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Western New England Bancorp Inc. (WNEB-6.49%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total assets to $2.7 billion, up from $2.6 billion the previous year. This growth was primarily driven by an increase in total loans to $2.1 billion.
Total deposits increased to $2.3 billion from $2.1 billion, with core deposits representing 68.9% of total deposits. Time deposits grew by 15.1% during the year.
The company reported a net income of $11.7 million, or $0.56 per diluted share, compared to $15.1 million, or $0.70 per diluted share, in the previous year.
Net interest income decreased by 11.9% to $59.8 million, primarily due to an increase in interest expense. The net interest margin was 2.45%, down from 2.82% the previous year.
Non-interest income increased by 18.4% to $12.9 million, with gains on non-marketable equity investments contributing to this rise.
Non-interest expenses remained stable at $58.4 million, with increases in salaries and data processing costs offset by a decrease in professional fees.
The allowance for credit losses was reduced to $19.5 million, reflecting a reversal of credit losses during the year.
The company’s capital ratios remained strong, exceeding regulatory requirements to be considered well-capitalized.
Western New England Bancorp continues to focus on growing its commercial loan portfolio and expanding its retail banking deposit franchise.
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. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.