Business
Western New England Bancorp, Inc. Reports Results for Three and Six Months Ended June 30, 2020 and Declares Quarterly Cash Dividend
WESTFIELD, Mass., July 28, 2020 (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., July 28, 2020 (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, 2020. For the three months ended June 30, 2020, the Company reported net income of $2.0 million, or $0.08 diluted earnings per share, compared to net income of $3.3 million, or $0.12 diluted earnings per share, for the three months ended June 30, 2019. On a linked quarter basis, net income was $2.0 million, or $0.08 diluted earnings per share, as compared to net income of $2.1 million, or $0.08 diluted earnings per share, for the three months ended March 31, 2020. For the six months ended June 30, 2020, net income was $4.1 million, or $0.16 diluted earnings per share, compared to net income of $6.7 million, or $0.25 diluted earnings per share, for the six months ended June 30, 2019.\n The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about August 26, 2020 to shareholders of record on August 12, 2020. James C. Hagan, President and Chief Executive Officer stated, “As an essential business in our community, over the past few months, we have adapted and greatly changed the way we service our customers and support our staff. Most of our workforce has been effectively working remotely, while our branch staff, mortgage and commercial departments have been on-site processing and closing loans and servicing customers. As businesses re-open and the community adapts to the challenges presented by COVID-19, we were happy to announce the re-opening of our branch lobbies on June 29, 2020. Our management and staff were excited to welcome our customers back to our branch lobbies. In order to maintain social distancing, we continue to encourage appointments as well as the use of our drive-up tellers, ATMs and electronic banking services, whenever possible.” “As we mentioned last quarter, virtually every industry has been adversely affected by the global health crisis caused by the spread of COVID-19, which has set off the current financial crisis. Despite the current economic challenges, we increased loans and core deposits, which continued to progress along nicely over the last few quarters. Core d...