NB Bancorp Inc
For the period ended Mar 31, 2024. Filed May 10, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
Index
| | | Page |
|---|---|---|
| Part I. Financial Information | | |
| | | |
| Item 1. | Financial Statements | |
| | | |
| | Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 | 1 |
| | | |
| | Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 (unaudited) | 2 |
| | | |
| | Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (unaudited) | 3 |
| | | |
| | Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited) | 4 |
| | | |
| | Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) | 5 |
| | | |
| | Notes to Consolidated Financial Statements (unaudited) | 6 |
| | | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27 |
| | | |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 35 |
| | | |
| Item 4. | Controls and Procedures | 36 |
| | | |
| Part II. Other Information | | |
| | | |
| Item 1. | Legal Proceedings | 36 |
| | | |
| Item 1A. | Risk Factors | 36 |
| | | |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 36 |
| | | |
| Item 3. | Defaults upon Senior Securities | 36 |
| | | |
| Item 4. | Mine Safety Disclosures | 36 |
| | | |
| Item 5. | Other Information | 36 |
| | | |
| Item 6. | Exhibits | 37 |
| | | |
| | Signature Page | 38 |
EXPLANATORY NOTE
NB Bancorp, Inc., a Maryland corporation (the “Company” or the “Registrant”), was formed on June 7, 2023 to serve as the bank holding company for Needham Bank (the “Bank”) as part of the Bank’s mutual-to-stock conversion, which was consummated on December 27, 2023. Financial and other information prior to and including December 27, 2023 included in this Quarterly Report is for the Bank.
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|---|---|---|---|---|---|---|
| Part I. – Financial Information | ||||||
| | | | | | | |
| Item 1. Financial Statements | | | | | | |
| | | | | | | |
| NB Bancorp, Inc. | ||||||
| Consolidated Balance Sheets | ||||||
| March 31, 2024 (Unaudited) and December 31, 2023 | ||||||
| (in thousands except share and per share data) | ||||||
| | | | | | | |
| | March 31, 2024 | December 31, 2023 | ||||
| Assets | | | | | | |
| Cash and due from banks | | $163,657 | | $90,485 | ||
| Federal funds sold | | | 151,374 | | | 182,106 |
| Total cash and cash equivalents | | | 315,031 | | | 272,591 |
| | | | | | | |
| Available-for-sale securities, at fair value | | | 207,169 | | | 189,465 |
| | | | | | | |
| Loans receivable | | | 3,954,623 | | | 3,889,279 |
| Allowance for credit losses | | | (34,306) | | | (32,222) |
| Net Loans | | | 3,920,317 | | | 3,857,057 |
| | | | | | | |
| Accrued interest receivable | | | 17,843 | | | 17,284 |
| Banking premises and equipment, net | | | 35,106 | | | 35,531 |
| Federal Home Loan Bank stock, at cost | | | 4,357 | | | 14,558 |
| Federal Reserve Bank stock, at cost | | | 10,319 | | | 10,323 |
| Non-public investments | | | 13,619 | | | 13,852 |
| Bank-owned life insurance ("BOLI") | | | 50,917 | | | 50,516 |
| Prepaid expenses and other assets | | | 56,289 | | | 53,109 |
| Deferred income tax asset, net | | | 19,052 | | | 19,126 |
| Total assets | | $4,650,019 | | $4,533,412 | ||
| | | | | | | |
| Liabilities and shareholders' equity | | | | | | |
| | | | | | | |
| Deposits | | $3,772,053 | | $3,387,348 | ||
| Mortgagors' escrow accounts | | | 4,300 | | | 4,229 |
| FHLB borrowings | | | 60,837 | | | 283,338 |
| Accrued expenses and other liabilities | | | 60,760 | | | 81,325 |
| Accrued retirement liabilities | | | 18,231 | | | 19,213 |
| Total liabilities | | | 3,916,181 | | | 3,775,453 |
| | | | | | | |
| 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 shares issued and outstanding | | | 427 | | | 427 |
| Additional paid-in capital | | | 416,812 | | | 417,030 |
| Unallocated common shares held by the Employee Stock Ownership Plan | | | (46,590) | | | (13,774) |
| Retained earnings | | | 374,874 | | | 366,173 |
| Accumulated other comprehensive loss | | | (11,685) | | | (11,897) |
| Total shareholders' equity | | | 733,838 | | | 757,959 |
| Total liabilities and shareholders' equity | | $4,650,019 | | $4,533,412 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.