Western New England Bancorp, Inc. Reports Results for Three and Nine Months Ended September 30, 2024 and Declares Quarterly Cash Dividend
Western New England Bancorp reported net income of $1.9 million ($0.09 per diluted share) for Q3 2024, down from $4.5 million ($0.21 per diluted share) in Q3 2023. The Board declared a quarterly cash dividend of $0.07 per share, payable November 21, 2024. Total deposits increased $80.5 million (3.8%) while total loans grew $21.7 million (1.1%) from year-end. The company maintains strong asset quality with nonperforming loans at 0.24% of total loans. During the first nine months of 2024, the company repurchased 714,282 shares at an average price of $7.61 per share.
Western New England Bancorp ha riportato un utile netto di 1,9 milioni di dollari (0,09 dollari per azione diluita) per il terzo trimestre del 2024, in diminuzione rispetto a 4,5 milioni di dollari (0,21 dollari per azione diluita) nel terzo trimestre del 2023. Il Consiglio ha dichiarato un dividendo in contante trimestrale di 0,07 dollari per azione, pagabile il 21 novembre 2024. I depositi totali sono aumentati di 80,5 milioni di dollari (3,8%) mentre i prestiti totali sono cresciuti di 21,7 milioni di dollari (1,1%) rispetto alla fine dell'anno. L'azienda mantiene una forte qualità degli attivi con prestiti non performanti allo 0,24% del totale dei prestiti. Nei primi nove mesi del 2024, l'azienda ha riacquistato 714.282 azioni a un prezzo medio di 7,61 dollari per azione.
Western New England Bancorp reportó un ingreso neto de 1.9 millones de dólares (0.09 dólares por acción diluida) para el tercer trimestre de 2024, disminuyendo desde 4.5 millones de dólares (0.21 dólares por acción diluida) en el tercer trimestre de 2023. La Junta declaró un dividendo en efectivo trimestral de 0.07 dólares por acción, pagadero el 21 de noviembre de 2024. Los depósitos totales aumentaron en 80.5 millones de dólares (3.8%) mientras que los préstamos totales crecieron en 21.7 millones de dólares (1.1%) desde el final del año. La empresa mantiene una sólida calidad de activos con préstamos no rentables en el 0.24% del total de préstamos. Durante los primeros nueve meses de 2024, la empresa recompra 714,282 acciones a un precio promedio de 7.61 dólares por acción.
웨스턴 뉴잉글랜드 뱅콥은 2024년 3분기 동안 190만 달러 (희석주당 0.09달러)의 순이익을 보고했으며, 2023년 3분기의 450만 달러 (희석주당 0.21달러)에서 감소했습니다. 이사회는 주당 0.07달러의 분기 현금 배당금을 선언했으며, 2024년 11월 21일에 지급될 예정입니다. 총 예금은 8050만 달러(3.8%) 증가했으며, 총 대출은 연말 대비 2170만 달러(1.1%) 증가했습니다. 회사는 총 대출의 0.24%에 해당하는 부실 대출로 강력한 자산 품질을 유지하고 있습니다. 2024년 첫 9개월 동안, 회사는 주당 평균 7.61달러에 714,282주를 재매입했습니다.
Western New England Bancorp a rapporté un résultat net de 1,9 million de dollars (0,09 dollars par action diluée) pour le troisième trimestre 2024, en baisse par rapport à 4,5 millions de dollars (0,21 dollars par action diluée) pour le troisième trimestre 2023. Le Conseil a déclaré un dividende en espèces trimestriel de 0,07 dollars par action, payable le 21 novembre 2024. Les dépôts totaux ont augmenté de 80,5 millions de dollars (3,8%) tandis que les prêts totaux ont progressé de 21,7 millions de dollars (1,1%) par rapport à la fin de l'année. La société maintient une solide qualité d'actifs avec des prêts non performants à 0,24% des prêts totaux. Au cours des neuf premiers mois de 2024, la société a racheté 714 282 actions à un prix moyen de 7,61 dollars par action.
Western New England Bancorp hat für das 3. Quartal 2024 ein Nettoergebnis von 1,9 Millionen US-Dollar (0,09 US-Dollar pro verwässerter Aktie) berichtet, was ein Rückgang von 4,5 Millionen US-Dollar (0,21 US-Dollar pro verwässerter Aktie) im 3. Quartal 2023 darstellt. Der Vorstand hat eine vierteljährliche Bar-Dividende von 0,07 US-Dollar pro Aktie erklärt, die am 21. November 2024 zahlbar ist. Die Gesamteinlagen stiegen um 80,5 Millionen US-Dollar (3,8%), während die Gesamtdarlehen um 21,7 Millionen US-Dollar (1,1%) seit Jahresende wuchsen. Das Unternehmen weist eine hohe Vermögensqualität auf, wobei die notleidenden Kredite 0,24% der Gesamtdarlehen ausmachen. In den ersten neun Monaten des Jahres 2024 hat das Unternehmen 714.282 Aktien zu einem durchschnittlichen Preis von 7,61 US-Dollar pro Aktie zurückgekauft.
