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, 2023. For the three
months ended September 30, 2023, the Company reported net income of
$4.5 million, or $0.21 per diluted share, compared to net income of
$6.0 million, or $0.28 per diluted share, for the three months
ended September 30, 2022. On a linked quarter basis, net income was
$4.5 million, or $0.21 per diluted share, as compared to net income
of $2.8 million, or $0.13 per diluted share, for the three months
ended June 30, 2023. For the nine months ended September 30, 2023,
net income was $12.6 million, or $0.58 per diluted share, compared
to net income of $16.9 million, or $0.77 per diluted share, for the
nine months ended September 30, 2022.
The Company also announced that the Board of
Directors declared a quarterly cash dividend of $0.07 per share on
the Company’s common stock. The dividend will be payable on or
about November 22, 2023 to shareholders of record on November 8,
2023.
James C. Hagan, President and Chief Executive
Officer, commented, “We are pleased overall with our third quarter
results and the success of our deposit growth, as well as our
continued expense management initiatives. We were able to
successfully grow deposits by $18.3 million in the third quarter,
and at September 30, 2023, 72% of total deposits were insured. The
Company also maintains a strong liquidity position, which covers
approximately 137% of uninsured deposits as of September 30, 2023.
We remain focused on expense management initiatives, and were able
to decrease expenses by $778,000, or 5.2%, from the first quarter
of 2023 to the third quarter of 2023. Total loans increased $23.4
million, or 1.2%, since December 31, 2022, and our asset quality
continues to remain strong, with nonperforming loans to total loans
at 0.31% as of September 30, 2023, and classified assets decreasing
28.7% from December 31, 2022.”
Hagan concluded, “In order to continue to
increase shareholder value, during the nine months ended September
30, 2023, we repurchased 404,905 shares of our common stock at an
average price per share of $7.27. We believe that share repurchases
represents a prudent use of capital, especially when they are
accretive to book value. Our team remains committed to our
community and to our existing and new customers in our local market
area with our competitive products and services that are based on
true relationship banking, while providing continued access to
local decision makers. We believe our various growth, customer and
expense initiatives are creating positive impacts to our
performance and are positioning the Company for future growth and
increased profitability.”
Key Highlights:
Loans and DepositsAt September
30, 2023, total loans of $2.0 billion increased $23.4 million, or
1.2%, from December 31, 2022. During the same period, total
deposits decreased $53.1 million, or 2.4%, to $2.2 billion at
September 30, 2023, but increased $18.3 million, or 0.9%, from June
30, 2023. Core deposits, which are defined by the Company as all
deposits except for time deposits, decreased $224.0 million, or
12.3%, from $1.8 billion, or 81.5% of total deposits, at December
31, 2022, to $1.6 billion, or 73.2% of total deposits, at September
30, 2023. The decrease in core deposits was partially offset by a
$170.9 million, or 41.5%, increase in time deposits from $411.7
million at December 31, 2022 to $582.6 million at September 30,
2023. The loan-to-deposit ratio increased from 89.3% at December
31, 2022 to 92.6% at September 30, 2023.
LiquidityThe 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,
2023, the Company had $845.4 million in immediate liquidity
compared to $615.9 million in uninsured deposits, or 28.3% of total
deposits, representing a coverage ratio of 137%. Uninsured deposits
of the bank’s customers are eligible for FDIC pass-through
insurance if the customer opens an IntraFi Insured Cash Sweep (ICS)
account or a reciprocal time deposit through the Certificate of
Deposit Account Registry System (CDARS). IntraFi allows for up to
$250.0 million per customer of pass-through FDIC insurance which
would more than cover each of the Bank’s deposit customers if such
customer desired to have such pass-through insurance.
Allowance for Loan Losses and Credit
QualityAt September 30, 2023, the allowance for credit
losses was $20.0 million, or 0.99% of total loans and 317.6% of
nonperforming loans, compared to $19.9 million, or 1.00% of total
loans and 350.0% of nonperforming loans, at December 31, 2022. At
September 30, 2023, nonperforming loans totaled $6.3 million, or
0.31% of total loans, compared to $5.7 million, or 0.29% of total
loans, at December 31, 2022. Total delinquent loans increased $1.1
million, or 25.8%, from $4.5 million, or 0.22% of total loans, at
December 31, 2022, to $5.6 million, or 0.28% of total loans, at
September 30, 2023.
Current Expected Credit LossOn
January 1, 2023, the Company implemented the accounting rules for
the measurement of Credit Losses on Financial Instruments (“CECL”).
The January 1, 2023, or “Day 1” tax-effected transitional impact to
retained earnings was $9,000 due to the following: a decrease in
the pooled credit reserve of $931,000 and the establishment of a
reserve liability for unfunded commitments of $918,000.
Additionally, the allowance for credit losses includes $2.1 million
in reserves related to purchase credit deteriorated (“PCD”) loans.
For PCD loans, the allowance for credit losses recorded is
recognized through a gross-up that increases the amortized cost
basis of loans with a corresponding increase to the allowance for
credit losses, and therefore results in no impact to shareholders’
equity.
Net Interest MarginThe net
interest margin was 2.70% for the three months ended September 30,
2023 compared to 2.81% for the three months ended June 30, 2023.
The net interest margin, on a tax-equivalent basis, was 2.72% for
the three months ended September 30, 2023, compared to 2.83% for
the three months ended June 30, 2023.
Stock Repurchase ProgramOn July
26, 2022, the Board of Directors authorized a stock repurchase plan
(the “2022 Plan”), pursuant to which the Company is authorized to
repurchase up to 1.1 million shares, representing approximately
5.0% of the Company’s outstanding common stock as of the time the
2022 Plan was announced. During the three months ended September
30, 2023, the Company repurchased 155,161 shares of common stock
under the 2022 Plan, with an average price per share of $6.50.
During the nine months ended September 30, 2023, the Company
repurchased 404,905 shares of common stock under the 2022 Plan,
with an average price per share of $7.27. As of September 30, 2023,
there were 651,439 shares of common stock available for repurchase
under the 2022 Plan.
The repurchase of shares under the stock
repurchase program is administered through an independent broker.
The shares of common stock repurchased under the 2022 Plan will 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 2022 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
ValueBook value per share was $10.53 at September 30,
2023, compared to $10.27 at December 31, 2022, while tangible book
value per share, a non-GAAP financial measure, increased $0.26, or
2.7%, from $9.61 at December 31, 2022 to $9.87 at September 30,
2023. As of September 30, 2023, the Company’s and the Bank’s
regulatory capital ratios continued to exceed the levels required
to be considered “well-capitalized” under federal banking
regulations. See pages 19-22 for the related tangible book value
calculation and a reconciliation of GAAP to non-GAAP financial
measures.
Westfield Bank Defined Benefit Pension
PlanThe Board of Directors previously announced the
termination of the Westfield Bank Defined Benefit Plan (the “DB
Plan”) on October 31, 2022, subject to required regulatory
approval. At December 31, 2022, the Company reversed $7.3 million
in net unrealized losses recorded in accumulated other
comprehensive income attributed to both the DB Plan curtailment
resulting from the termination of the DB Plan as well as changes in
discount rates. In addition, during the three months ended December
31, 2022, the Company recorded a gain on curtailment of $2.8
million through non-interest income. During the nine months ended
September 30, 2023, the Company made an additional cash
contribution of $1.3 million in order to fully fund the DB Plan on
a plan termination basis. In addition, for those participants who
did not opt for a one-time lump sum payment, the Company funded
$6.3 million to purchase a group annuity contract to transfer its
remaining liabilities under the DB Plan. In addition, during the
nine months ended September 30, 2023, the Company recognized the
final termination expense of $1.1 million related to the DB Plan
termination, which was recorded through non-interest income.
Net Income for the Three Months Ended
September 30, 2023 Compared to the Three Months Ended June 30,
2023The Company reported net income of $4.5 million, or
$0.21 per diluted share, for the three months ended September 30,
2023, compared to net income of $2.8 million, or $0.13 per diluted
share, for the three months ended June 30, 2023. Net interest
income decreased $463,000, or 2.7%, non-interest income increased
$2.0 million or 126.9%, non-interest expense decreased $433,000, or
3.0%, and provision for credit losses decreased $66,000, or 15.7%,
during the same period. For the three months ended September 30,
2023, non-interest income included a non-taxable gain of $778,000
on bank-owned life insurance (“BOLI”) death benefits. For the three
months ended June 30, 2023, non-interest income included a
one-time, non-recurring final termination expense of $1.1 million,
due to the termination of the Company’s DB Plan.
Return on average assets and return on average
equity were 0.70% and 7.60%, respectively, for the three months
ended September 30, 2023, compared to 0.43% and 4.72%,
respectively, for the three months ended June 30, 2023.
Net Interest Income and Net Interest
MarginOn a sequential quarter basis, net interest income,
our primary source of revenues, decreased $463,000, or 2.7%, to
$16.4 million for the three months ended September 30, 2023, from
$16.8 million for the three months ended June 30, 2023. The
decrease in net interest income was primarily due to an increase in
interest expense of $1.6 million, or 19.5%, partially offset by an
increase in interest income of $1.1 million, or 4.4%. The increase
in interest expense was a result of competitive pricing on deposits
due to the continued high interest rate environment and the
unfavorable shift in the deposit mix from low cost core deposits to
high cost time deposits.
The net interest margin decreased 11 basis
points to 2.70%, for the three months ended September 30, 2023,
from 2.81% for the three months ended June 30, 2023. The net
interest margin, on a tax-equivalent basis, was 2.72% for the three
months ended September 30, 2023, compared to 2.83% for the three
months ended June 30, 2023. The decrease in the net interest margin
was primarily due to an increase in the average cost of
interest-bearing liabilities, which was partially offset with an
increase in the average yield on interest-earning assets.
