NB Bancorp Reports Strong Growth and Diversification
The Massachusetts-based bank highlights commercial lending expansion, deposit growth, and strategic investments in technology.
March 10, 2025
NB Bancorp, Inc., the holding company for Needham Bank, closed out 2024 with solid growth across its loan portfolio, deposit base, and technology investments. The Massachusetts-based institution continues to build its presence in commercial lending while expanding digital banking capabilities to meet evolving client needs.
Lending Expansion and Market Positioning
NB Bancorp’s loan portfolio hit $4.34 billion by year-end, an 11.4% increase from 2023. Commercial real estate and multifamily lending led the way, with commercial real estate loans growing by 16.5% and multifamily loans surging nearly 59%. The bank has focused on diversifying its portfolio, with structured finance playing a key role—particularly in cannabis-related and renewable energy lending.
Consumer lending also saw an uptick, supported by targeted loan purchases from third-party originators. The bank continues to expand its reach while maintaining a disciplined approach to credit risk.
Deposit Growth and Digital Banking Enhancements
NB Bancorp’s deposits reached $4.18 billion, up 23.3% year-over-year. Core deposits made up over 92% of the total, reflecting a strong focus on relationship-based banking. The bank’s growing presence in cannabis banking contributed to this expansion, with deposits from the sector rising to $395.2 million.
Alongside deposit growth, NB Bancorp has made key upgrades to its digital banking platform. Enhancements in cash management tools and fraud prevention systems are designed to streamline client operations while reinforcing security.
Capital and Risk Management
NB Bancorp strengthened its capital position while adjusting to changes in regulatory reporting. The bank’s allowance for credit losses rose to $38.7 million, reflecting a proactive stance on risk management. While a $4 million charge-off on a commercial real estate participation loan impacted net charge-offs for the year, the bank continues to monitor portfolio performance through rigorous stress testing and underwriting standards.
Technology Investments and Strategic Outlook
NB Bancorp has made technology a priority, with continued investment in cybersecurity, compliance automation, and digital banking capabilities. The bank has also expanded tools for monitoring high-risk industries, ensuring compliance while maintaining operational efficiency.
The bank’s strategic plan remains focused on:
- Sustainable growth
- Disciplined lending
- Technology-driven banking solutions
By expanding commercial relationships and strengthening its deposit base, NB Bancorp is positioning itself for long-term stability in a competitive market.
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