NB Bancorp Q1 Net Income Doubles to $15M, Loans Up 3.7% and Deposits Up 3.9%
NB Bancorp reported Q1 net income of $15.0 million ($0.36 diluted EPS), doubling from $7.7 million ($0.19 EPS) in the prior quarter, while operating net income was $15.8 million ($0.38 EPS). Gross loans rose $223.8 million (3.7%) and core deposits increased $209.1 million (3.9%), supporting a 2bp margin expansion to 3.94%.
1. First Quarter Financial Results
NB Bancorp posted Q1 net income of $15.0 million ($0.36 diluted EPS), up from $7.7 million ($0.19 EPS) in the prior quarter. Operating net income, excluding one-time charges of $1.034 million, was $15.8 million ($0.38 EPS).
2. Balance Sheet Growth
Gross loans increased $223.8 million (3.7% quarter-over-quarter) to $6.21 billion, while total deposits rose $243.5 million (4.2%) to $6.10 billion. Net interest margin expanded by 2 basis points to 3.94%, and book value per share rose to $18.83.
3. Merger Integration and Strategic Investments
Merger and acquisition costs related to Provident Bancorp totaled $534 thousand pre-tax, alongside $500 thousand in business expansion fees. The bank is investing in technology infrastructure to boost cash management and payments scalability, expecting benefits in the second half of 2026.
4. Dividend Declaration and Capital Actions
The board declared a $0.07 per share quarterly cash dividend payable May 20, 2026, to shareholders of record May 6, 2026. The quarter also included repurchase of 1.29 million shares at an average cost of $21.55 per share.