The average yield on interest-earning assets,
without the impact of tax-equivalent adjustments, was 4.28% for the
three months ended September 30, 2023, compared to 4.14% for the
three months ended June 30, 2023. The average loan yield, without
the impact of tax-equivalent adjustments, was 4.64% for the three
months ended September 30, 2023, compared to 4.49% for the three
months ended June 30, 2023. During the three months ended September
30, 2023, average interest-earning assets decreased $2.1 million,
or 0.1% to $2.4 billion, primarily due to a decrease in average
securities of $13.3 million, or 3.6%, and a decrease in average
other investments of $1.2 million, or 8.8%, partially offset by an
increase in average short-term investments, consisting of cash and
cash equivalents, of $12.0 million, or 116.4%.
The average cost of total funds, including
non-interest bearing accounts and borrowings, increased 25 basis
points from 1.39% for the three months ended June 30, 2023 to 1.64%
for the three months ended September 30, 2023. The average cost of
core deposits, which the Company defines as all deposits except
time deposits, increased 6 basis points to 0.70% for the three
months ended September 30, 2023, from 0.64% for the three months
ended June 30, 2023. The average cost of time deposits increased 72
basis points from 2.74% for the three months ended June 30, 2023 to
3.46% for the three months ended September 30, 2023. The average
cost of borrowings, including subordinated debt, decreased 7 basis
points from 4.88% for the three months ended June 30, 2023 to 4.81%
for the three months ended September, 2023. During the same period,
average demand deposits, an interest-free source of funds, remained
virtually unchanged at $591.9 million, or 27.5% of total average
deposits, for the three months ended September 30, 2023.
Provision for (Reversal of) Credit
LossesDuring the three months ended September 30, 2023,
the Company recorded a provision for credit losses of $354,000,
compared to a provision for credit losses of $420,000 during the
three months ended June 30, 2023. The provision for credit losses
includes a $55,000 negative provision for unfunded commitments
primarily due to the impact of decreased unfunded loan commitments.
Total unfunded loan commitments decreased $6.7 million, or
3.7%, to $172.9 million at September 30, 2023 from
$179.6 million at June 30, 2023. The provision for credit
losses was determined by a number of factors: the continued strong
credit performance of the Company’s loan portfolio, changes in the
loan portfolio mix and Management’s consideration of existing
economic conditions and the economic outlook from the Federal
Reserve’s actions to control inflation. The Company also increased
the qualitative reserve to consider the potential losses resulting
from future recessionary pressures. Management continues to monitor
macroeconomic variables related to increasing interest rates,
inflation and the concerns of an economic downturn, and believes it
is appropriately reserved for the current economic environment and
supportable forecast period.
During the three months ended September 30,
2023, the Company recorded net charge-offs of $78,000, compared to
net recoveries of $25,000 for the three months ended June 30,
2023.
Non-Interest IncomeOn a
sequential quarter basis, non-interest income increased $2.0
million, or 126.9%, to $3.6 million for the three months ended
September 30, 2023, from $1.6 million for the three months ended
June 30, 2023. During the three months ended September 30, 2023,
non-interest income included a non-taxable gain of $778,000 on BOLI
death benefits. During the three months ended June 30, 2023, the
Company recorded a $1.1 million final termination expense related
to the DB Plan termination.
Service charges and fees on deposits decreased
$96,000, or 4.3%, from the three months ended June 30, 2023 to $2.1
million for the three months ended September 30, 2023. Income from
BOLI decreased $40,000, or 8.1%, from the three months ended June
30, 2023, to $454,000 for the three months ended September 30,
2023. During the three months ended September 30, 2023, the Company
reported a gain on non-marketable equity investments of $238,000.
At June 30, 2023, the Company did not have comparable non-interest
income from non-marketable equity investments. During the three
months ended September 30, 2023, the Company reported a loss on the
disposal of premises and equipment of $3,000. The Company did not
have a comparable loss during the three months ended June 30,
2023.
Non-Interest ExpenseFor the
three months ended September 30, 2023, non-interest expense
decreased $433,000, or 3.0%, to $14.1 million from $14.6 million
for the three months ended June 30, 2023.
Salaries and employee benefits decreased
$134,000, or 1.7%, to $8.0 million. Other non-interest expense
decreased $191,000, or 7.5%, professional fees decreased $160,000,
or 19.9%, occupancy expense decreased $44,000, or 3.7%, and
furniture and equipment expense decreased $10,000, or 2.0%. These
decreases were partially offset by an increase in advertising
expense of $23,000, or 6.8%, an increase in FDIC insurance expense
of $51,000, or 17.6%, and an increase in data processing expense of
$32,000, or
4.0%.
For the three months ended September 30, 2023,
the efficiency ratio was 70.6% compared to 78.9% for the three
months ended June 30, 2023. For the three months ended September
30, 2023, the adjusted efficiency ratio, a non-GAAP financial
measure, was 74.4% compared to 74.3% for the three months ended
June 30, 2023. See pages 19-22 for the related ratio calculation
and a reconciliation of GAAP to non-GAAP financial measures.
Income Tax ProvisionIncome tax
expense for the three months ended September 30, 2023 was $1.0
million, or an effective tax rate of 18.7%, compared to $704,000,
or an effective tax rate of 20.3%, for the three months ended June
30, 2023. The decrease in the Company’s effective tax rate was
primarily due to BOLI death benefits recognized during the three
months ended September 30, 2023.
Net Income for the Three Months Ended
September 30, 2023 Compared to the Three Months Ended September 30,
2022.The Company reported net income of $4.5 million, or
$0.21 per diluted share, for the three months ended September 30,
2023, compared to net income of $6.0 million, or $0.28 per diluted
share, for the three months ended September 30, 2022. Net interest
income decreased $3.9 million, or 19.2%, non-interest income
increased $1.0 million or 39.5%, non-interest expense decreased
$225,000, or 1.6%, and provision for credit losses decreased
$321,000, or 47.6%, during the same period. During the three months
ended September 30, 2023, non-interest income included a
non-taxable gain of $778,000 in BOLI death benefits. Return on
average assets and return on average equity were 0.70% and 7.60%,
respectively, for the three months ended September 30, 2023,
compared to 0.93% and 10.90%, respectively, for the three months
ended September 30, 2022.
Net Interest Income and Net Interest
MarginNet interest income decreased $3.9 million, or
19.2%, to $16.4 million, for the three months ended September 30,
2023, from $20.3 million for the three months ended September 30,
2022. The decrease in net interest income was due to an increase in
interest expense of $8.1 million, or 549.2%, partially offset by an
increase in interest and dividend income of $4.1 million, or 19.1%.
Interest expense on deposits increased $6.5 million and interest
expense on borrowings increased $1.5 million. The increase in
interest expense was a result of competitive pricing on deposits
due to the continued higher interest rate environment and the
unfavorable shift in the deposit mix from low cost core deposits to
high cost time deposits.
The net interest margin was 2.70% for the three
months ended September 30, 2023, compared to 3.35% for the three
months ended September 30, 2022. The net interest margin, on a
tax-equivalent basis, was 2.72% for the three months ended
September 30, 2023, compared to 3.37% for the three months ended
September 30, 2022. The decrease in the net interest margin was
primarily due to an increase in the average cost of
interest-bearing liabilities and the unfavorable shift in the
deposit mix from low cost core deposits to high cost time deposits,
which was partially offset with an increase in the average yield on
interest-earning assets.
The average yield on interest-earning assets,
without the impact of tax-equivalent adjustments, was 4.28% for the
three months ended September 30, 2023, compared to 3.59% for the
three months ended September 30, 2022. The average loan yield,
without the impact of tax-equivalent adjustments, was 4.64% for the
three months ended September 30, 2023, compared to 3.93% for the
three months ended September 30, 2022. During the three months
ended September 30, 2023, average interest-earning assets increased
$1.5 million, or 0.1%, to $2.4 billion primarily due to an increase
in average loans of $33.7 million, or 1.7%, an increase in average
other investments of $2.1 million, or 21.1%, and an increase in
average short-term investments, consisting of cash and cash
equivalents, of $8.4 million, or 60.7%, partially offset by a
decrease in average securities of $42.8 million, or 10.6%.
The average cost of total funds, including
non-interest bearing accounts and borrowings, increased 139 basis
points from 0.25% for the three months ended September 30, 2022 to
1.64% for the three months ended September 30, 2023. The average
cost of core deposits, which the Company defines as all deposits
except time deposits, increased 51 basis points to 0.70% for the
three months ended September 30, 2023, from 0.19% for the three
months ended September 30, 2022. The average cost of time deposits
increased 316 basis points from 0.30% for the three months ended
September 30, 2022 to 3.46% for the three months ended September
30, 2023. The average cost of borrowings, including subordinated
debt, increased 69 basis points from 4.12% for the three months
ended September 30, 2022 to 4.81% for the three months ended
September 30, 2023. Average demand deposits, an interest-free
source of funds, decreased $67.0 million, or 10.2%, from $658.9
million, or 29.0% of total average deposits, for the three months
ended September 30, 2022, to $591.9 million, or 27.5% of total
average deposits, for the three months ended September 30,
2023.
