In This Story
NB Bancorp Inc. (NBBK-4.69%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a total asset increase to $5.16 billion from $4.53 billion in the previous year. This growth was primarily driven by an increase in net loans, cash equivalents, and available-for-sale securities.
Net income for the year was reported at $42.1 million, a significant increase from $9.8 million in the previous year. This rise was attributed to higher interest and fee income on loans and a decrease in marketing and charitable contributions expenses.
Interest and dividend income increased by 31.7% to $292.5 million, primarily due to a rise in interest and fees on loans and increased interest on cash equivalents.
Interest expense rose by 45.2% to $131.3 million, mainly due to higher interest on deposits. However, interest expense on borrowings decreased by 68.7% due to reduced FHLB advances.
The provision for credit losses decreased by 12.7% to $12.1 million, reflecting a reduction in the provision for credit losses on unfunded commitments.
Noninterest income decreased by 24.9% to $11.5 million, impacted by a loss on the sale of available-for-sale securities and the absence of a prior year's employee retention credit.
Noninterest expense decreased by 16.0% to $102.0 million, with significant reductions in marketing and charitable contributions, and FDIC assessments.
Total deposits increased by 23.3% to $4.18 billion, with core deposits contributing significantly to this growth.
NB Bancorp reported a strong liquidity position with significant borrowing capacity from the FHLB and FRB, and maintained well-capitalized status under regulatory requirements.
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. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.