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NB Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Total assets increased to $5.00 billion as of September 30, 2024, from $4.53 billion as of December 31, 2023, driven by growth in net loans, cash and cash equivalents, and available-for-sale securities.
Net loans rose by $354.4 million to $4.21 billion, with significant increases in commercial real estate and commercial and industrial loans.
Deposits grew by $655.5 million to $4.04 billion, with core deposits increasing by $509.1 million.
Interest and dividend income for the quarter was $76.0 million, up from $59.6 million in the same quarter last year, primarily due to a rise in interest and fees on loans.
Interest expense increased to $34.7 million from $26.1 million, mainly due to higher interest on deposit accounts.
Net interest income increased by $7.8 million to $41.3 million, supported by a rise in the average balance of interest-earning assets.
The provision for credit losses was $2.6 million, with a $5.0 million provision for credit losses on loans.
Noninterest income decreased to $1.3 million from $3.1 million, impacted by a $1.9 million loss on the sale of available-for-sale securities.
Noninterest expense increased to $24.6 million, with salaries and employee benefits rising due to additional hiring and ESOP expenses.
Net income for the quarter was $8.4 million, slightly down from $8.5 million in the previous year, with operating net income excluding one-time charges at $13.1 million.
Income tax expense increased to $7.0 million, with an effective tax rate of 45.5% due to one-time tax expenses related to solar income tax credits and BOLI policies.
NB Bancorp remains well-capitalized under regulatory requirements, with a total capital ratio of 17.1% as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NB Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.