Provision for Credit
LossesDuring the three months ended September, 30, 2023,
the Company recorded a provision for credit losses of $354,000,
under the CECL model, compared to a provision for credit losses of
$675,000 during the three months ended September 30, 2022, under
the incurred loss model. The decrease was primarily due to changes
in the economic environment and related adjustments to the
quantitative components of the CECL methodology. The provision for
credit losses was determined by a number of factors: the continued
strong credit performance of the Company’s loan portfolio, changes
in the loan portfolio mix and Management’s consideration of
existing economic conditions and the economic outlook from the
Federal Reserve’s actions to control inflation. Management
continues to monitor macroeconomic variables related to increasing
interest rates, inflation and the concerns of an economic downturn,
and believes it is appropriately provisioned for the current
economic environment and supportable forecast period.
The Company recorded net charge-offs of $78,000
for the three months ended September 30, 2023, as compared to net
charge-offs of $27,000 for the three months ended September 30,
2022.
Non-Interest IncomeNon-interest
income increased $1.0 million, or 39.5%, to $3.6 million for the
three months ended September 30, 2023, from $2.6 million for the
three months ended September 30, 2022. During the three months
ended September 30, 2023, the Company recorded a non-taxable gain
of $778,000 in BOLI death benefits. Service charges and fees
decreased $78,000, or 3.5%, from the three months ended September
30, 2022 to $2.1 million for the three months ended September 30,
2023, primarily due to changes in the Company’s overdraft program
that were implemented in the first quarter of 2023. Income from
BOLI increased $63,000, or 16.1%, for the three months ended
September 30, 2022 to $454,000 for the three months ended September
30, 2023. During the three months ended September 30, 2023, the
Company reported a gain of $238,000 on non-marketable equity
investments compared to a gain of $211,000 during the three months
ended September 30, 2022. During the three months ended September
30, 2022, the Company reported unrealized losses on marketable
equity securities of $235,000. During the three months ended
September 30, 2023, the Company did not have comparable gains or
losses. During the three months ended September 30, 2023, the
Company reported a loss on the disposal of premises and equipment
of $3,000. The Company did not have a comparable gain or loss
during the same period in 2022.
Non-Interest ExpenseFor the
three months ended September 30, 2023, non-interest expense
decreased $225,000, or 1.6%, to $14.1 million from $14.3 million
for the three months ended September 30, 2022. The decrease in
non-interest expense was due to a decrease in professional fees of
$160,000, or 19.9%, a decrease in salaries and benefits of $70,000,
or 0.9%, a decrease in occupancy expense of $67,000, or 5.5%, a
decrease in advertising expense of $57,000, or 13.6%, and a
decrease in other non-interest expense of $73,000, or 3.0%. These
decreases were partially offset by an increase in data processing
of $117,000, or 16.5%, an increase in FDIC insurance expense of
$68,000, or 24.9%, and an increase in furniture and equipment of
$17,000, or 3.7%.
For the three months ended September 30, 2023,
the efficiency ratio was 70.6%, compared to 62.7% for the three
months ended September 30, 2022. For the three months ended
September 30, 2023, the adjusted efficiency ratio, a non-GAAP
financial measure, was 74.4% compared to 62.6% for the three months
ended September 30, 2022. The efficiency ratio increase was driven
by decreased revenues, defined as net interest income and
non-interest income, during the three months ended September 30,
2023 compared to the three months ended September 30, 2022. See
pages 19-22 for the related ratio calculation and a reconciliation
of GAAP to non-GAAP financial measures.
Income Tax ProvisionIncome tax
expense for the three months ended September 30, 2023 was $1.0
million, representing an effective tax rate of 18.7%, compared to
$1.9 million, representing an effective tax rate of 23.7%, for
three months ended September 30, 2022. The decrease in the
Company’s effective tax rate was primarily due to BOLI death
benefits recognized during the three months ended September 30,
2023.
Net Income for the Nine Months Ended
September 30, 2023 Compared to the Nine Months Ended September 30,
2022For the nine months ended September 30, 2023, the
Company reported net income of $12.6 million, or $0.58 per diluted
share, compared to $16.9 million, or $0.77 per diluted share, for
the nine months ended September 30, 2022. Return on average assets
and return on average equity were 0.66% and 7.19% for the nine
months ended September 30, 2023, respectively, compared to 0.88%
and 10.26% for the nine months ended September 30, 2022,
respectively.
Net Interest Income and Net Interest
MarginDuring the nine months ended September 30, 2023, net
interest income decreased $6.7 million, or 11.4%, to $51.7 million,
compared to $58.4 million for the nine months ended September 30,
2022. The decrease in net interest income was due to an increase in
interest expense of $18.7 million, or 470.4%, partially offset by
an increase in interest and dividend income of $12.0 million, or
19.3%. The increase in interest expense was due to an increase in
interest expense on deposits of $14.7 million, or 468.2%, and an
increase in interest expense on borrowings of $3.9 million, or
478.6%. For the nine months ended September 30, 2023, interest and
dividend income included $52,000 in Paycheck Protection Program
(“PPP Income”), compared to $710,000 during the nine months ended
September 30, 2022.
The net interest margin for the nine months
ended September 30, 2023 was 2.88% compared to 3.26% during the
nine months ended September 30, 2022. The net interest margin, on a
tax-equivalent basis, was 2.90% for the nine months ended September
30, 2023, compared to 3.28% for the nine months ended September 30,
2022. The decrease in the net interest margin was primarily due to
an increase in the average cost of interest-bearing liabilities and
the unfavorable shift in the deposit mix from low cost core to high
cost time deposits, which was partially offset with an increase in
the average yield on interest-earning assets.
The average yield on interest-earning assets,
without the impact of tax-equivalent adjustments, was 4.14% for the
nine months ended September 30, 2023, compared to 3.48% for the
nine months ended September 30, 2022. The average loan yield,
without the impact of tax-equivalent adjustments, was 4.49% for the
nine months ended September 30, 2023, compared to 3.86% for the
nine months ended September 30, 2022. During the nine months ended
September 30, 2023, average interest-earning assets increased $5.2
million, or 0.2% to $2.4 billion, primarily due to an increase in
average loans of $62.9 million, or 3.2%, and an increase in average
other investments of $2.4 million, or 23.2%, partially offset by a
decrease in average securities of $41.2 million, or 10.0%, and a
decrease in average short-term investments, consisting of cash and
cash equivalents, of $18.9 million, or 59.4%.
The average cost of total funds, including
non-interest bearing accounts and borrowings, increased 109 basis
points from 0.23% for the nine months ended September 30, 2022 to
1.32% for the nine months ended September 30, 2023. The average
cost of core deposits, which the Company defines as all deposits
except time deposits, increased 46 basis points to 0.62% for the
nine months ended September 30, 2023, from 0.16% for the nine
months ended September 30, 2022. The average cost of time deposits
increased 239 basis points from 0.33% for the nine months ended
September 30, 2022 to 2.72% for the nine months ended September 30,
2023. The average cost of borrowings, including subordinated debt,
increased 60 basis points from 4.24% for the nine months ended
September 30, 2022 to 4.84% for the nine months ended September 30,
2023. Average demand deposits, an interest-free source of funds,
decreased $35.3 million, or 5.5%, from $642.6 million, or 28.4% of
total average deposits, for the nine months ended September 30,
2022, to $607.3 million, or 28.0% of total average deposits, for
the nine months ended September 30, 2023.
Provision for Credit
LossesDuring the nine months ended September 30, 2023, the
Company recorded a provision for credit losses of $386,000, under
the CECL model, compared to a provision for credit losses of
$550,000 during the nine months ended September 30, 2022 under the
incurred loss model. The increase in reserves was primarily due to
changes in the economic environment and related adjustments to the
quantitative components of the CECL methodology. The Company
recorded net charge-offs of $1.9 million for the nine months ended
September 30, 2023, as compared to net charge-offs of $129,000 for
the nine months ended September 30, 2022.
Non-Interest IncomeFor the nine
months ended September 30, 2023, non-interest income increased
$504,000, or 6.6%, from $7.7 million during the nine months ended
September 30, 2022 to $8.2 million. During the nine months ended
September 30, 2023, the Company recorded a $1.1 million final
termination expense related to the DB Plan termination and also
recorded a non-taxable gain of $778,000 on BOLI death benefits.
During the same period, service charges and fees decreased
$170,000, or 2.5%, primarily due to changes in the Company’s
overdraft program that were implemented in 2023 and income from
BOLI increased $91,000, or 7.0%. Other income from loan-level swap
fees on commercial loans decreased $25,000 for the nine months
ended September 30, 2023 compared to the nine months ended
September 30, 2022. During the nine months ended September 30,
2023, the Company reported a gain of $590,000 on non-marketable
equity investments compared to a gain of $352,000 during the nine
months ended September 30, 2022. During the nine months ended
September 30, 2022, the Company reported unrealized losses on
marketable equity securities of $736,000 and realized losses on the
sale of securities of $4,000. The Company did not have comparable
investment activity in 2023. During the nine months ended September
30, 2023, the Company reported a loss on the disposal of premises
and equipment of $3,000. The Company did not have a comparable gain
or loss during the same period in 2022.
Non-Interest ExpenseFor the
nine months ended September 30, 2023, non-interest expense
increased $333,000, or 0.8%, to $43.6 million, compared to $43.2
million for the nine months ended September 30, 2022. The increase
in non-interest expense was primarily due to an increase in data
processing of $208,000, or 9.6%, and increase in FDIC insurance
expense of $190,000, or 24.0%, an increase in professional fees of
$104,000, or 5.0%, and an increase in other non-interest expense of
$111,000, or 1.6%. These increases were partially offset by a
decrease in advertising expense of $112,000, or 9.1%, a decrease in
furniture and equipment expense of $87,000, or 5.6%, a decrease in
occupancy expense of $56,000, or 1.5%, and decrease in salaries and
employee benefits of $25,000, or 0.1%. During the nine months ended
September 30, 2023, other non-interest expense included $154,000 in
expense related to the DB Plan termination.
