Business
Western New England Bancorp, Inc. Reports Results For Three and Six Months Ended June 30, 2021 and Declares Quarterly Cash Dividend
WESTFIELD, Mass., July 27, 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., July 27, 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 six months ended June 30, 2021. For the three months ended June 30, 2021, the Company reported net income of $5.7 million, or $0.24 per diluted share, compared to net income of $2.0 million, or $0.08 per diluted share, for the three months ended June 30, 2020. On a linked quarter basis, net income was $5.7 million, or $0.24 per diluted share, as compared to net income of $5.8 million, or $0.24 per diluted share, for the three months ended March 31, 2021. For the six months ended June 30, 2021, net income was $11.4 million, or $0.47 per diluted share, compared to net income of $4.1 million, or $0.16 per diluted share, for the six months ended June 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 August 25, 2021 to shareholders of record on August 11, 2021. James C. Hagan, President and Chief Executive Officer, stated, “We are pleased to report that we generated strong earnings for the third consecutive quarter despite the business disruptions caused by the COVID-19 pandemic over the past year. Our ongoing and continuing commitment to support our borrowers and small business customers during the pandemic generated $4.0 million in Paycheck Protection Program (“PPP”) interest and origination fee income (collectively “PPP income”) during the six months ended June 30, 2021. In response to the low interest rate environment and due to the proper positioning of our liability-sensitive balance sheet, we were also able to benefit from the rapid decline in interest rates, significantly reducing our total interest expense by $7.2 million, or 65.2%, year-over-year. We continue to accumulate cash on our balance sheet due to the inflow of deposits from PPP forgiveness and various governmental efforts to support the economy. As a result, total deposits increased $232.7 million, or 12.0%, year-over-year. Due to excess cash on the balance sheet, the net interest margin, excluding PPP income, decreased from 3.03% in the first quarter of 2021 to 2.98% in the second quarter of 2021, but increased 26 basis points ...