Business
Western New England Bancorp, Inc. Reports Results for Three Months Ended March 31, 2020 and Declares Quarterly Cash Dividend
WESTFIELD, Mass., April 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., April 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 months ended March 31, 2020. The Company reported net income of $2.1 million, or $0.08 per diluted share, for the three months ended March 31, 2020, as compared to net income of $3.4 million, or $0.13 per diluted share, for the three months ended March 31, 2019, and as compared to net income of $3.4 million, or $0.13 per diluted share, for the three months ended December 31, 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 May 27, 2020 to shareholders of record on May 13, 2020. James C. Hagan, President and Chief Executive Officer stated, “We entered the quarter with good momentum, coming off of a strong end to 2019. We positioned ourselves to take advantage of the market opportunities as we announced our expansion into the Connecticut marketplace with two new branches opening in 2020 and the opening of a branch in Huntington, Massachusetts. The Huntington, Massachusetts branch opened on February 25, 2020 and through March 31, 2020, reported $14.0 million in deposits. As with virtually every industry, the banking industry as a whole has been adversely affected by the global health crises 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. We were able to stabilize the net interest margin by carefully managing the liability costs in a disciplined manner notwithstanding the Federal Reserve’s unprecedented steps to cut interest rates by 150 basis points in March to support the economy. The first quarter had strong stock buyback activity with the repurchase of approximately 1.0 million shares.” Mr. Hagan concluded, “As we continue to operate as an “essential business” in our community, I want to thank our employees for remaining committed to helping our customers. We feel that the support we provide today will make a significant difference in the success of our community and our businesses tomorrow. I'm proud of the massive e...