NEEDHAM,
Mass., Feb. 28, 2024 /PRNewswire/ -- NB Bancorp,
Inc. (the "Company") (Nasdaq Capital Market: NBBK), the holding
company of Needham Bank, today
announced its 2023 financial results.
Concurrent with its mutual-to-stock conversion and as described
in the prospectus for its initial public offering ("IPO"), the
Company made a one-time donation of $2.0
million in cash and 1.7 million shares of common stock to
the Needham Bank Charitable Foundation at a total market value of
$19.1 million. This contribution, in
addition to a one-time conversion and IPO-related compensation,
pension termination expense and tax expense related to the impact
of public company tax laws resulted in net income of $9.8 million for the year ended December 31, 2023, compared to net income of
$30.1 million reported for the year
ended December 31, 2022. Net income
excluding conversion and IPO-related expenses, which excludes these
one-time amounts, was $34.3 million
for the year ended December 31, 2023,
compared to $30.1 million reported
for the prior year.
"The capital that the Company raised from its IPO will be
transformative as we move forward. It will provide us with the
ability to grow in a safe and prudent manner, allowing us to be
selective in how we deploy the capital into growing market share
and serving our customers' needs," said Joseph Campanelli, Chairman, President and Chief
Executive Officer. "The team's efforts in completing the IPO were
exceptional. We look forward to continue building on our 132-year
history of serving the local communities."
SELECTED FINANCIAL HIGHLIGHTS
- Net income was $9.8 million for
2023, which was negatively impacted by the previously mentioned
one-time expenses, most significantly the $19.1 million expense for the cash and stock
contribution to the Needham Bank Charitable Foundation.
- Net income, excluding conversion and IPO-related expenses, was
$34.3 million for the year ended
December 31, 2023.
- Book value and tangible book value per share were $17.75 and $17.72,
respectively, at December 31,
2023.
BALANCE SHEET
Total assets were $4.53 billion as
of December 31, 2023, representing an increase of $941.1 million, or 26.2%, from December 31, 2022.
- Cash and cash equivalents increased to $272.6 million from $156.5
million, a $116.0 million, or
74.1%, increase from the prior year as a result of the conversion
and IPO on December 27, 2023.
- Net loans were $3.86 billion,
representing an increase of $866.6
million, or 29.0%, from the prior year as demand for new
originations continued. The main driver of the new growth was in
commercial real estate loans, which grew $372.0 million, or 36.8%, commercial and
industrial loans, which grew $240.5
million, or 97.2%, and residential real estate, which grew
$187.1 million, or 18.6%,
year-over-year. The growth in residential lending was driven from
new originations, of which $38.9
million was fixed rate and $144.4
million was adjustable rate, at a weighted average rate of
6.77% at December 31, 2023.
- Deposits totaled $3.39 billion
representing an increase of $500.6
million, or 17.3%, from the prior year. The increase in
deposits from December 31, 2022 was
the result of growth in customer deposits, primarily certificates
of deposit, which increased $287.4
million, or 23.8% from prior year, along with money market
account and noninterest-bearing demand deposit accounts, which
increased by $229.1 million, or
34.7%, and $83.0 million, or 18.6%,
respectively from December 31,
2022.
- Shareholders' equity was $758.0
million, representing an increase of $413.9 million, or 120.3%, from the prior year.
The primary driver for the increase was the capital raised during
the Company's mutual-to-stock conversion and IPO, which was
completed on December 27, 2023.
NET INTEREST INCOME
Net interest income was $130.1
million for the year ended December
31, 2023, compared to $105.0
million for the prior year, representing an increase of
$25.1 million, or 23.9%. The net
interest margin was 3.41% for 2023, representing a
decrease of eight basis points from the prior year, primarily due
to the unprecedented rapid increase in interest rates, which caused
an increase in the cost of liabilities used to fund the Company's
loan growth. The increase in interest income was attributable to
increases from both rates and volume, which contributed
$53.9 million and $46.1 million, respectively. The increase in
interest expense for 2023 was primarily driven by increases in
rates, which increased interest expense by $54.8 million, along with increases in volume,
which increased interest expense by $20.1
million.
