Business
Western New England Bancorp, Inc. Reports Results for Three and Nine Months Ended September 30, 2019 and Declares Quarterly Cash Dividend
WESTFIELD, Mass., Oct. 22, 2019 (GLOBE NEWSWIRE) -- Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for
About this update from Western New England Bancorp, Inc.
[{"type":"text","content":"WESTFIELD, Mass., Oct. 22, 2019 (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 nine months ended September 30, 2019. For the three months ended September 30, 2019, the Company reported net income of $3.2 million, or $0.12 diluted earnings per share, compared to net income of $3.9 million, or $0.14 diluted earnings per share, for the three months ended September 30, 2018. On a linked quarter basis, net income was $3.2 million, or $0.12 diluted earnings per share, as compared to net income of $3.3 million, or $0.12 diluted earnings per share, for the three months ended June 30, 2019. For the nine months ended September 30, 2019, net income was $9.9 million, or $0.38 diluted earnings per share, compared to net income of $12.6 million, or $0.43 diluted earnings per share, for the nine months ended September 30, 2018.\n The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about November 20, 2019 to shareholders of record on November 6, 2019. “We are pleased to report continued strong loan growth and core deposit growth during the third quarter of 2019,” stated James Hagan, President and CEO. “Growing and managing our balance sheet in this interest rate environment is a driving factor to our success, and we continue to make investments to promote long-term franchise value for the Company and our shareholders. The net interest margin was under pressure during the first nine months of 2019, however, our balance sheet is positioned to take advantage of an expected decrease in short-term interest rates as we go into the last quarter of 2019,” Mr. Hagan added. Mr. Hagan concluded, “We continue to believe our repurchase of 1.9 million shares during the first nine months of 2019 and our ongoing quarterly dividend enhances shareholder value. We are also working to further enhance our profitability through continued prudent loan and core deposit growth along with our previously announced strategic expansion in the Connecticut marketplace.” Key Highlights: Loans: Total loans as of September 30, 2019 were $1.8 billion, an increase of $54.7 million, or 3.2%, from December 31, 2018. Average loans increased ...