Verbatim Item 1 Business section from NB Bancorp, Inc.'s latest 10-K. Filing date: 2026-03-03. Accession: 0001104659-26-022367.
This page reproduces the company's own Item 1 Business text from the linked SEC filing. It is filer text, not grepcent analysis, scoring, or investment advice.
Extracted from Item 1 Business to the first Item 1A/1B/1C/2 boundary after HTML sanitization. Confidence: high. Source form: 10-K. Character span: 54429-61988.
ITEM 1. Business
FORWARD-LOOKING STATEMENTS
In this Annual Report on Form 10-K, the terms “we,” “our,” and “us” refer to NB Bancorp, Inc. and Needham Bank, unless the context indicates another meaning. In addition, we sometimes refer to NB Bancorp, Inc. as “NB Bancorp” or the “Company” and to Needham Bank as the “Bank.”
Certain statements contained in this Annual Report on form 10-K, that are not historical facts, may be considered forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “could,” “potential,” “target” and words of similar meaning. These forward-looking statements include, but are not limited to:
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| ● | statements of our goals, intentions and expectations; |
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| ● | statements regarding our business plans, prospects, growth and operating strategies; |
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| ● | statements regarding the asset quality of our loan and investment portfolios; and |
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| ● | estimates of our risks and future costs and benefits. |
These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this Annual Report on Form 10-K.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:
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| ● | general economic conditions, either nationally or in our market areas, including as a result of employment levels and labor shortages, a potential recession or slowed economic growth; |
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| ● | inflation and changes in the interest rate environment that reduce margins and yields, our mortgage banking revenues, the fair value of financial instruments, including our derivative and hedging instruments, or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make; |
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| ● | the possibility that future credit losses, loan defaults and charge-off rates are higher than expected due to changes in economic conditions or adverse economic developments; |
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| ● | changes in the level and direction of loan delinquencies and changes in assumptions and estimates of the adequacy of the allowance for credit losses (“ACL”); |
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| ● | the effect of any change in federal government enforcement of federal laws affecting the cannabis industry or banking as a service (“BAAS”); |
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| ● | changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; |
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| ● | our ability to access cost-effective funding timely; |
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| ● | fluctuations in real estate values and both residential and commercial real estate market conditions; |
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| ● | demand for loans and deposits in our market areas; |
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| ● | our ability to implement and change our business strategies; |
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| ● | competition among depository and other financial institutions; |
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| ● | adverse changes in the securities or secondary mortgage markets; |
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| ● | changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; |
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| ● | changes in the quality or composition of our loan or investment portfolios; |
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| ● | technological changes that may be more difficult or expensive than expected; |
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| ● | the inability of third-party providers to perform as expected; |
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| ● | a failure or breach of our operational or security systems or infrastructure, including cyberattacks; |
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| ● | our ability to manage market risk, credit risk and operational risk; |
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| ● | our ability to enter new markets successfully and capitalize on growth opportunities; |
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| ● | changes in consumer spending, borrowing and savings habits; |
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| ● | changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board (“FASB”), the Securities and Exchange Commission (“SEC”) or the Public Company Accounting Oversight Board (“PCAOB”); |
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| ● | our ability to attract and retain key employees; |
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| ● | changes in the financial condition, results of operations or future prospects of issuers of securities that we own; |
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| ● | turbulence in the capital and debt markets and within the banking industry; |
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| ● | risks related to the increased focus on widespread implementation of stablecoins and other digital assets; |
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| ● | the risk that goodwill and intangibles recorded in our financial statements will become impaired; |
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| ● | risks related to the implementation of acquisitions, dispositions, and restructurings, including the acquisition with Provident Bancorp and BankProv, which is further described in Part I, Item 1 in this Annual Report on Form 10-K under “Recent Acquisitions – Provident Bancorp and BankProv Acquisition,” including the risk that acquisitions may not be timely completed or at all and may not produce results at levels or within time frames originally anticipated, including due to delays in obtaining regulatory approvals or to the conditions associated with such approval; |