18%
Construction &
Development
13%
Multifamily
9%
Warehouse
4%
Consumer
3%
20
Mortgage Warehouse Portfolio Overview
• Our $277.2 million mortgage warehouse lending portfolio, acquired from BankProv, consists of
facility lines to non-bank mortgage origination companies (“originators”).
o It is a national platform with relationships across the United States that offers Master
Repurchase Agreement facilities (“Facilities”) to independent originators, which allow them to
fund the closing of residential mortgage loans.
o Each Facility advance is fully collateralized, typically by a security interest in one- to four-family
residential mortgage loans and is further enhanced by deposit balances.
o The primary source of repayment of the facilities is the sale of the underlying mortgage loans to
outside investors, which typically occurs within 15 days, except for construction-to-permanent
loans, which generally take longer to sell due to the nature of the loan. These investors can
include Federal National Mortgage Association/Federal Home Loan Mortgage Corporation and
Government National Mortgage Association, as well as other large financial institutions.
• The credit risk associated with this type of lending is the risk that the originators are unable to sell
the loans, which is very low. The entire portfolio is current as of March 31, 2026.
• We approve facilities to originators by conducting a thorough due diligence review of the originator
and its ownership to assess their financial liquidity and regulatory risk profiles. We use a proprietary,
risk-based scoring model to underwrite the companies, which correlates to our internal loan risk
rating system and continually monitor originators’ performance through both internal and external
financial management and quality reviews.
20
21
Enterprise Value (“EV”) Portfolio
• Our C&I portfolio as of March 31, 2026 includes a $159.1 million EV portfolio, acquired from
BankProv. The EV portfolio consists of loans and lines to entities collateralized by the cash flows and
underlying enterprise value of the borrowing entity.
• This portfolio has loans across the country and is geographically disperse.
• The balance of this portfolio as of the date of the BankProv acquisition was $207.0 million. The
portfolio has paid down $35.5 million in the short time since acquisition. As of April 30, 2026, this
portfolio has paid down to $141 million.
• The purchased credit deteriorated EV loans charged off during this time period amounted to
$12.4 million and the Bank had $13.2 million in specific reserves against the charged-off loans.
• The credit risk associated with this type of lending is the risk that the cash flows of the entity
significantly decrease and do not provide for the ability to repay the remaining balance of the loan.
• Management monitors this portfolio very closely and has been in close contact with predominantly
all of the borrowing entities since acquisition.
• Of the $42.3 million of purchase-credit deteriorated fair value marks recorded, $31.2 million related
to the EV portfolio with $18.0 million still remaining.
22
Loan balances above are not shown net of deferred fees
Loan Portfolio Stats – March 31, 2026
Loan Type Balance Wtd. Avg.
Rate
Wtd. Avg.
Maturity
(Yrs)
Fixed
Rate (%)
Variable
Rate (%)
Commercial
Real Estate
$1,924,802 6.08% 9.9 17.2% 82.8%
1-4 Family (incl.
HELOCs)
$1,341,318 5.27% 25.3 42.0% 58.0%
C&I $1,143,086 6.74% 6.9 24.3% 75.7%
Construction $782,721 7.57% 5.2 20.9% 79.1%
Multi-family $538,164 5.73% 16.4 3.6% 96.4%
Mortgage
Warehouse
$277,191 6.35% 0.1 0.0% 100.0%
Consumer $212,923 8.72% 11.3 97.4% 2.6%
Total Loans $6,220,265 6.31% 12.2 25.8% 74.2%
22
23
Construction & Development / Total Indicative Risk-Based Capital (%)¹
Commercial Real Estate / Total Indicative Risk-Based Capital (%)¹
Loan Portfolio Concentrations
1) Financials reflect regulatory holding company data
23
277% 342%
187% 202%
305% 322%
2021 2022 2023 2024 2025 Q1'26
129% 144%
79% 72% 89% 97%
2021 2022 2023 2024 2025 Q1'26
24
Owner-Occupied CRE By Collateral Type Non-Owner-Occupied CRE By Collateral Type
Commercial Real Estate Portfolio
$642M
Q1’26 Total
$1.82B
Q1’26 Total
24
Cannabis
Facility
32%
Industrial
Other 20%
14%
Special
Purpose
14%
Retail
8%
Office
7%
Hospitality
6%
Multi -
Family
30%
Office
15%
Hospitality
13%
Mixed Use
11%
Industrial
8%
Retail
6%
Self -Storage
Facilities
5%
Other
4%
Recreational
Vehicles
Park
4%
Special
Purpose
3%
Cannabis Facility
0%
25
Loans Needham Bank Makes
Loans Needham Bank Doesn’t
Make
Needham Bank CRE Loan Examples
25
26
Office Portfolio Overview
• Our $348.2 million office portfolio consists principally of suburban Class A and B office space used as
medical and traditional offices. The portfolio does not consist of high-rise towers located in Boston.
