Needham Bank navigates post-IPO growth, reports lower Q1 profits
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The bank has been on a growth path and went public a little over a year ago. In recent months, parent company NB Bancorp has had to navigate 'uncertainty,' it said.
Little more than a year after going public, the parent company of Needham Bank posted a 19% drop in quarterly earnings and said much of the drop is driven by economic uncertainty.
NB Bancorp Inc. (Nasdaq: NBBK) on Tuesday evening posted first-quarter results including net income of $12.7 million, or 33 cents per diluted share. Those numbers compare with earnings of $15.6 million, or 40 cents per diluted share, during the fourth quarter of 2024.
Wild stock-market swings and growing pessimism about the economy have affected the financial performance of banks and other businesses over recent months. In addition, NB Bancorp has contended with growing pains — one-time expenses related to the liquidation of its former pension plan and the surrender of bank-owned life insurance policies.
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Those costs totaled over $1 million during the year's first quarter, NB Bancorp said in a news release.
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Originally a mutually owned institution, the bank held an initial public offering in December 2023, raising $400 million.
'We went public because we could,' Campanelli told the Business Journal a few months after the IPO. 'But we need more capital to continue to grow. In being a mutual and converting to a stock, we were able to (go public) during a very challenging time in the capital markets.'
"As we begin our second year as a public company, we continue to navigate the uncertainty in front of us, as well as focus on our growth in a disciplined manner and closely monitor our capital levels,' said Joseph Campanelli, NB Bancorp chairman, president and CEO.
The holding company noted that Needham Bank's loan portfolio grew 3% during the quarter to a total of $4.5 billion, and deposits increased 3.6% to $4.3 billion.
Assets amounted to over $5.2 billion at the end of the first quarter, up 1.6% since the previous one.
Needham Bank is the 15th-largest bank headquartered in Massachusetts, according to a Business Journal analysis of local deposits last year. That ranking is up from No. 19 in 2023.
More recently, two other mutual banks in Massachusetts have taken steps to convert to stockholder ownership — Winchester Savings Bank and Avidia Bank.
After closing Tuesday at $16.63, shares of NB Bancorp were trading at around $17.21 by noon on Wednesday, up 3.5%. The company currently has a market capitalization of $642 million.
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