Business
Western New England Bancorp, Inc. Reports Results for Three Months and Year Ended December 31, 2021 and Announces 20% Increase in Quarterly Cash Dividend
WESTFIELD, Mass., Jan. 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., Jan. 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 twelve months ended December 31, 2021. For the three months ended December 31, 2021, the Company reported net income of $6.2 million, or $0.28 per diluted share, compared to net income of $5.0 million, or $0.20 per diluted share, for the three months ended December 31, 2020. On a linked quarter basis, net income was $6.2 million, or $0.28 per diluted share, as compared to net income of $6.0 million, or $0.27 per diluted share, for the three months ended September 30, 2021. For the twelve months ended December 31, 2021, net income was $23.7 million, or $1.02 per diluted share, compared to net income of $11.2 million, or $0.45 per diluted share, for the twelve months ended December 31, 2020. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.06 per share on its common stock, representing an increase of $0.01 per share, or 20%, as compared to the prior quarter. The dividend will be payable on or about February 23, 2022 to shareholders of record on February 9, 2022. “We are pleased to announce record results for the Company for 2021 along with a strong fourth quarter,” said James C. Hagan, President and Chief Executive Officer. “In 2021, the Company saw significant loan production, increased PPP fees, lower cost of funds and asset quality metrics that achieved historical lows. These results were highlighted by increases in our low-cost core deposit categories, with core deposits as a whole increasing $402 million, or 27.7%, as well as increases in our commercial and residential lending production. Our fourth quarter results represent our continuing sound balance sheet management and net interest margin stabilization. As we emerge from the pandemic, we are able to focus on more traditional and profitable banking activities, which assisted the Company in achieving record profitability in 2021. Our priority, as we enter 2022, is our continuing loan production growth funded through utilizing our excess liquidity from our strong core deposit growth. Commercial real estate activity has steadily grown as we continue to add new customer relationshi...