For the nine months ended September 30, 2023,
the efficiency ratio was 72.7%, compared to 65.5% for the nine
months ended September 30, 2022. For the nine months ended
September 30, 2023, the adjusted efficiency ratio, a non-GAAP
financial measure, was 73.0%, compared to 65.1% for the nine months
ended September 30, 2022. The adjusted efficiency ratio is a
non-GAAP measure. See pages 19-22 for the related efficiency ratio
calculation and a reconciliation of GAAP to non-GAAP financial
measures.
Income Tax ProvisionIncome tax
expense for the nine months ended September 30, 2023 was $3.4
million, representing an effective tax rate of 21.3%, compared to
$5.4 million, representing an effective tax rate of 24.3%, for nine
months ended September 30, 2022. The decrease in the Company’s
effective tax rate was primarily due to lower pre-tax income for
the nine months ended September 30, 2023 compared to the same
period in 2022 as well as BOLI death benefits recognized during the
three months ended September 30, 2023.
Balance SheetAt September 30,
2023, total assets were $2.6 billion and increased $31.8 million,
or 1.3%, from December 31, 2022. The increase in total assets was
mainly related to an increase in total loans of $23.4 million, or
1.2%, an increase in cash and cash equivalents of $31.9 million, or
105.2%, to $62.3 million, partially offset by a decrease in
investment securities of $27.7 million, or 7.2%, to $355.7
million.
InvestmentsAt September 30,
2023, the available-for-sale (“AFS”) and held-to-maturity (“HTM”)
securities portfolio represented 13.8% of total assets compared to
14.8% at December 31, 2022. At September 30, 2023, the Company’s
AFS securities portfolio, recorded at fair market value, decreased
$16.3 million, or 11.1%, from $147.0 million at December 31, 2022
to $130.7 million. The HTM securities portfolio, recorded at
amortized cost, decreased $5.2 million, or 2.2%, from $230.2
million at December 31, 2022 to $225.0 million at September 30,
2023. The marketable equity securities portfolio decreased $6.2
million, or 100.0%, from $6.2 million at December 31, 2022 due to
the redemption of marketable equity securities during the nine
months ended September 30, 2023. The decrease in the AFS and HTM
securities portfolios was primarily due to amortization and payoffs
recorded during the nine months ended September 30, 2023.
At September 30, 2023, the Company reported
unrealized losses on the AFS securities portfolio of $38.5 million,
or 22.7% of the amortized cost basis of the AFS securities
portfolio, compared to unrealized losses of $32.2 million, or 18.0%
of the amortized cost basis of the AFS securities at December 31,
2022. At September 30, 2023, the Company reported unrealized losses
on the HTM securities portfolio of $48.2 million, or 21.4%, of the
amortized cost basis of the HTM securities portfolio, compared to
$39.2 million, or 17.0% of the amortized cost basis of the HTM
securities portfolio at December 31, 2022.
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 $6.8 million in corporate bonds, are issued by the
United States government or government-sponsored enterprises and
are therefore either explicitly or implicitly guaranteed as to the
timely payment of contractual principal and interest. These
positions are deemed to have no credit impairment, therefore, the
disclosed unrealized losses with the securities portfolio relate
primarily to changes in prevailing interest rates. In all cases,
price improvement in future periods will be realized as the
issuances approach maturity.
Management regularly reviews the portfolio for
securities in an unrealized loss position. At September 30, 2023
and December 31, 2022, the Company did not record any 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 LoansAt September 30,
2023, total loans increased $23.4 million, or 1.2%, to $2.0 billion
from December 31, 2022. Residential real estate loans, including
home equity loans, increased $18.7 million, or 2.7%, commercial
real estate loans increased $11.0 million, or 1.0%, and commercial
and industrial loans decreased $7.3 million, or 3.3%.
The following table is a summary of our
outstanding loan balances for the periods indicated:
|
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
|
December 31,2022 |
|
(Dollars in thousands) |
|
|
|
|
|
|
Commercial real estate loans |
$ |
1,080,361 |
|
|
$ |
1,075,429 |
|
|
$ |
1,079,664 |
|
|
$ |
1,069,323 |
|
|
|
|
|
|
|
|
|
Residential real estate loans: |
|
|
|
|
|
|
|
Residential |
|
606,221 |
|
|
|
597,812 |
|
|
|
595,097 |
|
|
|
589,503 |
|
Home equity |
|
107,561 |
|
|
|
107,004 |
|
|
|
105,801 |
|
|
|
105,557 |
|
Total residential real estate loans |
|
713,782 |
|
|
|
704,856 |
|
|
|
700,898 |
|
|
|
695,060 |
|
|
|
|
|
|
|
|
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
PPP loans |
|
1,415 |
|
|
|
1,864 |
|
|
|
2,129 |
|
|
|
2,274 |
|
Commercial and industrial loans |
|
211,162 |
|
|
|
225,229 |
|
|
|
215,971 |
|
|
|
217,574 |
|
Total commercial and industrial loans |
|
212,577 |
|
|
|
227,093 |
|
|
|
218,100 |
|
|
|
219,848 |
|
Consumer loans |
|
5,768 |
|
|
|
5,986 |
|
|
|
5,667 |
|
|
|
5,045 |
|
Total gross loans |
|
2,012,488 |
|
|
|
2,013,364 |
|
|
|
2,004,329 |
|
|
|
1,989,276 |
|
Unamortized PPP loan fees |
|
(70 |
) |
|
|
(78 |
) |
|
|
(99 |
) |
|
|
(109 |
) |
Unamortized premiums and net deferred loans fees and costs |
|
2,402 |
|
|
|
2,307 |
|
|
|
2,269 |
|
|
|
2,233 |
|
Total loans |
$ |
2,014,820 |
|
|
$ |
2,015,593 |
|
|
$ |
2,006,499 |
|
|
$ |
1,991,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit QualityCredit quality
remains sound and our loan portfolio continues to perform well.
Total delinquency was 0.28% of total loans at September 30, 2023,
compared to 0.22% of total loans at December 31, 2022. At September
30, 2023, nonperforming loans totaled $6.3 million, or 0.31% of
total loans, compared to $5.7 million, or 0.29% of total loans, at
December 31, 2022. At September 30, 2023, there were no loans 90 or
more days past due and still accruing interest. Nonperforming
assets to total assets was 0.24% at September 30, 2023 and 0.22% at
December 31, 2022. At September 30, 2023 and at December 31, 2022,
the Company did not have any other real estate owned. The allowance
for credit losses as a percentage of total loans was 0.99% at
September 30, 2023, compared to 1.00% at December 31, 2022. At
September 30, 2023, the allowance for credit losses as a percentage
of nonperforming loans was 317.6%, compared to 350.0% at December
31, 2022. Total classified loans, defined as special mention and
substandard loans, decreased $18.4 million, or 28.7%, from $64.0
million, or 3.2% of total loans, at December 31, 2022 to $45.6
million, or 2.3%, of total loans at September 30, 2023.
We continue to maintain diversity among property
types and within our geographic footprint. More details on the
diversification of the loan portfolio are available in the
supplementary earnings presentation. Management will continue to
remain attentive to any signs of deterioration in borrowers’
financial conditions and is proactive in taking the appropriate
steps to mitigate risk.
DepositsTotal deposits
decreased $53.1 million, or 2.4%, from December 31, 2022, to $2.2
billion at September 30, 2023, due to industry-wide pressures and a
competitive market for deposits but increased $18.3 million, or
0.9%, from June 30, 2023. Core deposits, which the Company defines
as all deposits except time deposits, decreased $224.0 million, or
12.3%, from $1.8 billion, or 81.5% of total deposits, at December
31, 2022, to $1.6 billion, or 73.2% of total deposits, at September
30, 2023. Money market accounts decreased $146.2 million, or 18.2%,
to $654.9 million, non-interest-bearing deposits decreased $51.9
million, or 8.0%, to $593.6 million, savings accounts decreased
$30.1 million, or 13.5%, to $192.3 million and interest-bearing
checking accounts increased $4.2 million, or 2.8%, to $152.9
million. Time deposits increased $170.9 million, or 41.5%, from
$411.7 million at December 31, 2022 to $582.6 million at September
30, 2023. Brokered time deposits, which are included in time
deposits, totaled $1.7 million at September 30, 2023. The Company
did not have any brokered deposits at December 31, 2022.
The table below is a summary of our deposit
balances for the periods noted:
|
|
|
|
|
|
|
|
|
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
|
December 31,2022 |
|
(Dollars in thousands) |
Core Deposits: |
|
|
|
|
|
|
|
Demand accounts |
$ |
593,601 |
|
$ |
584,511 |
|
$ |
625,656 |
|
$ |
645,571 |
Interest bearing accounts |
|
152,886 |
|
|
162,823 |
|
|
133,727 |
|
|
148,670 |
Savings accounts |
|
192,321 |
|
|
203,376 |
|
|
218,800 |
|
|
222,436 |
Money market accounts |
|
654,909 |
|
|
672,483 |
|
|
721,219 |
|
|
801,076 |
Total Core Deposits |
$ |
1,593,717 |
|
$ |
1,623,193 |
|
$ |
1,699,402 |
|
$ |
1,817,753 |
|
|
|
|
|
|
|
|
Time Deposits: |
|
|
|
|
|
|
|
Time deposits less than $250,000 |
$ |
384,472 |
|
$ |
338,667 |
|
$ |
300,907 |
|
$ |
279,953 |
Time deposits of $250,000 or more |
|
198,114 |
|
|
196,114 |
|
|
156,819 |
|
|
131,737 |
Total Time Deposits: |
|
582,586 |
|
|
534,781 |
|
|
457,726 |
|
|
411,690 |
Total Deposits: |
$ |
2,176,303 |
|
$ |
2,157,974 |
|
$ |
2,157,128 |
|
$ |
2,229,443 |
|
|
|
|
|
|
|
|
|
|
|
|
During the nine months ended September 30, 2023,
the Company experienced a higher level of competition not only from
local competitors but also from money market funds and Treasury
notes that were offering higher returns. In addition, the Company
also saw an unfavorable shift in deposit mix from low cost core
deposits to high cost time deposits as customers migrated to higher
yields.