$348M
Q1’26 Total
26
Office Portfolio as of 3/31/2026
Weighted Average
Rate
Weighted Average
Maturity (Yrs)
Weighted Average
LTV
Weighted Average
DSCR
5.93% 8.23 51.8% 1.78X
Non -Owner -
Occupied -
Office
65%
Non -Owner -
Occupied -
Medical Office
15%
Owner -
Occupied -
Office
10%
Construction -
Office
5%
Construction -
Medical Office
2%
Owner -Occupied -
Medical Office
2%
27
C&I By Type C&I By Geography
Overview of C&I Portfolio
$1.14B
Q1’26 Total
$1.14B
Q1’26 Total
27
Structured
Finance
34%
Middle Market
17%
Renewable
Energy
16%
Cannabis
12%
Cannabis Bridge
Financing
8%
Bridge
Financing
5%
Small Business / Other
9%
Chicago, IL
11%
Boston
8%
Newport Beach, CA
8%
Miami, FL
5%
New York, NY
5%
Vero Beach,
FL
Salem, NH 4%
4%
Weston, MA
4%
Sherman
Oaks, CA
3%
Other
48%
28
Construction By Type Construction By Geography
Overview of Construction Lending
$783M
Q1’26 Total
$783M
Q1’26 Total
28
Condos
29%
Multi -Family
Single Family 19%
12%
Mixed Use
11%
Land
10%
Special
Purpose
6%
Hotel /
Motel
6%
Office
3%
Other
4% Boston, MA
11%
Weston, MA
9%
Fairfield, CT
7%
Milton, MA
8%
Newton, MA
Salem, NH 4%
5% Natick, MA
4%
Cambridge,
MA
4%
Cranston, RI
4%
Wyoming, RI
3%
Other
40%
29
Consumer Loans Overview
Amounts above exclude purchased premiums or discounts
29
Loan Type Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Purchased:
Solar $ 48,494 $ 47,006 $ 45,678 $ 44,410 $ 43,080
Boat Loans 47,455 45,010 42,487 238 -
Home Improvement 42,472 40,042 37,753 35,832 34,084
Student Loans 6,472 6,139 5,768 5,455 5,029
Total Purchased Balance $ 144,893 $ 138,197 $ 131,686 $ 85,935 $ 82,193
Originated:
Auto Loans $ 61,796 $ 55,589 $ 68,307 $ 75,560 $ 82,167
Boat Loans 39,508 52,535 57,570 35,967 41,228
Other 6,127 7,385 5,696 6,035 5,773
Total Originated Balance $ 107,431 $ 115,509 $ 131,573 $ 117,562 $ 129,168
Loans Held for Sale - Boat Loans - - - 63,447 63,971
Net Charge Offs - Purchased
(3ME) $1,018 $709 $458 $1,130 $385
Net Charge Offs - Originated
(3ME) $347 $207 $144 $8 $636
30
Consumer Loans Trends
30
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Balance (thousands)
Period
Overview of Purchased Consumer Loans
Net Charge Offs - Purchased (3ME) Net Charge Offs - Originated (3ME) Total Purchased Balance (incl. LHFS) Total Originated Balance
31
Cannabis Business Highlights
• As of March 31, 2026, we had outstanding loan balances of $466.8 million to cannabis businesses:
