Western New England Bancorp, Inc. Reports Results for Three and Six Months Ended June 30, 2025 and Declares Quarterly Cash Dividend
Western New England Bancorp (NASDAQ:WNEB) reported strong Q2 2025 financial results with net income of $4.6 million ($0.23 per diluted share), up from $3.5 million ($0.17 per diluted share) in Q2 2024. The company declared a quarterly cash dividend of $0.07 per share, payable August 20, 2025.
Key highlights include core deposit growth of $81.4 million (5.2%) since year-end, commercial and industrial loan growth of $22.8 million (10.8%), and residential real estate portfolio increase of $29.7 million (3.8%). The net interest margin improved significantly to 2.80%, up 31 basis points from Q1 2025.
The company maintains strong asset quality with nonperforming assets at 0.21% of total assets and continues its share repurchase program, having bought back 497,318 shares at an average price of $9.31 during H1 2025.
[ "Net income increased 31.4% YoY to $4.6M in Q2 2025", "Core deposits grew $81.4M (5.2%) since year-end", "Commercial and industrial loans increased $22.8M (10.8%)", "Net interest margin improved 31 basis points to 2.80%", "Strong asset quality with only 0.21% nonperforming assets", "Book value per share increased to $11.68 from $11.30 at year-end" ]Western New England Bancorp (NASDAQ:WNEB) ha riportato solidi risultati finanziari nel secondo trimestre 2025 con un utile netto di 4,6 milioni di dollari (0,23 dollari per azione diluita), in aumento rispetto ai 3,5 milioni di dollari (0,17 dollari per azione diluita) del secondo trimestre 2024. La società ha dichiarato un dividendo trimestrale in contanti di 0,07 dollari per azione, pagabile il 20 agosto 2025.
I punti salienti includono una crescita dei depositi core di 81,4 milioni di dollari (5,2%) rispetto alla fine dell’anno, un aumento dei prestiti commerciali e industriali di 22,8 milioni di dollari (10,8%) e un incremento del portafoglio immobiliare residenziale di 29,7 milioni di dollari (3,8%). Il margine di interesse netto è migliorato significativamente, raggiungendo il 2,80%, con un aumento di 31 punti base rispetto al primo trimestre 2025.
La società mantiene una solida qualità degli attivi con attività non performanti pari allo 0,21% del totale degli attivi e prosegue il suo programma di riacquisto di azioni, avendo riacquistato 497.318 azioni a un prezzo medio di 9,31 dollari nel primo semestre 2025.
- Utile netto aumentato del 31,4% su base annua a 4,6 milioni di dollari nel secondo trimestre 2025
- I depositi core sono cresciuti di 81,4 milioni di dollari (5,2%) dalla fine dell’anno
- I prestiti commerciali e industriali sono aumentati di 22,8 milioni di dollari (10,8%)
- Il margine di interesse netto è migliorato di 31 punti base raggiungendo il 2,80%
- Qualità degli attivi solida con solo lo 0,21% di attività non performanti
- Il valore contabile per azione è salito a 11,68 dollari da 11,30 dollari a fine anno
Western New England Bancorp (NASDAQ:WNEB) reportó sólidos resultados financieros en el segundo trimestre de 2025 con un ingreso neto de 4,6 millones de dólares (0,23 dólares por acción diluida), frente a los 3,5 millones de dólares (0,17 dólares por acción diluida) en el segundo trimestre de 2024. La compañía declaró un dividendo trimestral en efectivo de 0,07 dólares por acción, pagadero el 20 de agosto de 2025.
Los aspectos destacados incluyen un crecimiento de depósitos básicos de 81,4 millones de dólares (5,2%) desde fin de año, un aumento en préstamos comerciales e industriales de 22,8 millones de dólares (10,8%) y un incremento en la cartera de bienes raíces residenciales de 29,7 millones de dólares (3,8%). El margen de interés neto mejoró significativamente hasta 2,80%, aumentando 31 puntos básicos desde el primer trimestre de 2025.
La compañía mantiene una fuerte calidad de activos con activos no productivos en 0,21% del total de activos y continúa con su programa de recompra de acciones, habiendo recomprado 497,318 acciones a un precio promedio de 9,31 dólares durante el primer semestre de 2025.
- Ingreso neto incrementado un 31,4% interanual a 4,6 millones de dólares en el segundo trimestre de 2025
- Los depósitos básicos crecieron 81,4 millones de dólares (5,2%) desde fin de año
- Préstamos comerciales e industriales aumentaron 22,8 millones de dólares (10,8%)
- El margen de interés neto mejoró 31 puntos básicos hasta 2,80%
- Fuerte calidad de activos con solo 0,21% de activos no productivos
- El valor en libros por acción aumentó a 11,68 dólares desde 11,30 dólares a fin de año
Western New England Bancorp (NASDAQ:WNEB)는 2025년 2분기 강력한 재무 실적을 보고했으며, 순이익 460만 달러(희석주당 0.23달러)를 기록해 2024년 2분기의 350만 달러(희석주당 0.17달러)에서 증가했습니다. 회사는 주당 0.07달러의 분기 현금 배당금을 선언했으며, 2025년 8월 20일 지급될 예정입니다.
주요 내용으로는 연말 대비 핵심 예금 8140만 달러(5.2%) 증가, 상업 및 산업 대출이 2280만 달러(10.8%) 증가, 주거용 부동산 포트폴리오가 2970만 달러(3.8%) 증가한 점이 있습니다. 순이자마진은 1분기 대비 31bp 상승한 2.80%로 크게 개선되었습니다.
회사는 총자산 대비 부실 자산 비율 0.21%로 강력한 자산 건전성을 유지하고 있으며, 2025년 상반기 동안 평균 가격 9.31달러에 497,318주를 자사주 매입 프로그램으로 다시 사들였습니다.
- 2025년 2분기 순이익 전년 대비 31.4% 증가한 460만 달러
- 연말 대비 핵심 예금 8140만 달러(5.2%) 증가
- 상업 및 산업 대출 2280만 달러(10.8%) 증가
- 순이자마진 31bp 상승해 2.80% 기록
- 부실 자산 비율 0.21%로 자산 건전성 우수
- 주당 장부가치가 연말 11.30달러에서 11.68달러로 상승
Western New England Bancorp (NASDAQ:WNEB) a annoncé de solides résultats financiers pour le deuxième trimestre 2025 avec un bénéfice net de 4,6 millions de dollars (0,23 dollar par action diluée), en hausse par rapport à 3,5 millions de dollars (0,17 dollar par action diluée) au deuxième trimestre 2024. La société a déclaré un dividende trimestriel en espèces de 0,07 dollar par action, payable le 20 août 2025.
