Here are 1-3 brief analogies to describe NB Bancorp:

• Think of it as a smaller, more localized version of **Citizens Bank**, focused on traditional lending and deposit services primarily for the Greater Boston area.
• It's like **Bank of America** or **Wells Fargo**, but scaled down significantly to serve the banking needs of businesses and residents specifically in the Boston suburbs and surrounding communities.

• Commercial Real Estate and Multifamily Loans: Provides financing for commercial properties and multi-unit residential buildings.
• Residential Real Estate Loans: Offers mortgage financing for one- to four-family homes.
• Construction and Land Development Loans: Funds projects related to property development and land preparation.
• Commercial and Industrial Loans: Delivers financing solutions for businesses for various operational and growth needs.
• Consumer Loans: Provides credit to individuals for personal use.
• Home Equity Loans and Lines of Credit: Offers lending products secured by the equity in a homeowner's property.
• Deposit Accounts: Includes a variety of savings and transactional accounts such as checking, savings, money market, and certificate of deposit accounts.
• Individual Retirement Accounts (IRAs): Provides tax-advantaged savings accounts designed for retirement planning.

NB Bancorp (NBBK), through its subsidiary Needham Bank, serves a diverse customer base primarily consisting of borrowers and depositors. Given its banking operations, it does not have a few named major customers but rather serves broad categories of individuals and businesses. Its major customer categories are:

1. Businesses and Real Estate Developers: These customers obtain a significant portion of the bank's loans, including commercial real estate and multifamily loans (34.9% of the total loan portfolio), construction and land development loans, and commercial and industrial loans.
2. Individuals and Families: This customer group is primarily served through one- to four-family residential real estate loans (28.7% of the total loan portfolio), consumer loans, and home equity loans and lines of credit.
3. The General Public (Depositors): As a cooperative bank, Needham Bank takes deposits from the general public, offering a variety of deposit accounts such as checking, savings, money market, and certificate of deposit accounts. These depositors are crucial customers, providing the funding base for the bank's lending activities.

The key risks to NB Bancorp (NBBK) are:

1. Interest Rate Risk: As a financial institution, NB Bancorp is highly susceptible to fluctuations in interest rates. Changes in interest rates can significantly impact the bank's net interest income, as the cost of its deposits and other funding sources (such as FHLB advances and brokered deposits) may increase faster than the interest earned on its loan and investment portfolios, or vice-versa.
2. Credit Risk related to Real Estate Market Downturns: A substantial portion of NB Bancorp's loan portfolio is concentrated in commercial real estate, multifamily loans, and one- to four-family residential real estate loans. A significant downturn in the real estate markets within its primary market area of the Greater Boston metropolitan area and surrounding communities could lead to increased loan defaults, delinquencies, and losses, negatively impacting the bank's asset quality and financial performance.
3. Liquidity Risk from Reliance on Non-Retail Funding Sources: NB Bancorp utilizes FHLB advances and brokered deposits as significant funding sources, with $337.6 million in FHLB advances and $253.6 million in brokered deposits outstanding at June 30, 2023. A reliance on these non-retail funding sources exposes the bank to liquidity risk if these funding channels become more expensive, less accessible, or subject to adverse market conditions, potentially hindering the bank's ability to fund its operations or meet its obligations.

The emergence of digital-only banks and financial technology (fintech) companies that offer banking services entirely online and through mobile applications poses a clear emerging threat. These digital competitors operate with significantly lower overheads, allowing them to potentially offer more competitive rates on deposits and loans, and provide a more convenient, technology-driven customer experience without the need for physical branch locations. This directly challenges Needham Bank's traditional, branch-based model for attracting deposits and originating loans within its defined geographic market, mirroring how app-based services disrupted industries reliant on physical presence or traditional infrastructure.

NB Bancorp (NBBK) is expected to drive future revenue growth over the next 2-3 years through several key strategies, primarily focusing on expanding its lending activities, enhancing deposit gathering, leveraging strategic acquisitions, and investing in technology.

One significant driver is the **continued growth and diversification of its loan portfolio**. Needham Bank, which NB Bancorp owns, has historically focused on commercial real estate and multifamily loans, and this trend is expected to continue. For example, commercial real estate loans increased by $561.5 million, or 29.9%, to $2.44 billion in the fourth quarter of 2025. The bank is also committed to expanding its small business lending portfolio through various financing programs. Furthermore, Needham Bank has established a Structured Finance team to provide capital to emerging and high-growth companies, including those in the renewable energy sector, which is expected to facilitate larger transactions through syndications and participation lending.

Another crucial driver is **deposit gathering and the enhancement of cash management services**. NB Bancorp aims to diversify its deposit sources to fund growth with core deposits and reduce reliance on more expensive funding. The company has invested in a suite of cash management products and improved its online and mobile banking offerings, alongside fraud prevention systems, to attract and retain both consumer and business deposits. In 2022, total core deposits increased by 5% to $2.6 billion, demonstrating strong growth in both consumer and business segments.

**Strategic acquisitions and mergers** are also anticipated to contribute to revenue growth. NB Bancorp recently completed the acquisition of Provident Bancorp, Inc., and its subsidiary, BankProv, in November 2025. This acquisition significantly increased total assets by $1.56 billion, or 28.7%, to $7.01 billion as of December 31, 2025, and contributed to an organic increase in deposits.

Finally, **investments in technology and infrastructure** are expected to bolster future revenue. The company has made substantial investments, approximately $35.5 million since 2020, in technology, compliance, and infrastructure. These investments are aimed at improving offerings, servicing individuals and small businesses, and competing more effectively for larger business customers. These enhancements can lead to greater operational efficiency, improved customer experience, and the ability to introduce new products and services.

Share Repurchases

• NB Bancorp announced a stock repurchase program on January 22, 2026, for up to 2,288,509 shares, representing approximately 5.0% of its outstanding common stock, with an estimated investment of over $50 million.
• The company completed its second share repurchase program by July 17, 2025, buying back just over 2 million shares at an average price of $17.96 per share.
• Combined, NB Bancorp repurchased 4,163,809 shares (9.8% of the stock issued in its 2023 IPO) across its first and second programs, at a weighted average price of $18.52 per share.

Share Issuance

• NB Bancorp completed its initial public offering (IPO) on December 28, 2023, selling 40,997,500 shares of common stock at a price of $10.00 per share, raising approximately $410 million.
• On November 15, 2025, the company issued 5,943,682 shares of common stock, valued at $114.7 million, as part of the consideration for the acquisition of Provident Bancorp.
• In connection with its IPO, the company contributed 1,708,229 shares of common stock to Needham Bank Charitable Foundation, Inc.

Outbound Investments

• NB Bancorp completed the acquisition of Provident Bancorp on November 15, 2025, for a total value of approximately $212 million, consisting of $111.8 million in cash and the issuance of 5,943,682 shares of common stock valued at $114.7 million.
• This acquisition added approximately $1.42 billion in total assets, $1.23 billion in total loans, and $1.13 billion in total deposits to NB Bancorp.