NB Bancorp(US:NBBK)2025-04-22 20:24Financial Performance - Net income for Q1 2025 was $12.7 million, or $0.33 per diluted common share, down from $15.6 million, or $0.40 per diluted common share in the prior quarter[1][3] - Net income for Q1 2025 was $12,655,000, a decrease of 19.0% from $15,611,000 in Q4 2024 but a significant increase of 45.5% from $8,701,000 in Q1 2024[20] - Net income (GAAP) for the three months ended March 31, 2025, was $12,655,000, a decrease of 19% from $15,611,000 in the previous quarter and an increase of 45% from $8,701,000 year-over-year[27] - Operating net income (non-GAAP) was $13,693,000, reflecting a 3% increase from $13,261,000 in the previous quarter and a 52% increase from $8,980,000 year-over-year[27] - Earnings per share (basic and diluted) for Q1 2025 was $0.33, down 17.5% from Q4 2024 but up 50.0% from Q1 2024[23] Revenue and Income Sources - Total revenue for Q1 2025 reached $47,387,000, up 2.3% from $46,302,000 in Q4 2024 and a 12.5% increase from $42,134,000 in Q1 2024[20] - Noninterest income rose to $3.9 million, an increase of $80 thousand, or 2.1%, compared to the prior quarter[7] - Total interest and dividend income for Q1 2025 was $76,851,000, a decrease of 0.5% from Q4 2024 but an increase of 12.7% from Q1 2024[23] - Net interest income for Q1 2025 was $43,526,000, an increase of 2.4% from $42,521,000 in Q4 2024 and a 12.3% increase from $38,633,000 in Q1 2024[20] - Net interest income after provision for credit losses increased to $42,368,000, reflecting a 3.0% increase from Q4 2024 and a 23.9% increase from Q1 2024[23] Asset and Liability Management - Total assets as of March 31, 2025, were $5,242,157,000, reflecting a 1.6% increase from $5,157,737,000 at the end of Q4 2024 and a 12.7% increase from $4,649,826,000 in Q1 2024[21] - Total deposits increased by $149.0 million, or 3.6%, to $4.33 billion, while net loans grew by $131.8 million, or 3.1%, to $4.43 billion[2][8] - Total loans increased to $4,464,500,000 in Q1 2025, a 3.0% rise from $4,333,152,000 in Q4 2024 and a 12.9% increase from $3,954,623,000 in Q1 2024[21] - Cash and cash equivalents decreased by $50.4 million, or 13.9%, to $313.4 million, as a result of share repurchases and paydown of borrowings[8] Credit Quality and Allowance - The allowance for credit losses was $38.3 million, or 0.86% of total gross loans, with provisions for credit losses recorded at $1.2 million[12] - The allowance for credit losses was $38,338,000, a slight decrease from $38,744,000 in Q4 2024 and an increase from $34,306,000 in Q1 2024[21] - Non-performing loans decreased by $2.5 million, or 17.9%, to $11.4 million, attributed to the resolution of a large commercial real estate loan[17] - Total non-performing loans to total loans ratio improved to 0.25% as of March 31, 2025, down from 0.32% at the end of 2024[28] - The allowance for credit losses at the end of the period was $38,338,000, with a coverage ratio of 337% to non-performing loans[29] Expenses and Efficiency - Noninterest expense increased by $3.0 million, or 11.9%, to $28.7 million, primarily due to higher salaries and employee benefits[9] - Total noninterest expense increased to $28,660,000, up 11.9% from Q4 2024 and 12.1% from Q1 2024[23] - The efficiency ratio for Q1 2025 was 60.48%, compared to 55.34% in Q4 2024 and 60.68% in Q1 2024[20] - The operating efficiency ratio (non-GAAP) was 57.91% for the quarter, compared to 55.34% in the previous quarter and 59.75% year-over-year[27] Capital and Shareholder Equity - Shareholders' equity decreased by $25.6 million, or 3.3%, to $739.6 million, mainly due to share repurchases[8] - Tangible book value per share increased by $0.31, or 1.7%, to $18.20 during the quarter[4] - The tangible book value per share (non-GAAP) increased to $18.20, up from $17.89 in the previous quarter and $17.16 year-over-year[27]