Business
Western New England Bancorp, Inc. Reports Results for Three and Six Months Ended June 30, 2022 and Declares Quarterly Cash Dividend
The Company Also Announces a New 5% Share Repurchase Plan WESTFIELD, Mass., July 26, 2022 (GLOBE NEWSWIRE) -- Western New England Bancorp, Inc. (the “Company”
About this update from Western New England Bancorp, Inc.
[{"type":"text","content":"The Company Also Announces a New 5% Share Repurchase Plan\nWESTFIELD, Mass., July 26, 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 six months ended June 30, 2022. For the three months ended June 30, 2022, the Company reported net income of $5.5 million, or $0.25 per diluted share, compared to net income of $5.7 million, or $0.24 per diluted share, for the three months ended June 30, 2021. On a linked quarter basis, net income was $5.5 million, or $0.25 per diluted share, as compared to net income of $5.3 million, or $0.24 per diluted share, for the three months ended March 31, 2022. For the six months ended June 30, 2022, net income was $10.9 million, or $0.49 per diluted share, compared to net income of $11.4 million, or $0.47 per diluted share, for the six months ended June 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 August 24, 2022 to shareholders of record on August 10, 2022. In addition, the Board of Directors authorized a stock repurchase plan (the “2022 Plan”), pursuant to which the Company may repurchase up to 1.1 million shares of the Company’s common stock, or approximately 5.0%, of the Company’s outstanding shares, of common stock as of the date the 2022 Plan was adopted. Repurchase under the 2022 Plan may begin after the Company has repurchased all of the shares of its common stock authorized for repurchase under the stock repurchase plan adopted in 2021 (the “2021 Plan”). The 2021 Plan was announced on April 27, 2021 and as of June 30, 2022, there were 271,472 shares of common stock available for purchase under the 2021 Plan. “The Company continues to experience strong quarterly earnings adding to the momentum from last year’s record profitability. We are pleased to report solid earnings for the second quarter of 2022 along with strong overall loan growth. We remain focused on executing our strategy of driving commercial loan growth, which has been a key contributor to the Company’s ongoing profitability,” said James C. Hagan, President and Chief Executive Officer. “We remain optimistic about t...