Les points clés comprennent une croissance des dépôts de base de 81,4 millions de dollars (5,2%) depuis la fin de l'année, une augmentation des prêts commerciaux et industriels de 22,8 millions de dollars (10,8%), ainsi qu'une hausse du portefeuille immobilier résidentiel de 29,7 millions de dollars (3,8%). La marge d'intérêt nette s'est nettement améliorée pour atteindre 2,80%, en hausse de 31 points de base par rapport au premier trimestre 2025.
La société maintient une solide qualité d'actifs avec des actifs non performants à 0,21% du total des actifs et poursuit son programme de rachat d'actions, ayant racheté 497 318 actions à un prix moyen de 9,31 dollars au cours du premier semestre 2025.
- Bénéfice net en hausse de 31,4 % en glissement annuel à 4,6 millions de dollars au deuxième trimestre 2025
- Dépôts de base en croissance de 81,4 millions de dollars (5,2 %) depuis la fin de l'année
- Prêts commerciaux et industriels en hausse de 22,8 millions de dollars (10,8 %)
- Marge d'intérêt nette améliorée de 31 points de base à 2,80 %
- Qualité d'actifs solide avec seulement 0,21 % d'actifs non performants
- Valeur comptable par action passée de 11,30 dollars à la fin de l'année à 11,68 dollars
Western New England Bancorp (NASDAQ:WNEB) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 4,6 Millionen US-Dollar (0,23 US-Dollar je verwässerter Aktie), gegenüber 3,5 Millionen US-Dollar (0,17 US-Dollar je verwässerter Aktie) im zweiten Quartal 2024. Das Unternehmen erklärte eine vierteljährliche Bardividende von 0,07 US-Dollar je Aktie, zahlbar am 20. August 2025.
Zu den wichtigsten Highlights zählen ein Kernkundeneinlagenwachstum von 81,4 Millionen US-Dollar (5,2%) seit Jahresende, ein Wachstum der gewerblichen und industriellen Kredite um 22,8 Millionen US-Dollar (10,8%) sowie eine Steigerung des Wohnimmobilienportfolios um 29,7 Millionen US-Dollar (3,8%). Die Nettozinsmarge verbesserte sich deutlich auf 2,80%, ein Anstieg um 31 Basispunkte gegenüber dem ersten Quartal 2025.
Das Unternehmen hält eine starke Vermögensqualität mit notleidenden Aktiva von 0,21% der Gesamtaktiva und setzt sein Aktienrückkaufprogramm fort, wobei im ersten Halbjahr 2025 497.318 Aktien zu einem Durchschnittspreis von 9,31 US-Dollar zurückgekauft wurden.
- Nettoeinkommen im Jahresvergleich um 31,4 % auf 4,6 Mio. USD im zweiten Quartal 2025 gestiegen
- Kernkundeneinlagen seit Jahresende um 81,4 Mio. USD (5,2 %) gewachsen
- Gewerbliche und industrielle Kredite um 22,8 Mio. USD (10,8 %) gestiegen
- Nettozinsmarge um 31 Basispunkte auf 2,80 % verbessert
- Starke Vermögensqualität mit nur 0,21 % notleidenden Aktiva
- Buchwert je Aktie von 11,30 USD zum Jahresende auf 11,68 USD gestiegen
- None.
- Commercial real estate loans decreased $29.5M (2.7%)
- Consumer loans declined $879,000 (20.0%)
- Nonaccrual loans increased to $5.8M from $5.4M at year-end
- Time deposits decreased $13.9M (2.0%)
WESTFIELD, Mass., July 22, 2025 (GLOBE NEWSWIRE) -- Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for Westfield Bank (the “Bank”), announced today the unaudited results of operations for the three and six months ended June 30, 2025. For the three months ended June 30, 2025, the Company reported net income of
The Company also announced that its Board of Directors declared a quarterly cash dividend of
James C. Hagan, President and Chief Executive Officer, commented, “We are pleased to report solid earnings for the second quarter of 2025, along with strong overall loan growth and core deposit growth. Core deposits increased
We believe our balance sheet structure will continue to have a positive impact on earnings in the current interest rate environment. Net interest income increased
Hagan concluded, “Our capital position continues to remain strong, and the Company is considered to be well-capitalized as defined by the regulators. We remain disciplined in our capital management strategies and during the six months ended June 30, 2025, we repurchased 497,318 shares of common stock with an average price per share of
Key Highlights:
Loans and Deposits
Total gross loans increased
At June 30, 2025, total deposits of
Allowance for Loan Losses and Credit Quality
At June 30, 2025, the allowance for credit losses was
Net Interest Margin
The net interest margin increased 31 basis points, from
Stock Repurchase Program
On April 22, 2025, the Board of Directors authorized the 2025 Plan, pursuant to which the Company may repurchase up to 1.0 million shares of its common stock, or approximately
During the three months ended June 30, 2025, the Company repurchased 290,609 shares of its common stock at an average price per share of
The repurchase of shares under our 2025 Plan is administered through an independent broker. The shares of common stock repurchased under the 2025 Plan have been and will continue to be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, or otherwise, depending upon market conditions. There is no guarantee as to the exact number, or value, of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that the Company’s management (“Management”) determines additional repurchases are not warranted. The timing and amount of additional share repurchases under the 2025 Plan will depend on a number of factors, including the Company’s stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements.