- Strong liquidity position with $1.1 billion in immediately available liquidity
- Total deposits increased by $80.5 million (3.8%) from year-end
- Total loans grew by $21.7 million (1.1%) from year-end
- Strong asset quality with nonperforming loans at only 0.24% of total loans
- Book value per share increased $0.44 (4.0%) to $11.40
- Net income declined 57.8% to $1.9M in Q3 2024 from $4.5M in Q3 2023
- Net interest margin decreased to 2.40% from 2.70% year-over-year
- Core deposits decreased $8.3 million (0.5%) from year-end
- Earnings per share dropped to $0.09 from $0.21 year-over-year
- Efficiency ratio increased to 80.6% from 78.2% quarter-over-quarter
WESTFIELD, Mass., Oct. 23, 2024 (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 nine months ended September 30, 2024. For the three months ended September 30, 2024, the Company reported net income of
The Company also announced that the Board of Directors declared a quarterly cash dividend of
James C. Hagan, President and Chief Executive Officer, commented, “We believe our Company continues to be well positioned with strong capital and access to various liquidity sources. Our financial performance has been largely impacted by the unprecedented interest rate cycle and higher funding costs in response to the sustained increase in interest rates over the last 18-24 months. While it remains unclear whether the recent decrease in interest rates represents an end to this trend, the balance sheet is positioned to benefit from this decrease and the challenge will begin to subside as our liabilities begin to reprice lower. As we continue to manage the balance sheet in this uncertain interest rate environment, we remain focused on expense management initiatives to mitigate top line pressures and improve efficiencies over the Company’s long-term. The Company also continues to focus on our core business to grow loans and deposits as well as retention of our customers. Total deposits increased
Hagan concluded, “The Company is considered to be well-capitalized as defined by the regulators and we remain disciplined in our capital management strategies. During the nine months ended September 30, 2024, we repurchased 714,282 shares of the Company’s common stock at an average price per share of
Key Highlights:
Loans and Deposits
At September 30, 2024, total loans were
At September 30, 2024, total deposits were
Liquidity
The Company’s liquidity position remains strong with solid core deposit relationships, cash, unencumbered securities, a diversified deposit base and access to diversified borrowing sources. At September 30, 2024, the Company had
Allowance for Loan Losses and Credit Quality
At September 30, 2024, the allowance for credit losses was
Net Interest Margin
The net interest margin was
Stock Repurchase Program
On June 10, 2024, the Company announced the completion of its previously authorized stock repurchase plan (the “2022 Plan”) pursuant to which the Company was authorized to repurchase up to 1.1 million shares, or approximately
During the three months ended September 30, 2024, the Company repurchased 244,441 shares of common stock under the 2024 Plan, with an average price per share of
The repurchase of shares under the stock repurchase program is administered through an independent broker. The shares of common stock repurchased under the 2024 Plan have been and will continue to be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, or otherwise, depending upon market conditions. There is no guarantee as to the exact number, or value, of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that the Company’s management (“Management”) determines additional repurchases are not warranted. The timing and amount of additional share repurchases under the 2024 Plan will depend on a number of factors, including the Company’s stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements.
Book Value and Tangible Book Value
The Company’s book value per share was
Net Income for the Three Months Ended September 30, 2024 Compared to the Three Months Ended June 30, 2024
The Company reported net income of
Net Interest Income and Net Interest Margin
On a sequential quarter basis, net interest income, our primary driver of revenues, increased
The net interest margin was
The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was
The average cost of total funds, including non-interest bearing accounts and borrowings, increased eight basis points from
Provision for (Reversal of) Credit Losses
During the three months ended September 30, 2024, the Company recorded a provision for credit losses of
During the three months ended September 30, 2024, the Company recorded net charge-offs of
Non-Interest Income
On a sequential quarter basis, non-interest income decreased
Non-Interest Expense
For the three months ended September 30, 2024, non-interest expense increased
For the three months ended September 30, 2024, the efficiency ratio was
Income Tax Provision
Income tax expense for the three months ended September 30, 2024 was
Net Income for the Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023.
The Company reported net income of
Net Interest Income and Net Interest Margin
Net interest income decreased
The net interest margin was
The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was
The average cost of total funds, including non-interest bearing accounts and borrowings, increased 60 basis points from
Provision for Credit Losses
During the three months ended September 30, 2024, the Company recorded a provision for credit losses of
The Company recorded net charge-offs of
Non-Interest Income
Non-interest income decreased
Non-Interest Expense
For the three months ended September 30, 2024, non-interest expense increased
For the three months ended September 30, 2024, the efficiency ratio was
Income Tax Provision
Income tax expense for the three months ended September 30, 2024 was
Net Income for the Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
For the nine months ended September 30, 2024, the Company reported net income of
Net Interest Income and Net Interest Margin
During the nine months ended September 30, 2024, net interest income decreased
The net interest margin for the nine months ended September 30, 2024 was
The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was
The average cost of total funds, including non-interest bearing accounts and borrowings, increased 80 basis points from
Provision for Credit Losses
During the nine months ended September 30, 2024, the Company recorded a provision for credit losses of
During the nine months ended September 30, 2024, the Company recorded net charge-offs of
Non-Interest Income
For the nine months ended September 30, 2024, non-interest income increased
During the nine months ended September 30, 2024, the Company reported a gain of
Non-Interest Expense
For the nine months ended September 30, 2024, non-interest expense decreased
For the nine months ended September 30, 2024, the efficiency ratio was
Income Tax Provision
Income tax expense for the nine months ended September 30, 2024 was
Balance Sheet
At September 30, 2024, total assets were
Investments
At September 30, 2024, the investment securities portfolio totaled
At September 30, 2024, the Company reported unrealized losses on the AFS securities portfolio of
The securities in which the Company may invest are limited by regulation. Federally chartered savings banks have authority to invest in various types of assets, including U.S. Treasury obligations, securities of various government-sponsored enterprises, mortgage-backed securities, certain certificates of deposit of insured financial institutions, repurchase agreements, overnight and short-term loans to other banks, corporate debt instruments and marketable equity securities. The securities, with the exception of
Management regularly reviews the portfolio for securities in an unrealized loss position. At September 30, 2024 and December 31, 2023, the Company did not record any credit impairment charges on its securities portfolio and attributed the unrealized losses primarily due to fluctuations in general interest rates or changes in expected prepayments and not due to credit quality. The primary objective of the Company’s investment portfolio is to provide liquidity and to secure municipal deposit accounts while preserving the safety of principal. The Company expects to strategically redeploy available cash flows from the securities portfolio to fund loan growth and deposit outflows.
