Technology
NB Bancorp, Inc. Reports Second Quarter 2026 Financial Results, Declares Quarterly Cash Dividend
Published
3 months agoon
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NEEDHAM, Mass., July 22, 2026 /PRNewswire/ — NB Bancorp, Inc. (the “Company”) (Nasdaq Capital Market: NBBK), the holding company of Needham Bank (the “Bank”), today announced its second quarter 2026 financial results.
Net income for the second quarter of 2026 amounted to $21.1 million, or $0.53 per diluted common share, compared to net income of $15.0 million, or $0.36 per diluted common share, for the prior quarter. Return on average assets and return on average equity for the second quarter of 2026 were 1.17% and 10.03%, respectively, increases from 0.87% and 7.05%, respectively, for the prior quarter.Operating net income(1) for the second quarter of 2026 increased 38.5% and amounted to $21.9 million, or $0.55 per diluted common share, compared to operating net income(1) of $15.8 million, or $0.38 per diluted common share, for the prior quarter. Operating return on average assets(1) and operating return on average equity(1) for the second quarter of 2026 were 1.21% and 10.39%, respectively, increases from 0.92% and 7.43%, respectively, for the prior quarter.Net interest margin expanded by 7 basis points to 4.00% from 3.93% in the prior quarter as total loans increased 3.4% while total deposits increased 3.7% during the quarter. Net interest margin, excluding purchase accounting adjustments(1), expanded by 5 basis points to 3.87% during the current quarter from 3.82% in the prior quarter.Efficiency ratio improved to 58.92% from 61.55% in the prior quarter, while operating efficiency ratio(1) improved to 57.66% from 60.06% in the prior quarter.Net charge-offs (annualized) as a percent of average loans declined to 0.07% from 0.91% in the prior quarter. Non-performing loans as a percent of total loans decreased to 0.43% at the end of the second quarter from 0.73% at the end of the prior quarter.
“The second quarter of 2026 displayed Needham Bank’s continued execution of our strategy for disciplined growth in market share as total loans increased 3.4% during the quarter, while total deposits increased 3.7% over the same period. Through the first half of 2026, total loans and total deposits have increased by 15.0% and 15.9% on an annualized basis, while operating EPS increased 24%, respectively. Our teams remained focused on executing our strategic priorities and investing in the infrastructure, technology, and operating capabilities needed to support continued profitable growth. This included targeted investments in artificial intelligence, improved internal systems and automation tools designed to enhance internal efficiency, scalability, and employee effectiveness. We are well positioned to continue to enhance the customer experience and grow market share, while improving long-term operating leverage. The dedication and collaboration of our employees continue to be defining strengths for Needham Bank. As we invest thoughtfully in technology, artificial intelligence, and operational capabilities, while maintaining strong credit performance and disciplined growth, we are building a more scalable and efficient organization that is well-positioned to deliver long-term value for our customers, communities, and shareholders,” Campanelli concluded.
Declaration of Dividend
The Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on August 19, 2026, to shareholders of record as of August 5, 2026.
SELECTED FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER OF 2026
Net income of $21.1 million, or $0.53 per diluted common share, compared to net income of $15.0 million, or $0.36 per diluted common share, for the prior quarter. Operating net income(1), excluding one-time charges, amounted to $21.9 million, or $0.55 per diluted common share, compared to operating net income(1) of $15.8 million, or $0.38 per diluted common share, for the prior quarter.Operating return on average assets increased to 1.21% from 0.92%, operating return on average equity increased to 10.39% from 7.43% and net interest margin expanded to 4.00% from 3.93%.Credit trends from the BankProv acquisition improved during the quarter, where net charge-offs to average loans decreased to 0.07% from 0.91% and non-performing assets to total assets decreased to 0.37% from 0.63%
One-time pre-tax charges during the current quarter include:
Non-recurring fees for business line expansion of $649 thousand ($499 thousand net of tax);Final merger and acquisition costs of $296 thousand ($227 thousand net of tax) related to the Company’s acquisition of Provident; andTax expense and a modified endowment contract penalty of $27 thousand related to the surrender of Bank-owned life insurance (“BOLI”) policies acquired from BankProv.
One-time pre-tax charges during the prior quarter include:
Pre-tax trailing merger and acquisition costs of $534 thousand ($390 thousand net of tax) related to the Company’s completed acquisition of Provident;Non-recurring fees for business line expansion of $500 thousand ($366 thousand net of tax); andTax expense and a modified endowment contract penalty of $50 thousand related to the surrender of BOLI policies acquired from BankProv.Net interest margin expanded by 7 basis points to 4.00% during the current quarter from 3.93% in the prior quarter. Net interest margin, excluding purchase accounting adjustments(1), expanded by 5 basis points to 3.87% during the current quarter from 3.82% in the prior quarter.Gross loans increased $213.0 million, or 3.4%, to $6.42 billion, from $6.21 billion in the prior quarter.Total deposits increased $222.9 million, or 3.7%, to $6.32 billion, from $6.10 billion in the prior quarter.Core deposits, which the Company considers to be all non-brokered deposits, increased $73.1 million, or 1.3%, to $5.60 billion, from $5.53 billion in the prior quarter.Brokered deposits increased $149.8 million, or 26.3%, to $719.9 million, from $570.1 million in the prior quarter.Book value per share and tangible book value per share(1) were $19.22 and $18.51, respectively, in the current quarter, compared to $18.83 and $18.11, respectively, in the prior quarter. The increase in tangible book value per share(1) was a result of $21.1 million in net income for the quarter, partially offset by the repurchase of 918,727 shares during the current quarter at an all-in weighted average cost of $20.13 per share and $3.1 million in dividends paid during the quarter.
BALANCE SHEET
Total assets amounted to $7.45 billion as of June 30, 2026, representing an increase of $220.2 million, or 3.0%, from $7.23 billion as of March 31, 2026.
Cash and cash equivalents increased $24.6 million, or 6.5%, to $400.2 million from $375.6 million in the prior quarter, as a result of net income earned during the quarter of $21.1 million, along with deposit growth of $222.9 million, partially offset by loan growth of $211.1 million and the repurchase of 918,727 shares during the current quarter at an all-in weighted average cost of $20.13 per share.Net loans increased $211.1 million, or 3.4%, to $6.34 billion, from $6.13 billion in the prior quarter as demand for new loan originations and advances continued. The current quarter change was primarily seen in commercial real estate loans, which increased $196.7 million, or 10.2%, residential real estate loans, which increased $45.0 million, or 3.4%, and multi-family residential loans, which increased $29.6 million, or 5.5%, partially offset by mortgage warehouse loans, which decreased $59.5 million, or 21.5% along with continued run-off of the acquired Enterprise Value portfolio, which decreased $29.5 million, or 18.5%, from the prior quarter.Deposits increased $222.9 million, or 3.7%, to $6.32 billion from $6.10 billion in the prior quarter. The change in deposits was the result of noninterest bearing demand deposits, which increased $80.8 million, or 9.3%, NOW accounts, which increased $61.8 million, or 8.9% and brokered deposits, which increased $149.8 million, or 26.3%, partially offset by money market accounts, which decreased $77.4 million, or 4.4%.Shareholders’ equity decreased $776 thousand, or 0.1%, to $842.0 million, from $842.8 million in the prior quarter, primarily as a result of the repurchase of 918,727 shares of common stock at an all-in weighted average cost of $20.13 per share totaling $18.5 million and $3.1 million in dividends paid during the current quarter, partially offset by net income of $21.1 million. Shareholders’ equity to total assets and tangible shareholders’ equity(1) to tangible assets were 11.3% and 10.9%, respectively, at the end of the current quarter, compared to 11.7% and 11.3%, respectively, at the end of the prior quarter.
NET INTEREST INCOME
Net interest income increased $4.3 million, or 6.6%, to $69.1 million for the current quarter, compared to $64.9 million for the prior quarter. Net interest margin expanded 7 basis points to 4.00% for the current quarter, from 3.93% in the prior quarter.
Interest income increased during the current quarter, primarily attributable to an increase in the average balance of and weighted average rate on loans as a result of the continued execution of our growth strategy, partially offset by a reduction in the average balance of and weighted average rate on short-term investments.Interest expense increased for the current quarter, primarily driven by increases in the average balances of certificates of deposit and individual retirement accounts and FHLB borrowings, partially offset by a decrease in the weighted average rate on certificates of deposit and individual retirement accounts.
