Western New England Bancorp, Inc. · NASDAQ:WNEB
Western New England Bancorp — Shareholder Meeting (May 2024)
22 slides from Western New England Bancorp's shareholder meeting presentation, May 9, 2024
Slide 1: 2024 Annual Shareholders' Meeting
1 2024 Annual Shareholders’ Meeting May 9, 2024
Slide 2: Board of Directors
Board of Directors James C . Hagan, President & Chief Executive Officer Lisa G . McMahon , Chairperson of the Board Laura Benoit , Director Donna J . Damon , Director Gary G . Fitzgerald , Director William D . Masse , Director Paul C . Picknelly , Director Steven G . Richter , Director Philip R . Sm
Slide 3: Welcome to the Western New England Bancorp 2024 Annual Shareholders' Meeting
Welcome to the Western New England Bancorp 2024 Annual Shareholders’ Meeting James C. Hagan President Chief Executive Officer 3
Slide 4: Board of Directors
4 Board of Directors Western New England Bancorp
Slide 5: Board of Directors
Board of Directors 5 Director Since Position Held Term to Expire Name 2009 President, Chief Executive Officer, Director 2024 Jame s C. Hagan 2016 Director 2024 William D. Masse 2009 Director 2024 Philip R. Smith 2016 Director 2025 Gary G. Fitzgerald 2016 Director 2025 Paul C. Picknelly 2014 Director
Slide 6: Introduction of Guests
Introduction of Guests Katrina Popielarczyk, Esq. , Inspector of Elections James T. McGough, CPA, Wolf & Company, Independent Auditor Richard Schaberg , Hogan Lovells US, LLP, Legal Counsel 655 Main Street, Agawam, MA 6
Slide 7: Senior Management Team
Senior Management Team 7 James C . Hagan, President & Chief Executive Officer Guida R . Sajdak, Executive Vice President, Chief Financial Officer & Treasurer Allen J . Miles III, Executive Vice President & Chief Loan Officer Kevin C . O’Connor, Executive Vice President & Chief Banking Officer Leo R
Slide 8: Proposals
Proposals Proposal 1: Election of Directors to serve a three - year term expiring at the 2027 Annual Meeting of shareholders: • James C. Hagan • William D. Masse • Philip R. Smith Proposal 2: Consideration and approval of a non - binding advisory resolution on the compensation of the Company’s Named
Slide 9: Voting Results
Voting Results Katrina Popielarczyk Inspector of Elections 300 Southampton Road, Westfield, MA 9
Slide 10: Financial Results for Fiscal Year 2023 and the First Quarter of 2024
Financial Results for Fiscal Year 2023 and the First Quarter of 2024 Guida R. Sajdak Executive Vice President Chief Financial Officer 10
Slide 11: Forward-Looking Statements
Forward - Looking Statements 11 We may, from time to time, make written or oral “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 , including statements contained in our filings with the Securities and Exchange Commission (the “SEC”), our repor
Slide 12: Forward-Looking Statements
Forward - Looking Statements 12 • changes in business conditions and inflation ; • operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, bu
Slide 13: 2023 Quarterly Earnings
2023 Quarterly Earnings 13 1Q2023 2Q2023 (2) 3Q2023 (1) 4Q2023 ($ in thousands , except EPS) $ 18,504 $ 16,846 $ 16,383 $ 16,176 Net interest income (388) 420 354 486 Provision for (reversal of) credit losses 2,979 1,592 3,612 2,714 Non - interest income 14,896 14,551 14,118 14,785 Non - interest ex
Slide 14: Balance Sheet Composition
Balance Sheet Composition Loans 81% Securities 11% Other Assets 7% Cash and Cash Equivalents 1% Loans and Securities (% of Total Assets) 2019 Data as of December 31 st Loans 79% Securities 14% Other Assets 6% Cash and Cash Equivalents 1% Loans and Securities (% of Total Assets) 2023 23% 37% 24% 5% 1
Slide 15: Growing and Strengthening Our Balance Sheet
Growing and Strengthening Our Balance Sheet (1) 81.4% 81.5% 73.5% 78.0% 79.0% 45% 55% 65% 75% 85% 95% Loan - to - Asset Ratio 105.6% 94.3% 82.6% 89.3% 94.6% 80% 90% 100% 110% 120% Loan - to - Deposit Ratio 10.8% 9.0% 16.9% 15.0% 14.0% 5% 15% 25% 35% 45% Securities - to - Asset Ratio 11.0% 2.5% 0.9%
Slide 16: Strong Asset Quality Indicators
Strong Asset Quality Indicators Data as of December 31 st (1) Excludes PPP loans (2) The Company adopted ASU 2016 - 13 on January 1, 2023 with a modified retrospective approach. Accordingly, beginning in 2023 , the allowance for credit losses was determined in accordance with ASC 326, “Financial Ins
Slide 17: 1st Quarter of 2024
1 st Quarter of 2024 1Q2023 4Q2023 1Q2024 $0.24 $0.12 $0.14 EPS Earnings per Share (“EPS”) 1Q2023 4Q2023 1Q2024 0.84% 0.39% 0.47% ROA Return on Average Assets (“ROA”) Return on Average Equity (“ROE”) 1Q2023 4Q2023 1Q2024 9.31% 4.31% 5.04% ROE 1Q2023 4Q2023 1Q2024 3.14% 2.64% 2.57% NIM 3.16% 2.66% 2.
Slide 18: Who We Are
Who We Are Every day, we focus on showing Westfield Bank customers “ what better banking is all about . ” For us, the idea of better banking starts with putting customers first, while adhering to our core values . Our Core Values : • Integrity • Enhance Shareholder Value • Customer Focus • Community
Slide 19: Thank you to Gregg F. Orlen for his service
19 We would like to thank Gregg F . Orlen for his service to the Board of Directors of both the Company and the Bank . Mr . Orlen has been a director of our Board since October 2016 . Previously, Mr . Orlen served on the boards of legacy Chicopee Savings Bank and legacy Chicopee Bancorp, Inc . since
Slide 20: Appendix
Western New England Bancorp NasdagGs: WNEB Appendix
Slide 21: Explanation of Use of Non-GAAP Financial Measurements
Explanation of Use of Non - GAAP Financial Measurements 21 We believe that it is common practice in the banking industry to present interest income and related yield information on tax - exempt loans and securities on a tax - equivalent basis, as well as presenting tax - equivalent net interest marg
Slide 22: Thank you!
Westfield Bank “ What better banking’s all about” Thank you! James C. Hagan , President and Chief Executive Officer Guida R. Sajdak , Executive Vice President and Chief Financial Officer Meghan Hibner , First Vice President and Investor Relations Officer 22 141 Elm Street, Westfield, MA
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