Total Loans
Total loans increased
The following table presents the summary of the loan portfolio by the major classification of the loan at the periods indicated:
| September 30, 2024 | December 31, 2023 | ||||||
| (Dollars in thousands) | |||||||
| Commercial real estate loans: | |||||||
| Non-owner occupied | $ | 878,265 | $ | 881,643 | |||
| Owner-occupied | 204,524 | 198,108 | |||||
| Total commercial real estate loans | 1,082,789 | 1,079,751 | |||||
| Residential real estate loans: | |||||||
| Residential | 631,649 | 612,315 | |||||
| Home equity | 116,923 | 109,839 | |||||
| Total residential real estate loans | 748,572 | 722,154 | |||||
| Commercial and industrial loans | 210,390 | 217,447 | |||||
| Consumer loans | 4,631 | 5,472 | |||||
| Total gross loans | 2,046,382 | 2,024,824 | |||||
| Unamortized premiums and net deferred loans fees and costs | 2,620 | 2,493 | |||||
| Total loans | $ | 2,049,002 | $ | 2,027,317 | |||
Credit Quality
Management continues to closely monitor the loan portfolio for any signs of deterioration in borrowers’ financial condition and also in light of speculation that commercial real estate values may deteriorate as the market continues to adjust to higher vacancies and interest rates. We continue to proactively take steps to mitigate risk in our loan portfolio.
Total delinquency was
At September 30, 2024, the allowance for credit losses as a percentage of total loans was
Total classified loans, defined as special mention and substandard loans, increased
Deposits
Total deposits increased
The table below is a summary of our deposit balances for the periods noted:
| September 30, 2024 | June 30, 2024 | December 31, 2023 | |||||||||
| (Dollars in thousands) | |||||||||||
| Core Deposits: | |||||||||||
| Demand accounts | $ | 568,685 | $ | 553,329 | $ | 579,595 | |||||
| Interest-bearing accounts | 140,332 | 149,100 | 131,031 | ||||||||
| Savings accounts | 179,214 | 186,171 | 187,405 | ||||||||
| Money market accounts | 635,824 | 611,501 | 634,361 | ||||||||
| Total Core Deposits | $ | 1,524,055 | $ | 1,500,101 | $ | 1,532,392 | |||||
| Time Deposits: | 700,151 | 671,708 | 611,352 | ||||||||
| Total Deposits: | $ | 2,224,206 | $ | 2,171,809 | $ | 2,143,744 | |||||
During the nine months ended September 30, 2024, the Company continued to experience an unfavorable shift in deposit mix from low cost core deposits to high cost time deposits as customers continue to migrate to higher deposit rates. The Company continues to focus on the maintenance, development, and expansion of its core deposit base to meet funding requirements and liquidity needs, with an emphasis on retaining a long-term customer relationship base by competing for and retaining deposits in our local market. At September 30, 2024, the Bank’s uninsured deposits represented
FHLB and Subordinated Debt
At September 30, 2024, total borrowings decreased
The Company utilized the Bank Term Funding Program (“BTFP”), which was created in March 2023 to enhance banking system liquidity by allowing institutions to pledge certain securities at par value and borrow at a rate of ten basis points over the one-year overnight index swap rate. The BTFP was available to federally insured depository institutions in the U.S., with advances having a term of up to one year with no prepayment penalties. The BTFP ceased extending new advances in March 2024. At December 31, 2023, the Company’s outstanding balance under the BTFP was
As of September 30, 2024, the Company had
Capital
At September 30, 2024, shareholders’ equity was
The Company’s regulatory capital ratios continue to be strong and in excess of regulatory minimum requirements to be considered well-capitalized as defined by regulators and internal Company targets. Total Risk-Based Capital Ratio was
Dividends
Although the Company has historically paid quarterly dividends on its common stock and currently intends to continue to pay such dividends, the Company’s ability to pay such dividends depends on a number of factors, including restrictions under federal laws and regulations on the Company’s ability to pay dividends, and as a result, there can be no assurance that dividends will continue to be paid in the future.
About Western New England Bancorp, Inc.
Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Company’s financial condition, liquidity, results of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to:
- unpredictable changes in general economic conditions, financial markets, fiscal, monetary and regulatory policies, including actual or potential stress in the banking industry;
- the duration and scope of potential pandemics, including the emergence of new variants and the response thereto;
- unstable political and economic conditions which could materially impact credit quality trends and the ability to generate loans and gather deposits;
- inflation and governmental responses to inflation, including recent sustained increases and potential future increases in interest rates that reduce margins;
- the effect on our operations of governmental legislation and regulation, including changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Basel guidelines, capital requirements and other applicable laws and regulations;
- significant changes in accounting, tax or regulatory practices or requirements;
- new legal obligations or liabilities or unfavorable resolutions of litigation;
- disruptive technologies in payment systems and other services traditionally provided by banks;
- the highly competitive industry and market area in which we operate;
- 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, business interruption, and fraud risks;
- failure or circumvention of our internal controls or procedures;
- changes in the securities markets which affect investment management revenues;
- increases in Federal Deposit Insurance Corporation deposit insurance premiums and assessments;
- the soundness of other financial services institutions which may adversely affect our credit risk;
- certain of our intangible assets may become impaired in the future;
- new lines of business or new products and services, which may subject us to additional risks;
- changes in key management personnel which may adversely impact our operations;
- severe weather, natural disasters, acts of war or terrorism and other external events which could significantly impact our business; and
- other risk factors detailed from time to time in our SEC filings.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.
| WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES Consolidated Statements of Net Income and Other Data (Dollars in thousands, except per share data) Unaudited) | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | |||||||||||||||
| INTEREST AND DIVIDEND INCOME: | |||||||||||||||||||||
| Loans | $ | 25,134 | $ | 24,340 | $ | 24,241 | $ | 23,939 | $ | 23,451 | $ | 73,715 | $ | 67,230 | |||||||
| Securities | 2,121 | 2,141 | 2,114 | 2,094 | 2,033 | 6,376 | 6,276 | ||||||||||||||
| Other investments | 189 | 148 | 136 | 140 | 166 | 473 | 418 | ||||||||||||||
| Short-term investments | 396 | 173 | 113 | 597 | 251 | 682 | 424 | ||||||||||||||
| Total interest and dividend income | 27,840 | 26,802 | 26,604 | 26,770 | 25,901 | 81,246 | 74,348 | ||||||||||||||
| INTEREST EXPENSE: | |||||||||||||||||||||
| Deposits | 11,165 | 10,335 | 9,293 | 8,773 | 7,704 | 30,793 | 17,876 | ||||||||||||||
| Short-term borrowings | 71 | 186 | 283 | 123 | 117 | 540 | 1,466 | ||||||||||||||
| Long-term debt | 1,622 | 1,557 | 1,428 | 1,444 | 1,444 | 4,607 | 2,513 | ||||||||||||||
| Subordinated debt | 254 | 254 | 254 | 254 | 253 | 762 | 760 | ||||||||||||||
| Total interest expense | 13,112 | 12,332 | 11,258 | 10,594 | 9,518 | 36,702 | 22,615 | ||||||||||||||
| Net interest and dividend income | 14,728 | 14,470 | 15,346 | 16,176 | 16,383 | 44,544 | 51,733 | ||||||||||||||
| PROVISION FOR (REVERSAL OF) CREDIT LOSSES | 941 | (294 | ) | (550 | ) | 486 | 354 | 97 | 386 | ||||||||||||
| Net interest and dividend income after provision for (reversal of) credit losses | 13,787 | 14,764 | 15,896 | 15,690 | 16,029 | 44,447 | 51,347 | ||||||||||||||
| NON-INTEREST INCOME: | |||||||||||||||||||||
| Service charges and fees on deposits | 2,341 | 2,341 | 2,219 | 2,283 | 2,145 | 6,901 | 6,573 | ||||||||||||||
| Income from bank-owned life insurance | 470 | 502 | 453 | 432 | 454 | 1,425 | 1,388 | ||||||||||||||
| Unrealized gain (loss) on marketable equity securities | 10 | 4 | 8 | (1 | ) | - | 22 | - | |||||||||||||
| Gain on sale of mortgages | 246 | - | - | - | - | 246 | - | ||||||||||||||
| Gain on non-marketable equity investments | - | 987 | - | - | 238 | 987 | 590 | ||||||||||||||
| Loss on disposal of premises and equipment | - | - | (6 | ) | - | (3 | ) | (6 | ) | (3 | ) | ||||||||||
| Loss on defined benefit plan termination | - | - | - | - | - | - | (1,143 | ) | |||||||||||||
| Gain on bank-owned life insurance death benefit | - | - | - | - | 778 | - | 778 | ||||||||||||||
| Other income | 74 | - | - | - | - | 74 | - | ||||||||||||||
| Total non-interest income | 3,141 | 3,834 | 2,674 | 2,714 | 3,612 | 9,649 | 8,183 | ||||||||||||||
| NON-INTEREST EXPENSE: | |||||||||||||||||||||
| Salaries and employees benefits | 8,112 | 7,901 | 8,244 | 7,739 | 7,955 | 24,257 | 24,475 | ||||||||||||||
| Occupancy | 1,217 | 1,218 | 1,363 | 1,198 | 1,159 | 3,798 | 3,710 | ||||||||||||||
| Furniture and equipment | 483 | 483 | 484 | 494 | 482 | 1,450 | 1,460 | ||||||||||||||
| Data processing | 869 | 846 | 862 | 788 | 824 | 2,577 | 2,369 | ||||||||||||||
| Software | 612 | 566 | 699 | 598 | 529 | 1,877 | 1,568 | ||||||||||||||
| Debit/ATM card processing expense | 649 | 643 | 552 | 559 | 562 | 1,844 | 1,580 | ||||||||||||||
| Professional fees | 540 | 581 | 569 | 674 | 643 | 1,690 | 2,203 | ||||||||||||||
| FDIC insurance | 338 | 323 | 410 | 338 | 341 | 1,071 | 983 | ||||||||||||||
| Advertising | 271 | 339 | 349 | 377 | 362 | 959 | 1,118 | ||||||||||||||
| Other | 1,315 | 1,414 | 1,250 | 2,020 | 1,261 | 3,979 | 4,099 | ||||||||||||||
| Total non-interest expense | 14,406 | 14,314 | 14,782 | 14,785 | 14,118 | 43,502 | 43,565 | ||||||||||||||
| INCOME BEFORE INCOME TAXES | 2,522 | 4,284 | 3,788 | 3,619 | 5,523 | 10,594 | 15,965 | ||||||||||||||
| INCOME TAX PROVISION | 618 | 771 | 827 | 1,108 | 1,033 | 2,216 | 3,408 | ||||||||||||||
| NET INCOME | $ | 1,904 | $ | 3,513 | $ | 2,961 | $ | 2,511 | $ | 4,490 | $ | 8,378 | $ | 12,557 | |||||||
| Basic earnings per share | $ | 0.09 | $ | 0.17 | $ | 0.14 | $ | 0.12 | $ | 0.21 | $ | 0.40 | $ | 0.58 | |||||||
| Weighted average shares outstanding | 20,804,162 | 21,056,173 | 21,180,968 | 21,253,452 | 21,560,940 | 21,013,003 | 21,631,067 | ||||||||||||||
| Diluted earnings per share | $ | 0.09 | $ | 0.17 | $ | 0.14 | $ | 0.12 | $ | 0.21 | $ | 0.40 | $ | 0.58 | |||||||
| Weighted average diluted shares outstanding | 20,933,833 | 21,163,762 | 21,271,323 | 21,400,664 | 21,680,113 | 21,122,208 | 21,681,251 | ||||||||||||||
| Other Data: | |||||||||||||||||||||
| Return on average assets (1) | 0.29 | % | 0.55 | % | 0.47 | % | 0.39 | % | 0.70 | % | 0.44 | % | 0.66 | % | |||||||
| Return on average equity (1) | 3.19 | % | 6.03 | % | 5.04 | % | 4.31 | % | 7.60 | % | 4.74 | % | 7.19 | % | |||||||
| Efficiency ratio | 80.62 | % | 78.20 | % | 82.03 | % | 78.27 | % | 70.61 | % | 80.27 | % | 72.71 | % | |||||||
| Adjusted efficiency ratio (2) | 80.67 | % | 82.68 | % | 82.04 | % | 78.26 | % | 74.38 | % | 81.79 | % | 72.98 | % | |||||||
| Net interest margin | 2.40 | % | 2.42 | % | 2.57 | % | 2.64 | % | 2.70 | % | 2.46 | % | 2.88 | % | |||||||
| Net interest margin, on a fully tax-equivalent basis | 2.42 | % | 2.44 | % | 2.59 | % | 2.66 | % | 2.72 | % | 2.48 | % | 2.90 | % | |||||||