• $321.0 million was direct to cannabis entities;
• $145.8 million was indirect to cannabis entities;
• Weighted average LTV and DSCR was 35.1.% and 3.23, respectively; and,
• 52.0% of the total outstanding loans were collateralized by real estate, including 100% of the
direct cannabis loans
• As of March 31, 2026, the Company had $455.6 million in cannabis deposits
• $355.1 million in cannabis-direct and $100.5 million in cannabis-indirect
Cannabis Business Loans ($M) Cannabis Business Deposits ($M)
31
70.0% 70.5% 60.7% 61.8% 56.5%
68.8%
30.0% 29.5% 39.3% 38.2% 43.5%
31.2%
12/2024 03/2025 06/2025 09/2025 12/2025 03/2026
Cannabis Direct Cannabis Indirect
$358.7M $395.2M $413.8M $408.9M
$466.8M $455.6M
12/2024 03/2025 06/2025 09/2025 12/2025 03/2026
32
Reserves / Loans (%) & Reserves / NPLs (%)
NPA Trends
Asset Quality
1) Financials reflect bank level call report data
2) Financials reflect regulatory holding company data
1.10%¹ 0.36%¹ 0.56%¹ 0.24%² NPAs / Assets
32
0.27%² 0.62%² 0.63%²
0.87% 0.83% 0.83% 0.89%
1.46%
1.29% 175%
117%
298% 280%
201% 146%
0%
100%
200%
300%
0.50%
1.00%
1.50%
2.00%
2021 2022 2023 2024 2025 Q1'26
Reserves / Loans Reserves / NPLs
$6.0 $13.0 $10.8 $13.9 $7.5 $15.3
$35.9
$30.3
$4.5 $8.3
2021 2022 2023 2024 2025 Q1'26
NBBK Nonaccruals ($M) BankProv Nonaccruals ($M) TDRs ($M) OREO ($M)
33
1) Reflects annualized metrics
Note: Values may not sum due to rounding
Historically Strong Credit Culture
NCOs / Average Loans (%)¹
• Our loan portfolio consists primarily of commercial real estate and multifamily loans, one-to four-family residential real estate loans, construction and land development loans, commercial and
industrial loans, mortgage warehouse loans and consumer loans. These loans are primarily made to
individuals and businesses located in our primary lending market area, which is the Greater Boston
metropolitan area and surrounding communities in Massachusetts, Eastern Connecticut, Southern New
Hampshire and Rhode Island.
• For the quarter ended March 31, 2026, the Company’s NCOs / Average Loans were primarily composed
of two purchased credit deteriorated loans totaling $12.4 million in charge offs, which carried $13.2
million in specific reserves at the time of charge off. NCOs / Average Loans for organic Needham Bank
loans was 0.08% for Q1 ‘26.