PROVISION FOR CREDIT LOSSES
Provision for credit losses decreased $3.1 million, or 49.5%, to a provision for credit losses of $3.2 million for the current quarter, compared to a provision for credit losses of $6.3 million for the prior quarter.
The provision for credit losses on loans decreased $3.4 million, or 53.1%, to $3.0 million for the current quarter, compared to $6.4 million for the prior quarter, primarily driven by an $822 thousand recovery from a commercial and industrial loan, improved qualitative factors on commercial real estate and multi-family loans and no downgrades in qualitative factors, which existed in the prior quarter.The provision for credit losses on unfunded commitments increased $253 thousand, or 468.5%, to $199 thousand for the current quarter, compared to a release of $54 thousand for the prior quarter, primarily driven by an increase in net unfunded commitments in the current quarter.
NONINTEREST INCOME
Noninterest income increased $1.0 million, or 23.2%, to $5.6 million for the current quarter, compared to $4.5 million for the prior quarter.
Customer service fees increased $550 thousand, or 17.6%, to $3.7 million for the current quarter, compared to $3.1 million in the prior quarter due to increased loan fee income, cash management fees and customer transactional volume.Other income increased $315 thousand, or 150.0%, to $525 thousand for the current quarter, compared to $210 thousand in the prior quarter, primarily driven by $229 thousand of credit card branding and marketing income recognized during the quarter, along with higher preferred dividends from solar tax credit investments.Gain (loss) on sale of loans, net, increased $228 thousand to a $227 thousand gain in the current quarter, compared to a $1 thousand loss in the prior quarter, resulting from the improvement in the fair market value of consumer loans held for sale during the current quarter.
NONINTEREST EXPENSE
Noninterest expense increased $1.3 million, or 3.1%, to $44.0 million for the current quarter, compared to $42.7 million for the prior quarter.
Marketing and charitable contribution expenses increased $497 thousand, or 48.1%, to $1.5 million for the current quarter, compared to $1.0 million for the prior quarter, primarily resulting from advertising expenses related to customer events and branch openings, as well as a higher volume of Bank contributions to charities during the current quarter.Data processing expenses increased $460 thousand, or 10.4%, to $4.9 million for the current quarter, compared to $4.4 million for the prior quarter, primarily driven by our continued investment in technology and systems in support of upcoming revenue initiatives, requiring the operation of systems in parallel for a period of time while new systems are implemented.FDIC and state insurance assessment expenses increased $432 thousand, or 37.5%, to $1.6 million for the current quarter, compared to $1.2 million for the prior quarter, primarily driven by increased insurance assessments related to the BankProv acquisition.
INCOME TAXES
Income tax expense increased $1.0 million, or 18.7%, to $6.4 million for the current quarter, compared to $5.4 million for the prior quarter. The increase was primarily driven by the increase in net income during the current quarter. The effective tax rate and the operating effective tax rate(1) were 23.2% and 23.1%, respectively, for the current quarter, compared to 26.4% and 26.2%, respectively, for the prior quarter. The primary drivers of the decrease in the effective tax rate were a higher volume of earned income tax credits and tax-exempt interest income on loans due to the origination of a tax-exempt loan at the end of the prior quarter.
COMMERCIAL REAL ESTATE PORTFOLIO
Commercial real estate loans increased $226.2 million, or 9.2%, to $2.69 billion, during the current quarter.
Cannabis facility commercial real estate loans decreased $3.7 million, or 1.7%, to $210.1 million during the current quarter. The Company’s cannabis facility commercial real estate portfolio is secured entirely by the underlying commercial real estate of the borrower operation, in addition to, in most cases, a lien on all business assets. The vast majority of the cannabis facility loan portfolio balances have a loan-to-value ratio of 65% or lower, with appraisal reports taking a blended approach (using both cannabis and non-cannabis use comparable real estate sales, which we believe are generally more conservative).The cannabis facility portfolio has geographic dispersion, with lower dollar exposure loans remaining local and larger dollar exposure loans generally tied to multi-state operators with a more national footprint. All cannabis facility loan relationships were current at the end of the current quarter.The Company’s multi-family real estate loan portfolio increased $29.6 million, or 5.5%, during the current quarter to $567.7 million. The Company’s multi-family real estate loan portfolio consists of properties primarily located in the Greater Boston area, all of which are adjustable-rate loans and performing at the end of the current quarter.The Company’s $335.7 million office portfolio consists principally of suburban Class A and B office space used as medical and traditional offices. The portfolio does not consist of high-rise towers located in Boston and are performing at the end of the current quarter.
ASSET QUALITY
The allowance for credit losses (“ACL”) amounted to $82.1 million as of June 30, 2026, or 1.28% of total loans, compared to $80.2 million, or 1.29% of total loans as of March 31, 2026.The Company recorded a provision for credit losses of $3.2 million during the current quarter, which included a provision for credit losses on loans of $3.0 million and a provision of $199 thousand for unfunded commitments, compared to a provision for credit losses of $6.3 million during the prior quarter, which included a provision for credit losses on loans of $6.4 million and a release of provision of $54 thousand for unfunded commitments.The increase in the ACL for the current quarter was primarily driven by loan growth.Non-performing loans (“NPLs”) decreased $17.9 million, or 39.3%, to $27.7 million as of June 30, 2026, from $45.6 million at the end of the prior quarter. The decrease was primarily due to the decrease in commercial and industrial loans on non-accrual of $18.4 million, resulting from improved performance or workouts. The ACL as a percent of NPLs is 297% as of June 30, 2026, an increase from 176% at the end of the prior quarter.During the current quarter, the Company recorded total net charge-offs of $1.1 million, or 0.07% of average total loans on an annualized basis, which related to non-purchase-credit-deteriorated (“PCD”) loans, compared to net charge-offs of $13.6 million, or 0.91% of average total loans on an annualized basis, in the prior quarter. The $12.4 million decrease in net charge-offs during the current quarter was primarily a result of prior quarter charge-offs on previously fully reserved for PCD commercial and industrial loans. As part of its ongoing credit risk management framework and prudent oversight, the Company periodically reviews lending relationships across all portfolios to ensure alignment with its risk appetite, regulatory expectations, and evolving market conditions.The Company’s loan portfolio consists primarily of commercial real estate and multi-family loans, one-to-four-family residential real estate loans, construction and land development loans, commercial and industrial loans, mortgage warehouse loans and consumer loans. These loans are primarily made to individuals and businesses located in our primary lending market area, which is the Greater Boston metropolitan area and surrounding communities in greater New England.
(1)
Represents a non-GAAP measure. See Non-GAAP reconciliation of the corresponding GAAP measures on pages 13 and 14.
ABOUT NB BANCORP, INC.
NB Bancorp, Inc. (Nasdaq Capital Market: NBBK) is the registered bank holding company of Needham Bank. Needham Bank is headquartered in Needham, Massachusetts, which is approximately 17 miles southwest of Boston’s financial district. Known as the “Builder’s Bank,” Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. Needham Bank offers an array of tech-forward products and services that businesses and consumers use to manage their financial needs. Needham Bank also provides services to companies in the cannabis industry by providing loans and deposits, along with supporting payment platforms in this industry, such as Mosaic.
We have the financial expertise typically found at much larger institutions and the local knowledge and commitment you can only find at a community bank. For more information, please visit https://NeedhamBank.com. Needham Bank is a member of FDIC.
Non-GAAP Financial Measures
In addition to results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this press release contains certain non-GAAP financial measures, including pre-provision net revenue, operating net income, operating pre-tax income, net interest margin, excluding purchase accounting adjustments, operating noninterest expense, operating noninterest income, operating effective tax rate, operating earnings per share, basic, operating earnings per share, diluted, operating return on average assets, operating return on average shareholders’ equity, operating efficiency ratio, tangible shareholders’ equity, tangible assets and tangible book value per share. The Company’s management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a Company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
Forward-Looking Statements
Statements in this press release that are not historical facts are 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, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (the “SEC”), in our annual reports to our stockholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Company believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Company’s control. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions on a national basis and in the local markets in which the Company operates, including changes which adversely affect borrowers’ ability to service and repay loans; changes in customer behavior due to political, business and economic conditions, including inflation and concerns about liquidity; turbulence in the capital and debt markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balances and mix of loans and deposits; changes in interest rates and real estate values; changes in loan collectability and increases in defaults and charge-off rates; decreases in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; risks related to the Company’s acquisitions generally, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; unforeseen integration issues or impairment of other intangibles; and the Company’s inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated; changing government regulation; competitive pressures from other financial institutions; changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents, fraud, natural disasters, and future pandemics; the risk that the Company may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Company’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Company’s Form 10-K and updated by our Quarterly Report on Form 10-Q and other filings submitted to the SEC. These statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.
