Western New England Bancorp Reports Second Quarter 2024 Earnings

Strategic Insights -

Western New England Bancorp, the holding company for Westfield Bank, announced its unaudited second quarter 2024 earnings on August 14. The company reported a net income of $3.5 million, or $0.17 per diluted share, for the three months ended June 30, 2024, compared to net income of $2.8 million, or $0.13 per diluted share, for the same period in 2023.

Key Takeaways:

  • Net income for the three months ended June 30, 2024, was $3.5 million, or $0.17 per diluted share, compared to $2.8 million, or $0.13 per diluted share, for the same period in 2023.
  • Total deposits increased $28.1 million, or 1.3%, from December 31, 2023, to $2.2 billion at June 30, 2024.
  • The loan-to-deposit ratio decreased from 94.6% at December 31, 2023, to 93.3% at June 30, 2024.
  • The allowance for credit losses was $19.4 million, or 0.96% of total loans, at June 30, 2024, compared to $20.3 million, or 1.00% of total loans, at December 31, 2023.
  • The company repurchased 206,600 shares of common stock under the 2022 plan and 63,241 shares of common stock under the 2024 plan, with an average price per share of $6.64 and $6.57, respectively.
  • The book value per share was $11.07 at June 30, 2024, compared to $10.96 at December 31, 2023, while tangible book value per share increased $0.11, or 1.1%, from $10.30 at December 31, 2023, to $10.41 at June 30, 2024.
  • The return on average assets and return on average equity were 0.55% and 6.03%, respectively, for the three months ended June 30, 2024, compared to 0.47% and 5.04%, respectively, for the three months ended March 31, 2024.
  • The net interest margin was 2.42% for the three months ended June 30, 2024, compared to 2.57% for the three months ended March 31, 2024.

Statistics:

  • Total deposits: $2.2 billion at June 30, 2024, an increase of $28.1 million, or 1.3%, from December 31, 2023.
  • Loan-to-deposit ratio: 93.3% at June 30, 2024, a decrease from 94.6% at December 31, 2023.
  • Allowance for credit losses: $19.4 million, or 0.96% of total loans, at June 30, 2024.
  • Return on average assets: 0.55% for the three months ended June 30, 2024.
  • Return on average equity: 6.03% for the three months ended June 30, 2024.
  • Net interest margin: 2.42% for the three months ended June 30, 2024.

Sources:

  • Western New England Bancorp, Inc. press release, August 14, 2024.
  • GlobeNewswire, August 14, 2024.