33
0.16
0.00 0.10
0.22 0.18
0.91
(0.10%)
0.20%
0.50%
0.80%
2021 2022 2023 2024 2025 Q1'26
34
Funding & Liquidity Management
35
Note: Deposit composition reflects regulatory holding company data
Balanced Deposit Base
Q1’26 Cost of Deposits: 2.73%
$6.1B
Q1’26 Total
35
36
Note: Deposit composition reflects regulatory holding company data
Support of Strong Deposit Base
Cost of Deposits
36
3/31/2026 12/31/2025 Change
Balance WAR Balance WAR Balance ($) Balance (%) WAR
($ in Thousands)
Noninterest-bearing demand deposits $871,343 0.00% $824,403 0.00% $46,940 5.69% 0.00%
Savings accounts 211,295 0.56% 208,672 0.46% 2,623 1.26% 0.10%
NOW accounts 692,821 0.17% 664,719 0.16% 28,102 4.23% 0.01%
Money market accounts 1,743,163 2.98% 1,650,849 2.97% 92,314 5.59% 0.01%
Customer CDs 2,008,314 3.97% 1,969,210 4.07% 39,104 1.99% -0.10%
Brokered CDs 570,052 3.85% 535,681 3.94% 34,371 6.42% -0.09%
$6,096,988 2.53% $5,853,534 2.60% $243,454 4.16% -0.07%
1.03% 0.43% 0.48%
2.34%
3.28% 2.96% 2.73%
0.00%
2.00%
4.00%
2020 2021 2022 2023 2024 2025 Q1'26
37
Note: Deposit composition reflects regulatory holding company data
Certificates of Deposit Maturities
37
Time Deposit Maturities ($M)
Brokered Deposit Maturities ($M)
4.06%
3.96%
3.82%
3.57%
3.74%
$0
$200
$400
$600
$800
$1,000
$1,200
06/2026 09/2026 12/2026 03/2027 06/2027
3.85%
3.89%
0.00% 0.00% 0.00%
$0
$100
$200
$300
$400
$500
$600
06/2026 09/2026 12/2026 03/2027 06/2027
38
Overview of Securities Portfolio
$277M
Q1’ 26 Total
Q1’ 26 Yield on Securities: 4.02%
38
U.S. Treasuries
35%
Mortgage -Backed
Securities
32%
Corporate
Bonds
22%
Collateralized
Mortgage
Obligations
4%
Municipal
Obligations
2%
SBA Securities
2%
U.S. Gov't
Agencies
2%
39
Interest Rate Sensitivity
39
At March 31, 2026
Change in Interest Rates Net Interest Income Year 1 Change
(bps) Year 1 Forecast ($000) From Level
+400 $278,649 6.7%
+300 $275,608 5.5%
+200 271,756 4.0%
+100 267,723 2.5%
-- 261,269 --
(100) 257,262 (1.5%)
(200) 254,567 (2.6%)
(300) 252,994 (3.2%)
40
Prudent Liquidity Management
As of March 31, 2026, the Company had:
• $188.3 million of outstanding advances from the Federal
Home Loan Bank of Boston (“FHLBB”)
• $570.1 million of brokered deposits
• $892.7 million of unused borrowing capacity with the
FHLBB
• $1.0 billion available with the Federal Reserve Bank’s
Borrower-in-Custody Program.
• $1.2 billion of additional capacity for brokered deposits,
pursuant to internal liquidity policy stating that brokered
deposits can be up to 25.0% of total assets
80.5%
unused
capacity
40
FHLB Advances
4.8%
Brokered Deposits
14.6%
FHLB Unused
Borrowing Capacity
22.9%
FED Available
Borrowing Capacity
25.8%
Capacity for
Additional Brokered
Deposits
31.8%
% of Total Liquidity
41
Appendix
42
Notes and Reconciliation of U.S. GAAP and Non -GAAP
Financial Measures
In addition to results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this press release contains certain non-GAAP financial measures,
including pre-provision net revenue, operating net income, operating pre-tax income, operating noninterest expense, operating noninterest income, operating effective tax rate, operating earnings per share, basic,
operating earnings per share, diluted, operating return on average assets, operating return on average shareholders’ equity, operating efficiency ratio, tangible shareholders’ equity, tangible assets and tangible book
value per share. The Company’s management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a Company’s financial condition and therefore, such
information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP
financial measures having the same or similar names.
1) These amounts are reflected in income tax expense and reflect amounts related to
current year compensation and a write-down for future LTIP vesting amounts that are
not expected to be tax deductible on a tax return. These amounts are not included in
the calculation of the tax benefit associated with non-GAAP adjustments.