Book Value and Tangible Book Value
The Company’s book value per share was
Net Income for the Three Months Ended June 30, 2025 Compared to the Three Months Ended March 31, 2025
For the three months ended June 30, 2025, the Company reported an increase in net income of
Net Interest Income and Net Interest Margin
On a sequential quarter basis, net interest income, our primary driver of revenues, increased
The net interest margin was
The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, increased 13 basis points from
The average cost of total funds, including non-interest bearing accounts and borrowings, decreased 18 basis points from
(Reversal of) Provision for Credit Losses
During the three months ended June 30, 2025, the Company recorded a reversal of credit losses of
During the three months ended June 30, 2025, the Company recorded net recoveries of
Non-Interest Income
On a sequential quarter basis, non-interest income increased
During the three months ended June 30, 2025, the Company reported a gain of
Non-Interest Expense
For the three months ended June 30, 2025, non-interest expense increased
For the three months ended June 30, 2025 and the three months ended March 31, 2025, the efficiency ratio was
Income Tax Provision
Income tax expense for the three months ended June 30, 2025 was
Net Income for the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024
The Company reported an increase in net income of
Net Interest Income and Net Interest Margin
Net interest income increased
The net interest margin increased 38 basis points from
The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, increased 20 basis points from
The average cost of total funds, including non-interest bearing accounts and borrowings, decreased 18 basis points from
Reversal of Credit Losses
During the three months ended June, 30, 2025, the Company recorded a reversal of credit losses of
The Company recorded net recoveries of
Non-Interest Income
Non-interest income decreased
During the three months ended June 30, 2025, the Company reported an unrealized gain on marketable equity securities of
Non-Interest Expense
For the three months ended June 30, 2025, non-interest expense increased
For the three months ended June 30, 2025, the efficiency ratio was
Income Tax Provision
Income tax expense for the three months ended June 30, 2025 was
Net Income for the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
For the six months ended June 30, 2025, the Company reported net income of
Net Interest Income and Net Interest Margin
During the six months ended June 30, 2025, net interest income increased
For the six months ended June 30, 2025, the net interest margin increased 14 basis points from
The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was
The average cost of total funds, including non-interest bearing accounts and borrowings, was
Reversal of Credit Losses
During the six months ended June 30, 2025, the Company recorded a reversal of credit losses of
The Company recorded net recoveries of
Non-Interest Income
For the six months ended June 30, 2025, non-interest income decreased
Non-Interest Expense
For the six months ended June 30, 2025, non-interest expense increased
For the six months ended June 30, 2025, the efficiency ratio was
Income Tax Provision
Income tax expense for the six months ended June 30, 2025 was
Balance Sheet
At June 30, 2025, total assets were
Investments
At June 30, 2025, the investment securities portfolio totaled
At June 30, 2025, the Company reported unrealized losses on the available-for-sale securities portfolio of
The securities in which the Company may invest are limited by regulation. Federally chartered savings banks have authority to invest in various types of assets, including U.S. Treasury obligations, securities of various government-sponsored enterprises, mortgage-backed securities, certain certificates of deposit of insured financial institutions, repurchase agreements, overnight and short-term loans to other banks, corporate debt instruments and marketable equity securities. The securities, with the exception of
Management regularly reviews the portfolio for securities in an unrealized loss position. At June 30, 2025 and December 31, 2024, the Company did not record any credit impairment charges on its securities portfolio and attributed the unrealized losses primarily due to fluctuations in general interest rates or changes in expected prepayments and not due to credit quality. The primary objective of the Company’s investment portfolio is to provide liquidity and to secure municipal deposit accounts while preserving the safety of principal. The available-for-sale and held-to-maturity portfolios are both eligible for pledging to the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) as collateral for borrowings. The portfolios are comprised of high-credit quality investments and both portfolios generated cash flows monthly from interest, principal amortization and payoffs, which support’s the Bank's objective to provide liquidity.
Total Loans
Total gross loans increased
The following table presents a summary of the loan portfolio by the major classification of loans at the periods indicated:
| June 30, 2025 | December 31, 2024 | ||||
| (Dollars in thousands) | |||||
| Commercial real estate loans: | |||||
| Non-owner occupied | $ | 859,162 | $ | 880,828 | |
| Owner occupied | 187,043 | 194,904 | |||
| Total commercial real estate loans | 1,046,205 | 1,075,732 | |||
| Residential real estate loans: | |||||
| Residential | 677,356 | 653,802 | |||
| Home equity | 128,003 | 121,857 | |||
| Total residential real estate loans | 805,359 | 775,659 | |||
| Commercial and industrial loans | 234,505 | 211,656 | |||
| Consumer loans | 3,512 | 4,391 | |||
| Total gross loans | 2,089,581 | 2,067,438 | |||
| Unamortized premiums and net deferred loans fees and costs | 3,050 | 2,751 | |||
| Total loans | $ | 2,092,631 | $ | 2,070,189 | |
Credit Quality
Management continues to closely monitor the loan portfolio for any signs of deterioration in borrowers’ financial condition and also in light of speculation that commercial real estate values may deteriorate as the market continues to adjust to higher vacancies and interest rates. We continue to proactively take steps to mitigate risk in our loan portfolio.
Total delinquency was
At June 30, 2025, the allowance for credit losses was
Our commercial real estate portfolio is comprised of diversified property types and primarily within our geographic footprint. At June 30, 2025, the commercial real estate portfolio totaled
Deposits
At June 30, 2025, total deposits were
Time deposits decreased
The table below is a summary of our deposit balances for the periods noted:
| June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||
| (Dollars in thousands) | |||||||||
| Core Deposits: | |||||||||
| Demand accounts | $ | 595,263 | $ | 565,620 | $ | 553,329 | |||
| Interest-bearing accounts | 168,679 | 150,348 | 149,100 | ||||||
| Savings accounts | 189,716 | 181,618 | 186,171 | ||||||
| Money market accounts | 686,774 | 661,478 | 611,501 | ||||||
| Total Core Deposits | $ | 1,640,432 | $ | 1,559,064 | $ | 1,500,101 | |||
| Time Deposits: | 689,681 | 703,583 | 671,708 | ||||||
| Total Deposits: | $ | 2,330,113 | $ | 2,262,647 | $ | 2,171,809 | |||
FHLB and Subordinated Debt
At June 30, 2025, total borrowings decreased
As of June 30, 2025, the Company had
Capital
At June 30, 2025, shareholders’ equity was
| June 30, 2025 | December 31, 2024 | ||||||||||
| Company | Bank | Company | Bank | ||||||||
| Total Capital (to Risk Weighted Assets) | 14.42 | % | 13.69 | % | 14.38 | % | 13.65 | % | |||
| Tier 1 Capital (to Risk Weighted Assets) | 12.40 | % | 12.67 | % | 12.37 | % | 12.64 | % | |||
| Common Equity Tier 1 Capital (to Risk Weighted Assets) | 12.40 | % | 12.67 | % | 12.37 | % | 12.64 | % | |||
| Tier 1 Leverage Ratio (to Adjusted Average Assets) | 9.10 | % | 9.29 | % | 9.14 | % | 9.34 | % | |||
Dividends
Although the Company has historically paid quarterly dividends on its common stock and currently intends to continue to pay such dividends, the Company’s ability to pay such dividends depends on a number of factors, including restrictions under federal laws and regulations on the Company’s ability to pay dividends, and as a result, there can be no assurance that dividends will continue to be paid in the future.