| (1) Annualized. | |||||||||||||||||||||
| (2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, loss on disposal of premises and equipment, loss on defined benefit plan termination and gain on bank-owned life insurance death benefit. | |||||||||||||||||||||
| WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Dollars in thousands) (Unaudited) | |||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||
| Cash and cash equivalents | $ | 72,802 | $ | 53,458 | $ | 22,613 | $ | 28,840 | $ | 62,267 | |||||||||
| Securities available-for-sale, at fair value | 155,889 | 135,089 | 138,362 | 137,115 | 130,709 | ||||||||||||||
| Securities held to maturity, at amortized cost | 213,266 | 217,632 | 221,242 | 223,370 | 225,020 | ||||||||||||||
| Marketable equity securities, at fair value | 252 | 233 | 222 | 196 | - | ||||||||||||||
| Federal Home Loan Bank of Boston and other restricted stock - at cost | 7,143 | 7,143 | 3,105 | 3,707 | 3,063 | ||||||||||||||
| Loans | 2,049,002 | 2,026,226 | 2,025,566 | 2,027,317 | 2,014,820 | ||||||||||||||
| Allowance for credit losses | (19,955 | ) | (19,444 | ) | (19,884 | ) | (20,267 | ) | (19,978 | ) | |||||||||
| Net loans | 2,029,047 | 2,006,782 | 2,005,682 | 2,007,050 | 1,994,842 | ||||||||||||||
| Bank-owned life insurance | 76,570 | 76,100 | 75,598 | 75,145 | 74,713 | ||||||||||||||
| Goodwill | 12,487 | 12,487 | 12,487 | 12,487 | 12,487 | ||||||||||||||
| Core deposit intangible | 1,531 | 1,625 | 1,719 | 1,813 | 1,906 | ||||||||||||||
| Other assets | 71,492 | 75,521 | 76,206 | 74,848 | 79,998 | ||||||||||||||
| TOTAL ASSETS | $ | 2,640,479 | $ | 2,586,070 | $ | 2,557,236 | $ | 2,564,571 | $ | 2,585,005 | |||||||||
| Total deposits | $ | 2,224,206 | $ | 2,171,809 | $ | 2,143,747 | $ | 2,143,744 | $ | 2,176,303 | |||||||||
| Short-term borrowings | 4,390 | 6,570 | 11,470 | 16,100 | 8,890 | ||||||||||||||
| Long-term debt | 128,277 | 128,277 | 120,646 | 120,646 | 121,178 | ||||||||||||||
| Subordinated debt | 19,741 | 19,731 | 19,722 | 19,712 | 19,702 | ||||||||||||||
| Securities pending settlement | 2,513 | 102 | - | - | 2,253 | ||||||||||||||
| Other liabilities | 20,697 | 23,104 | 25,855 | 26,960 | 25,765 | ||||||||||||||
| TOTAL LIABILITIES | 2,399,824 | 2,349,593 | 2,321,440 | 2,327,162 | 2,354,091 | ||||||||||||||
| TOTAL SHAREHOLDERS' EQUITY | 240,655 | 236,477 | 235,796 | 237,409 | 230,914 | ||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,640,479 | $ | 2,586,070 | $ | 2,557,236 | $ | 2,564,571 | $ | 2,585,005 | |||||||||
| WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES Other Data (Dollars in thousands, except per share data) (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||
| Shares outstanding at end of period | 21,113,408 | 21,357,849 | 21,627,690 | 21,666,807 | 21,927,242 | ||||||||||||||
| Operating results: | |||||||||||||||||||
| Net interest income | $ | 14,728 | $ | 14,470 | $ | 15,346 | $ | 16,176 | $ | 16,383 | |||||||||
| Provision for (reversal of) credit losses | 941 | (294 | ) | (550 | ) | 486 | 354 | ||||||||||||
| Non-interest income | 3,141 | 3,834 | 2,674 | 2,714 | 3,612 | ||||||||||||||
| Non-interest expense | 14,406 | 14,314 | 14,782 | 14,785 | 14,118 | ||||||||||||||
| Income before income provision for income taxes | 2,522 | 4,284 | 3,788 | 3,619 | 5,523 | ||||||||||||||
| Income tax provision | 618 | 771 | 827 | 1,108 | 1,033 | ||||||||||||||
| Net income | 1,904 | 3,513 | 2,961 | 2,511 | 4,490 | ||||||||||||||
| Performance Ratios: | |||||||||||||||||||
| Net interest margin | 2.40 | % | 2.42 | % | 2.57 | % | 2.64 | % | 2.70 | % | |||||||||
| Net interest margin, on a fully tax-equivalent basis | 2.42 | % | 2.44 | % | 2.59 | % | 2.66 | % | 2.72 | % | |||||||||
| Interest rate spread | 1.60 | % | 1.66 | % | 1.85 | % | 1.96 | % | 2.07 | % | |||||||||
| Interest rate spread, on a fully tax-equivalent basis | 1.62 | % | 1.67 | % | 1.86 | % | 1.98 | % | 2.09 | % | |||||||||
| Return on average assets | 0.29 | % | 0.55 | % | 0.47 | % | 0.39 | % | 0.70 | % | |||||||||
| Return on average equity | 3.19 | % | 6.03 | % | 5.04 | % | 4.31 | % | 7.60 | % | |||||||||
| Efficiency ratio (GAAP) | 80.62 | % | 78.20 | % | 82.03 | % | 78.27 | % | 70.61 | % | |||||||||
| Adjusted efficiency ratio (non-GAAP) (1) | 80.67 | % | 82.68 | % | 82.04 | % | 78.26 | % | 74.38 | % | |||||||||
| Per Common Share Data: | |||||||||||||||||||
| Basic earnings per share | $ | 0.09 | $ | 0.17 | $ | 0.14 | $ | 0.12 | $ | 0.21 | |||||||||
| Earnings per diluted share | 0.09 | 0.17 | 0.14 | 0.12 | 0.21 | ||||||||||||||
| Cash dividend declared | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | ||||||||||||||
| Book value per share | 11.40 | 11.07 | 10.90 | 10.96 | 10.53 | ||||||||||||||
| Tangible book value per share (non-GAAP) (2) | 10.73 | 10.41 | 10.25 | 10.30 | 9.87 | ||||||||||||||
| Asset Quality: | |||||||||||||||||||
| 30-89 day delinquent loans | $ | 3,059 | $ | 3,270 | $ | 3,000 | $ | 4,605 | $ | 4,097 | |||||||||
| 90 days or more delinquent loans | 1,253 | 2,280 | 1,716 | 1,394 | 1,527 | ||||||||||||||
| Total delinquent loans | 4,312 | 5,550 | 4,716 | 5,999 | 5,624 | ||||||||||||||
