Welcome to our dedicated page for Western New Eng Bancorp news (Ticker: WNEB), a resource for investors and traders seeking the latest updates and insights on Western New Eng Bancorp stock.
Western New England Bancorp, Inc. (WNEB) is the NASDAQ-listed holding company for Westfield Bank, a savings institution serving individuals and businesses in western Massachusetts and northern Connecticut. This news page aggregates the Company’s public announcements and earnings-related communications so readers can follow how its banking operations and financial profile evolve over time.
Most news items for Western New England Bancorp, Inc. are earnings press releases that report results for quarterly and year-to-date periods. These releases discuss net income, net interest income, net interest margin, loan and deposit balances, asset quality metrics and liquidity. Management commentary often explains how interest rate conditions, funding costs and loan portfolio mix influence performance.
In addition to earnings, the Company issues dividend announcements describing its quarterly cash dividend on common stock, including the amount per share and key dates. News items also cover stock repurchase plans, such as the authorization and completion of repurchase programs adopted in 2022, 2024 and 2025, along with the number of shares repurchased and remaining authorization under each plan.
Other updates may include information furnished via Form 8-K, such as the availability of investor presentations used in meetings with investors. Together, these items provide insight into Western New England Bancorp, Inc.’s capital management, asset quality, loan and deposit trends and overall banking strategy. Investors, analysts and depositors can review this news feed to see how management describes current conditions, risk management and long-term priorities for the Company and its subsidiary, Westfield Bank.
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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.