Business
Western New England Bancorp, Inc. Reports Results for Three and Nine Months Ended September 30, 2022 and Declares Quarterly Cash Dividend
WESTFIELD, Mass., Oct. 25, 2022 (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. 25, 2022 (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, 2022. For the three months ended September 30, 2022, the Company reported net income of $6.0 million, or $0.28 per diluted share, compared to net income of $6.0 million, or $0.27 per diluted share, for the three months ended September 30, 2021. On a linked quarter basis, net income was $6.0 million, or $0.28 per diluted share, as compared to net income of $5.5 million, or $0.25 per diluted share, for the three months ended June 30, 2022. For the nine months ended September 30, 2022, net income was $16.9 million, or $0.77 per diluted share, compared to net income of $17.5 million, or $0.74 per diluted share, for the nine months ended September 30, 2021. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.06 per share on the Company’s common stock. The dividend will be payable on or about November 23, 2022 to shareholders of record on November 9, 2022. “The Company continues to experience positive growth in key business areas along with strong quarterly earnings adding to the momentum from last year’s record profitability. We are pleased to report solid earnings for the third quarter of 2022 along with strong core deposit growth and loan growth across all loan segments. We remain focused on executing our strategy of driving commercial loan growth and core deposits, which have been key contributors to the Company’s ongoing profitability,” said James C. Hagan, President and Chief Executive Officer. “We remain optimistic about the Company’s growth opportunities in the fourth quarter of 2022 and into 2023. We also saw strong organic core deposit growth of $89.6 million, or 4.8%, since year-end, which will be beneficial in a rising interest rate environment in order to fund continuing demand for commercial loans. We are pleased to report that our total loan portfolio increased $165.8 million, or 9.0% during the nine months ended September 30, 2022, excluding Paycheck Protection Program (“PPP”) loans that were forgiven by the Small Business Administration (“SBA”). As we continue to add new customer relationships t...