| Total delinquent loans as a percentage of total loans | 0.21 | % | 0.27 | % | 0.23 | % | 0.30 | % | 0.28 | % | |||||||||
| Nonperforming loans | $ | 4,873 | $ | 5,845 | $ | 5,837 | $ | 6,421 | $ | 6,290 | |||||||||
| Nonperforming loans as a percentage of total loans | 0.24 | % | 0.29 | % | 0.29 | % | 0.32 | % | 0.31 | % | |||||||||
| Nonperforming assets as a percentage of total assets | 0.18 | % | 0.23 | % | 0.23 | % | 0.25 | % | 0.24 | % | |||||||||
| Allowance for credit losses as a percentage of nonperforming loans | 409.50 | % | 332.66 | % | 340.65 | % | 315.64 | % | 317.62 | % | |||||||||
| Allowance for credit losses as a percentage of total loans | 0.97 | % | 0.96 | % | 0.98 | % | 1.00 | % | 0.99 | % | |||||||||
| Net loan charge-offs (recoveries) | $ | 98 | $ | 10 | $ | (67 | ) | $ | 136 | $ | 78 | ||||||||
| Net loan charge-offs (recoveries) as a percentage of average loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | |||||||||
____________________________
(1) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, loss on disposal of premises and equipment, loss on defined benefit plan termination and gain on bank-owned life insurance death benefit.
(2) Tangible book value per share (non-GAAP) represents the value of the Company’s tangible assets divided by its current outstanding shares.
The following table sets forth the information relating to our average balances and net interest income for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.
| Three Months Ended | ||||||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||||||||||||||
| Average | Average Yield/ | Average | Average Yield/ | Average | Average Yield/ | |||||||||||||||||||||||||
| Balance | Interest | Cost(8) | Balance | Interest | Cost(8) | Balance | Interest | Cost(8) | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||
| ASSETS: | ||||||||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||
| Loans(1)(2) | $ | 2,038,593 | $ | 25,253 | 4.93 | % | $ | 2,017,127 | $ | 24,454 | 4.88 | % | $ | 2,007,267 | $ | 23,568 | 4.66 | % | ||||||||||||
| Securities(2) | 354,696 | 2,121 | 2.38 | 354,850 | 2,141 | 2.43 | 361,216 | 2,033 | 2.23 | |||||||||||||||||||||
| Other investments | 15,904 | 189 | 4.73 | 14,328 | 148 | 4.15 | 12,155 | 166 | 5.42 | |||||||||||||||||||||
| Short-term investments(3) | 32,043 | 396 | 4.92 | 14,328 | 173 | 4.86 | 22,349 | 251 | 4.46 | |||||||||||||||||||||
| Total interest-earning assets | 2,441,236 | 27,959 | 4.56 | 2,400,633 | 26,916 | 4.51 | 2,402,987 | 26,018 | 4.30 | |||||||||||||||||||||
| Total non-interest-earning assets | 153,585 | 156,701 | 156,503 | |||||||||||||||||||||||||||
| Total assets | $ | 2,594,821 | $ | 2,557,334 | $ | 2,559,490 | ||||||||||||||||||||||||
| LIABILITIES AND EQUITY: | ||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||
| Interest-bearing checking accounts | $ | 131,133 | 271 | 0.82 | $ | 131,449 | 253 | 0.77 | $ | 144,792 | 269 | 0.74 | ||||||||||||||||||
| Savings accounts | 179,844 | 38 | 0.08 | 185,690 | 51 | 0.11 | 195,020 | 41 | 0.08 | |||||||||||||||||||||
| Money market accounts | 621,340 | 3,172 | 2.03 | 622,062 | 2,930 | 1.89 | 656,066 | 2,488 | 1.50 | |||||||||||||||||||||
| Time deposit accounts | 688,797 | 7,684 | 4.44 | 650,054 | 7,101 | 4.39 | 563,135 | 4,906 | 3.46 | |||||||||||||||||||||
| Total interest-bearing deposits | 1,621,114 | 11,165 | 2.74 | 1,589,255 | 10,335 | 2.62 | 1,559,013 | 7,704 | 1.96 | |||||||||||||||||||||
| Borrowings | 153,317 | 1,947 | 5.05 | 160,484 | 1,997 | 5.00 | 149,507 | 1,814 | 4.81 | |||||||||||||||||||||
| Interest-bearing liabilities | 1,774,431 | 13,112 | 2.94 | 1,749,739 | 12,332 | 2.83 | 1,708,520 | 9,518 | 2.21 | |||||||||||||||||||||
| Non-interest-bearing deposits | 559,224 | 548,781 | 591,933 | |||||||||||||||||||||||||||
| Other non-interest-bearing liabilities | 23,466 | 24,453 | 24,504 | |||||||||||||||||||||||||||
| Total non-interest-bearing liabilities | 582,690 | 573,234 | 616,437 | |||||||||||||||||||||||||||
| Total liabilities | 2,357,121 | 2,322,973 | 2,324,957 | |||||||||||||||||||||||||||
| Total equity | 237,700 | 234,361 | 234,533 | |||||||||||||||||||||||||||
| Total liabilities and equity | $ | 2,594,821 | $ | 2,557,334 | $ | 2,559,490 | ||||||||||||||||||||||||
| Less: Tax-equivalent adjustment(2) | (119 | ) | (114 | ) | (117 | ) | ||||||||||||||||||||||||
| Net interest and dividend income | $ | 14,728 | $ | 14,470 | $ | 16,383 | ||||||||||||||||||||||||
| Net interest rate spread(4) | 1.60 | % | 1.66 | % | 2.07 | % | ||||||||||||||||||||||||
| Net interest rate spread, on a tax-equivalent basis(5) | 1.62 | % | 1.67 | % | 2.09 | % | ||||||||||||||||||||||||
| Net interest margin(6) | 2.40 | % | 2.42 | % | 2.70 | % | ||||||||||||||||||||||||
| Net interest margin, on a tax-equivalent basis(7) | 2.42 | % | 2.44 | % | 2.72 | % | ||||||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 137.58 | % | 137.20 | % | 140.65 | % | ||||||||||||||||||||||||
The following tables set forth the information relating to our average balances and net interest income for the nine months ended September 30, 2024 and 2023 and reflect the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.