NONINTEREST INCOME
Noninterest income was $15.6
million for 2023, compared to $9.3
million for the prior year, representing an increase of
$6.3 million, or 67.9%.
- Customer service fees increased $2.7
million, or 52.1%, from prior year, primarily driven by
higher account cash management service charges.
- Swap contract income was $2.2
million for 2023, compared to $1.3
million in the prior year, representing an increase of
$891 thousand.
- Employee Retention Credit income was $3.5 million in 2023 compared to none in 2022 as
the Company received a one-time IRS credit.
NONINTEREST EXPENSE
Noninterest expense for 2023 was $119.9
million, representing an increase of $48.8 million, or 68.5%, from the prior year, and
included one-time costs associated with the Company's
mutual-to-stock conversion during the year ended December 31, 2023. Noninterest expense excluding
conversion and IPO-related expenses for 2023 was $91.0 million, which represents a $19.9 million, or 27.9%, increase from 2022 as
the Company continued to invest in infrastructure to support
growth.
- Charitable contributions expense in 2023 of $20.3 million included $19.1 million of expense resulting from the
contribution to the Needham Bank Charitable Foundation in
connection with the Company's mutual-to-stock conversion and
IPO.
- Salaries and benefits were $68.3
million in 2023, representing an increase of $20.9 million from the prior year, primarily due
to an $8.3 million increase in
employee bonuses for efforts related to the mutual-to-stock
conversion and IPO, a $5.5 million
increase in salaries and a $1.1
million increase in health insurance benefits, both due to
increased head count, and a $1.5
million increase in pension expense as a result of the
termination of the Company's defined benefit plan.
- Federal Deposit Insurance Corporation and state insurance
assessments expense increased by $2.9
million, or 157.4%, to $4.7
million, as a result of asset growth by the Company.
ASSET QUALITY
- The allowance for credit losses was $32.2 million as of December 31, 2023, or
0.83% of total gross loans, compared to $25.0 million, or 0.83% of total loans at
December 31, 2022. The Company
recorded provisions for credit losses of $13.9 million for 2023, compared to $6.7 million in 2022. The Company's provision for
credit losses recognized in 2023 include $4.2 million of provisions for unfunded
commitments. On January 1, 2023, the
Company adopted the current expected credit loss ("CECL")
methodology.
- Non-performing loans totaled $10.8
million at December 31, 2023, a decrease of
$2.1 million from $12.9 million at the end of 2022. Delinquencies
were $10.0 million at December 31, 2023, a decrease of $2.9 million from December
31, 2022. Net charge-offs for 2023 amounted to $3.6 million, or 10 basis points of average
loans.
- The Company's loan portfolio consists of primarily commercial
real estate and multifamily loans, one- to four-family residential
real estate loans, construction and land development loans,
commercial and industrial 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.
- The Company's $210.0 million
multifamily real estate loan portfolio consists of high-quality,
performing loans primarily located in the Greater Boston area, primarily all of which
are adjustable-rate loans.
- The Company's $197.2 million
office portfolio is predominantly located in the Greater Boston suburbs and mostly consists of
Class A and B office space. The typical use of these office loans
are medical and lab space and do not consist of high-rise towers
located in Boston.
ANNOUNCEMENT OF THE 2024 ANNUAL MEETING OF
SHAREHOLDERS
The Company's Board of Directors has set the date for its 2024
annual meeting of shareholders to be held on Wednesday, May 22, 2024. The annual meeting will
be held over the Internet in a virtual meeting format. The record
date for shareholders entitled to vote at the meeting will be
Monday, April 1, 2024. Shareholders
of record will receive additional details and instructions for
meeting participation in the proxy materials that will be made
available to them in April.
ABOUT NB BANCORP, INC.
