Western New England Bancorp, Inc. - WNEB STOCK NEWS

Western New England Bancorp, Inc. (WNEB) has completed its 2.4 million share repurchase plan at an average price of $8.40 per share as of October 13, 2022. This repurchase plan was authorized on April 27, 2021. The company has now authorized a new stock repurchase plan, allowing the repurchase of up to 1.1 million shares, which constitutes about 5% of its outstanding shares, following the completion of the previous plan. Share repurchases may occur in open market or through negotiated transactions based on various factors, including market conditions.

Western New England Bancorp (WNEB) reported a net income of $5.5 million for Q2 2022, a slight decrease from $5.7 million in Q2 2021. The diluted earnings per share rose to $0.25, up from $0.24 year-over-year. For the first half of 2022, net income was $10.9 million, compared to $11.4 million in the same period last year. A quarterly cash dividend of $0.06 per share was declared, payable on August 24, 2022. The Board also approved a 5% share repurchase plan, enabling the buyback of up to 1.1 million shares.

Western New England Bancorp (WNEB) reported a net income of $5.3 million for Q1 2022, maintaining $0.24 per diluted share. This is a decrease from $5.8 million in the same quarter of 2021. The Board declared a $0.06 per share dividend, payable on or about May 25, 2022. Key highlights include a 4.4% increase in total loans, primarily in commercial real estate, and a decrease in nonperforming loans to 0.21%. The company remains optimistic amidst economic challenges and anticipates growth in 2022.

Western New England Bancorp (WNEB) reported a strong performance for Q4 and FY 2021, with net income of $6.2 million for the fourth quarter and $23.7 million for the entire year, representing a significant increase from the previous year. The company declared a quarterly cash dividend of $0.06 per share, up 20%, to be paid on February 23, 2022. Total loans were $1.9 billion, down 3.3%, but core deposits surged by 27.7% to $1.8 billion. The allowance for loan losses stood at 1.06% of total loans, reflecting strong asset quality. Despite challenges, WNEB aims for continued growth in 2022.

Western New England Bancorp (WNEB) reported strong financial results for Q3 2021, with a net income of $6.0 million ($0.27/share), up from $2.1 million ($0.08/share) in Q3 2020. Year-to-date net income reached $17.5 million ($0.74/share), a significant increase from $6.2 million ($0.25/share) last year. The Board declared a $0.05 cash dividend, payable on November 24, 2021. Increases in deposits and a decrease in interest expense contributed to a 20% rise in net interest income. Non-performing loans dropped to 0.32% of total loans, highlighting improved credit quality.

Western New England Bancorp (WNEB) reported a robust net income of $5.7 million for Q2 2021, up from $2.0 million in Q2 2020, marking a 179.7% increase. The company declared a quarterly dividend of $0.05 per share, payable on August 25, 2021. Total deposits rose 12.0% year-over-year to $2.2 billion, reflecting strong earnings amid the ongoing challenges posed by COVID-19. Loan deferrals dramatically declined from 14.7% to 3.2%, demonstrating improved asset quality. However, net interest margin slightly decreased from 3.03% to 2.98% due to excess cash.

Western New England Bancorp (WNEB) announced the completion of its stock repurchase plan on May 20, 2021, having repurchased 1.3 million shares, about 5% of its outstanding stock. Following this, a new plan has been authorized to repurchase up to 2.4 million shares, representing approximately 10% of outstanding shares. The company emphasizes that these actions aim to enhance shareholder value, reflecting strong management confidence in the future.

Western New England Bancorp (WNEB) reported a net income of $5.8 million, or $0.24 per diluted share for Q1 2021, up from $2.1 million the previous year. The company declared a quarterly cash dividend of $0.05 per share, payable on May 26, 2021, to shareholders on record by May 12, 2021. A new share repurchase plan allows for the buyback of up to 2.4 million shares. Additionally, a successful private placement of $20 million in subordinated debt has been completed to fund organic growth and share repurchases.

Western New England Bancorp (WNEB) announced a successful private placement of $20 million in 4.875% fixed-to-floating subordinated notes due 2031. The notes will provide a fixed interest rate for the first five years and will transition to a floating rate thereafter. These notes qualify as Tier 2 capital, with proceeds earmarked for corporate purposes, including growth and share repurchase. The offering is unregistered under the Securities Act and is subject to regulatory approvals for redemption. The maturity date is May 1, 2031.