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Western New England Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Net income for the quarter was $1.9 million, or $0.09 per diluted share, down from $4.5 million, or $0.21 per diluted share, in the same quarter the previous year.
Net interest income decreased to $14.7 million from $16.4 million, impacted by a rise in interest expense due to competitive pricing and an unfavorable shift in deposit mix.
The provision for credit losses increased to $941,000 from $354,000, reflecting changes in the economic environment and adjustments to the CECL methodology.
Non-interest income decreased to $3.1 million from $3.6 million, with gains from mortgage banking activities offset by the absence of a prior year gain on bank-owned life insurance death benefits.
Non-interest expense rose to $14.4 million from $14.1 million, driven by increases in salaries, software, and processing fees.
Total assets increased to $2.6 billion, with total loans rising to $2.0 billion, and investment securities reaching $369.4 million.
Total deposits grew to $2.2 billion, with a shift from core deposits to time deposits.
Shareholders' equity was $240.7 million, with a total risk-based capital ratio of 14.4%.
The company continues to monitor macroeconomic factors such as interest rates and inflation, maintaining a strong liquidity position with access to diversified funding sources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Western New England Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.