NB Bancorp, Inc. (Nasdaq Capital Market: NBBK) is the registered
bank holding company of Needham
Bank. Needham Bank is
headquartered in Needham,
Massachusetts, which is approximately 17 miles southwest of
Boston's financial district. Known
as the "Builder's Bank," Needham
Bank has been helping individuals, businesses and
non-profits build for their futures since 1892. Needham Bank offers an array of tech-forward
products and services that businesses and consumers use to manage
their financial needs. We have the financial expertise typically
found at much larger institutions and the local knowledge and
commitment you can only find at a community bank. For more
information, please visit https://NeedhamBank.com. Needham Bank is a member of FDIC and DIF.
Non-GAAP Financial Measures
In addition to results presented in accordance with generally
accepted accounting principles ("GAAP"), this press release
contains certain non-GAAP financial measures, including net income
excluding conversion and IPO-related expenses, noninterest expense
excluding conversion and IPO-related expenses, earnings per share
excluding conversion and IPO-related expenses, return on average
assets excluding conversion and IPO-related expenses, return on
average shareholders' equity excluding conversion and IPO-related
expenses, efficiency ratio excluding conversion and IPO-related
expenses, tangible shareholders' equity, tangible assets, tangible
book value per share, and efficiency ratio. 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.
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;
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 Registration Statement Form S-1 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.
NB BANCORP,
INC. CONSOLIDATED BALANCE
SHEETS (Unaudited) (Dollars in thousands,
except share and per share data)
|
|
|
December 31, 2023
|
|
December 31, 2022
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
|
90,485
|
|
$
|
131,073
|
Federal funds
sold
|
|
182,106
|
|
|
25,472
|
Total cash and cash equivalents
|
|
272,591
|
|
|
156,545
|
|
|
|
|
|
|
Available-for-sale securities, at fair
value
|
|
189,465
|
|
|
245,480
|
|
|
|
|
|
|
Total
loans
|
|
3,889,279
|
|
|
3,015,445
|
Allowance for
credit losses
|
|
(32,222)
|
|
|
(25,028)
|
Net
loans
|
|
3,857,057
|
|
|
2,990,417
|
|
|
|
|
|
|
Accrued interest
receivable
|
|
17,284
|
|
|
10,837
|
Banking premises
and equipment, net
|
|
35,531
|
|
|
35,344
|
Depositors
Insurance Fund, at cost
|
|
139
|
|
|
139
|
Federal Home Loan
Bank stock, at cost
|
|
14,558
|
|
|
13,182
|
Federal Reserve
Bank stock, at cost
|
|
10,323
|
|
|
8,104
|
Non-public
investments
|
|
13,713
|
|
|
10,592
|
Bank-owned life
insurance ("BOLI")
|
|
50,516
|
|
|
49,006
|
Prepaid expenses
and other assets
|
|
53,109
|
|
|
57,167
|
Income tax
refunds receivable
|
|
-
|
|
|
4,134
|
Deferred income
tax asset
|
|
19,126
|
|
|
11,388
|
Total assets
|
$
|
4,533,412
|
|
$
|
3,592,335
|
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
3,387,348
|
|
$
|
2,886,743
|
Mortgagors'
escrow accounts
|
|
4,229
|
|
|
4,064
|
FHLB
borrowings
|
|
283,338
|
|
|
293,082
|