NB BANCORP, INC.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share data)
As of and for the three months ended
June 30, 2026
March 31, 2026
June 30, 2025
Earnings data
Net interest income
$
69,145
$
64,868
$
47,007
Noninterest income
5,559
4,513
4,278
Total revenue
74,704
69,381
51,285
Provision for credit losses
3,193
6,328
3,161
Noninterest expense
44,017
42,701
29,405
Pre-tax income
27,494
20,352
18,719
Net income
21,123
14,984
14,579
Operating net income (non-GAAP)
21,877
15,791
15,043
Operating noninterest expense (non-GAAP)
43,072
41,667
28,875
Per share data
Earnings per share, basic
$
0.53
$
0.37
$
0.39
Earnings per share, diluted
0.53
0.36
0.39
Operating earnings per share, basic (non-GAAP)
0.55
0.39
0.40
Operating earnings per share, diluted (non-GAAP)
0.55
0.38
0.40
Book value per share
19.22
18.83
18.09
Tangible book value per share (non-GAAP)
18.51
18.11
18.07
Profitability
Return on average assets
1.17 %
0.87 %
1.13 %
Operating return on average assets (non-GAAP)
1.21 %
0.92 %
1.16 %
Return on average shareholders’ equity
10.03 %
7.05 %
7.84 %
Operating return on average shareholders’ equity (non-GAAP)
10.39 %
7.43 %
8.09 %
Net interest margin
4.00 %
3.93 %
3.82 %
Net interest margin, excluding purchase accounting adjustments
3.87 %
3.82 %
3.82 %
Cost of deposits
2.68 %
2.73 %
3.00 %
Efficiency ratio
58.92 %
61.55 %
57.34 %
Operating efficiency ratio (non-GAAP)
57.66 %
60.06 %
56.30 %
Balance sheet, end of period
Total assets
$
7,446,880
$
7,226,649
$
5,226,618
Total loans
6,482,821
6,273,881
4,540,969
Total deposits
6,320,090
6,097,200
4,268,115
Total shareholders’ equity
842,002
842,778
737,122
Asset quality
ACL
$
82,088
$
80,195
$
42,601
ACL / Total NPLs
296.8 %
176.0 %
341.4 %
Total NPLs / Total loans
0.43 %
0.73 %
0.27 %
Annualized net charge-offs / Average total loans
(0.07) %
(0.91) %
0.00 %
Capital ratios
Shareholders’ equity / Total assets
11.31 %
11.66 %
14.10 %
Tangible shareholders’ equity / tangible assets (non-GAAP)
10.94 %
11.27 %
14.09 %
NB BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share and per share data)
As of
June 30, 2026 change from
June 30, 2026
March 31, 2026
June 30, 2025
March 31, 2026
June 30, 2025
Assets
Cash and due from banks
$
372,522
$
327,951
$
157,175
$
44,571
13.6 %
$
215,347
137.0 %
Federal funds sold
27,632
47,618
101,587
(19,986)
(42.0) %
(73,955)
(72.8) %
Total cash and cash equivalents
400,154
375,569
258,762
24,585
6.5 %
141,392
54.6 %
Available-for-sale securities, at fair value
272,640
277,241
235,408
(4,601)
(1.7) %
37,232
15.8 %
Loans held for sale, at fair value
59,927
63,971
–
(4,044)
(6.3) %
59,927
0.0 %
Loans receivable, net of deferred fees
6,422,894
6,209,910
4,540,969
212,984
3.4 %
1,881,925
41.4 %
Allowance for credit losses
(82,088)
(80,195)
(42,601)
(1,893)
2.4 %
(39,487)
92.7 %
Net loans
6,340,806
6,129,715
4,498,368
211,091
3.4 %
1,842,438
41.0 %
Accrued interest receivable
28,898
27,150
20,386
1,748
6.4 %
8,512
41.8 %
Banking premises and equipment, net
49,298
47,335
34,289
1,963
4.1 %
15,009
43.8 %
Non-public investments
42,029
40,738
35,767
1,291
3.2 %
6,262
17.5 %
Bank-owned life insurance (“BOLI”)
97,370
110,586
55,711
(13,216)
(12.0) %
41,659
74.8 %
Prepaid expenses and other assets
69,228
67,749
57,277
1,479
2.2 %
11,951
20.9 %
Goodwill
18,512
18,512
–
–
0.0 %
18,512
0.0 %
Core deposit intangible, net
17,519
18,411
1,005
(892)
(4.8) %
16,514
1643.2 %
Deferred income tax asset, net
50,499
49,672
29,645
827
1.7 %
20,854
70.3 %
Total assets
$
7,446,880
$
7,226,649
$
5,226,618
$
220,231
3.0 %
$
2,220,262
42.5 %
Liabilities and shareholders’ equity
Deposits
Core deposits
$
5,600,238
$
5,527,148
$
4,013,955
$
73,090
1.3 %
$
1,586,283
39.5 %
Brokered deposits
719,852
570,052
254,160
149,800
26.3 %
465,692
183.2 %
Total deposits
6,320,090
6,097,200
4,268,115
222,890
3.7 %
2,051,975
48.1 %
Mortgagors’ escrow accounts
4,420
4,858
4,117
(438)
(9.0) %
303
7.4 %
Federal Home Loan Bank (“FHLB”) borrowings
181,247
189,701
127,600
(8,454)
(4.5) %
53,647
42.0 %
Accrued expenses and other liabilities
77,549
70,983
68,235
6,566
9.3 %
9,314
13.6 %
Accrued retirement liabilities
21,572
21,129
21,429
443
2.1 %
143
0.7 %
Total liabilities
6,604,878
6,383,871
4,489,496
221,007
3.5 %
2,115,382
47.1 %
Shareholders’ equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized; no shares
issued and outstanding
–
–
–
–
0.0 %
–
0.0 %
Common stock, $0.01 par value, 120,000,000 shares authorized; 43,818,490 issued and
outstanding at June 30, 2026, 44,765,178 issued and outstanding at March 31, 2026
and 40,748,380 issued and outstanding at June 30, 2025
438
448
407
(10)
(2.2) %
31
7.6 %
Additional paid-in capital
415,841
432,858
358,793
(17,017)
(3.9) %
57,048
15.9 %
Unallocated common shares held by the Employee Stock Ownership Plan (“ESOP”)
(41,285)
(41,873)
(43,643)
588
(1.4) %
2,358
(5.4) %
Retained earnings
474,970
456,978
427,707
17,992
3.9 %
47,263
11.1 %
Accumulated other comprehensive loss
(7,962)
(5,633)
(6,142)
(2,329)
41.3 %
(1,820)
29.6 %
Total shareholders’ equity
842,002
842,778
737,122
(776)
(0.1) %
104,880
14.2 %
Total liabilities and shareholders’ equity
$
7,446,880
$
7,226,649
$
5,226,618
$
220,231
3.0 %
$
2,220,262
42.5 %
NB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended June 30, 2026
For the Three Months Ended
Change From Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
March 31, 2026
June 30, 2025
INTEREST AND DIVIDEND INCOME