42
$ in thousands 2021 2022 2023 2024 2025 Q1 2026
Return on Average Tangible Common Equity:
Net Income $21,575 $30,065 $9,825 $42,149 $50,302 $14,984
Adjustments to Net Income:
Merger and acquisition costs - - - - - - - - 17,265 534
Non-recurring fees for business line expansion - - - - - - - - - - 500
Needham Bank Charitable Foundation Contribution Resulting from IPO - - - - 19,082 - - - - - -
One-Time Conversion and IPO-Related Expenses - - - - 7,931 - - - - - -
Defined Benefit Pension Termination Expense (Refund), net - - - - 1,900 390 480 - -
Permanent Tax Differences Resulting from Public Company Tax Laws¹ - - - - 3,680 - - - - - -
Losses on sales of securities available for sale, net - - - - - - 1,868 - - - -
BOLI surrender tax and managed endowment contract penalty - - - - - - 1,705 2,310 50
State tax expense - voluntary disclosure agreements - - - - - - - - 561 - -
Total Adjustments to Net Income - - - - $32,593 $3,963 $20,616 $1,084
Less: Net tax benefit associated with pre-tax non-GAAP adjustments to net income - - - - 8,096 634 4,739 277
Non-GAAP Adjustments, net of tax - - - - 24,497 3,329 15,877 807
Operating net income (Non-GAAP) $21,575 $30,065 $34,322 $45,478 $66,179 $15,791
Average Shareholders' Equity $316,723 $331,872 $365,120 $746,332 $758,284 $861,505
Less: Average Intangible Assets - - 689 1,302 1,153 19,447 37,369
Average Tangible Shareholders' Equity (Non-GAAP) $316,723 $331,184 $363,818 $745,179 $738,837 $824,136
ROATCE (Annualized Adjusted Net Income / Average Tangible Shareholders' Equity) 6.81% 9.08% 9.43% 6.10% 8.96% 7.77%
43
Notes and Reconciliation of U.S. GAAP and Non -GAAP
Financial Measures (Cont.)
In addition to results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this press release contains certain non-GAAP financial measures,
including pre-provision net revenue, operating net income, operating pre-tax income, operating noninterest expense, operating noninterest income, operating effective tax rate, operating earnings per share, basic,
operating earnings per share, diluted, operating return on average assets, operating return on average shareholders’ equity, operating efficiency ratio, tangible shareholders’ equity, tangible assets and tangible book
value per share. The Company’s management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a Company’s financial condition and therefore, such
information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP
financial measures having the same or similar names.
43
$ in thousands 2021 2022 2023 2024 2025 Q1 2026
Operating pre-tax income (non-GAAP):
Pre-tax income (GAAP) $27,632 $36,388 $11,844 $58,619 $71,131 $20,352
Add (Subtract):
Merger and acquisition costs - - - - - - - - 17,265 534
Non-recurring fees for business line expansion - - - - - - - - - - 500
Needham Bank Charitable Foundation Contribution Resulting from IPO - - - - 19,082 - - - - - -
One-Time Conversion and IPO-Related Expenses - - - - 7,931 - - - - - -
Defined Benefit Pension Termination Expense (Refund), net - - - - 1,900 390 480 - -
Losses on sales of securities available for sale, net - - - - 3,680 - - - - - -
Operating pre-tax income (non-GAAP) 27,632 36,388 44,437 59,009 88,876 21,386
Operating Return on Average Assets (Non-GAAP):
Operating net income (Non-GAAP) 21,575 30,065 34,322 45,478 66,179 15,791
Average Assets 2,793,333 3,118,890 3,973,093 4,786,379 5,458,675 6,970,059
Operating Return on Average Assets (Non-GAAP) 0.77% 0.96% 0.86% 0.95% 1.21% 0.92%
Operating Return on Average Shareholders' Equity (Non-GAAP):
Operating net income (Non-GAAP) 21,575 30,065 34,322 45,478 66,179 15,791
Average Shareholders' Equity 316,723 331,872 365,120 746,332 758,284 861,505
Operating Return on Average Shareholders' Equity (Non-GAAP) 6.81% 9.06% 9.40% 6.09% 8.73% 7.43%
Tangible Shareholders' Equity / Tangible Assets (Non-GAAP):
Shareholders' Equity $326,129 $344,065 $757,959 $765,167 $858,932 $842,778
Less: Intangible Assets - - 1,377 1,227 1,079 37,815 36,923
Tangible Shareholders' Equity (Non-GAAP) $326,129 $342,688 $756,732 $764,088 $821,117 $805,855
Total Assets $2,922,671 $3,595,335 $4,533,412 $5,157,737 $7,006,130 $7,226,437
Less: Intangible Assets - - 1,377 1,227 1,079 37,815 36,923
Tangible Assets (Non-GAAP) $2,922,671 $3,593,958 $4,532,185 $5,156,658 $6,968,315 $7,189,514
Tangible Shareholders' Equity / Tangible Assets (TSE / TA) (Non-GAAP) 11.16% 9.54% 16.70% 14.82% 11.78% 11.21%
44
Notes and Reconciliation of U.S. GAAP and Non -GAAP
Financial Measures (Cont.)