Accrued expenses
and other liabilities
|
|
81,325
|
|
|
52,399
|
Accrued
retirement liabilities
|
|
19,213
|
|
|
11,982
|
Total
liabilities
|
|
3,775,453
|
|
|
3,248,270
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01
par value, 5,000,000 shares authorized; no shares issued and
outstanding
|
|
-
|
|
|
-
|
Common stock, $0.01 par
value, 120,000,000 shares authorized; 42,705,729 issued and
outstanding
at
December 31, 2023, no shares issued and outstanding at December 31,
2022
|
|
427
|
|
|
-
|
Additional
paid-in capital
|
|
417,030
|
|
|
-
|
Unallocated
common shares held by Employee Stock Ownership Plan
|
|
(13,774)
|
|
|
-
|
Retained
earnings
|
|
366,173
|
|
|
358,466
|
Accumulated other
comprehensive loss
|
|
(11,897)
|
|
|
(14,401)
|
Total shareholders'
equity
|
|
757,959
|
|
|
344,065
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
4,533,412
|
|
$
|
3,592,335
|
NB BANCORP,
INC. CONSOLIDATED STATEMENTS OF
INCOME (Unaudited) (Dollars in thousands,
except share and per share data)
|
|
|
|
For the years ended December
31,
|
|
|
2023
|
|
2022
|
INTEREST AND DIVIDEND INCOME
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
211,973
|
|
$
|
113,760
|
Interest and dividends
on investment securities
|
|
|
4,773
|
|
|
4,954
|
Interest on cash
equivalents and other
|
|
|
3,755
|
|
|
1,798
|
Total
interest and dividend income
|
|
|
220,501
|
|
|
120,512
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
76,394
|
|
|
12,689
|
Interest on FHLB
borrowings
|
|
|
14,050
|
|
|
2,859
|
Total
interest expense
|
|
|
90,444
|
|
|
15,548
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
|
|
130,057
|
|
|
104,964
|
|
|
|
|
|
|
|
PROVISION FOR CREDIT LOSSES
|
|
|
|
|
|
|
Provision for credit
losses – allowance for credit losses
|
|
|
9,657
|
|
|
6,700
|
Provision for credit
losses – allowance for unfunded commitments
|
|
|
4,228
|
|
|
-
|
Total
provision for credit losses
|
|
|
13,885
|
|
|
6,700
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER PROVISION FOR CREDIT
LOSSES
|
|
|
116,172
|
|
|
98,264
|
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
|
Gain from bargain
purchase and assumption agreement
|
|
|
-
|
|
|
1,070
|
Customer service
fees
|
|
|
7,817
|
|
|
5,138
|
Increase in cash
surrender value of BOLI
|
|
|
1,510
|
|
|
1,157
|
Mortgage banking
income
|
|
|
581
|
|
|
595
|
Swap contract
income
|
|
|
2,153
|
|
|
1,262
|
Employee retention
credit income
|
|
|
3,452
|
|
|
-
|
Other income
|
|
|
64
|
|
|
53
|
Total
noninterest income
|
|
|
15,577
|
|
|
9,275
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
68,344
|
|
|
47,466
|
Director and
professional service fees
|
|
|
6,232
|
|
|
4,758
|
Occupancy and equipment
expenses
|
|
|
5,192
|
|
|
4,354
|
Data processing
expenses
|
|
|
7,500
|
|
|
5,657
|
Charitable contribution
expense
|
|
|
20,335
|
|
|
1,066
|
Marketing
expenses
|
|
|
2,747
|
|
|
2,338
|
FDIC and state
insurance assessments
|
|
|
4,707
|
|
|
1,829
|
General and
administrative expenses
|
|
|
4,848
|
|
|
3,683
|
Total
noninterest expense
|
|
|
119,905
|
|
|
71,151
|
|
|
|
|
|
|
|
INCOME BEFORE TAXES
|
|
|
11,844
|
|
|
36,388
|
|
|
|
|
|
|
|
INCOME TAXES
