Business
Western New England Bancorp, Inc. Reports Results for Three Months Ended March 31, 2023 and Declares Quarterly Cash Dividend
WESTFIELD, Mass., April 25, 2023 (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 25, 2023 (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, 2023. The Company reported net income of $5.3 million, or $0.24 per diluted share, for the three months ended March 31, 2023, consistent with net income of $5.3 million, or $0.24 per diluted share, for the three months ended March 31, 2022. On a linked quarter basis, net income was $5.3 million, or $0.24 per diluted share, as compared to net income of $9.0 million, or $0.42 per diluted share, for the three months ended December 31, 2022. The Company also announced today that the Board of Directors declared a quarterly cash dividend of $0.07 per share on the Company’s common stock. The dividend will be payable on or about May 24, 2023 to shareholders of record on May 10, 2023. James Hagan, President and Chief Executive Officer, commented, “We are very pleased with the relative stability of our core deposit relationships and the continued support of our long-term customer base despite recent national banking concerns. Our capital position now, as in the past, continues to be strong. We maintain solid relationships with the local community, our bank regulators and our depositors and borrowers. We will continue to strive to provide consistency for all customers and shareholders now and in the future.” Hagan concluded, “The Company continues to focus on our loan and deposit growth initiatives and retention of our customer and borrower base which has been reflected in our record income and growth over the last few years. We are grateful for the positive response from our customers. Despite our atypical first quarter results, we saw growth in our loan portfolio and will strive to continue to grow. As a result of local market disruptions, we are working to onboard new talent and new depositor and borrowing relationships, both of which will assist us in our growth. We continue to remain positive about the future growth of the Company.” Key Highlights: Loans and Deposits At March 31, 2023, total loans of $2.0 billion increased $15.1 million, or 0.8%, from December 31, 2022. During the same period, total deposits decreased $72.3 million, or 3.2%, to $2.2 billion at March ...