Needham Bank Reports $23.1 Million Profit for Third Quarter 2026

The financial results reflect a period of sustained growth for the institution. Gross loans rose by 5.3% to reach $6.77 billion, while total deposits grew by 3.2% to $6.52 billion. According to Joseph Campanelli, the company's Chairman, President, and Chief Executive Officer, this performance is driven by a disciplined growth strategy and the bank's ability to capture new market share in the Greater Boston area and surrounding New England communities.

While the company saw an increase in net income, asset quality metrics showed some movement. Net charge-offs rose to 0.31% of average loans, largely due to a $4.0 million charge-off on a previously reserved commercial and industrial loan acquired from BankProv. Non-performing loans also increased to 0.53% of total loans. Despite these figures, the bank continues to wind down its non-strategic enterprise value loan portfolio, which has dropped from $207.0 million at the time of the BankProv acquisition to $95.9 million as of September 30, 2026. The declared dividend will be payable on November 12, 2026, to shareholders of record as of October 29, 2026.