Business
Western New England Bancorp, Inc. Reports Year End 2019 Results and Declares Quarterly Cash Dividend
WESTFIELD, Mass., Jan. 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., Jan. 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 and twelve months ended December 31, 2019.\n For the three months ended December 31, 2019, the Company reported net income of $3.4 million, or $0.13 earnings per diluted share, compared to net income of $3.8 million, or $0.14 earnings per diluted share, for the three months ended December 31, 2018. On a linked quarter basis, net income of $3.4 million, or $0.13 earnings per diluted share, increased $212,000, or 6.6%, from net income of $3.2 million, or $0.12 earnings per diluted share, for the three months ended September 30, 2019. Net income of $13.3 million, or $0.51 earnings per diluted share, for the twelve months ended December 31, 2019, decreased $3.1 million, or 18.6%, from $16.4 million, or $0.57 earnings per diluted share, for the twelve months ended December 31, 2018. Additionally, the Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about February 26, 2020 to shareholders of record on February 12, 2020. “We are pleased to report a strong finish to 2019 with solid loan growth and core deposit growth during the third and fourth quarters of 2019,” stated James Hagan, President and CEO. “We are well positioned to take advantage of market opportunities as we continue to expand into the Connecticut marketplace with two new branches opening in 2020. We also recently announced the acquisition of a People’s United property in Huntington, Massachusetts. We are excited to become part of the Huntington community as we deepen our commitment to Massachusetts,” Mr. Hagan added. Mr. Hagan concluded, “We believe our repurchase of 1.9 million shares during 2019 and our ongoing quarterly dividends enhance shareholder value. We are working to further enhance our profitability through continued prudent loan and core deposit growth. Growing and managing our balance sheet in this interest rate environment is a driving factor to our success, and we are positioned to take advantage of decreasing short-term interest rates as we go into 2020.” Key Highlights: Loans: Total loans as of December 31, 2019 were $1.8 billion, an increase of $24.4 million, or...