Needham Bank’s Dedham branch. Photo courtesy of Needham Bank

Needham Bank told investors it cultivated solid income growth in the third quarter of 2026.

Operating net income for the third quarter of 2026 increased by 48.75 percent year-over-year to $23.8 million, according to its quarterly earnings report, released last week. Deposits increased by 42.67 percent over the same period to $6.52 billion in the quarter.

Needham Bank has also grown to $7.68 billion in total assets in the third quarter of 2026. This represents a  41.18 percent increase on a year-over-year basis.

“The third quarter of 2026 displayed Needham Bank’s continued execution of our growth strategy as we continue to take market share and go up market for new customers,” bankPresident and CEO Joseph Campanelli said in a statement. “Our strong earnings performance reflects the continued momentum of our franchise, disciplined execution of our growth strategy, and the trust our customers place in us. We are expanding thoughtfully, investing in our capabilities and talent, and maintaining a strong balance sheet and prudent risk management. As we look ahead, we remain confident in our ability to deliver sustainable growth and long-term value for our customers, employees, communities, and shareholders.”

The bank has opened three branches in 2026 as it continues to grow since going public. Deposits have grown 50.5 percent since the initial public offering. Additionally, assets grew by 49 percent since the IPO.