| Nine Months Ended September 30, | |||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||
| Average Balance | Interest | Average Yield/ Cost(8) | Average Balance | Interest | Average Yield/ Cost(8) | ||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| ASSETS: | |||||||||||||||||||
| Interest-earning assets | |||||||||||||||||||
| Loans(1)(2) | $ | 2,025,858 | $ | 74,058 | 4.88 | % | $ | 2,002,485 | $ | 67,586 | 4.51 | % | |||||||
| Securities(2) | 356,340 | 6,376 | 2.39 | 372,623 | 6,276 | 2.25 | |||||||||||||
| Other investments | 14,248 | 473 | 4.43 | 12,528 | 418 | 4.46 | |||||||||||||
| Short-term investments(3) | 18,634 | 682 | 4.89 | 12,922 | 424 | 4.39 | |||||||||||||
| Total interest-earning assets | 2,415,080 | 81,589 | 4.51 | 2,400,558 | 74,704 | 4.16 | |||||||||||||
| Total non-interest-earning assets | 154,894 | 154,525 | |||||||||||||||||
| Total assets | $ | 2,569,974 | $ | 2,555,083 | |||||||||||||||
| LIABILITIES AND EQUITY: | |||||||||||||||||||
| Interest-bearing liabilities | |||||||||||||||||||
| Interest-bearing checking accounts | $ | 132,708 | 759 | 0.76 | % | $ | 142,716 | 780 | 0.73 | % | |||||||||
| Savings accounts | 183,872 | 128 | 0.09 | 207,513 | 142 | 0.09 | |||||||||||||
| Money market accounts | 623,216 | 8,689 | 1.86 | 711,173 | 6,813 | 1.28 | |||||||||||||
| Time deposit accounts | 655,700 | 21,217 | 4.32 | 498,193 | 10,141 | 2.72 | |||||||||||||
| Total interest-bearing deposits | 1,595,496 | 30,793 | 2.58 | 1,559,595 | 17,876 | 1.53 | |||||||||||||
| Short-term borrowings and long-term debt | 158,183 | 5,909 | 4.99 | 130,796 | 4,739 | 4.84 | |||||||||||||
| Total interest-bearing liabilities | 1,753,679 | 36,702 | 2.80 | 1,690,391 | 22,615 | 1.79 | |||||||||||||
| Non-interest-bearing deposits | 555,253 | 607,338 | |||||||||||||||||
| Other non-interest-bearing liabilities | 24,931 | 23,886 | |||||||||||||||||
| Total non-interest-bearing liabilities | 580,184 | 631,224 | |||||||||||||||||
| Total liabilities | 2,333,863 | 2,321,615 | |||||||||||||||||
| Total equity | 236,111 | 233,468 | |||||||||||||||||
| Total liabilities and equity | $ | 2,569,974 | $ | 2,555,083 | |||||||||||||||
| Less: Tax-equivalent adjustment (2) | (343 | ) | (356 | ) | |||||||||||||||
| Net interest and dividend income | $ | 44,544 | $ | 51,733 | |||||||||||||||
| Net interest rate spread (4) | 1.70 | % | 2.35 | % | |||||||||||||||
| Net interest rate spread, on a tax-equivalent basis (5) | 1.71 | % | 2.37 | % | |||||||||||||||
| Net interest margin (6) | 2.46 | % | 2.88 | % | |||||||||||||||
| Net interest margin, on a tax-equivalent basis (7) | 2.48 | % | 2.90 | % | |||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 137.72 | % | 142.01 | % | |||||||||||||||
(1) Loans, including nonaccrual loans, are net of deferred loan origination costs and unadvanced funds.
(2) Loan and securities income are presented on a tax-equivalent basis using a tax rate of
(3) Short-term investments include federal funds sold.
(4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(5) Net interest rate spread, on a tax-equivalent basis, represents the difference between the tax-equivalent weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(6) Net interest margin represents net interest and dividend income as a percentage of average interest-earning assets.
(7) Net interest margin, on a tax-equivalent basis, represents tax-equivalent net interest and dividend income as a percentage of average interest-earning assets.
(8) Annualized.
