Western New Eng Bancorp Inc Stock Price, News & Analysis

Western New England Bancorp (WNEB) reported net income of $5.3 million, or $0.24 per diluted share, for Q1 2023, unchanged from Q1 2022, but down from $9.0 million in Q4 2022. The Company declared a quarterly cash dividend of $0.07 per share, payable May 24, 2023. Total loans increased by 0.8% to $2.0 billion, while total deposits fell by 3.2% to $2.2 billion, reflecting a notable decline in core deposits. The net interest margin declined to 3.14% from 3.44% in the previous quarter, driven by rising interest expenses amidst competitive deposit rates. The Company's liquidity remains strong with significant borrowing capacity available. Future growth initiatives include loan and deposit growth, while management remains optimistic despite the challenges posed by market dynamics.

Western New England Bancorp reported robust fourth-quarter and full-year 2022 results, achieving net income of $9.0 million ($0.42 per diluted share) for Q4, up from $6.2 million ($0.28) in Q4 2021. For 2022, net income rose to $25.9 million ($1.18 per share), a 9.2% increase year-over-year. The company declared a quarterly cash dividend of $0.07 per share, a 17% increase over the previous quarter. Key metrics included a net interest margin of 3.44% and total loans increasing by 6.8% to $2.0 billion. However, total deposits saw a slight decline, down 1.2% year-over-year, raising concerns about sustainable growth amidst competitive pressures.

Western New England Bancorp (WNEB) reported a net income of $6.0 million, or $0.28 per diluted share, for Q3 2022, maintaining the same profit as Q3 2021. For the nine months ending September 30, 2022, net income totaled $16.9 million, down from $17.5 million in 2021. The company declared a quarterly cash dividend of $0.06 per share, payable on November 23, 2022. Key highlights include a strong loan portfolio growth of 9.0% and organic core deposit growth of 4.8% since year-end, indicating robust financial health despite challenges such as inflation and economic conditions.

Western New England Bancorp, Inc. (WNEB) has completed its 2.4 million share repurchase plan at an average price of $8.40 per share as of October 13, 2022. This repurchase plan was authorized on April 27, 2021. The company has now authorized a new stock repurchase plan, allowing the repurchase of up to 1.1 million shares, which constitutes about 5% of its outstanding shares, following the completion of the previous plan. Share repurchases may occur in open market or through negotiated transactions based on various factors, including market conditions.

Western New England Bancorp (WNEB) reported a net income of $5.5 million for Q2 2022, a slight decrease from $5.7 million in Q2 2021. The diluted earnings per share rose to $0.25, up from $0.24 year-over-year. For the first half of 2022, net income was $10.9 million, compared to $11.4 million in the same period last year. A quarterly cash dividend of $0.06 per share was declared, payable on August 24, 2022. The Board also approved a 5% share repurchase plan, enabling the buyback of up to 1.1 million shares.

Western New England Bancorp (WNEB) reported a net income of $5.3 million for Q1 2022, maintaining $0.24 per diluted share. This is a decrease from $5.8 million in the same quarter of 2021. The Board declared a $0.06 per share dividend, payable on or about May 25, 2022. Key highlights include a 4.4% increase in total loans, primarily in commercial real estate, and a decrease in nonperforming loans to 0.21%. The company remains optimistic amidst economic challenges and anticipates growth in 2022.

Western New England Bancorp (WNEB) reported a strong performance for Q4 and FY 2021, with net income of $6.2 million for the fourth quarter and $23.7 million for the entire year, representing a significant increase from the previous year. The company declared a quarterly cash dividend of $0.06 per share, up 20%, to be paid on February 23, 2022. Total loans were $1.9 billion, down 3.3%, but core deposits surged by 27.7% to $1.8 billion. The allowance for loan losses stood at 1.06% of total loans, reflecting strong asset quality. Despite challenges, WNEB aims for continued growth in 2022.

Western New England Bancorp (WNEB) reported strong financial results for Q3 2021, with a net income of $6.0 million ($0.27/share), up from $2.1 million ($0.08/share) in Q3 2020. Year-to-date net income reached $17.5 million ($0.74/share), a significant increase from $6.2 million ($0.25/share) last year. The Board declared a $0.05 cash dividend, payable on November 24, 2021. Increases in deposits and a decrease in interest expense contributed to a 20% rise in net interest income. Non-performing loans dropped to 0.32% of total loans, highlighting improved credit quality.

Western New England Bancorp (WNEB) reported a robust net income of $5.7 million for Q2 2021, up from $2.0 million in Q2 2020, marking a 179.7% increase. The company declared a quarterly dividend of $0.05 per share, payable on August 25, 2021. Total deposits rose 12.0% year-over-year to $2.2 billion, reflecting strong earnings amid the ongoing challenges posed by COVID-19. Loan deferrals dramatically declined from 14.7% to 3.2%, demonstrating improved asset quality. However, net interest margin slightly decreased from 3.03% to 2.98% due to excess cash.