In addition to results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this press release contains certain non-GAAP financial measures,
including pre-provision net revenue, operating net income, operating pre-tax income, operating noninterest expense, operating noninterest income, operating effective tax rate, operating earnings per share, basic,
operating earnings per share, diluted, operating return on average assets, operating return on average shareholders’ equity, operating efficiency ratio, tangible shareholders’ equity, tangible assets and tangible book
value per share. The Company’s management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a Company’s financial condition and therefore, such
information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP
financial measures having the same or similar names.
44
$ in thousands 2021 2022 2023 2024 2025 Q1 2026
Efficiency Ratio:
Net Interest Income $78,011 $104,964 $130,057 $161,198 $197,457 $64,868
Noninterest Income 8,654 9,275 15,577 11,532 16,200 4,513
Total Income $86,665 $114,239 $145,634 $172,730 $213,657 $69,381
Noninterest Income $8,654 $9,275 $15,577 $11,532 $16,200 $4,513
Adjustments to Noninterest Income:
Losses on sales of securities available for sale, net - - - - - - 1,868 - - - -
Operating Noninterest Income (Non-GAAP) $8,654 $9,275 $15,577 $13,400 $16,200 $4,513
Noninterest Expense $56,983 $71,151 $119,905 $101,989 $137,873 $42,701
Adjustments to Noninterest Expense:
Merger and acquisition costs - - - - - - - - 17,265 534
Non-recurring fees for business line expansion - - - - - - - - - - 500
Needham Bank Charitable Foundation Contribution Resulting from IPO - - - - 19,082 - - - - - -
One-Time Conversion and IPO-Related Expenses - - - - 7,931 - - - - - -
Defined Benefit Pension Termination Expense - - - - 1,900 390 480 - -
Reversal of previously taken amortization of solar tax credit investments - - - - 3,680 - - - - - -
Operating Noninterest Expense (Non-GAAP) $56,983 $71,151 $87,312 $101,599 $120,128 $41,667
Operating Efficiency Ratio (Non-GAAP) 65.8% 62.3% 60.0% 58.2% 56.2% 60.1%
Operating effective tax rate (non-GAAP):
Income tax expense (GAAP) $6,057 $6,323 $2,019 $16,470 $20,829 $5,368
Add (Subtract):
Permanent Tax Differences Resulting from Public Company Tax Laws¹ - - - - 3,680 - - - - - -
BOLI surrender tax and modified endowment contract penalty - - - - - - (1,705) (2,310) (50)
State tax expense - voluntary disclosure agreements - - - - - - - - (561) - -
Net tax benefit associated with pre-tax non-GAAP adjustments to net income - - - - 8,096 634 4,739 277
Total impact of non-GAAP income tax expense adjustments - - - - 11,776 (1,071) 1,868 227
Income tax expense on an operating basis (non-GAAP) $6,057 $6,323 $13,795 $15,399 $22,697 $5,595
Operating effective tax rate (non-GAAP) 21.9% 17.4% 31.0% 26.1% 25.5% 26.2%
45
Notes and Reconciliation of U.S. GAAP and Non -GAAP
Financial Measures (Cont.)