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 to
retain a long-term customer relationship base and to efficiently
compete for and retain deposits in our local market. At September
30, 2023, the Bank’s uninsured deposits represented 28.3% of total
deposits, compared to 30.8% at December 31, 2022.
BorrowingsAt September 30,
2023, total borrowings increased $87.6 million, or 140.8%, from
$62.2 million at December 31, 2022 to $149.8 million. Short-term
borrowings decreased $32.5 million, or 78.5%, to $8.9 million,
compared to $41.4 million at December 31, 2022. Long-term
borrowings increased $120.0 million, from $1.2 million at December
31, 2022, to $121.2 million at September 30, 2023, to replace
deposit attrition. Long-term borrowings consisted of $31.2 million
outstanding with the Federal Home Loan Bank (“FHLB”) and $90.0
million outstanding under the Bank Term Funding Program (“BTFP”).
At September 30, 2023, borrowings also consisted of $19.7 million
in fixed-to-floating rate subordinated notes.
LiquidityThe Company’s
liquidity position remains strong with solid core deposit
relationships, cash, unencumbered securities, a diversified deposit
base and access to diversified borrowing sources. On March 12,
2023, the Federal Reserve made available the BTFP, which enhances
the ability of banks to borrow greater amounts against certain
high-quality, unencumbered investments at par value.
During the nine months ended September 30, 2023,
the Company participated in the BTFP, which enabled the Company to
pay off higher rate FHLB advances. With the BTFP, the Company has
the ability to pay off the BTFP advance prior to maturity without
incurring a penalty or termination fee. The Company advanced $90.0
million under the BTFP during the nine months ended September 30,
2023 and had $25.3 million in availability under the BTFP as of
September 30, 2023.
At September 30, 2023, the Company had available
borrowing capacity with the FHLB of $551.6 million, including
its overnight Ideal Way Line of Credit. In addition, at September
30, 2023, the Company had available borrowing capacity of $48.4
million from the Federal Reserve Discount Window, with no
outstanding borrowings. At September 30, 2023, the Company also had
available borrowing capacity of $25.0 million from two unsecured
credit lines with correspondent banks, with no outstanding
borrowings. At September 30, 2023, the Company has $650.3 million
in total available borrowing capacity.
Hedging ProgramDuring the nine
months ended September 30, 2023, the Company executed a $200
million fair value hedge on fixed-rate assets with maturities up to
18 months, where the Company exchanged, or swapped, fixed rate
payments for floating rate payments. The Company’s hedging program
aims to reduce the Company’s sensitivity to interest rates by
locking in a spread.
CapitalAt September 30, 2023,
shareholders’ equity was $230.9 million, or 8.9% of total assets,
compared to $228.1 million, or 8.9% of total assets, at December
31, 2022. The increase was primarily attributable to net income of
$12.6 million, partially offset by an increase in accumulated other
comprehensive loss of $3.6 million, $3.1 million for the repurchase
of common stock and cash dividends paid of $4.6 million. At
September 30, 2023, total shares outstanding were 21,927,242.
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 at September 30,
2023 was 14.4%, compared to 14.2% at December 31, 2022. The
Bank’s Tier 1 Leverage Ratio to adjusted average assets was 9.69%
at September 30, 2023 and 9.49% at December 31, 2022. The Bank’s
tangible common equity (“TCE”) to tangible assets ratio, a non-GAAP
financial measure, was 8.58% at September 30, 2023, compared to
8.52% at December 31, 2022. Fluctuations in the TCE ratio
were driven by the changes in the unrealized loss on
available-for-sale securities. TCE is a non-GAAP measure. See pages
19-22 for the related ratio calculation and a reconciliation of
GAAP to non-GAAP financial measures.
DividendsAlthough 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 StatementsThis
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;
- changes in 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 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 Act 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, |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
Loans |
$ |
23,451 |
|
$ |
22,450 |
|
$ |
21,329 |
|
$ |
21,274 |
|
$ |
19,543 |
|
$ |
67,230 |
|
$ |
55,990 |
|
|
Securities |
|
2,033 |
|
|
2,094 |
|
|
2,149 |
|
|
2,174 |
|
|
2,104 |
|
|
6,276 |
|
|
6,122 |
|
|
Other investments |
|
166 |
|
|
146 |
|
|
106 |
|
|
75 |
|
|
47 |
|
|
418 |
|
|
102 |
|
|
Short-term investments |
|
251 |
|
|
119 |
|
|
54 |
|
|
62 |
|
|
60 |
|
|
424 |
|
|
129 |
|
|
Total interest and dividend income |
|
25,901 |
|
|
24,809 |
|
|
23,638 |
|
|
23,585 |
|
|
21,754 |
|
|
74,348 |
|
|
62,343 |
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
Deposits |
|
7,704 |
|
|
6,069 |
|
|
4,103 |
|
|
2,206 |
|
|
1,164 |
|
|
17,876 |
|
|
3,146 |
|
|
Short-term borrowings |
|
117 |
|
|
646 |
|
|
703 |
|
|
272 |
|
|
48 |
|
|
1,466 |
|
|
58 |
|
|
Long-term debt |
|
1,444 |
|
|
995 |
|
|
74 |
|
|
- |
|
|
- |
|
|
2,513 |
|
|
- |
|
|
Subordinated debt |
|
253 |
|
|
253 |
|
|
254 |
|
|
253 |
|
|
254 |
|
|
760 |
|
|
761 |
|
|
Total interest expense |
|
9,518 |
|
|
7,963 |
|
|
5,134 |
|
|
2,731 |
|
|
1,466 |
|
|
22,615 |
|
|
3,965 |
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income |
|
16,383 |
|
|
16,846 |
|
|
18,504 |
|
|
20,854 |
|
|
20,288 |
|
|
51,733 |
|
|
58,378 |
|
|
|
|
|
|
|
|
|
|
PROVISION FOR (REVERSAL OF) CREDIT LOSSES |
|
354 |
|
|
420 |
|
|
(388 |
) |
|
150 |
|
|
675 |
|
|
386 |
|
|
550 |
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income after provision for (reversal of)
credit losses |
|
16,029 |
|
|
16,426 |
|
|
18,892 |
|
|
20,704 |
|
|
19,613 |
|
|
51,347 |
|
|
57,828 |
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
Service charges and fees |
|
2,145 |
|
|
2,241 |
|
|
2,187 |
|
|
2,329 |
|
|
2,223 |
|
|
6,573 |
|
|
6,743 |
|
|
Income from bank-owned life insurance |
|
454 |
|
|
494 |
|
|
440 |
|
|
428 |
|
|
391 |
|
|
1,388 |
|
|
1,297 |
|
|
Loss on sales of securities, net |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(4 |
) |
|
Unrealized gain (loss) on marketable equity securities |
|
- |
|
|
- |
|
|
- |
|
|
19 |
|
|
(235 |
) |
|
- |
|
|
(736 |
) |
|
Loss on disposal of premises and equipment |
|
(3 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(3 |
) |
|
- |
|
|
Gain on sale of mortgages |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2 |
|
|
Gain on non-marketable equity investments |
|
238 |
|
|
- |
|
|
352 |
|
|
70 |
|
|
211 |
|
|
590 |
|
|
352 |
|
|
(Loss) gain on defined benefit plan termination |
|
- |
|
|
(1,143 |
