The financial results reflect a period of sustained growth for the institution. Gross loans rose by 5.3% to reach $6.77 billion, while total deposits grew by 3.2% to $6.52 billion. According to Joseph Campanelli, the company's Chairman, President, and Chief Executive Officer, this performance is driven by a disciplined growth strategy and the bank's ability to capture new market share in the Greater Boston area and surrounding New England communities.
Needham Bank Reports $23.1 Million Profit for Third Quarter 2026
Needham-based NB Bancorp posted a net income of $23.1 million for the third quarter of 2026, marking a notable increase from the $21.1 million reported in the previous quarter. The holding company, which operates Needham Bank, also declared a quarterly cash dividend of $0.07 per share for its shareholders.
While the company saw an increase in net income, asset quality metrics showed some movement. Net charge-offs rose to 0.31% of average loans, largely due to a $4.0 million charge-off on a previously reserved commercial and industrial loan acquired from BankProv. Non-performing loans also increased to 0.53% of total loans. Despite these figures, the bank continues to wind down its non-strategic enterprise value loan portfolio, which has dropped from $207.0 million at the time of the BankProv acquisition to $95.9 million as of September 30, 2026. The declared dividend will be payable on November 12, 2026, to shareholders of record as of October 29, 2026.
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