|
|
|
2,019
|
|
|
6,323
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
|
9,825
|
|
$
|
30,065
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding
|
|
|
42,018,229
|
|
|
N/A
|
Earnings per share
(basic)
|
|
$
|
0.23
|
|
|
N/A
|
|
NB BANCORP,
INC. NON-GAAP
RECONCILIATION (Unaudited) (Dollars in
thousands)
|
|
|
|
|
Years Ended December 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
|
9,825
|
|
$
|
30,065
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
Noninterest expense
components:
|
|
|
|
|
|
|
Needham Bank Charitable
Foundation contribution resulting from IPO
|
|
19,082
|
|
|
-
|
|
One-time conversion and
IPO-related compensation expense
|
|
7,931
|
|
|
-
|
|
Defined benefit pension
termination expense
|
|
1,900
|
|
|
-
|
|
Permanent tax
differences resulting from public company tax laws (1)
|
|
3,680
|
|
|
-
|
|
Total impact of
non-GAAP adjustment
|
$
|
32,593
|
|
$
|
-
|
|
Less net tax benefit
associated with non-GAAP adjustments
|
|
8,096
|
|
|
-
|
|
Non-GAAP adjustments,
net of tax
|
|
24,497
|
|
|
-
|
|
Net income excluding conversion and IPO-related
expenses (non-GAAP)
|
$
|
34,322
|
|
$
|
30,065
|
|
Weighted average common
shares outstanding
|
|
42,018,229
|
|
|
N/A
|
|
Earnings per share excluding conversion and
IPO-related expenses (non-GAAP)
|
$
|
0.82
|
|
|
N/A
|
(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 deductible on a
tax return. These amounts are not included in the calculation of
the tax
benefit associated with non-GAAP adjustments
|
|
|
|
|
Years Ended December 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Noninterest expense
(GAAP)
|
$
|
119,905
|
|
$
|
71,151
|
|
|
|
|
|
|
|
|
Subtract:
|
|
|
|
|
|
|
Noninterest expense
components:
|
|
|
|
|
|
|
Needham Bank Charitable
Foundation contribution resulting from IPO
|
|
19,082
|
|
|
-
|
|
One-time conversion and
IPO-related compensation expense
|
|
7,931
|
|
|
-
|
|
Defined benefit pension
termination expense
|
|
1,900
|
|
|
-
|
|
Total impact of
non-GAAP noninterest expense adjustments
|
|
28,913
|
|
|
-
|
|
Noninterest expense excluding conversion and
IPO-related expenses (non-GAAP)
|
$
|
90,992
|
|
$
|
71,151
|
|
|
|
|
Years Ended December 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Net income excluding
conversion and IPO-related expenses (non-GAAP)
|
$
|
34,322
|
|
$
|
30,065
|
|
|
|
|
|
|
|
|
Average
assets
|
|
3,973,093
|
|
|
3,118,890
|
|
Return on average assets excluding conversion and
IPO-related expenses (non-GAAP)
|
|
0.86 %
|
|
|
0.96 %
|
|
Average shareholders'
equity
|
|
365,120
|
|
|
331,872
|
|
Return on average shareholders' equity excluding
conversion and IPO-related expenses
(non-GAAP)
|
|
9.40 %
|
|
|
9.06 %
|
|
|
|
|
As of December 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
757,959
|
|
$
|
344,065
|
|
|
|
|
|
|
|
|
Subtract:
|
|
|
|
|
|
|
Intangible assets (core
deposit intangible)
|
|
1,227
|
|
|
1,377
|
|
Total tangible shareholders' equity
(non-GAAP)
|
|
756,732
|
|
|
342,688
|
|
Total assets
(GAAP)
|
|
4,533,412
|
|
|
3,592,335
|
|
Subtract:
|
|
|
|
|
|
|
Intangible assets (core
deposit intangible)
|
|
1,227
|
|
|
1,377