About Western New England Bancorp, Inc.
Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Company’s financial condition, liquidity, results of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to:
- unpredictable changes in general economic or political conditions, financial markets, fiscal, monetary and regulatory policies, including actual or potential stress in the banking industry;
- unstable political and economic conditions, including changes in tariff policies, which could materially impact credit quality trends and the ability to generate loans and gather deposits;
- inflation and governmental responses to inflation, including recent sustained increases and potential future increases in interest rates that reduce margins;
- the effect on our operations of governmental legislation and regulation, including changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Basel guidelines, capital requirements and other applicable laws and regulations;
- significant changes in accounting, tax or regulatory practices or requirements;
- new legal obligations or liabilities or unfavorable resolutions of litigation;
- disruptive technologies in payment systems and other services traditionally provided by banks;
- the highly competitive industry and market area in which we operate;
- operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks;
- failure or circumvention of our internal controls or procedures;
- changes in the securities markets which affect investment management revenues;
- increases in Federal Deposit Insurance Corporation deposit insurance premiums and assessments;
- the soundness of other financial services institutions which may adversely affect our credit risk;
- certain of our intangible assets may become impaired in the future;
- the duration and scope of potential pandemics, including the emergence of new variants and the response thereto;
- new lines of business or new products and services, which may subject us to additional risks;
- changes in key management personnel which may adversely impact our operations;
- severe weather, natural disasters, acts of war or terrorism and other external events which could significantly impact our business; and
- other risk factors detailed from time to time in our SEC filings.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.
| WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES Consolidated Statements of Net Income and Other Data (Dollars in thousands, except per share data) (Unaudited) | |||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||
| INTEREST AND DIVIDEND INCOME: | |||||||||||||||||||||
| Loans | $ | 26,214 | $ | 24,984 | $ | 25,183 | $ | 25,134 | $ | 24,340 | $ | 51,198 | $ | 48,581 | |||||||
| Securities | 2,588 | 2,422 | 2,273 | 2,121 | 2,141 | 5,010 | 4,255 | ||||||||||||||
| Other investments | 169 | 191 | 214 | 189 | 148 | 360 | 284 | ||||||||||||||
| Short-term investments | 641 | 840 | 916 | 396 | 173 | 1,481 | 286 | ||||||||||||||
| Total interest and dividend income | 29,612 | 28,437 | 28,586 | 27,840 | 26,802 | 58,049 | 53,406 | ||||||||||||||
| INTEREST EXPENSE: | |||||||||||||||||||||
| Deposits | 10,437 | 11,376 | 11,443 | 11,165 | 10,335 | 21,813 | 19,628 | ||||||||||||||
| Short-term borrowings | 47 | 54 | 60 | 71 | 186 | 101 | 469 | ||||||||||||||
| Long-term debt | 1,232 | 1,219 | 1,557 | 1,622 | 1,557 | 2,451 | 2,985 | ||||||||||||||
| Subordinated debt | 254 | 254 | 253 | 254 | 254 | 508 | 508 | ||||||||||||||
| Total interest expense | 11,970 | 12,903 | 13,313 | 13,112 | 12,332 | 24,873 | 23,590 | ||||||||||||||
| Net interest and dividend income | 17,642 | 15,534 | 15,273 | 14,728 | 14,470 | 33,176 | 29,816 | ||||||||||||||
| (REVERSAL OF) PROVISION FOR CREDIT LOSSES | (615 | ) | 142 | (762 | ) | 941 | (294 | ) | (473 | ) | (844 | ) | |||||||||
| Net interest and dividend income after (reversal of) provision for credit losses | 18,257 | 15,392 | 16,035 | 13,787 | 14,764 | 33,649 | 30,660 | ||||||||||||||
| NON-INTEREST INCOME: | |||||||||||||||||||||
| Service charges and fees on deposits | 2,528 | 2,284 | 2,301 | 2,341 | 2,341 | 4,812 | 4,560 | ||||||||||||||
| Income from bank-owned life insurance | 516 | 473 | 486 | 470 | 502 | 989 | 955 | ||||||||||||||
| Unrealized gain (loss) on marketable equity securities | 25 | (5 | ) | (9 | ) | 10 | 4 | 20 | 12 | ||||||||||||
| Gain (loss) on sale of mortgages | 4 | 7 | (11 | ) | 246 | - | 11 | - | |||||||||||||
| Gain on non-marketable equity investments | 243 | - | 300 | - | 987 | 243 | 987 | ||||||||||||||
| Loss on disposal of premises and equipment | - | - | - | - | - | - | (6 | ) | |||||||||||||
| Other income | 95 | - | 187 | 74 | - | 95 | - | ||||||||||||||
| Total non-interest income | 3,411 | 2,759 | 3,254 | 3,141 | 3,834 | 6,170 | 6,508 | ||||||||||||||
| NON-INTEREST EXPENSE: | |||||||||||||||||||||
| Salaries and employees benefits | 8,831 | 8,413 | 8,429 | 8,112 | 7,901 | 17,244 | 16,145 | ||||||||||||||
| Occupancy | 1,265 | 1,412 | 1,256 | 1,217 | 1,218 | 2,677 | 2,581 | ||||||||||||||
| Furniture and equipment | 491 | 487 | 505 | 483 | 483 | 978 | 967 | ||||||||||||||
| Data processing | 933 | 882 | 900 | 869 | 846 | 1,815 | 1,708 | ||||||||||||||
| Software | 645 | 659 | 642 | 612 | 566 | 1,304 | 1,265 | ||||||||||||||
| Debit/ATM card processing expense | 674 | 577 | 593 | 649 | 643 | 1,251 | 1,195 | ||||||||||||||
| Professional fees | 623 | 546 | 471 | 540 | 581 | 1,169 | 1,150 | ||||||||||||||
| FDIC insurance | 399 | 431 | 389 | 338 | 323 | 830 | 733 | ||||||||||||||
| Advertising | 443 | 429 | 310 | 271 | 339 | 872 | 688 | ||||||||||||||