) |
|
- |
|
|
2,807 |
|
|
- |
|
|
(1,143 |
) |
|
- |
|
|
Gain on bank-owned life insurance death benefit |
|
778 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
778 |
|
|
- |
|
|
Other income |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
25 |
|
|
Total non-interest income |
|
3,612 |
|
|
1,592 |
|
|
2,979 |
|
|
5,653 |
|
|
2,590 |
|
|
8,183 |
|
|
7,679 |
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
Salaries and employees benefits |
|
7,955 |
|
|
8,089 |
|
|
8,431 |
|
|
8,197 |
|
|
8,025 |
|
|
24,475 |
|
|
24,500 |
|
|
Occupancy |
|
1,159 |
|
|
1,203 |
|
|
1,348 |
|
|
1,218 |
|
|
1,226 |
|
|
3,710 |
|
|
3,766 |
|
|
Furniture and equipment |
|
482 |
|
|
492 |
|
|
486 |
|
|
479 |
|
|
465 |
|
|
1,460 |
|
|
1,547 |
|
|
Data processing |
|
824 |
|
|
792 |
|
|
753 |
|
|
724 |
|
|
707 |
|
|
2,369 |
|
|
2,161 |
|
|
Professional fees |
|
643 |
|
|
803 |
|
|
757 |
|
|
617 |
|
|
803 |
|
|
2,203 |
|
|
2,099 |
|
|
FDIC insurance |
|
341 |
|
|
290 |
|
|
352 |
|
|
255 |
|
|
273 |
|
|
983 |
|
|
793 |
|
|
Advertising |
|
362 |
|
|
339 |
|
|
417 |
|
|
178 |
|
|
419 |
|
|
1,118 |
|
|
1,230 |
|
|
Other |
|
2,352 |
|
|
2,543 |
|
|
2,352 |
|
|
2,335 |
|
|
2,425 |
|
|
7,247 |
|
|
7,136 |
|
|
Total non-interest expense |
|
14,118 |
|
|
14,551 |
|
|
14,896 |
|
|
14,003 |
|
|
14,343 |
|
|
43,565 |
|
|
43,232 |
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
|
5,523 |
|
|
3,467 |
|
|
6,975 |
|
|
12,354 |
|
|
7,860 |
|
|
15,965 |
|
|
22,275 |
|
|
|
|
|
|
|
|
|
|
INCOME TAX PROVISION |
|
1,033 |
|
|
704 |
|
|
1,671 |
|
|
3,320 |
|
|
1,861 |
|
|
3,408 |
|
|
5,422 |
|
NET INCOME |
$ |
4,490 |
|
$ |
2,763 |
|
$ |
5,304 |
|
$ |
9,034 |
|
$ |
5,999 |
|
$ |
12,557 |
|
$ |
16,853 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.21 |
|
$ |
0.13 |
|
$ |
0.24 |
|
$ |
0.42 |
|
$ |
0.28 |
|
$ |
0.58 |
|
$ |
0.77 |
|
|
Weighted average shares outstanding |
|
21,560,940 |
|
|
21,634,683 |
|
|
21,699,042 |
|
|
21,676,892 |
|
|
21,757,027 |
|
|
21,631,067 |
|
|
21,947,989 |
|
|
Diluted earnings per share |
$ |
0.21 |
|
$ |
0.13 |
|
$ |
0.24 |
|
$ |
0.42 |
|
$ |
0.28 |
|
$ |
0.58 |
|
$ |
0.77 |
|
|
Weighted average diluted shares outstanding |
|
21,680,113 |
|
|
21,648,235 |
|
|
21,716,869 |
|
|
21,751,409 |
|
|
21,810,036 |
|
|
21,681,251 |
|
|
22,001,371 |
|
|
|
|
|
|
|
|
|
|
|
Other Data: |
|
|
|
|
|
|
|
|
Return on average assets (1) |
|
0.70 |
% |
|
0.43 |
% |
|
0.84 |
% |
|
1.40 |
% |
|
0.93 |
% |
|
0.66 |
% |
|
0.88 |
% |
|
Return on average equity (1) |
|
7.60 |
% |
|
4.72 |
% |
|
9.31 |
% |
|
16.67 |
% |
|
10.90 |
% |
|
7.19 |
% |
|
10.26 |
% |
|
Efficiency ratio |
|
70.61 |
% |
|
78.92 |
% |
|
69.34 |
% |
|
52.83 |
% |
|
62.69 |
% |
|
72.71 |
% |
|
65.45 |
% |
|
Adjusted efficiency ratio (2) |
|
74.38 |
% |
|
74.31 |
% |
|
70.49 |
% |
|
59.31 |
% |
|
62.63 |
% |
|
72.98 |
% |
|
65.06 |
% |
|
Net interest margin |
|
2.70 |
% |
|
2.81 |
% |
|
3.14 |
% |
|
3.44 |
% |
|
3.35 |
% |
|
2.88 |
% |
|
3.26 |
% |
|
Net interest margin, on a fully tax-equivalent basis |
|
2.72 |
% |
|
2.83 |
% |
|
3.16 |
% |
|
3.47 |
% |
|
3.37 |
% |
|
2.90 |
% |
|
3.28 |
% |
(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, loss on disposal of premises and
equipment, gain on non-marketable equity investments, gains and
losses 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, |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Cash and cash equivalents |
$ |
62,267 |
|
|
$ |
31,689 |
|
|
$ |
23,230 |
|
|
$ |
30,342 |
|
|
$ |
27,113 |
|
Available-for-sale securities, at fair value |
|
130,709 |
|
|
|
141,481 |
|
|
|
146,373 |
|
|
|
146,997 |
|
|
|
148,716 |
|
Held-to-maturity securities, at amortized cost |
|
225,020 |
|
|
|
222,900 |
|
|
|
226,996 |
|
|
|
230,168 |
|
|
|
234,387 |
|
Marketable equity securities, at fair value |
|
- |
|
|
|
- |
|
|
|
6,309 |
|
|
|
6,237 |
|
|
|
11,280 |
|
Federal Home Loan Bank of Boston and other restricted stock - at
cost |
|
3,063 |
|
|
|
3,226 |
|
|
|
7,173 |
|
|
|
3,352 |
|
|
|
2,234 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
2,014,820 |
|
|
|
2,015,593 |
|
|
|
2,006,499 |
|
|
|
1,991,400 |
|
|
|
2,007,672 |
|
Allowance for credit losses (1) |
|
(19,978 |
) |
|
|
(19,647 |
) |
|
|
(19,031 |
) |
|
|
(19,931 |
) |
|
|
(20,208 |
) |
Net loans |
|
1,994,842 |
|
|
|
1,995,946 |
|
|
|
1,987,468 |
|
|
|
1,971,469 |
|
|
|
1,987,464 |
|
|
|
|
|
|
|
|
|
|
|
|
Bank-owned life insurance |
|
74,713 |
|
|
|
75,554 |
|
|
|
75,060 |
|
|
|
74,620 |
|
|
|
74,192 |
|
Goodwill |
|
12,487 |
|
|
|
12,487 |
|
|
|
12,487 |
|
|
|
12,487 |
|
|
|
12,487 |
|
Core deposit intangible |
|
1,906 |
|
|
|
2,000 |
|
|
|
2,094 |
|
|
|
2,188 |
|
|
|
2,281 |
|
Other assets |
|
79,998 |
|
|
|
77,001 |
|
|
|
74,825 |
|
|
|
75,290 |
|
|
|
78,671 |
|
TOTAL ASSETS |
$ |
2,585,005 |
|
|
$ |
2,562,284 |
|
|
$ |
2,562,015 |
|
|
$ |
2,553,150 |
|
|
$ |
2,578,825 |
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
$ |
2,176,303 |
|
|
$ |
2,157,974 |
|
|
$ |
2,157,128 |
|
|
$ |
2,229,443 |
|
|
$ |
2,287,754 |
|
Short-term borrowings |
|
8,890 |
|
|
|
7,190 |
|
|
|
98,990 |
|
|
|
41,350 |
|
|
|
21,500 |
|
Long-term debt |
|
121,178 |
|
|
|
121,178 |
|
|
|
31,178 |
|
|
|
1,178 |
|
|
|
1,178 |
|
Subordinated debt |
|
19,702 |
|
|
|
19,692 |
|
|
|
19,682 |
|
|
|
19,673 |
|
|
|
19,663 |
|
Securities pending settlement |
|
2,253 |
|
|
|
- |
|
|
|
- |
|
|
|
133 |
|
|
|
9 |
|
Other liabilities |
|
25,765 |
|
|
|
22,252 |
|
|
|
21,815 |
|
|
|
33,230 |
|
|
|
37,021 |
|
TOTAL LIABILITIES |
|
2,354,091 |
|
|
|
2,328,286 |
|
|
|
2,328,793 |
|
|
|
2,325,007 |
|
|
|
2,367,125 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS’ EQUITY |
|
230,914 |
|
|
|
233,998 |
|
|
|
233,222 |
|
|
|
228,143 |
|
|
|
211,700 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
2,585,005 |
|
|
$ |
2,562,284 |
|
|
$ |
2,562,015 |
|
|
$ |
2,553,150 |
|
|
$ |
2,578,825 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The Company adopted ASU 2016-13 on January 1, 2023 with a modified
retrospective approach. Accordingly, beginning with March 31, 2023,
the allowance for credit losses was determined in accordance with
ASC 326, “Financial Instruments-Credit Losses.” |
WESTERN NEW ENGLAND BANCORP, INC. AND
SUBSIDIARIES |
Other Data |
(Dollars in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
Three Months Ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
Shares outstanding at end of period |
21,927,242 |
|
22,082,403 |
|
22,209,347 |
|
22,216,789 |
|
22,246,545 |
|
|
|
|
|
|
|
|
|
|
|
Operating results: |
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
16,383 |
|
$ |
16,846 |
|
$ |
18,504 |
|
$ |
20,854 |
|
$ |
20,288 |
|
Provision for (reversal of)
credit losses |
354 |
|
420 |
|
(388) |
|
150 |
|
675 |
|
Non-interest income |
3,612 |
|
1,592 |
|
2,979 |
|
5,653 |
|
2,590 |
|
Non-interest expense |
14,118 |
|
14,551 |
|
14,896 |
