NB Bancorp, Inc. announced its first quarter 2025 financial results, reporting net income of $12.7 million, or $0.33 per diluted common share. The company's operating net income, excluding one-time charges, amounted to $13.7 million, or $0.35 per diluted common share, showing an increase from the prior quarter's operating net income.
Total revenue for the quarter reached US$46.2 million, representing a 23% increase from the first quarter of 2024. Net interest income was $43.5 million, an increase of 2.4% from the prior quarter, with the net interest margin expanding by nine basis points to 3.61%.
The company's balance sheet showed growth, with total assets amounting to $5.24 billion as of March 31, 2025, an increase of 1.6% from December 31, 2024. Deposits grew by $149.0 million, or 3.6%, while net loans increased by $131.8 million, or 3.1%.
NB Bancorp also continued its capital management efforts, repurchasing 5% of its outstanding shares during the quarter at an all-in weighted average cost of $19.06 per share. Tangible book value ended the quarter at $18.20, growing by $0.31, or 1.7%, during the period.
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