| Other | 1,352 | 1,348 | 1,431 | 1,315 | 1,414 | 2,700 | 2,664 | ||||||||||||||
| Total non-interest expense | 15,656 | 15,184 | 14,926 | 14,406 | 14,314 | 30,840 | 29,096 | ||||||||||||||
| INCOME BEFORE INCOME TAXES | 6,012 | 2,967 | 4,363 | 2,522 | 4,284 | 8,979 | 8,072 | ||||||||||||||
| INCOME TAX PROVISION | 1,422 | 664 | 1,075 | 618 | 771 | 2,086 | 1,598 | ||||||||||||||
| NET INCOME | $ | 4,590 | $ | 2,303 | $ | 3,288 | $ | 1,904 | $ | 3,513 | $ | 6,893 | $ | 6,474 | |||||||
| Basic earnings per share | $ | 0.23 | $ | 0.11 | $ | 0.16 | $ | 0.09 | $ | 0.17 | $ | 0.34 | $ | 0.31 | |||||||
| Weighted average shares outstanding | 20,210,650 | 20,385,481 | 20,561,749 | 20,804,162 | 21,056,173 | 20,297,582 | 21,118,571 | ||||||||||||||
| Diluted earnings per share | $ | 0.23 | $ | 0.11 | $ | 0.16 | $ | 0.09 | $ | 0.17 | $ | 0.34 | $ | 0.31 | |||||||
| Weighted average diluted shares outstanding | 20,312,881 | 20,514,098 | 20,701,276 | 20,933,833 | 21,163,762 | 20,413,006 | 21,217,543 | ||||||||||||||
| Other Data: | |||||||||||||||||||||
| Return on average assets (1) | 0.69 | % | 0.35 | % | 0.49 | % | 0.29 | % | 0.55 | % | 0.52 | % | 0.51 | % | |||||||
| Return on average equity (1) | 7.76 | % | 3.94 | % | 5.48 | % | 3.19 | % | 6.03 | % | 5.87 | % | 5.53 | % | |||||||
| Efficiency ratio | 74.36 | % | 83.00 | % | 80.56 | % | 80.62 | % | 78.20 | % | 78.38 | % | 80.10 | % | |||||||
| Adjusted efficiency ratio (2) | 75.32 | % | 82.98 | % | 81.85 | % | 80.67 | % | 82.68 | % | 78.91 | % | 82.35 | % | |||||||
| Net interest margin | 2.80 | % | 2.49 | % | 2.41 | % | 2.40 | % | 2.42 | % | 2.64 | % | 2.50 | % | |||||||
| Net interest margin, on a fully tax-equivalent basis | 2.82 | % | 2.51 | % | 2.43 | % | 2.42 | % | 2.44 | % | 2.66 | % | 2.52 | % | |||||||
| (1) Annualized. | |||||||||||||||||||||
| (2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment. | |||||||||||||||||||||
| WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Dollars in thousands) (Unaudited) | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||||||
| Cash and cash equivalents | $ | 93,308 | $ | 110,579 | $ | 66,450 | $ | 72,802 | $ | 53,458 | |||||||||
| Securities available-for-sale, at fair value | 178,785 | 167,800 | 160,704 | 155,889 | 135,089 | ||||||||||||||
| Securities held to maturity, at amortized cost | 197,671 | 201,557 | 205,036 | 213,266 | 217,632 | ||||||||||||||
| Marketable equity securities, at fair value | 444 | 414 | 397 | 252 | 233 | ||||||||||||||
| Federal Home Loan Bank of Boston and other restricted stock - at cost | 5,818 | 5,818 | 5,818 | 7,143 | 7,143 | ||||||||||||||
| Loans | 2,092,631 | 2,079,561 | 2,070,189 | 2,049,002 | 2,026,226 | ||||||||||||||
| Allowance for credit losses | (19,733 | ) | (19,669 | ) | (19,529 | ) | (19,955 | ) | (19,444 | ) | |||||||||
| Net loans | 2,072,898 | 2,059,892 | 2,050,660 | 2,029,047 | 2,006,782 | ||||||||||||||
| Bank-owned life insurance | 78,045 | 77,529 | 77,056 | 76,570 | 76,100 | ||||||||||||||
| Goodwill | 12,487 | 12,487 | 12,487 | 12,487 | 12,487 | ||||||||||||||
| Core deposit intangible | 1,250 | 1,344 | 1,438 | 1,531 | 1,625 | ||||||||||||||
| Other assets | 70,443 | 71,864 | 73,044 | 71,492 | 75,521 | ||||||||||||||
| TOTAL ASSETS | $ | 2,711,149 | $ | 2,709,284 | $ | 2,653,090 | $ | 2,640,479 | $ | 2,586,070 | |||||||||
| Total deposits | $ | 2,330,113 | $ | 2,328,593 | $ | 2,262,647 | $ | 2,224,206 | $ | 2,171,809 | |||||||||
| Short-term borrowings | 4,040 | 4,520 | 5,390 | 4,390 | 6,570 | ||||||||||||||
| Long-term debt | 98,000 | 98,000 | 98,000 | 128,277 | 128,277 | ||||||||||||||
| Subordinated debt | 19,771 | 19,761 | 19,751 | 19,741 | 19,731 | ||||||||||||||
| Securities pending settlement | - | 2,093 | 8,622 | 2,513 | 102 | ||||||||||||||
| Other liabilities | 19,797 | 18,641 | 22,770 | 20,697 | 23,104 | ||||||||||||||
| TOTAL LIABILITIES | 2,471,721 | 2,471,608 | 2,417,180 | 2,399,824 | 2,349,593 | ||||||||||||||
| TOTAL SHAREHOLDERS' EQUITY | 239,428 | 237,676 | 235,910 | 240,655 | 236,477 | ||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,711,149 | $ | 2,709,284 | $ | 2,653,090 | $ | 2,640,479 | $ | 2,586,070 | |||||||||
| WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES Other Data (Dollars in thousands, except per share data) (Unaudited) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
| Shares outstanding at end of period | 20,494,501 | 20,774,319 | 20,875,713 | 21,113,408 | 21,357,849 | ||||||||||
| Operating results: | |||||||||||||||
| Net interest income | $ | 17,642 | $ | 15,534 | $ | 15,273 | $ | 14,728 | $ | 14,470 | |||||
| (Reversal of) provision for credit losses | (615) | 142 | (762) | 941 | (294) | ||||||||||
| Non-interest income | 3,411 | 2,759 | 3,254 | 3,141 | 3,834 | ||||||||||
| Non-interest expense | 15,656 | 15,184 | 14,926 | 14,406 | 14,314 | ||||||||||
| Income before income provision for income taxes | 6,012 | 2,967 | 4,363 | 2,522 | 4,284 | ||||||||||
| Income tax provision | 1,422 | 664 | 1,075 | 618 | 771 | ||||||||||
| Net income | 4,590 | 2,303 | 3,288 | 1,904 | 3,513 | ||||||||||
| Performance Ratios: | |||||||||||||||
| Net interest margin | |||||||||||||||
| Net interest margin, on a fully tax-equivalent basis | |||||||||||||||
| Interest rate spread | |||||||||||||||
| Interest rate spread, on a fully tax-equivalent basis | |||||||||||||||
| Return on average assets | |||||||||||||||
| Return on average equity | |||||||||||||||
| Efficiency ratio (GAAP) | |||||||||||||||
| Adjusted efficiency ratio (non-GAAP) (1) | |||||||||||||||
| Per Common Share Data: | |||||||||||||||
