ADDED
As of February 28, 2026, there were 45,604,774 issued and outstanding shares of the Registrant s Common Stock.
These forward-looking statements can be identified by the use of words such as estimate, project, believe, intend, anticipate, assume, plan, seek, expect, will, may, should, indicate, would, contemplate, continue, could, potential, target and words of similar meaning.
Forward-looking statements speak only as of the date on which they are made.
The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
Since being incorporated, other than holding the common stock of the Bank and the Provident Aquisition, the Company has not engaged in any material business activities to date.
Our headquarters are still located in Needham, and we have branch locations in Massachusetts, including Ashland, Boston (Mission Hill), Dedham, Dover, Medfield, Medford, Millis, Natick, Wellesley, Westwood.
Upon completion of the Provident Acquisition in November 2025, our branch network expanded into Amesbury and Newburyport, Massachusetts and New Hampshire, including Bedford, Exeter, Portsmouth and Seabrook; as well as a warehouse lending center in Ponte Vedra Beach, Florida.
Our branch network covers the metro-west area of Boston, southern New Hampshire and surrounding communities in Massachusetts, eastern Connecticut, southern New Hampshire and Rhode Island.
At December 31, 2025, our total loan portfolio was comprised of $2.44 billion, or 40.7%, of commercial real estate and multifamily loans, $1.33 billion, or 22.2%, of one-to-four-family residential real estate loans and home equity loans, $1.01 billion, or 16.8%, of commercial and industrial loans, and $730.6 million, or 12.2%, of construction and land development loans.
Historically, we have utilized advances from the Federal Home Loan Bank of Boston ( FHLB ) as a funding source for our operations and we had $196.2 million of FHLB advances outstanding at December 31, 2025.
REMOVED
As of February 28, 2025, there were 41,842,641 issued and outstanding shares of the Registrant s Common Stock.
In this Annual Report the terms we, our, and us refer to NB Bancorp, Inc.
Since being incorporated, other than holding the common stock of the Bank, the Company has not engaged in any material business activities to date.
BUSINESS OF NEEDHAM BANK General The Bank is a Massachusetts-chartered cooperative bank headquartered in Needham, Massachusetts.
Our headquarters are still located in Needham, and we have branch locations in Wellesley, Westwood, Dedham, Medfield, Medford, Dover, Ashland, Millis, Natick and Boston (Mission Hill).
Our branch network covers the metro-west area of Boston and surrounding communities, which is our primary deposit market area.
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.
At December 31, 2024, our total loan portfolio was comprised of $1.70 billion, or 39.1%, of commercial real estate and multifamily loans, $1.25 billion, or 28.9%, of one-to-four-family residential real estate loans and home equity loans, $583.8 million, or 13.5%, of construction and land development loans, and $559.8 million, or 12.9%, of commercial and industrial loans.
Business Strategy In recent years and consistent with our growth strategy to increase our commercial relationships along all business lines, we have enhanced our online and mobile banking offerings, including fraud prevention and detection systems, and additionally, we have invested heavily in our cash management suite of products.
The acquisition of our cannabis-related and money service banking businesses resulted in the addition of $297.7 million of core deposits in April 2022 and we believe our significant investment in these cash management products has allowed us to capture and service the full banking relationships for these and our other Structured Finance and other commercial and industrial customer relationships.