|
14,003 |
|
14,343 |
|
Income before income provision
for income taxes |
5,523 |
|
3,467 |
|
6,975 |
|
12,354 |
|
7,860 |
|
Income tax provision |
1,033 |
|
704 |
|
1,671 |
|
3,320 |
|
1,861 |
|
Net income |
4,490 |
|
2,763 |
|
5,304 |
|
9,034 |
|
5,999 |
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
Net interest margin, on a
fully tax-equivalent basis |
2.72% |
|
2.83% |
|
3.16% |
|
3.47% |
|
3.37% |
|
Interest rate spread, on a
fully tax-equivalent basis |
2.09% |
|
2.29% |
|
2.76% |
|
3.26% |
|
3.26% |
|
Return on average assets |
0.70% |
|
0.43% |
|
0.84% |
|
1.40% |
|
0.93% |
|
Return on average equity |
7.60% |
|
4.72% |
|
9.31% |
|
16.67% |
|
10.90% |
|
Adjusted efficiency ratio
(non-GAAP) (1) |
74.38% |
|
74.31% |
|
70.49% |
|
59.31% |
|
62.63% |
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data: |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.21 |
|
$ |
0.13 |
|
$ |
0.24 |
|
$ |
0.42 |
|
$ |
0.28 |
|
Per diluted share |
0.21 |
|
0.13 |
|
0.24 |
|
0.42 |
|
0.28 |
|
Cash dividend declared |
0.07 |
|
0.07 |
|
0.07 |
|
0.06 |
|
0.06 |
|
Book value per share |
10.53 |
|
10.60 |
|
10.50 |
|
10.27 |
|
9.52 |
|
Tangible book value per share
(non-GAAP) |
9.87 |
|
9.94 |
|
9.84 |
|
9.61 |
|
8.85 |
|
|
|
|
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
30-89 day delinquent
loans |
$ |
4,097 |
|
$ |
4,092 |
|
$ |
1,669 |
|
$ |
2,578 |
|
$ |
2,630 |
|
90 days or more delinquent
loans |
1,527 |
|
1,324 |
|
1,377 |
|
1,891 |
|
669 |
|
Total delinquent loans |
5,624 |
|
5,416 |
|
3,046 |
|
4,469 |
|
3,299 |
|
Total delinquent loans as a
percentage of total loans |
0.28% |
|
0.27% |
|
0.15% |
|
0.22% |
|
0.16% |
|
Nonperforming loans |
$ |
6,290 |
|
$ |
5,755 |
|
$ |
5,794 |
|
$ |
5,694 |
|
$ |
4,432 |
|
Nonperforming loans as a
percentage of total loans |
0.31% |
|
0.29% |
|
0.29% |
|
0.29% |
|
0.22% |
|
Nonperforming assets as a
percentage of total assets |
0.24% |
|
0.22% |
|
0.23% |
|
0.22% |
|
0.17% |
|
Allowance for credit losses as
a percentage of nonperforming loans |
317.62% |
|
341.39% |
|
328.46% |
|
350.04% |
|
455.96% |
|
Allowance for credit losses as
a percentage of total loans |
0.99% |
|
0.97% |
|
0.95% |
|
1.00% |
|
1.01% |
|
Net loan charge-offs
(recoveries) |
$ |
78 |
|
$ |
(25) |
|
$ |
1,850 |
|
$ |
426 |
|
$ |
27 |
|
Net loan charge-offs
(recoveries) as a percentage of average loans |
0.00% |
|
0.00% |
|
0.09% |
|
0.02% |
|
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, loss on disposal of premises and equipment,
gain on non-marketable equity investments, gains and losses on
defined benefit plan termination and gain on bank-owned life
insurance death benefit. |
|
|
The following table sets forth the information
relating to our average balances and net interest income for the
three months ended September 30, 2023, June 30, 2023 and September
30, 2022 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, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
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) |
$ |
2,007,267 |
|
$ |
23,568 |
|
|
4.66 |
% |
|
$ |
2,006,909 |
|
$ |
22,572 |
|
|
4.51 |
% |
|
$ |
1,973,580 |
|
$ |
19,665 |
|
|
3.95 |
% |
Securities(2) |
|
361,216 |
|
|
2,033 |
|
|
2.23 |
|
|
|
374,513 |
|
|
2,094 |
|
|
2.24 |
|
|
|
404,005 |
|
|
2,105 |
|
|
2.07 |
|
Other investments |
|
12,155 |
|
|
166 |
|
|
5.42 |
|
|
|
13,329 |
|
|
146 |
|
|
4.39 |
|
|
|
10,037 |
|
|
47 |
|
|
1.86 |
|
Short-term investments(3) |
|
22,349 |
|
|
251 |
|
|
4.46 |
|
|
|
10,326 |
|
|
119 |
|
|
4.62 |
|
|
|
13,911 |
|
|
60 |
|
|
1.71 |
|
Total interest-earning assets |
|
2,402,987 |
|
|
26,018 |
|
|
4.30 |
|
|
|
2,405,077 |
|
|
24,931 |
|
|
4.16 |
|
|
|
2,401,533 |
|
|
21,877 |
|
|
3.61 |
|
Total non-interest-earning assets |
|
156,503 |
|
|
|
|
|
|
|
154,490 |
|
|
|
|
|
|
|
154,955 |
|
|
|
|
|
Total assets |
$ |
2,559,490 |
|
|
|
|
|
|
$ |
2,559,567 |
|
|
|
|
|
|
$ |
2,556,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
144,792 |
|
|
269 |
|
|
0.74 |
|
|
$ |
143,547 |
|
|
248 |
|
|
0.69 |
|
|
$ |
139,678 |
|
|
123 |
|
|
0.35 |
|
Savings accounts |
|
195,020 |
|
|
41 |
|
|
0.08 |
|
|
|
208,983 |
|
|
56 |
|
|
0.11 |
|
|
|
224,112 |
|
|
38 |
|
|
0.07 |
|
Money market accounts |
|
656,066 |
|
|
2,488 |
|
|
1.50 |
|
|
|
701,116 |
|
|
2,330 |
|
|
1.33 |
|
|
|
911,282 |
|
|
743 |
|
|
0.32 |
|
Time deposit accounts |
|
563,135 |
|
|
4,906 |
|
|
3.46 |
|
|
|
502,062 |
|
|
3,435 |
|
|
2.74 |
|
|
|
339,614 |
|
|
260 |
|
|
0.30 |
|
Total interest-bearing deposits |
|
1,559,013 |
|
|
7,704 |
|
|
1.96 |
|
|
|
1,555,708 |
|
|
6,069 |
|
|
1.56 |
|
|
|
1,614,686 |
|
|
1,164 |
|
|
0.29 |
|
Borrowings |
|
149,507 |
|
|
1,814 |
|
|
4.81 |
|
|
|
155,826 |
|
|
1,894 |
|
|
4.88 |
|
|
|
29,076 |
|
|
302 |
|
|
4.12 |
|
Interest-bearing liabilities |
|
1,708,520 |
|
|
9,518 |
|
|
2.21 |
|
|
|
1,711,534 |
|
|
7,963 |
|
|
1.87 |
|
|
|
1,643,762 |
|
|
1,466 |
|
|
0.35 |
|
Non-interest-bearing deposits |
|
591,933 |
|
|
|
|
|
|
|
591,437 |
|
|
|
|
|
|
|
658,853 |
|
|
|
|
|
Other non-interest-bearing liabilities |
|
24,504 |
|
|
|
|
|
|
|
21,832 |
|
|
|
|
|
|
|
35,558 |
|
|
|
|
|
Total non-interest-bearing liabilities |
|
616,437 |
|
|
|
|
|
|
|
613,269 |
|
|
|
|
|
|
|
694,411 |
|
|
|
|
|
Total liabilities |
|
2,324,957 |
|
|
|
|
|
|
|
2,324,803 |
|
|
|
|
|
|
|
2,338,173 |
|
|
|
|
|
Total equity |
|
234,533 |
|
|
|
|
|
|
|
234,764 |
|
|
|
|
|
|
|
218,315 |
|
|
|
|
|
Total liabilities and equity |
$ |
2,559,490 |
|
|
|
|
|
|
$ |
2,559,567 |
|
|
|
|
|
|
$ |
2,556,488 |
|
|
|
|
|
Less: Tax-equivalent adjustment(2) |
|
|
|
(117 |
) |
|
|
|
|
|
|
|
(122 |
) |
|
|
|
|
|
|
|
(123 |
) |
|
|
|
Net interest and dividend income |
|
|
$ |
16,383 |
|
|
|
|
|
|
|
$ |
16,846 |
|
|
|
|
|
|
|
$ |
20,288 |
|
|
|
|
Net interest rate spread(4) |
|
|
|
|
2.07 |
% |
|
|
|
|
|
2.27 |
% |
|
|
|
|
|
3.24 |
% |
Net interest rate spread, on a tax-equivalent basis(5) |
|
|
|
|
2.09 |
% |
|
|
|
|
|
2.29 |
% |
|
|
|
|
|
3.26 |
% |
Net interest margin(6) |
|
|
|
|
2.70 |
% |
|
|
|
|
|
2.81 |
% |
|
|
|
|
|
3.35 |
% |
Net interest margin, on a tax-equivalent basis(7) |
|
|
|
|
2.72 |
% |
|
|
|
|
|
2.83 |
% |
|
|
|
|
|
3.37 |
% |
Ratio of average interest-earning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets to average interest-bearing liabilities |
|
|
|
|
140.65 |
% |
|
|
|
|
|
140.52 |
% |
|
|
|
|
|
146.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables set forth the information
relating to our average balances and net interest income for the
nine months ended September 30, 2023 and 2022 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, |
|
|
2023 |
|
2022 |
|
|
Average Balance |
|
Interest |
|
Average Yield/
Cost(8) |
|
Average Balance |
|
Interest |
|
Average Yield/
Cost(8) |
|
|
|
|
(Dollars in thousands) |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1)(2) |
$ |