Interest and fees on loans
$
106,574
$
100,042
$
74,719
$
6,532
6.5 %
$
31,855
42.6 %
Interest on securities
2,758
2,708
2,307
50
1.8 %
451
19.5 %
Interest and dividends on cash equivalents and other
2,460
2,936
2,822
(476)
(16.2) %
(362)
(12.8) %
Total interest and dividend income
111,792
105,686
79,848
6,106
5.8 %
31,944
40.0 %
INTEREST EXPENSE
Interest on deposits
40,686
39,579
31,690
1,107
2.8 %
8,996
28.4 %
Interest on borrowings
1,961
1,239
1,151
722
58.3 %
810
70.4 %
Total interest expense
42,647
40,818
32,841
1,829
4.5 %
9,806
29.9 %
NET INTEREST INCOME
69,145
64,868
47,007
4,277
6.6 %
22,138
47.1 %
PROVISION FOR CREDIT LOSSES
Provision for credit losses – loans
2,994
6,382
4,244
(3,388)
(53.1) %
(1,250)
(29.5) %
Provision for (release of) credit losses – unfunded commitments
199
(54)
(1,083)
253
468.5 %
1,282
(118.4) %
Total provision for credit losses
3,193
6,328
3,161
(3,135)
(49.5) %
32
1.0 %
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES
65,952
58,540
43,846
7,412
12.7 %
22,106
50.4 %
NONINTEREST INCOME
Customer service fees
3,681
3,131
2,554
550
17.6 %
1,127
44.1 %
Increase in cash surrender value of BOLI
962
853
787
109
12.8 %
175
22.2 %
Mortgage banking income
92
119
120
(27)
(22.7) %
(28)
(23.3) %
Swap contract income
72
201
524
(129)
(64.2) %
(452)
(86.3) %
Gain (loss) on sale of loans, net
227
(1)
21
228
22800.0 %
206
981.0 %
Other income
525
210
272
315
150.0 %
253
93.0 %
Total noninterest income
5,559
4,513
4,278
1,046
23.2 %
1,281
29.9 %
NONINTEREST EXPENSE
Salaries and employee benefits
25,549
25,468
18,567
81
0.3 %
6,982
37.6 %
Director and professional service fees
3,816
4,049
2,943
(233)
(5.8) %
873
29.7 %
Occupancy and equipment expenses
2,468
2,491
1,465
(23)
(0.9) %
1,003
68.5 %
Data processing expenses
4,899
4,439
2,493
460
10.4 %
2,406
96.5 %
Marketing and charitable contribution expenses
1,530
1,033
954
497
48.1 %
576
60.4 %
FDIC and state insurance assessments
1,584
1,152
883
432
37.5 %
701
79.4 %
General and administrative expenses
4,171
4,069
2,100
102
2.5 %
2,071
98.6 %
Total noninterest expense
44,017
42,701
29,405
1,316
3.1 %
14,612
49.7 %
INCOME BEFORE TAXES
27,494
20,352
18,719
7,142
35.1 %
8,775
46.9 %
INCOME TAX EXPENSE
6,371
5,368
4,140
1,003
18.7 %
2,231
53.9 %
NET INCOME
$
21,123
$
14,984
$
14,579
$
6,139
41.0 %
$
6,544
44.9 %
Weighted average common shares outstanding, basic
39,693,140
40,969,748
37,191,460
(1,276,608)
(3.1) %
2,501,680
6.7 %
Weighted average common shares outstanding, diluted
40,000,305
41,421,002
37,550,409
(1,420,697)
(3.4) %
2,449,896
6.5 %
Earnings per share, basic
$
0.53
$
0.37
$
0.39
$
0.16
43.2 %
$
0.14
35.9 %
Earnings per share, diluted
$
0.53
$
0.36
$
0.39
$
0.17
47.2 %
$
0.14
35.9 %
NB BANCORP, INC.
AVERAGE BALANCES, INTEREST EARNED/PAID & AVERAGE YIELDS
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
Average
Average
Average
Outstanding
Average
Outstanding
Average
Outstanding
Average
Balance
Interest
Yield/Rate (4)
Balance
Interest
Yield/Rate (4)
Balance
Interest
Yield/Rate (4)
Interest-earning assets:
Loans (5)
$
6,377,025
$
106,574
6.70
%
$
6,090,227
$
100,042
6.66
%
$
4,479,479
$
74,719
6.69
%
Securities
279,196
2,758
3.96
%
273,308
2,708
4.02
%
232,812
2,307
3.97
%
Other investments (5)
34,301
612
7.16
%
28,275
265
3.80
%
28,525
605
8.51
%
Short-term investments (5)
237,667
1,848
3.12
%
295,394
2,671
3.67
%
200,524
2,217
4.43
%
Total interest-earning assets
6,928,189
111,792
6.47
%
6,687,204
105,686
6.41
%
4,941,340
79,848
6.48
%
Non-interest-earning assets
394,611
375,966
277,915
Allowance for credit losses
(81,276)
(88,102)
(39,931)
Total assets
$
7,241,524
$
6,975,068
$
5,179,324
Interest-bearing liabilities:
Savings accounts
$
210,544
324
0.62
%
$
207,681
263
0.51
%
$
119,736
134
0.45
%
NOW accounts
701,167
2,265
1.30
%
639,347
2,006
1.27
%
469,472
1,259
1.08
%
Money market accounts
1,699,366
12,783
3.02
%
1,711,672
12,732
3.02
%
1,090,163
9,062
3.33
%
Certificates of deposit and individual retirement accounts
2,595,290
25,314
3.91
%
2,497,213
24,578
3.99
%
1,964,678
21,235
4.34
%
Total interest-bearing deposits
5,206,367
40,686
3.13
%
5,055,913
39,579
3.17
%
3,644,049
31,690
3.49
%
FHLB borrowings
209,002
1,961
3.76
%
135,441
1,239
3.71
%
103,406
1,151
4.46
%
Total interest-bearing liabilities
5,415,369
42,647
3.16
%
5,191,354
40,818
3.19
%
3,747,455
32,841
3.52
%
Non-interest-bearing deposits
883,487
824,839
593,136
Other non-interest-bearing liabilities
98,225
97,370
93,063
Total liabilities
6,397,081
6,113,563
4,433,654
Shareholders’ equity
844,443
861,505
745,670
Total liabilities and shareholders’ equity
$
7,241,524
$
6,975,068
$
5,179,324
Net interest income
$
69,145
$
64,868
$
47,007
Net interest rate spread (1)
3.31
%
3.22
%
2.96
%
Net interest-earning assets (2)
$
1,512,820
$
1,495,850
$
1,193,885
Net interest margin (3)
4.00
%
3.93
%
3.82
%
Average interest-earning assets to interest-bearing liabilities
127.94
%
128.81
%
131.86
%
(1)
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(2)
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(3)
Net interest margin represents net interest income divided by average total interest-earning assets.
(4)
Annualized.
(5)
Loans include loans held for sale, at fair value. Other investments are comprised of Federal Reserve Bank stock, FHLB stock and swap collateral accounts. Short-term investments are comprised of cash and cash equivalents.
NB BANCORP, INC.