|
|
Total tangible assets
(non-GAAP)
|
$
|
4,532,185
|
|
$
|
3,590,958
|
|
Tangible stockholders' equity / tangible assets
(non-GAAP)
|
|
16.7 %
|
|
|
9.5 %
|
|
Total common shares
outstanding
|
|
42,705,729
|
|
|
N/A
|
|
Tangible book value per share
(non-GAAP)
|
$
|
17.72
|
|
|
N/A
|
|
|
|
|
|
|
|
|
HIDDEN_ROW
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Noninterest expense
excluding conversion and IPO-related expenses (non-GAAP)
|
$
|
90,992
|
|
$
|
71,151
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
145,634
|
|
|
114,239
|
|
Efficiency ratio excluding conversion and IPO-related
expenses (non-GAAP)
|
|
62.5 %
|
|
|
62.3 %
|
NB BANCORP,
INC. SELECT FINANCIAL
HIGHLIGHTS (Unaudited) (Dollars in thousands,
except per share amounts)
|
|
|
As of and for the years ended
December 31,
|
|
2023
|
|
2022
|
|
|
|
|
|
|
Earnings data
|
|
|
|
|
|
Net
interest income
|
$
|
130,057
|
|
$
|
104,964
|
Noninterest income
|
|
15,577
|
|
|
9,275
|
Total
revenue
|
|
145,634
|
|
|
114,239
|
Provision
for credit losses
|
|
13,885
|
|
|
6,700
|
Noninterest expense
|
|
119,905
|
|
|
71,151
|
Pre-tax
income
|
|
11,844
|
|
|
36,388
|
Net
income
|
|
9,825
|
|
|
30,065
|
Net income
excluding conversion and IPO-related expenses (non-GAAP)
|
|
34,322
|
|
|
30,065
|
Noninterest expense excluding conversion and IPO-related expenses
(non-GAAP)
|
|
90,992
|
|
|
71,151
|
|
|
|
|
|
|
Per share data
|
|
|
|
|
|
Earnings
per share
|
$
|
0.23
|
|
|
N/A
|
Earnings
per share excluding conversion and IPO-related expenses
(non-GAAP)
|
|
0.82
|
|
|
N/A
|
Book value
per share
|
|
17.75
|
|
|
N/A
|
Tangible
book value per share (non-GAAP)
|
|
17.72
|
|
|
N/A
|
|
|
|
|
|
|
Profitability
|
|
|
|
|
|
Return on
average assets
|
|
0.25 %
|
|
|
0.96 %
|
Return on
average assets excluding conversion and IPO-related expenses
(non-GAAP)
|
|
0.86 %
|
|
|
0.96 %
|
Return on
average shareholders' equity
|
|
2.69 %
|
|
|
9.06 %
|
Return on
average shareholders' equity excluding conversion and IPO-related
expenses (non-GAAP)
|
|
9.40 %
|
|
|
9.06 %
|
Net
interest margin
|
|
3.41 %
|
|
|
3.49 %
|
Cost of
deposits
|
|
2.34 %
|
|
|
0.48 %
|
Efficiency
ratio
|
|
82.3 %
|
|
|
62.3 %
|
Efficiency
ratio excluding conversion and IPO-related expenses
(non-GAAP)
|
|
62.5 %
|
|
|
62.3 %
|
|
|
|
|
|
|
Balance sheet
|
|
|
|
|
|
Total
assets
|
$
|
4,533,412
|
|
$
|
3,592,335
|
Total
loans
|
|
3,889,279
|
|
|
3,015,445
|
Total
deposits
|
|
3,387,348
|
|
|
2,886,743
|
Total
shareholders' equity
|
|
757,959
|
|
|
344,065
|
|
|
|
|
|
|
Asset quality
|
|
|
|
|
|
Allowance
for credit losses (ACL)
|
$
|
32,222
|
|
$
|
25,028
|
ACL /
Total nonperforming loans (NPLs)
|
|
297.8 %
|
|
|
194.5 %
|
Total NPLs
/ Total loans
|
|
0.28 %
|
|
|
0.43 %
|
Net
charge-offs / Average total loans
|
|
0.10 %
|
|
|
0.00 %
|
|
|
|
|
|
|
Capital ratios
|
|
|
|
|
|
Shareholders' equity / Total assets
|
|
16.7 %
|
|
|
9.6 %
|
Tangible
shareholders' equity / tangible assets (non-GAAP)
|
|
16.7 %
|
|
|
9.5 %
|
View original
content:https://www.prnewswire.com/news-releases/nb-bancorp-inc-reports-full-year-2023-financial-results-302074935.html
SOURCE Needham Bank