Business
Western New England Bancorp, Inc. Reports Results for Three and Nine Months Ended September 30, 2021 and Declares Quarterly Cash Dividend
WESTFIELD, Mass., Oct. 26, 2021 (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. 26, 2021 (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, 2021. For the three months ended September 30, 2021, the Company reported net income of $6.0 million, or $0.27 per diluted share, compared to net income of $2.1 million, or $0.08 per diluted share, for the three months ended September 30, 2020. On a linked quarter basis, net income was $6.0 million, or $0.27 per diluted share, for the three months ended September 30, 2021 as compared to net income of $5.7 million, or $0.24 per diluted share, for the three months ended June 30, 2021. For the nine months ended September 30, 2021, net income was $17.5 million, or $0.74 per diluted share, compared to net income of $6.2 million, or $0.25 per diluted share, for the nine months ended September 30, 2020. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about November 24, 2021 to shareholders of record on November 10, 2021. “We are pleased with our third quarter results which highlight sound balance sheet management and continued net interest margin stabilization,” said James C. Hagan, President and Chief Executive Officer. “The composition of our deposits remain favorable with increases in our low cost core deposit categories. As a result, interest expense decreased 65.7% year-over-year, which contributed to a $9.0 million, or 20%, increase in net interest income, for the nine months ended September 30, 2021, compared to the previous year.” “The business environment continues to gradually improve across our markets. We are encouraged by the continued strength and overall quality of the Company's loan portfolio, which supported a lower loan loss provision in the third quarter of 2021 compared with the third quarter of 2020. Commercial real estate activity has been positive as we continue to add new customer relationships and have grown the CRE portfolio by 10% since year-end. Residential mortgage originations, which have been a strong driver of new customer relationships and non-interest income through gains on the sale of loans to the secondary market, have enabled us to participate ...