In addition to results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this press release contains certain non-GAAP financial measures,
including pre-provision net revenue, operating net income, operating pre-tax income, operating noninterest expense, operating noninterest income, operating effective tax rate, operating earnings per share, basic,
operating earnings per share, diluted, operating return on average assets, operating return on average shareholders’ equity, operating efficiency ratio, tangible shareholders’ equity, tangible assets and tangible book
value per share. The Company’s management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a Company’s financial condition and therefore, such
information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP
financial measures having the same or similar names.
45
$ in thousands 2021 2022 2023 2024 2025 Q1 2026
Operating Noninterest Income to Average Assets (Non-GAAP)
Operating Noninterest Income (Non-GAAP) 8,654 9,275 15,577 13,400 16,200 4,513
Average Assets $2,793,333 $3,118,890 $3,973,093 $4,786,379 $5,458,675 $6,970,059
Operating Noninterest Income to Average Assets (Non-GAAP) 0.31% 0.30% 0.39% 0.28% 0.30% 0.26%
Operating Noninterest Expense to Average Assets (Non-GAAP)
Operating Noninterest Expense (Non-GAAP) 56,983 71,151 87,312 101,599 120,128 41,667
Average Assets $2,793,333 $3,118,890 $3,973,093 $4,786,379 $5,458,675 $6,970,059
Operating Noninterest Expense to Average Assets (Non-GAAP) 2.04% 2.28% 2.20% 2.12% 2.20% 2.42%
46
Executive Management Biographies
Joseph
Campanelli
Chairman,
President & CEO
Christine
Roberts
SEVP & Chief
Operating Officer
JP
Lapointe
SEVP & Chief
Financial Officer
Mr. Campanelli has served as President and Chief Executive Officer of Needham Bank since joining the Bank in
January 2017 and was elected Chairman in 2022. Mr. Campanelli has over 40 years of banking experience in a
variety of senior and executive positions, including having served as the President and Chief Executive Officer of
Sovereign Bancorp, Inc. and its subsidiary Sovereign Bank as well as Chairman, President and Chief Executive
Officer of Flagstar Bancorp, Inc. and its subsidiary Flagstar Bank. Additionally, Mr. Campanelli has a long history of
community involvement, currently serving on the board of the Massachusetts Business Roundtable, Boys and Girls
Club of Boston and The One Hundred Club of Boston.
Ms. Roberts is Senior Executive Vice President and Chief Operating Officer of Needham Bank, a position she has held
since January 2025 when she joined Needham Bank. Prior to this, Ms. Roberts was Executive Vice President of
Citizens Pay at Citizens Bank since April 2022. Ms. Roberts had been employed at Citizens Bank since August 2012,
where she held positions of increasing responsibility across the institution.
Mr. Lapointe is Senior Executive Vice President and Chief Financial Officer, a position he has held since February
2024. Prior to this, Mr. Lapointe was the Chief Financial Officer of Northeast Bank from November 2017 until
February 2024. Prior to joining Northeast Bank, Mr. Lapointe served as a Senior Audit Manager at Wolf & Company,
P.C. in its external and internal audit practices, with a focus on the financial services sector from 2004 to 2017. Mr.
Lapointe is a certified public accountant registered in the Commonwealth of Massachusetts.
Kevin
Henkin
EVP & Chief
Credit Officer
Mr. Henkin is Executive Vice President and Chief Credit Officer of Needham Bank, a position he has held since April
2018. In this role, Mr. Henkin has primary responsibility for managing all aspects of the credit risk management
framework over the Bank’s lending operations. Mr. Henkin has over 30 years of banking experience, having served
at other financial institutions as well as running a bank consulting firm for three years at which Mr. Henkin
conducted external loan reviews, stress testing and due diligence for financial institutions.
46
47
Thank You
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Document and Entity Information
May 21, 2026
Document and Entity Information [Abstract]
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NB BANCORP, INC.
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