Reconciliation of Non-GAAP to GAAP Financial Measures
The Company believes that certain non-GAAP financial measures provide information to investors that is useful in understanding its results of operations and financial condition. Because not all companies use the same calculation, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided below.
| For the quarter ended | |||||||||||||||||||
| 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Loan interest (no tax adjustment) | $ | 25,134 | $ | 24,340 | $ | 24,241 | $ | 23,939 | $ | 23,451 | |||||||||
| Tax-equivalent adjustment | 119 | 114 | 110 | 113 | 117 | ||||||||||||||
| Loan interest (tax-equivalent basis) | $ | 25,253 | $ | 24,454 | $ | 24,351 | $ | 24,052 | $ | 23,568 | |||||||||
| Net interest income (no tax adjustment) | $ | 14,728 | $ | 14,470 | $ | 15,346 | $ | 16,176 | $ | 16,383 | |||||||||
| Tax equivalent adjustment | 119 | 114 | 110 | 113 | 117 | ||||||||||||||
| Net interest income (tax-equivalent basis) | $ | 14,847 | $ | 14,584 | $ | 15,456 | $ | 16,289 | $ | 16,500 | |||||||||
| Average interest-earning assets | $ | 2,441,236 | $ | 2,400,633 | $ | 2,403,086 | $ | 2,427,112 | $ | 2,402,987 | |||||||||
| Net interest margin (no tax adjustment) | 2.40 | % | 2.42 | % | 2.57 | % | 2.64 | % | 2.70 | % | |||||||||
| Net interest margin, tax-equivalent | 2.42 | % | 2.44 | % | 2.59 | % | 2.66 | % | 2.72 | % | |||||||||
| Book Value per Share (GAAP) | $ | 11.40 | $ | 11.07 | $ | 10.90 | $ | 10.96 | $ | 10.53 | |||||||||
| Non-GAAP adjustments: | |||||||||||||||||||
| Goodwill | (0.59 | ) | (0.58 | ) | (0.58 | ) | (0.58 | ) | (0.57 | ) | |||||||||
| Core deposit intangible | (0.08 | ) | (0.08 | ) | (0.07 | ) | (0.08 | ) | (0.09 | ) | |||||||||
| Tangible Book Value per Share (non-GAAP) | $ | 10.73 | $ | 10.41 | $ | 10.25 | $ | 10.30 | $ | 9.87 | |||||||||
| For the quarter ended | |||||||||||||||||||
| 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Efficiency Ratio: | |||||||||||||||||||
| Non-interest Expense (GAAP) | $ | 14,406 | $ | 14,314 | $ | 14,782 | $ | 14,785 | $ | 14,118 | |||||||||
| Net Interest Income (GAAP) | $ | 14,728 | $ | 14,470 | $ | 15,346 | $ | 16,176 | $ | 16,383 | |||||||||
| Non-interest Income (GAAP) | $ | 3,141 | $ | 3,834 | $ | 2,674 | $ | 2,714 | $ | 3,612 | |||||||||
| Non-GAAP adjustments: | |||||||||||||||||||
| Unrealized (gains) losses on marketable equity securities | (10 | ) | (4 | ) | (8 | ) | 1 | - | |||||||||||
| Gain on non-marketable equity investments | - | (987 | ) | - | - | (238 | ) | ||||||||||||
| Loss on disposal of premises and equipment | - | - | 6 | - | 3 | ||||||||||||||
| Gain on bank-owned life insurance death benefit | - | - | - | - | (778 | ) | |||||||||||||
| Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) | $ | 3,131 | $ | 2,843 | $ | 2,672 | $ | 2,715 | $ | 2,599 | |||||||||
| Total Revenue for Adjusted Efficiency Ratio (non-GAAP) | $ | 17,859 | $ | 17,313 | $ | 18,018 | $ | 18,891 | $ | 18,982 | |||||||||
| Efficiency Ratio (GAAP) | 80.62 | % | 78.20 | % | 82.03 | % | 78.27 | % | 70.61 | % | |||||||||
| Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP)) | 80.67 | % | 82.68 | % | 82.04 | % | 78.26 | % | 74.38 | % | |||||||||
| For the nine months ended | |||||||
| 9/30/2024 | 9/30/2023 | ||||||
| (Dollars in thousands) | |||||||
| Loan income (no tax adjustment) | $ | 73,715 | $ | 67,230 | |||
| Tax-equivalent adjustment | 343 | 356 | |||||
| Loan income (tax-equivalent basis) | $ | 74,058 | $ | 67,586 | |||
| Net interest income (no tax adjustment) | $ | 44,544 | $ | 51,733 | |||
| Tax equivalent adjustment | 343 | 356 | |||||
| Net interest income (tax-equivalent basis) | $ | 44,887 | $ | 52,089 | |||
| Average interest-earning assets | $ | 2,415,080 | $ | 2,400,558 | |||
| Net interest margin (no tax adjustment) | 2.46 | % | 2.88 | % | |||
| Net interest margin, tax-equivalent | 2.48 | % | 2.90 | % | |||
| Adjusted Efficiency Ratio: | |||||||
| Non-interest Expense (GAAP) | $ | 43,502 | $ | 43,565 | |||
| Net Interest Income (GAAP) | $ | 44,544 | $ | 51,733 | |||
| Non-interest Income (GAAP) | $ | 9,649 | $ | 8,183 | |||
| Non-GAAP adjustments: | |||||||
| Unrealized gains on marketable equity securities | (22 | ) | - | ||||
| Loss on disposal of premises and equipment, net | 6 | 3 | |||||
| Gain on bank-owned life insurance | - | (778 | ) | ||||
| Gain on non-marketable equity investments | (987 | ) | (590 | ) | |||
| Loss on defined benefit plan curtailment | - | 1,143 | |||||
| Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) | $ | 8,646 | $ | 7,961 | |||
| Total Revenue for Adjusted Efficiency Ratio (non-GAAP) | $ | 53,190 | $ | 59,694 | |||
| Efficiency Ratio (GAAP) | 80.27 | % | 72.71 | % | |||
| Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP)) | 81.79 | % | 72.98 | % | |||
For further information contact:
James C. Hagan, President and CEO
Guida R. Sajdak, Executive Vice President and CFO
Meghan Hibner, First Vice President and Investor Relations Officer
413-568-1911
FAQ
What was WNEB's net income for Q3 2024?
What dividend did WNEB declare for Q4 2024?
How many shares did WNEB repurchase in the first nine months of 2024?
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