COMMERCIAL REAL ESTATE BY COLLATERAL TYPE
(Unaudited)
(Dollars in thousands)
June 30, 2026
Owner-Occupied
Non-Owner-Occupied
Balance
Percentage
Multi-Family
$
—
$
567,722
$
567,722
20 %
Industrial
185,270
163,112
348,382
13 %
Office
44,635
291,110
335,745
12 %
Hospitality
41,266
247,242
288,508
11 %
Mixed-Use
22,408
225,392
247,800
9 %
Retail
126,323
109,201
235,524
9 %
Cannabis Facility
201,153
8,913
210,066
8 %
Special Purpose
84,655
69,837
154,492
6 %
Recreational Vehicle Parks
13,255
65,162
78,417
3 %
Self Storage Facilities
—
71,147
71,147
3 %
Other
87,282
64,164
151,446
6 %
Total commercial real estate
$
806,247
$
1,883,002
$
2,689,249
100 %
Change From March 31, 2026
Change From June 30, 2025
Owner-Occupied
Non-Owner-Occupied
Balance
Percentage
Owner-Occupied
Non-Owner-Occupied
Balance
Percentage
Multi-Family
$
—
$
29,558
$
29,558
5 %
$
—
$
250,977
$
250,977
79 %
Industrial
55,111
6,772
61,883
22 %
98,479
50,105
148,584
74 %
Office
2,706
(2,552)
154
0 %
18,478
110,801
129,279
63 %
Hospitality
1,996
(11,711)
(9,715)
(3) %
41,266
75,083
116,349
68 %
Mixed-Use
(922)
24,693
23,771
11 %
14,765
65,014
79,779
47 %
Retail
73,112
(5,164)
67,948
41 %
86,769
22,358
109,127
86 %
Cannabis Facility
(3,613)
(85)
(3,698)
(2) %
(54,604)
(6,185)
(60,789)
(22) %
Special Purpose
(2,298)
8,159
5,861
4 %
6,535
12,860
19,395
14 %
Recreational Vehicle Parks
(125)
13,159
13,034
20 %
13,255
65,162
78,417
100 %
Self Storage Facilities
—
(16,443)
(16,443)
(19) %
—
71,147
71,147
100 %
Other
38,079
15,791
53,870
55 %
47,462
9,372
56,834
60 %
Total commercial real
estate
$
164,046
$
62,177
$
226,223
9 %
$
272,405
$
726,694
$
999,099
59 %
March 31, 2026
June 30, 2025
Owner-Occupied
Non-Owner-Occupied
Balance
Percentage
Owner-Occupied
Non-Owner-Occupied
Balance
Percentage
Multi-Family
$
—
$
538,164
$
538,164
21 %
$
—
$
316,745
$
316,745
19 %
Industrial
130,159
156,340
286,499
12 %
86,791
113,007
199,798
12 %
Office
41,929
293,662
335,591
13 %
26,157
180,309
206,466
12 %
Hospitality
39,270
258,953
298,223
12 %
—
172,159
172,159
10 %
Mixed-Use
23,330
200,699
224,029
9 %
7,643
160,378
168,021
10 %
Retail
53,211
114,365
167,576
7 %
39,554
86,843
126,397
7 %
Cannabis Facility
204,766
8,998
213,764
9 %
255,757
15,098
270,855
16 %
Special Purpose
86,953
61,678
148,631
6 %
78,120
56,977
135,097
8 %
Recreational Vehicle Parks
13,380
52,003
65,383
3 %
—
—
—
0 %
Self Storage Facilities
—
87,590
87,590
4 %
—
—
—
0 %
Other
49,203
48,373
97,576
4 %
39,820
54,792
94,612
6 %
Total commercial real
estate
$
642,201
$
1,820,825
$
2,463,026
100 %
$
533,842
$
1,156,308
$
1,690,150
100 %
NB BANCORP, INC.
NON-GAAP RECONCILIATION
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
Net income (GAAP)
$
21,123
$
14,984
$
14,579
Add (Subtract):
Adjustments to net income:
Non-recurring fees for business line expansion
649
500
–
BOLI surrender tax and modified endowment contract penalty
27
50
64
Merger and acquisition expenses
296
534
530
Total adjustments to net income
$
972
$
1,084
$
594
Less net tax benefit associated with pre-tax non-GAAP adjustments to net income
218
277
130
Non-GAAP adjustments, net of tax
754
807
464
Operating net income (non-GAAP)
$
21,877
$
15,791
$
15,043
Weighted average common shares outstanding, basic
39,693,140
40,969,748
37,191,460
Weighted average common shares outstanding, diluted
40,000,305
41,421,002
37,550,409
Operating earnings per share, basic (non-GAAP)
$
0.55
$
0.39
$
0.40
Operating earnings per share, diluted (non-GAAP)
$
0.55
$
0.38
$
0.40
Pre-tax income (GAAP)
$
27,494
$
20,352
$
18,719
Add (Subtract):
Adjustments to pre-tax income:
Non-recurring fees for business line expansion
649
500
–
Merger and acquisition expenses
296
534
530
Total adjustments to pre-tax income
945
1,034
530
Operating pre-tax income (non-GAAP)
$
28,439
$
21,386
$
19,249
Net interest income (GAAP)
$
69,145
$
64,868
$
47,007
Subtract (Add):
Adjustments to net interest income:
Purchase accounting adjustments
1,972
1,623
–
Total impact of non-GAAP interest net income adjustments
$
1,972
$
1,623
$
–
Net interest income, excluding purchase accounting adjustments (non-GAAP)
$
67,173
$
63,245
$
47,007
Noninterest expense (GAAP)
$
44,017
$
42,701
$
29,405
Subtract (Add):
Adjustments to noninterest expense:
Non-recurring fees for business line expansion
649
500
–
Merger and acquisition expenses
296
534
530
Total impact of non-GAAP noninterest expense adjustments
$
945
$
1,034
$
530
Operating noninterest expense (non-GAAP)
$
43,072
$
41,667
$
28,875
Operating net income (non-GAAP)
$
21,877
$
15,791
$
15,043
Average assets
7,241,524
6,975,068
5,179,324
Operating return on average assets (non-GAAP)
1.21 %
0.92 %
1.16 %
Average shareholders’ equity
$
844,443
$
861,505
$
745,670
Operating return on average shareholders’ equity (non-GAAP)
10.39 %
7.43 %
8.09 %
Operating noninterest expense (non-GAAP)
$
43,072
$
41,667
$
28,875
Total pre-provision net revenue (net interest income plus total noninterest income)
74,704
69,381
51,285
Operating efficiency ratio (non-GAAP)
57.66 %
60.06 %
56.30 %
Income tax expense (GAAP)
$
6,371
$
5,368
$
4,140
Add (Subtract):
Adjustments to income tax expense:
Net tax benefit associated with pre-tax non-GAAP adjustments to net income
218
277
–
BOLI surrender tax and modified endowment contract penalty
(27)
(50)
(64)
Total impact of non-GAAP income tax expense adjustments
$
191
$
227
$
(64)
Operating income tax expense (non-GAAP)
$
6,562
$
5,595
$
4,076
Operating effective tax rate (non-GAAP)
23.1 %
26.2 %
21.2 %
As of
June 30, 2026
March 31, 2026
June 30, 2025
Total shareholders’ equity (GAAP)
$
842,002
$
842,778
$
737,122
Subtract:
Intangible assets (core deposit intangible, net of tax and goodwill)
31,023
32,067
782
Total tangible shareholders’ equity (non-GAAP)
810,979
810,711
736,340
Total assets (GAAP)
7,446,880
7,226,649
5,226,618
Subtract:
Intangible assets (core deposit intangible, net of tax and goodwill)
31,023
32,067
782
Total tangible assets (non-GAAP)
$
7,415,857
$
7,194,582
$
5,225,836
Tangible shareholders’ equity / tangible assets (non-GAAP)
10.94 %
11.27 %
14.09 %
Total common shares outstanding
43,818,490
44,765,178
40,748,380
Tangible book value per share (non-GAAP)
$
18.51
$
18.11
$
18.07
NB BANCORP, INC.
ASSET QUALITY – NON-PERFORMING ASSETS (1)
(Unaudited)
(Dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
Real estate loans:
One-to-four-family residential
$
2,963
$
1,763
$
3,030
Home equity
1,547
1,673
1,368
Commercial real estate
957
394
1,984
Construction and land development
–
10
10
Commercial and industrial
20,446
38,885
4,558
Consumer
1,747
2,838
1,528
Total
$
27,660
$
45,563
$
12,478
Total non-performing loans to total loans
0.43 %
0.73 %
0.27 %
Total non-performing PCD loans to total loans (2)
0.22 %
0.49 %
0.00 %
Total non-performing non-PCD loans to total loans
0.21 %
0.24 %
0.27 %
Total non-performing assets to total assets
0.37 %
0.63 %
0.24 %
Total non-performing PCD assets to total assets
0.19 %
0.42 %
0.00 %
Total non-performing non-PCD assets to total assets
0.18 %
0.21 %
0.24 %
(1)
Non-performing loans and assets are comprised of non-accrual loans.
(2)
PCD loans were the result of the BankProv acquisition closed on 11/15/25 and did not exist prior to that date.
NB BANCORP, INC.
