Western New England Bancorp, Inc. Reports Results for Three and Six Months Ended June 30, 2025 and Declares Quarterly Cash Dividend

Core Points - The company reported a net income of $4.6 million, or $0.23 per diluted share, for the three months ended June 30, 2025, representing a 30.7% increase from $3.5 million, or $0.17 per diluted share, for the same period in 2024 [1][28] - For the six months ended June 30, 2025, net income was $6.9 million, or $0.34 per diluted share, compared to $6.5 million, or $0.31 per diluted share, for the same period in 2024 [1][42] Loans and Deposits - Total gross loans increased by $22.1 million, or 1.1%, to $2.1 billion as of June 30, 2025, driven by a $29.7 million increase in residential real estate loans and a $22.8 million increase in commercial and industrial loans [5][6] - Total deposits increased by $67.5 million, or 3.0%, to $2.3 billion as of June 30, 2025, with core deposits rising by $81.4 million, or 5.2% [6] Net Interest Income and Margin - Net interest income increased by $2.1 million, or 13.6%, to $17.6 million for the three months ended June 30, 2025, compared to the previous quarter [4][15] - The net interest margin rose by 31 basis points from 2.49% to 2.80% during the same period [9][16] Credit Quality - The allowance for credit losses was $19.7 million, or 0.94% of total loans, as of June 30, 2025, remaining stable compared to the previous period [7][8] - Nonaccrual loans totaled $5.8 million, or 0.27% of total loans, with total delinquent loans decreasing to $3.9 million, or 0.18% of total loans [8] Non-Interest Income and Expense - Non-interest income increased by $652,000, or 23.6%, to $3.4 million for the three months ended June 30, 2025, driven by higher service charges and fees [22][36] - Non-interest expense rose by $472,000, or 3.1%, to $15.7 million during the same period, primarily due to increased salaries and related benefits [24][38] Efficiency Ratio - The efficiency ratio improved to 74.4% for the three months ended June 30, 2025, compared to 83.0% for the previous quarter, reflecting higher revenues [26][39] Capital Management - The company repurchased 497,318 shares of common stock at an average price of $9.31 during the six months ended June 30, 2025, as part of its capital management strategy [4][10]