| Basic earnings per share | $ | 0.23 | $ | 0.11 | $ | 0.16 | $ | 0.09 | $ | 0.17 | |||||
| Earnings per diluted share | 0.23 | 0.11 | 0.16 | 0.09 | 0.17 | ||||||||||
| Cash dividend declared | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | ||||||||||
| Book value per share | 11.68 | 11.44 | 11.30 | 11.40 | 11.07 | ||||||||||
| Tangible book value per share (non-GAAP) (2) | 11.01 | 10.78 | 10.63 | 10.73 | 10.41 | ||||||||||
| Asset Quality: | |||||||||||||||
| 30-89 day delinquent loans | $ | 2,525 | $ | 2,459 | $ | 3,694 | $ | 3,059 | $ | 3,270 | |||||
| 90 days or more delinquent loans | 1,328 | 2,027 | 1,301 | 1,253 | 2,280 | ||||||||||
| Total delinquent loans | 3,853 | 4,486 | 4,995 | 4,312 | 5,550 | ||||||||||
| Total delinquent loans as a percentage of total loans | |||||||||||||||
| Nonaccrual loans | $ | 5,752 | $ | 6,014 | $ | 5,381 | $ | 4,873 | $ | 5,845 | |||||
| Nonaccrual loans as a percentage of total loans | |||||||||||||||
| Nonaccrual assets as a percentage of total assets | |||||||||||||||
| Allowance for credit losses as a percentage of nonaccrual loans | |||||||||||||||
| Allowance for credit losses as a percentage of total loans | |||||||||||||||
| Net loan (recoveries) charge-offs | $ | (585) | $ | 29 | $ | (128) | $ | 98 | $ | 10 | |||||
| Net loan (recoveries) charge-offs as a percentage of average loans | (0.03)% | (0.01)% | |||||||||||||
| (1) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gains on non-marketable equity investments, and loss on disposal of premises and equipment. | |||||||||||||||
| (2) Tangible book value per share (non-GAAP) represents the value of the Company’s tangible assets divided by its current outstanding shares. | |||||||||||||||
The following table sets forth the information relating to our average balances and net interest income for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024 and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.
| Three Months Ended | ||||||||||||||||||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||||||||||||||||||||||
| Average | Average Yield/ | Average | Average Yield/ | Average | Average Yield/ | |||||||||||||||||||||||||
| Balance | Interest | Cost(8) | Balance | Interest | Cost(8) | Balance | Interest | Cost(8) | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||
| ASSETS: | ||||||||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||
| Loans(1)(2) | $ | 2,081,319 | $ | 26,335 | 5.08 | % | $ | 2,073,486 | $ | 25,105 | 4.91 | % | $ | 2,017,127 | $ | 24,454 | 4.88 | % | ||||||||||||
| Securities(2) | 375,074 | 2,588 | 2.77 | 365,371 | 2,422 | 2.69 | 354,850 | 2,141 | 2.43 | |||||||||||||||||||||
| Other investments | 15,062 | 169 | 4.50 | 14,819 | 191 | 5.23 | 14,328 | 148 | 4.15 | |||||||||||||||||||||
| Short-term investments(3) | 58,622 | 641 | 4.39 | 76,039 | 840 | 4.48 | 14,328 | 173 | 4.86 | |||||||||||||||||||||
| Total interest-earning assets | 2,530,077 | 29,733 | 4.71 | 2,529,715 | 28,558 | 4.58 | 2,400,633 | 26,916 | 4.51 | |||||||||||||||||||||
| Total non-interest-earning assets | 156,247 | 156,733 | 156,701 | |||||||||||||||||||||||||||
| Total assets | $ | 2,686,324 | $ | 2,686,448 | $ | 2,557,334 | ||||||||||||||||||||||||
| LIABILITIES AND EQUITY: | ||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||
| Interest-bearing checking accounts | $ | 165,329 | 424 | 1.03 | $ | 140,960 | 250 | 0.72 | $ | 131,449 | 253 | 0.77 | ||||||||||||||||||
| Savings accounts | 188,498 | 55 | 0.12 | 183,869 | 40 | 0.09 | 185,690 | 51 | 0.11 | |||||||||||||||||||||
| Money market accounts | 687,621 | 3,600 | 2.10 | 704,215 | 3,968 | 2.29 | 622,062 | 2,930 | 1.89 | |||||||||||||||||||||
| Time deposit accounts | 690,555 | 6,358 | 3.69 | 702,748 | 7,118 | 4.11 | 650,054 | 7,101 | 4.39 | |||||||||||||||||||||
| Total interest-bearing deposits | 1,732,003 | 10,437 | 2.42 | 1,731,792 | 11,376 | 2.66 | 1,589,255 | 10,335 | 2.62 | |||||||||||||||||||||
| Borrowings | 122,070 | 1,533 | 5.04 | 122,786 | 1,527 | 5.04 | 160,484 | 1,997 | 5.00 | |||||||||||||||||||||
| Interest-bearing liabilities | 1,854,073 | 11,970 | 2.59 | 1,854,578 | 12,903 | 2.82 | 1,749,739 | 12,332 | 2.83 | |||||||||||||||||||||
| Non-interest-bearing deposits | 572,833 | 569,638 | 548,781 | |||||||||||||||||||||||||||
| Other non-interest-bearing liabilities | 22,207 | 25,464 | 24,453 | |||||||||||||||||||||||||||
| Total non-interest-bearing liabilities | 595,040 | 595,102 | 573,234 | |||||||||||||||||||||||||||
| Total liabilities | 2,449,113 | 2,449,680 | 2,322,973 | |||||||||||||||||||||||||||
| Total equity | 237,211 | 236,768 | 234,361 | |||||||||||||||||||||||||||
| Total liabilities and equity | $ | 2,686,324 | $ | 2,686,448 | $ | 2,557,334 | ||||||||||||||||||||||||
| Less: Tax-equivalent adjustment(2) | (121 | ) | (121 | ) | (114 | ) | ||||||||||||||||||||||||
| Net interest and dividend income | $ | 17,642 | $ | 15,534 | $ | 14,470 | ||||||||||||||||||||||||
| Net interest rate spread(4) | 2.10 | % | 1.74 | % | 1.66 | % | ||||||||||||||||||||||||
| Net interest rate spread, on a tax-equivalent basis(5) | 2.12 | % | 1.76 | % | 1.67 | % | ||||||||||||||||||||||||
| Net interest margin(6) | 2.80 | % | 2.49 | % | 2.42 | % | ||||||||||||||||||||||||
| Net interest margin, on a tax-equivalent basis(7) | 2.82 | % | 2.51 | % | 2.44 | % | ||||||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 136.46 | % | 136.40 | % | 137.20 | % | ||||||||||||||||||||||||
The following tables set forth the information relating to our average balances and net interest income for the six months ended June 30, 2025 and 2024 and reflect the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.