ASSET QUALITY – PROVISION, ALLOWANCE, AND NET (CHARGE-OFFS) RECOVERIES
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
Allowance for credit losses at beginning of the period
$
80,195
$
87,411
$
38,338
Provision for credit losses
2,994
6,382
4,244
Charge-offs:
One-to-Four-Family Residential
—
(56)
—
Commercial & Industrial
(294)
(12,370)
—
Consumer
(2,081)
(1,409)
(1,190)
Commercial real estate
(10)
—
—
Total charge-offs
(2,385)
(13,835)
(1,190)
Recoveries of loans previously charged off:
Commercial and industrial
1,188
12
12
Commercial real estate
—
—
923
Consumer
96
225
274
Total recoveries
1,284
237
1,209
Net charge-offs
(1,101)
(13,598)
19
Allowance for credit losses at end of the period
$
82,088
$
80,195
$
42,601
Allowance to non-performing loans
297 %
176 %
341.4 %
Allowance to total loans outstanding at the end of the period
1.28 %
1.29 %
0.94 %
Annualized net charge-offs to average loans outstanding during the period
(0.07) %
(0.91) %
0.00 %
Annualized net charge-offs to average loans outstanding during the period – PCD loans (1)
0.00 %
(0.82) %
0.00 %
Annualized net charge-offs to average loans outstanding during the period – Non-PCD loans
(0.07) %
(0.08) %
0.00 %
(1)
PCD loans were the result of the BankProv acquisition closed on 11/15/25 and did not exist prior to that date.
View original content to download multimedia:https://www.prnewswire.com/news-releases/nb-bancorp-inc-reports-second-quarter-2026-financial-results-declares-quarterly-cash-dividend-302832578.html
SOURCE Needham Bank
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OASE+ and Elsevier Agree Next-Phase Read and Publish Agreement to Expand Open Access Publishing in Japan
Published
19 minutes agoon
October 26, 2026By
A new three-year term removes the annual cap on open access publishing under the Read and Publish agreement and extends eligibility beyond universities
TOKYO, Oct. 26, 2026 /PRNewswire/ — OASE+ (Open Access for Scholarly Empowerment +), the collective negotiating body established with Japanese government support to advance the country’s national open access policy, and Elsevier, a global leader in advanced information and decision support, have agreed a read-and-publish agreement covering 2027 to 2029.
The agreement further develops the framework established by Elsevier in partnership with the Japan Alliance of University Library Consortia for E-Resources (JUSTICE) for 2024 to 2026. Under this framework Japanese research institutions are able to expand open access publishing at a pace suited to their individual circumstances while maintaining access to scholarly journals.
From 2027, researchers at participating institutions will be able to publish open access in eligible Core Hybrid journals, subject to the terms of the agreement and without an annual cap on the number of open access articles. The decision to publish open access will rest with the researcher and the research itself, giving researchers greater flexibility in choosing open access publishing and greater certainty in meeting their funders’ and institutions’ open access requirements.
A separate agreement applies the same approach to Cell Press. For institutions that subscribe to Cell Press Hybrid titles, reading access and open access publishing will cover the subscribed titles. The agreement will also have no annual cap on the number of open access articles and run from 2027 to 2029.
The agreement also extends eligibility for the first time beyond universities to national research and development agencies, opening participation to a substantial part of Japan’s publicly funded research base.
Japan is one of the world’s largest producers of scientific research. Wider open access publishing increases the international visibility of that research, supports collaboration across borders, and helps ensure Japanese findings inform science, practice and policy well beyond Japan. It also advances the objectives of the Japanese government’s National Policy on Promoting Open Access to Publicly Funded Scholarly Publications and Scientific Data.
The agreement follows extended discussions between OASE+ and Elsevier and reflects the findings of a survey of the needs of institutes that expressed interest in the Read and Publish agreement, as well as experience gained through the current framework.
Professor Yasuteru Shigeta of the University of Tsukuba, Chair of OASE+, said: “In 2024, OASE was established under the Japanese government’s ‘National Policy on Promoting Open Access to Publicly Funded Scholarly Publications and Scientific Data’. Through collaboration with JUSTICE, OASE has since strengthened its framework as OASE+. This enhanced structure enabled constructive negotiations with Elsevier, building upon the achievements and experience gained through the pilot proposal implemented for JUSTICE through 2026. As a result, we are pleased that researchers will be able to publish open access in Core Hybrid journals without any cap on the number of articles, and that Cell Press Hybrid journals are now also available under a Read and Publish agreement. While there should be multiple valid approaches to advancing open access, we hope that this agreement will serve as one of those pathways and help enhance the visibility of research from Japan to create positive impact.”
Gemma Hersh, Senior Vice President, Sales and Commercial Director, Primary Research, Elsevier, said: “We are delighted that this new agreement with OASE+ will enable us to further develop our long-standing partnership with the Japanese research community. We are grateful to OASE+ and the institutions that expressed interest in the agreement for the collaboration and pragmatism they brought to our discussions, and for helping to establish a framework with broader reach across Japan’s research base. Japan’s research is of global importance, and this agreement will help ensure more of it is openly available to researchers around the world.”
Further information is available from OASE+ and on Elsevier’s open access agreements page.
Notes to editors
A Read and Publish agreement combines, in a single contract, the subscription fees research institutions paid publishers for access to scholarly articles with the fees for publishing articles open access (article publishing charges, or APCs).
Core Hybrid journals are subscription-based journals that also give authors the option to publish individual articles open access. Under the 2027 to 2029 agreement, open access publishing in eligible Core Hybrid journals is available without an annual open access publishing limit.
Cell Press Hybrid journals are subscription-based Cell Press journals that also give authors the option to publish individual articles open access. A companion agreement covering 2027 to 2029 applies to Cell Press Hybrid journals, under which reading access and open access publishing are aligned to the Cell Press Hybrid journals an institution subscribes to, without an annual open access publishing limit.
Institutions that have expressed interest will not necessarily enter into the agreement immediately. Each institution reviews the terms and decides independently whether to participate, and contract commencement dates will vary. Institutions wishing to participate must submit an expression of interest through OASE+. As of October 21, 167 institutions have expressed interest in the agreement with Elsevier.
About OASE+
OASE+ (Open Access for Scholarly Empowerment +) is a team supported by the Japanese government working to establish a collective bargaining framework, led by universities and other research institutions, for negotiations with academic publishers. Through discussions with global academic publishers, OASE+ aims to contribute to the realization of the Japanese government’s National Policy on Promoting Open Access to Publicly Funded Scholarly Publications and Scientific Data.
OASE+ succeeds the activities of OASE, which was established in 2024, and operates as a joint initiative involving the Japan Alliance of University Library Consortia for E-Resources (JUSTICE) and OASE to promote open access to scholarly publications. For more information, visit the OASE+ website.
About Elsevier
Elsevier is a global leader in advanced information and decision support. For over a century, we have been helping advance science and healthcare to advance human progress. We support academic and corporate research communities, doctors, nurses, future healthcare professionals, and educators across 170 countries in their vital work. We help impact makers achieve better outcomes with research and clinical-grade solutions built on the world’s leading evidence-based scientific and medical content, precision AI, and expert human assessment. We champion inclusion and sustainability, working with the communities that we serve. The Elsevier Foundation supports research and health partnerships around the world.
Elsevier is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. For more information, visit www.elsevier.com and follow us on social media @elsevierconnect.
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Technology
uSMART and PIVOT Fintech Introduce GlobalSave Portfolios Balanced Strategy on FollowSmart
Published
19 minutes agoon
October 26, 2026By
SINGAPORE, Oct. 26, 2026 /PRNewswire/ — uSMART Securities (Singapore) Pte. Ltd. (“uSMART”) has announced the addition of the PIVOT- GlobalSave Portfolios Balanced Strategy to its FollowSmart platform. Managed by PIVOT Fintech Pte. Ltd. (“PIVOT”), the strategy is being made available through uSMART’s digital platform as part of the companies’ collaboration to provide investors with access to professionally managed investment strategies. Investors can find information about available strategies via the uSMART App at uSMART Securities.
Streamlining Operations for Fund Management Companies
Offering professionally managed investment strategies to a wider investor base can involve significant technology, operational and client servicing requirements. FollowSmart provides a digital workflow supporting account onboarding, trade implementation, position monitoring, valuation and client reporting. The platform is designed to help investment managers handle these operational processes while focusing on portfolio management.
Empowering Investors with a Digital Marketplace
For individual investors, FollowSmart provides a digital platform for exploring professionally managed investment strategies. Available strategies span different asset classes, global markets and risk profiles. Users can review information such as investment philosophy, historical performance and the credentials of the management team, and monitor their portfolios over time. These features may help investors assess which available strategies are relevant to their own objectives and circumstances.
