Business Description

3 ​ ​ ​ ITEM 1A. RISK FACTORS 42 ​ ​ ​ ITEM 1B. UNRESOLVED STAFF COMMENTS 66 ​ ​ ​ ITEM 1C CYBERSECURITY 66 ​ ​ ​ ITEM 2. PROPERTIES 70 ​ ​ ​ ITEM 3. LEGAL PROCEEDINGS 70 ​ ​ ​ ITEM 4. MINE SAFETY DISCLOSURES 70 ​ ​ ​ ​ PART II ​ ​ ​ ​ ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 70 ​ ​ ​ ITEM 6. [RESERVED] 72 ​ ​ ​ ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 72 ​ ​ ​ ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 93 ​ ​ ​ ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 93 ​ ​ ​ ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 152 ​ ​ ​ ITEM 9A. CONTROLS AND PROCEDURES 152 ​ ​ ​ ITEM 9B. OTHER INFORMATION 153 ​ ​ ​ ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTIONS 153 ​ ​ ​ ​ PART III ​ ​ ​ ​ ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 153 ​ ​ ​ ITEM 11. EXECUTIVE COMPENSATION 154 ​ ​ ​ ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 154 ​ ​ ​ 1 Table of Contents ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 154 ​ ​ ​ ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 154 ​ ​ ​ ​ PART IV ​ ​ ​ ​ ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 154 ​ ​ ​ ITEM 16. FORM 10-K SUMMARY 155 ​ ​ ​ SIGNATURES 156 ​ ​ ​ ​ ​ ​ ​ 2 Table of Contents PART I 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: ​ ● statements of our goals, intentions and expectations; ● statements regarding our business plans, prospects, growth and operating strategies; ● statements regarding the asset quality of our loan and investment portfolios; and ● 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.…