| Six Months Ended June 30, | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||
| Average Balance | Interest | Average Yield/ Cost(8) | Average Balance | Interest | Average Yield/ Cost(8) | ||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| ASSETS: | |||||||||||||||||||
| Interest-earning assets | |||||||||||||||||||
| Loans(1)(2) | $ | 2,077,424 | $ | 51,440 | 4.99 | % | $ | 2,019,420 | $ | 48,805 | 4.86 | % | |||||||
| Securities(2) | 370,249 | 5,010 | 2.73 | 357,171 | 4,255 | 2.40 | |||||||||||||
| Other investments | 14,941 | 360 | 4.86 | 13,411 | 284 | 4.26 | |||||||||||||
| Short-term investments(3) | 67,282 | 1,481 | 4.44 | 11,857 | 286 | 4.85 | |||||||||||||
| Total interest-earning assets | 2,529,896 | 58,291 | 4.65 | 2,401,859 | 53,630 | 4.49 | |||||||||||||
| Total non-interest-earning assets | 156,489 | 155,555 | |||||||||||||||||
| Total assets | $ | 2,686,385 | $ | 2,557,414 | |||||||||||||||
| LIABILITIES AND EQUITY: | |||||||||||||||||||
| Interest-bearing liabilities | |||||||||||||||||||
| Interest-bearing checking accounts | $ | 153,212 | 674 | 0.89 | % | $ | 133,504 | 488 | 0.74 | % | |||||||||
| Savings accounts | 186,196 | 95 | 0.10 | 185,907 | 90 | 0.10 | |||||||||||||
| Money market accounts | 695,872 | 7,569 | 2.19 | 624,164 | 5,517 | 1.78 | |||||||||||||
| Time deposit accounts | 696,618 | 13,475 | 3.90 | 638,970 | 13,533 | 4.26 | |||||||||||||
| Total interest-bearing deposits | 1,731,898 | 21,813 | 2.54 | 1,582,545 | 19,628 | 2.49 | |||||||||||||
| Short-term borrowings and long-term debt | 122,426 | 3,060 | 5.04 | 160,643 | 3,962 | 4.96 | |||||||||||||
| Total interest-bearing liabilities | 1,854,324 | 24,873 | 2.70 | 1,743,188 | 23,590 | 2.72 | |||||||||||||
| Non-interest-bearing deposits | 571,245 | 553,246 | |||||||||||||||||
| Other non-interest-bearing liabilities | 23,826 | 25,672 | |||||||||||||||||
| Total non-interest-bearing liabilities | 595,071 | 578,918 | |||||||||||||||||
| Total liabilities | 2,449,395 | 2,322,106 | |||||||||||||||||
| Total equity | 236,990 | 235,308 | |||||||||||||||||
| Total liabilities and equity | $ | 2,686,385 | $ | 2,557,414 | |||||||||||||||
| Less: Tax-equivalent adjustment (2) | (242 | ) | (224 | ) | |||||||||||||||
| Net interest and dividend income | $ | 33,176 | $ | 29,816 | |||||||||||||||
| Net interest rate spread (4) | 1.92 | % | 1.75 | % | |||||||||||||||
| Net interest rate spread, on a tax-equivalent basis (5) | 1.95 | % | 1.77 | % | |||||||||||||||
| Net interest margin (6) | 2.64 | % | 2.50 | % | |||||||||||||||
| Net interest margin, on a tax-equivalent basis (7) | 2.66 | % | 2.52 | % | |||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 136.43 | % | 137.79 | % | |||||||||||||||
| (1) Loans, including nonaccrual loans, are net of deferred loan origination costs and unadvanced funds. | |||||||||||||||||||
| (2) Loan and securities income are presented on a tax-equivalent basis using a tax rate of | |||||||||||||||||||
| (3) Short-term investments include federal funds sold. | |||||||||||||||||||
| (4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. | |||||||||||||||||||
| (5) Net interest rate spread, on a tax-equivalent basis, represents the difference between the tax-equivalent weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. | |||||||||||||||||||
| (6) Net interest margin represents net interest and dividend income as a percentage of average interest-earning assets. | |||||||||||||||||||
| (7) Net interest margin, on a tax-equivalent basis, represents tax-equivalent net interest and dividend income as a percentage of average interest-earning assets. | |||||||||||||||||||
| (8) Annualized. | |||||||||||||||||||
Reconciliation of Non-GAAP to GAAP Financial Measures
The Company believes that certain non-GAAP financial measures provide information to investors that is useful in understanding its results of operations and financial condition. Because not all companies use the same calculation, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided below.