The PIVOT- GlobalSave Portfolios Balanced Strategy
uSMART is acting as an authorized distributor of the PIVOT- GlobalSave Portfolios Balanced Strategy, which is managed by MAS-regulated PIVOT Fintech. The investment team is led by Victor Lye. The strategy uses a quantitative investment approach informed by Modern Portfolio Theory (MPT). It invests in U.S.-listed ETFs across equities, fixed income, commodities and real estate to build globally diversified portfolios. Asset allocation weights are adjusted in response to macroeconomic trends, with the objective of balancing expected returns and risk for medium- to long-term investors.
Expanding the FollowSmart Ecosystem
The addition of PIVOT Fintech is part of uSMART’s ongoing development of the FollowSmart platform and its network of investment managers. Other strategies recently added to the platform include the Global Quantitative Core Growth Strategy by Sunova Capital Management and the JMC Absolute Return Strategy by JMC Capital Asset Management. Together, these offerings provide investors with access to a range of professionally managed investment approaches.
About uSMART Securities (Singapore) Pte Ltd – uSMART Securities (Singapore) Pte Ltd, established on March 22, 2021, is the Singapore entity under uSMART Group (uSmart Holding Ltd.). The company holds a Capital Markets Services (CMS) Licence (Licence No. CMS101161) regulated by the Monetary Authority of Singapore (MAS). Based in Singapore, it provides financial services through the uSMART platform. Its products include US, Hong Kong, Singapore, Japan and UK stocks, options, futures, ETFs, funds, Contracts for Difference (CFDs) and forex products. Its services include trading tools, client account services, risk management arrangements and segregated client fund accounts.
About PIVOT Fintech – PIVOT Fintech Pte. Ltd. (UEN 201716150D) holds a Capital Markets Services Licence (CMS100806) regulated by the Monetary Authority of Singapore and serves as the Investment Manager of the Strategy. PIVOT’s investment team is led by its founder, Victor Lye, who has over 35 years of senior leadership experience across wealth management, insurance, fintech, and artificial intelligence. He holds a First-Class Honours Degree in Economics and Accounting from the University of Adelaide and is a Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP).
Risk Disclaimer – Investment involves risks. Past performance is not indicative of future performance. Investors should carefully consider their investment objectives, financial situation and risk tolerance before making any investment decision. This material is provided for information and reference purposes only and does not constitute an offer, solicitation, recommendation or investment advice. This advertisement has not been reviewed by the Monetary Authority of Singapore.
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SOURCE uSMART Securities (Singapore) Pte Ltd
Technology
FFR to Hold Listing Ceremony and Investor Day on October 26; FFAI Announces Rescheduling of YT Jia’s Investor Weekly Report to October 26
Published
19 minutes agoon
October 26, 2026By
Faraday Future announced that this week’s Investor Weekly Report from FF Founder and Global CEO YT Jia has been rescheduled to October 26.FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) will hold its Listing Ceremony and Investor Day on October 26.FFR management will outline the company’s future strategic direction and business plans and engage with investors in attendance.The full event video will be available at 5:00 p.m. ET on October 26 at: https://www.ff.com/us/
LOS ANGELES, Oct. 25, 2026 /PRNewswire/ — FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) (“FFR” or the “Company”), a U.S.-listed Embodied AI (“EAI“) robotics ecosystem company, today highlighted an update from Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future” or “FF“) that this week’s Investor Weekly Report from FF Founder and Global CEO YT Jia has been rescheduled to October 26.
FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) will hold its Listing Ceremony and Investor Day on October 26, 2026. During the event, FFR management will outline the company’s future strategic direction and business plans and engage with investors in attendance.
The full event video will be available at 5:00 p.m. ET on October 26 at: https://www.ff.com/us/
About FF EAI Robotics Ecosystem Inc.
FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) (renamed from AIxCrypto Holdings, Inc. and AIXC, effective September 30, 2026) is a U.S.-based Embodied AI (EAI) robotics company that is in the process of acquiring the FF EAI Robotics business. Upon completion of the acquisition, the Company will focus on the research and development, manufacturing, commercialization, and deployment of intelligent robotic technologies, products, and industry solutions.
The Company is committed to building a “Four-Core Full-Stack” AI ecosystem covering the full lifecycle of robotics, consisting of EAI Brain & Developer Platform, EAI Devices, Industry Productivity Solutions, and EAI Data Factory. Guided by the technology and product philosophy of “One Brain, Multi-forms, Multi-capabilities,” the Company aims to empower humanoid, biomimetic, and other robotic form factors through a unified EAI Brain, while continuously expanding their multi-task and multi-scenario capabilities. The ecosystem is designed to support the full robotics lifecycle, including R&D, deployment, data collection and training, operations, and commercial applications.
The FF EAI Robotics business has already achieved commercial deliveries of humanoid and biomimetic robotic products. Through its multi-form-factor robotic products, EAI technology platform, closed-loop data capabilities, and industry solutions, the business continues to advance the scaled adoption of robotics across real-world applications. The Company also operates RoboShare, a robot-sharing and services platform designed to connect robotic assets, service capabilities, customer demand, and ecosystem partners, further strengthening its robotics commercialization and service ecosystem.
For more information, visit www.ff.com.
ABOUT FARADAY FUTURE
Founded in 2014, Faraday Future (FF) is a U.S.-based Physical AI ecosystem company dedicated to reshaping the future of robotics and mobility solutions through AI innovation and technologies. FF focuses on two major product strategies within the Embodied AI (EAI) robotics business: EAI humanoid and bionic robots, and EAI automotive-focused robots. By building a “Four-Core Full-Stack AI” ecosystem of EAI Brain and Developer Platform, EAI Devices, Industry Productivity Solutions and EAI Data Factory, FF aims to create an evolutionary flywheel: scaled device delivery, data collection and training, continuous evolution of the EAI Brain, stronger product capability, and even larger-scale delivery and deployment. Through this flywheel, FF seeks to maximize its commercial value and lead to the advancement of Physical AI. For more information, please visit Faraday Future’s official website: https://www.ff.com/
FFR Forward-Looking Statements
This communication, including any presentation, press release, investor materials or other document of which it forms a part (this “Communication”), contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, and other securities laws, regarding FF EAI Robotics Ecosystem Inc. (“FFR,” the “Company,” “us,” “our,” or “we”) and our industry. All statements, whether written or oral, other than statements of historical fact, including any financial projections and any statements regarding future events, our strategy, our transition to robotics operations, our plans for RoboShare, our digital asset disposition plans, the proposed acquisition of the FF EAI Robotics business, the projections referenced in this communication, our name and ticker change, any related financing, and the anticipated benefits and timing of the foregoing, our objectives, expectations, or anticipated actions or results, are forward-looking statements. You can often identify forward-looking statements by words such as “may,” “might,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” “likely,” or “continue,” or the negative of these terms or other similar expressions; the absence of these words does not mean a statement is not forward-looking. These statements reflect our current expectations and projections about future events as of the date of this Communication and are necessarily based on estimates and assumptions that, while considered reasonable by management, are inherently uncertain. FFR can give no assurance that such forward-looking statements or financial projections will prove to be correct.
Actual results may differ materially from those expressed or implied by these forward-looking statements as a result of numerous risks and uncertainties, both general and specific, including, but not limited to:
The proposed acquisition transaction and PIPE. The definitive agreements may be terminated in accordance with their terms, and the proposed transactions may not be completed on the terms described or at all; the conditions to closing, including the completion of FFAI’s internal restructuring of the robotics business, the execution of key employee agreements and other customary conditions, and the parties’ ability to satisfy them; the risk that the stockholder approval required under Nasdaq listing rules for the conversion of the preferred stock issued as consideration is not obtained or is delayed, and the effect of the conversion restrictions and the information statement process on the timing of conversion; the timing of the transaction and the costs of pursuing it; the issuance of a substantial number of shares as consideration and the resulting dilution to existing stockholders; the fact that the counterparty is our controlling stockholder, that it will hold a substantial majority of our outstanding shares following closing, that certain members of management serve both companies, and the conflicts of interest inherent in the transaction; the risk that the agreed valuations do not reflect the market value of our shares or of the acquired business; our dependence on the counterparty for transition, supply and support following any closing; the scope and enforceability of the non-competition and governance arrangements; the consequences of the transaction under Nasdaq listing rules, including the possibility that Nasdaq determines that the transaction requires us to satisfy initial listing requirements in connection with a business combination, change of control or change in the nature of our business; the risk that the PIPE financing, on which the transaction is not conditioned, is not completed on the anticipated terms or at all; the risk of litigation relating to the transaction; our ability to integrate and operate the acquired business; and the risk that the acquired business performs differently than anticipated.
