Business
Western New England Bancorp, Inc. Reports Results for Three Months and Year Ended December 31, 2020 and Declares Quarterly Cash Dividend
WESTFIELD, Mass., Jan. 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., Jan. 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 twelve months ended December 31, 2020. For the three months ended December 31, 2020, the Company reported net income of $5.0 million, or $0.20 diluted earnings per share, compared to net income of $3.4 million, or $0.13 diluted earnings per share, for the three months ended December 31, 2019. On a linked quarter basis, net income was $5.0 million, or $0.20 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 September 30, 2020. For the twelve months ended December 31, 2020, net income was $11.2 million, or $0.45 diluted earnings per share, compared to net income of $13.3 million, or $0.51 diluted earnings per share, for the twelve months ended December 31, 2019. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about February 24, 2021 to shareholders of record on February 10, 2021. James C. Hagan, President and Chief Executive Officer, stated, “After experiencing disruption and uncertainty in the first half of 2020 related to the ongoing COVID-19 pandemic, we were encouraged to see the beginning of stabilization in the second half of the year, as businesses adapted to the environment and government stimulus measures provided support. We supported our borrowers and community by participating in the Paycheck Protection Program and offered loan deferrals under the CARES Act to borrowers in need. While we increased our allowance for loan losses in response to the COVID-19 pandemic, we saw no material deterioration in our credit portfolio as we concluded 2020. As we turn the page to 2021, the pandemic is still present, and we remain attentive to our borrowers and are ready to provide continued support. We saw significant core deposit growth coupled with a reduced cost of deposits throughout the year. We were able to expand our core net interest margin by 15 basis points quarter over quarter, notwithstanding a 150 basis point rate cut by the Federal Reserve Bank in March 2020. With continued reduction in our deposit and borrowing cos...