| For the quarter ended | |||||||||||||||||||
| 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | |||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||||||
| Loan interest (no tax adjustment) | $ | 26,214 | $ | 24,984 | $ | 25,183 | $ | 25,134 | $ | 24,340 | |||||||||
| Tax-equivalent adjustment | 121 | 121 | 128 | 119 | 114 | ||||||||||||||
| Loan interest (tax-equivalent basis) | $ | 26,335 | $ | 25,105 | $ | 25,311 | $ | 25,253 | $ | 24,454 | |||||||||
| Net interest income (no tax adjustment) | $ | 17,642 | $ | 15,534 | $ | 15,273 | $ | 14,728 | $ | 14,470 | |||||||||
| Tax equivalent adjustment | 121 | 121 | 128 | 119 | 114 | ||||||||||||||
| Net interest income (tax-equivalent basis) | $ | 17,763 | $ | 15,655 | $ | 15,401 | $ | 14,847 | $ | 14,584 | |||||||||
| Net interest income (no tax adjustment) | $ | 17,642 | $ | 15,534 | $ | 15,273 | $ | 14,728 | $ | 14,470 | |||||||||
| Less: | |||||||||||||||||||
| Prepayment penalties and fees | 425 | - | - | - | 8 | ||||||||||||||
| Adjusted net interest income (non-GAAP) | $ | 17,217 | $ | 15,534 | $ | 15,273 | $ | 14,728 | $ | 14,462 | |||||||||
| Average interest-earning assets | $ | 2,530,077 | $ | 2,529,715 | $ | 2,517,017 | $ | 2,441,236 | $ | 2,400,633 | |||||||||
| Net interest margin (no tax adjustment) | 2.80 | % | 2.49 | % | 2.41 | % | 2.40 | % | 2.42 | % | |||||||||
| Net interest margin, tax-equivalent | 2.82 | % | 2.51 | % | 2.43 | % | 2.42 | % | 2.44 | % | |||||||||
| Net interest margin, excluding prepayment penalties and fees (non-GAAP) | 2.73 | % | 2.49 | % | 2.41 | % | 2.40 | % | 2.42 | % | |||||||||
| Book Value per Share (GAAP) | $ | 11.68 | $ | 11.44 | $ | 11.30 | $ | 11.40 | $ | 11.07 | |||||||||
| Non-GAAP adjustments: | |||||||||||||||||||
| Goodwill | (0.61 | ) | (0.60 | ) | (0.60 | ) | (0.59 | ) | (0.58 | ) | |||||||||
| Core deposit intangible | (0.06 | ) | (0.06 | ) | (0.07 | ) | (0.08 | ) | (0.08 | ) | |||||||||
| Tangible Book Value per Share (non-GAAP) | $ | 11.01 | $ | 10.78 | $ | 10.63 | $ | 10.73 | $ | 10.41 | |||||||||
| For the quarter ended | |||||||||||||||||||
| 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Efficiency Ratio: | |||||||||||||||||||
| Non-interest Expense (GAAP) | $ | 15,656 | $ | 15,184 | $ | 14,926 | $ | 14,406 | $ | 14,314 | |||||||||
| Net Interest Income (GAAP) | $ | 17,642 | $ | 15,534 | $ | 15,273 | $ | 14,728 | $ | 14,470 | |||||||||
| Non-interest Income (GAAP) | $ | 3,411 | $ | 2,759 | $ | 3,254 | $ | 3,141 | $ | 3,834 | |||||||||
| Non-GAAP adjustments: | |||||||||||||||||||
| Unrealized (gains) losses on marketable equity securities | (25 | ) | 5 | 9 | (10 | ) | (4 | ) | |||||||||||
| Gain on non-marketable equity investments | (243 | ) | - | (300 | ) | - | (987 | ) | |||||||||||
| Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) | $ | 3,143 | $ | 2,764 | $ | 2,963 | $ | 3,131 | $ | 2,843 | |||||||||
| Total Revenue for Adjusted Efficiency Ratio (non-GAAP) | $ | 20,785 | $ | 18,298 | $ | 18,236 | $ | 17,859 | $ | 17,313 | |||||||||
| Efficiency Ratio (GAAP) | 74.36 | % | 83.00 | % | 80.56 | % | 80.62 | % | 78.20 | % | |||||||||
| Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP)) | 75.32 | % | 82.98 | % | 81.85 | % | 80.67 | % | 82.68 | % | |||||||||
| For the six months ended | ||||
| 6/30/2025 | 6/30/2024 | |||
| (Dollars in thousands) | ||||
| Loan income (no tax adjustment) | ||||
| Tax-equivalent adjustment | 242 | 224 | ||
| Loan income (tax-equivalent basis) | ||||
| Net interest income (no tax adjustment) | ||||
| Tax equivalent adjustment | 242 | 224 | ||
| Net interest income (tax-equivalent basis) | ||||
| Net interest income (no tax adjustment) | ||||
| Less: | ||||
| Prepayment penalties and fees | 425 | 8 | ||
| Adjusted net interest income (non-GAAP) | ||||
| Average interest-earning assets | ||||
| Net interest margin (no tax adjustment) | ||||
| Net interest margin, tax-equivalent | ||||
| Net interest margin, excluding prepayment penalties and fees (non-GAAP) | ||||
| Adjusted Efficiency Ratio: | ||||
| Non-interest Expense (GAAP) | ||||
| Net Interest Income (GAAP) | ||||
| Non-interest Income (GAAP) | ||||
| Non-GAAP adjustments: | ||||
| Unrealized gains on marketable equity securities | (20) | (12) | ||
| Loss on disposal of premises and equipment, net | - | 6 | ||
| Gain on non-marketable equity investments | (243) | (987) | ||
| Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) | ||||
| Total Revenue for Adjusted Efficiency Ratio (non-GAAP) | ||||
| Efficiency Ratio (GAAP) | ||||
| Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP)) | ||||
For further information contact:
James C. Hagan, President and CEO
Guida R. Sajdak, Executive Vice President and CFO
Meghan Hibner, First Vice President and Investor Relations Officer
413-568-1911
FAQ
What was Western New England Bancorp's (WNEB) earnings per share in Q2 2025?
How much is WNEB's quarterly dividend payment for Q2 2025?
What was WNEB's net interest margin in Q2 2025?
How many shares did WNEB repurchase in the first half of 2025?
What was WNEB's loan-to-deposit ratio at the end of Q2 2025?