Projections. The projections referenced in this communication were prepared by FFAI management for the FF EAI Robotics business on a standalone basis and do not reflect our existing business, transaction-related expenses or the combined company. We have not independently verified them or adopted them as guidance. They were not prepared with a view toward public disclosure or toward compliance with the published guidelines of the Securities and Exchange Commission or the American Institute of Certified Public Accountants regarding prospective financial information, and no independent registered public accounting firm has examined, compiled or performed any procedures with respect to them, and none expresses an opinion or any other form of assurance with respect to them. The projections reflect estimates and assumptions that are inherently uncertain and subject to change, including through due diligence and the review of our special committee and its financial advisor. Actual results are likely to differ, and may differ materially.
Liquidity, capital and going concern. Our limited cash and liquidity position and our history of operating losses and negative operating cash flow; substantial doubt regarding our ability to continue as a going concern, as described in our periodic reports; our need to obtain additional financing on acceptable terms or at all, and the substantial dilution to existing stockholders that additional financing may cause, including any financing completed in connection with the proposed transaction, which may not be completed or may be on less favorable terms than anticipated; our ability to fund operations pending and following the disposition of our digital asset positions; and our ability to satisfy the continued listing requirements of The Nasdaq Stock Market, including stockholders’ equity, minimum bid price and other applicable standards.
Our strategic transition and the disposition of digital assets. Risks associated with a fundamental shift in our business strategy and the redeployment of resources from a digital asset treasury strategy to robotics operations; our ability to execute the disposition of our digital asset positions in an orderly manner and on acceptable terms; the risk that amounts realized on disposition are materially less than carrying value as a result of price volatility, market depth, execution timing, custody or transfer constraints, or other limitations; tax, accounting and regulatory consequences of the dispositions; the continued volatility and regulatory uncertainty associated with digital assets and cryptocurrencies during the wind-down period; the concentration of a substantial portion of our assets in a single equity investment, including an investment in a related party, and the illiquidity, valuation uncertainty, holding-period and transfer restrictions associated with that investment; and risks arising from our relationships and agreements with related parties and significant stockholders.
Our robotics operations business. Our limited operating history in robotics operations and commercialization and the absence of a meaningful revenue history; the early stage of RoboShare and the risk that customer demand, repeat demand, pricing, utilization or unit economics do not develop as anticipated; our dependence on a small number of customers, on a single initial geographic market, and on individual events or engagements, and the risk that the loss of, or a change in the terms of, any such relationship has a disproportionate effect; our dependence on third-party robot owners, operators, suppliers, original equipment manufacturers and local partners, and on their willingness to make robots available on our platform; risks relating to the availability, cost, quality, maintenance, transport, insurance and technological obsolescence of robots and related equipment, and to supply chains, tariffs and trade measures affecting them; and our ability to expand into additional markets and to attract and retain participants on both sides of our marketplace.
Operations, safety and liability. Risks of property damage, personal injury or death arising from the operation of humanoid robots, quadrupeds and other autonomous or semi-autonomous machines in proximity to performers, employees, guests and the public, including at live events and in uncontrolled environments; product liability, premises liability, negligence and related claims and the adequacy, scope, availability and cost of our insurance coverage and of contractual indemnities from customers, owners and suppliers; the allocation of responsibility among us, robot owners, venues, event producers and customers; permitting, licensing, occupational safety and event-specific regulatory requirements; and the reputational consequences of any safety incident.
Technology, data and intellectual property. Systems, network, telecommunications or service disruptions, failures, defects or cyber-attacks; the performance, reliability and autonomy limitations of robotic systems and of the software, models and networks that support them; our collection, use, storage, transmission and protection of personal information, including images and any biometric or biometric-adjacent data captured in the course of robot deployments, and evolving privacy, biometric and artificial intelligence laws and regulations across the jurisdictions in which we operate or intend to operate; our ability to obtain, maintain, protect and enforce our intellectual property rights and to defend against third-party claims of infringement or misappropriation; and our reliance on third-party technology, platforms and licenses.
Legal, regulatory and general. The regulated industries and jurisdictions in which we operate; current or future laws or regulations and new interpretations of existing laws or regulations, including those applicable to digital assets, robotics, autonomous systems, consumer protection, advertising and endorsements; the risk that our marketplace arrangements, or the manner in which they are described, are characterized differently than we intend by regulators or courts; the failure of counterparties to perform their contractual obligations; litigation, regulatory inquiries, investigations and enforcement actions, and their costs and outcomes; business, economic, market and capital-market conditions; competition in our industry; changes in market demand for, and the pricing of, our products and services; our ability to define, design and release new products and services in a timely manner that meet customer needs; our ability to attract, retain and motivate qualified personnel, including key management; our ability to manage our growth and our transition; and our ability to maintain effective internal control over financial reporting and disclosure controls and procedures.
This list of factors is not exhaustive. Additional risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Reports on Form 10-Q, and our subsequent filings, which are available on the SEC’s website at www.sec.gov. Investors are urged to review the liquidity, capital resources and going concern disclosures contained in those reports.
The forward-looking statements in this Communication speak only as of the date hereof. Except as required by law, neither FFR nor any other person undertakes any obligation to update or revise any forward-looking statement or financial projection set out herein, whether as a result of new information, future events or otherwise. This Communication is provided for informational purposes only, does not constitute an offer to sell or the solicitation of an offer to buy any security, and does not constitute investment, tax or legal advice or any investment recommendation, and does not take into account the investment objectives or financial situation of any person. FFR reserves the right to amend or replace the information contained herein, in whole or in part, at any time, and undertakes no obligation to notify any recipient thereof. Readers are cautioned not to place undue reliance on these forward-looking statements. This caution is made under, and these forward-looking statements are intended to be covered by, the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
FFAI FORWARD LOOKING STATEMENTS
Important factors that may affect actual results or outcomes include, among others: the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations, which it currently lacks; the availability of sufficient share capital to meet its current obligations and execute on its strategy; the willingness of convertible debt investors to fund the Company; demand for the Company’s robotics products; competition in the robotics industry, which includes companies with far superior experience, funding and name recognition; the ability of the Company to build an EAI education ecosystem that serves both the B2C consumer market and the B2B institutional education market; the acceptance by teachers and students of the Company’s robotics products in the education market; the ability of the Company to expand into additional markets for its robotics products; the Company’s reliance on a single OEM for most of its robotics products; the Company’s reliance on Chinese OEMs for all of its robotics products; the possibility of the federal government banning imports of Chinese robotics products; the Company’s ability to get the planned robotics products to comply with all applicable U.S. rules and regulations; the ability of the robotics OEM to timely supply robotics to the Company; tariff uncertainty for imported products, particularly from China; the ability of the Company to close its transaction with FF EAI Robotics Ecosystem Inc. (FFR) for the sale of its robotics business; demand from automobile dealers for robotics products; the Company’s ability to homologate FX vehicles for sale; the Company’s ability to secure the necessary funding to execute on the FX strategy, which is substantial; the Company’s ability to secure an occupancy certificate covering all of its Hanford facility; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of substantial losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s ability to execute on its plans to enter the robotaxi and cybercab industries; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings; the volatility of the Company’s stock price; the ability of the Company to maintain its stock price above $1.00; and the ability of the Company to maintain compliance with Nasdaq regulations for continued listing. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 13, 2026; the quarter ended March 31, 2026, filed with the SEC on May 14, 2026; and Form 10-K filed with the SEC on March 31, 2026, and other documents filed by the Company from time to time with the SEC.
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SOURCE FF EAI Robotics Ecosystem Inc.
OASE+ and Elsevier Agree Next-Phase Read and Publish Agreement to Expand Open Access Publishing in Japan
uSMART and PIVOT Fintech Introduce GlobalSave Portfolios Balanced Strategy on FollowSmart
FFR to Hold Listing Ceremony and Investor Day on October 26; FFAI Announces Rescheduling of YT Jia’s Investor Weekly Report to October 26
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