NB Bancorp Shareholders Approve Board Members and Incentive Plan

NEEDHAM, MA – Shareholders of NB Bancorp , Inc. (NASDAQ:NBBK), a non-federally chartered savings institution with a market capitalization of $666 million, cast their votes on several key proposals during the Annual Meeting held on Tuesday. According to InvestingPro data, the company maintains a GOOD financial health score and has demonstrated strong revenue growth of 25.8% over the last twelve months. The results, as disclosed in the company’s latest 8-K filing with the Securities and Exchange Commission (SEC), included the election of directors and approval of the 2025 Equity Incentive Plan.

Four incumbent directors were re-elected to NB Bancorp’s board, each securing another three-year term. Susan Elliott received 24,690,897 votes for her re-election, Christopher Lynch received 24,615,055, Kenneth Montgomery garnered 24,734,364, and Francis Orfanello obtained 24,664,130 votes. All four faced some withholdings of votes but were elected by a substantial majority. Additionally, there were 7,375,371 broker non-votes for each director, which do not count towards the total vote.

In another significant move, stockholders approved the NB Bancorp, Inc. 2025 Equity Incentive Plan. The plan received 24,020,436 votes for, 983,457 against, and 331,918 abstentions, with 7,375,371 broker non-votes. The adoption of this plan is aimed at aligning the interests of employees and directors with those of shareholders, through the potential awarding of stock options, restricted stock, and other equity-based incentives.

Moreover, the appointment of Elliott Davis, LLC as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with an overwhelming majority. The accounting firm received 32,045,841 votes in favor, 240,486 against, and 424,855 abstentions.

The 8-K filing did not include any additional proposals or business discussed at the Annual Meeting. NB Bancorp, headquartered at 1063 Great Plain Avenue in Needham, Massachusetts, is listed on The Nasdaq Stock Market under the ticker symbol (NASDAQ:NBBK). The company’s stock, currently trading at $16.89, has shown resilience with a 21.56% return over the past year. InvestingPro analysis reveals additional insights about the company’s performance and future prospects, including detailed financial metrics and growth forecasts that could help investors make informed decisions.

This report is based on the official statements made by NB Bancorp, Inc. in their recent SEC filing.

In other recent news, NB Bancorp, Inc. has completed a significant stock repurchase program, acquiring 2,135,286 shares, which represents approximately 5% of its outstanding common stock. The shares were repurchased at an average price of $19.06 each, as part of the company’s strategy to enhance shareholder value. This development was disclosed in a filing with the U.S. Securities and Exchange Commission. Additionally, NB Bancorp’s subsidiary, Needham Bank, has announced changes to its compensation arrangements, freezing benefits under two key plans. The Director Retirement Plan will no longer accrue benefits after December 31, 2024, while the Nonqualified Deferred Compensation Plan for Officers will not accept new participants after January 28, 2025. These amendments reflect a shift in the bank’s approach to executive and director compensation. The full details of these changes are documented in the company’s filings with the SEC. Investors may find these developments noteworthy as they reflect strategic decisions impacting NB Bancorp’s financial management and corporate governance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.