2,002,485 |
|
$ |
67,586 |
|
|
4.51 |
% |
|
$ |
1,939,593 |
|
$ |
56,354 |
|
|
3.88 |
% |
Securities(2) |
|
372,623 |
|
|
6,276 |
|
|
2.25 |
|
|
|
413,818 |
|
|
6,125 |
|
|
1.98 |
|
Other investments |
|
12,528 |
|
|
418 |
|
|
4.46 |
|
|
|
10,172 |
|
|
102 |
|
|
1.34 |
|
Short-term investments(3) |
|
12,922 |
|
|
424 |
|
|
4.39 |
|
|
|
31,804 |
|
|
129 |
|
|
0.54 |
|
|
Total interest-earning assets |
|
2,400,558 |
|
|
74,704 |
|
|
4.16 |
|
|
|
2,395,387 |
|
|
62,710 |
|
|
3.50 |
|
|
Total non-interest-earning
assets |
|
154,525 |
|
|
|
|
|
|
|
150,885 |
|
|
|
|
|
|
Total assets |
$ |
2,555,083 |
|
|
|
|
|
|
$ |
2,546,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
142,716 |
|
|
780 |
|
|
0.73 |
% |
|
$ |
136,645 |
|
|
324 |
|
|
0.32 |
% |
Savings accounts |
|
207,513 |
|
|
142 |
|
|
0.09 |
|
|
|
222,370 |
|
|
122 |
|
|
0.07 |
|
Money market accounts |
|
711,173 |
|
|
6,813 |
|
|
1.28 |
|
|
|
900,280 |
|
|
1,812 |
|
|
0.27 |
|
Time deposit accounts |
|
498,193 |
|
|
10,141 |
|
|
2.72 |
|
|
|
364,506 |
|
|
888 |
|
|
0.33 |
|
|
Total interest-bearing deposits |
|
1,559,595 |
|
|
17,876 |
|
|
1.53 |
|
|
|
1,623,801 |
|
|
3,146 |
|
|
0.26 |
|
Short-term borrowings and long-term debt |
|
130,796 |
|
|
4,739 |
|
|
4.84 |
|
|
|
25,819 |
|
|
819 |
|
|
4.24 |
|
|
Total interest-bearing
liabilities |
|
1,690,391 |
|
|
22,615 |
|
|
1.79 |
|
|
|
1,649,620 |
|
|
3,965 |
|
|
0.32 |
|
Non-interest-bearing deposits |
|
607,338 |
|
|
|
|
|
|
|
642,632 |
|
|
|
|
|
Other non-interest-bearing liabilities |
|
23,886 |
|
|
|
|
|
|
|
34,340 |
|
|
|
|
|
|
Total non-interest-bearing
liabilities |
|
631,224 |
|
|
|
|
|
|
|
676,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
2,321,615 |
|
|
|
|
|
|
|
2,326,592 |
|
|
|
|
|
|
Total equity |
|
233,468 |
|
|
|
|
|
|
|
219,680 |
|
|
|
|
|
|
Total liabilities and
equity |
$ |
2,555,083 |
|
|
|
|
|
|
$ |
2,546,272 |
|
|
|
|
|
Less: Tax-equivalent adjustment (2) |
|
|
|
(356 |
) |
|
|
|
|
|
|
|
(367 |
) |
|
|
|
Net interest and dividend income |
|
|
$ |
51,733 |
|
|
|
|
|
|
|
$ |
58,378 |
|
|
|
|
Net interest rate spread (4) |
|
|
|
|
2.35 |
% |
|
|
|
|
|
3.16 |
% |
Net interest rate spread, on a tax-equivalent basis (5) |
|
|
|
|
2.37 |
% |
|
|
|
|
|
3.18 |
% |
Net interest margin (6) |
|
|
|
|
2.88 |
% |
|
|
|
|
|
3.26 |
% |
Net interest margin, on a tax-equivalent basis (7) |
|
|
|
|
2.90 |
% |
|
|
|
|
|
3.28 |
% |
Ratio of average interest-earning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets to average
interest-bearing liabilities |
|
|
|
|
|
142.01 |
% |
|
|
|
|
|
145.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 21%. The tax-equivalent adjustment is deducted
from tax-equivalent net interest and dividend income to agree to
the amount reported on the consolidated statements of net
income. |
(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 |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
Loans (no tax adjustment) |
$ |
23,451 |
|
|
$ |
22,450 |
|
|
$ |
21,329 |
|
|
$ |
21,274 |
|
|
$ |
19,543 |
|
Tax-equivalent adjustment |
|
117 |
|
|
|
122 |
|
|
|
120 |
|
|
|
129 |
|
|
|
122 |
|
Loans (tax-equivalent basis) |
$ |
23,568 |
|
|
$ |
22,572 |
|
|
$ |
21,449 |
|
|
$ |
21,403 |
|
|
$ |
19,665 |
|
|
|
|
|
|
|
|
|
|
|
Securities (no tax adjustment) |
$ |
2,033 |
|
|
$ |
2,094 |
|
|
$ |
2,149 |
|
|
$ |
2,174 |
|
|
$ |
2,104 |
|
Tax-equivalent adjustment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
Securities (tax-equivalent basis) |
$ |
2,033 |
|
|
$ |
2,094 |
|
|
$ |
2,149 |
|
|
$ |
2,175 |
|
|
$ |
2,105 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income (no tax adjustment) |
$ |
16,383 |
|
|
$ |
16,846 |
|
|
$ |
18,504 |
|
|
$ |
20,854 |
|
|
$ |
20,288 |
|
Tax equivalent adjustment |
|
117 |
|
|
|
122 |
|
|
|
120 |
|
|
|
130 |
|
|
|
123 |
|
Net interest income (tax-equivalent basis) |
$ |
16,500 |
|
|
$ |
16,968 |
|
|
$ |
18,624 |
|
|
$ |
20,984 |
|
|
$ |
20,411 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income (no tax adjustment) |
$ |
16,383 |
|
|
$ |
16,846 |
|
|
$ |
18,504 |
|
|
$ |
20,854 |
|
|
$ |
20,288 |
|
Less: |
|
|
|
|
|
|
|
|
|
Purchase accounting adjustments |
|
4 |
|
|
|
5 |
|
|
|
(62 |
) |
|
|
87 |
|
|
|
(16 |
) |
Prepayment penalties and fees |
|
14 |
|
|
|
43 |
|
|
|
- |
|
|
|
134 |
|
|
|
99 |
|
PPP Income |
|
12 |
|
|
|
26 |
|
|
|
15 |
|
|
|
18 |
|
|
|
19 |
|
Adjusted net interest income (non-GAAP) |
$ |
16,353 |
|
|
$ |
16,772 |
|
|
$ |
18,551 |
|
|
$ |
20,615 |
|
|
$ |
20,186 |
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets |
$ |
2,402,987 |
|
|
$ |
2,405,077 |
|
|
$ |
2,393,504 |
|
|
$ |
2,401,676 |
|
|
$ |
2,401,533 |
|
Average interest-earning assets, excluding average PPP loans |
$ |
2,401,460 |
|
|
$ |
2,403,076 |
|
|
$ |
2,391,305 |
|
|
$ |
2,399,297 |
|
|
$ |
2,398,998 |
|
Net interest margin (no tax adjustment) |
|
2.70 |
% |
|
|
2.81 |
% |
|
|
3.14 |
% |
|
|
3.44 |
% |
|
|
3.35 |
% |
Net interest margin, tax-equivalent |
|
2.72 |
% |
|
|
2.83 |
% |
|
|
3.16 |
% |
|
|
3.47 |
% |
|
|
3.37 |
% |
Adjusted net interest margin, excluding purchase accounting
adjustments, PPP Income and prepayment penalties (non-GAAP) |
|
2.70 |
% |
|
|
2.80 |
% |
|
|
3.15 |
% |
|
|
3.41 |
% |
|
|
3.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
Book Value per Share (GAAP) |
$ |
10.53 |
|
|
$ |
10.60 |
|
|
$ |
10.50 |
|
|
$ |
10.27 |
|
|
$ |
9.52 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
(0.57 |
) |
|
|
(0.57 |
) |
|
|
(0.56 |
) |
|
|
(0.56 |
) |
|
|
(0.56 |
) |
Core deposit intangible |
|
(0.09 |
) |
|
|
(0.09 |
) |
|
|
(0.10 |
) |
|
|
(0.10 |
) |
|
|
(0.11 |
) |
Tangible Book Value per Share (non-GAAP) |
$ |
9.87 |
|
|
$ |
9.94 |
|
|
$ |
9.84 |
|
|
$ |
9.61 |
|
|
$ |
8.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Bank Equity (GAAP) |
$ |
234,612 |
|
|
$ |
240,041 |
|
|
$ |
238,887 |
|
|
$ |
233,882 |
|
|
$ |
217,787 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
(12,487 |
) |
|
|
(12,487 |
) |
|
|
(12,487 |
) |
|
|
(12,487 |
) |
|
|
(12,487 |
) |
Core deposit intangible net of associated deferred tax
liabilities |
|
(1,370 |
) |
|
|
(1,438 |
) |
|
|
(1,505 |
) |
|
|
(1,573 |
) |
|
|
(1,640 |
) |
Tangible Capital (non-GAAP) |
$ |
220,755 |
|
|
$ |
226,116 |
|
|
$ |
224,895 |
|
|
$ |
219,822 |
|
|
$ |
203,660 |
|
|
|
|
|
|
|
|
|
|
|
Tangible Capital (non-GAAP) |
$ |
220,755 |
|
|
$ |
226,116 |
|
|
$ |
224,895 |
|
|
$ |
219,822 |
|
|
$ |
203,660 |
|
Unrealized losses on HTM securities net of tax |
|
(34,622 |
) |
|
|
(27,286 |
) |
|
|
(25,825 |
) |
|
|
(28,194 |
) |
|
|
(29,670 |
) |
Adjusted Tangible Capital for Impact of Unrealized Losses on HTM
Securities Net of Tax (non-GAAP) |
$ |
186,133 |
|
|
$ |
198,830 |
|
|
$ |
199,070 |
|
|
$ |
191,628 |
|
|
$ |
173,990 |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier (CET) 1 Capital |
$ |
249,441 |
|
|
$ |
249,340 |
|
|
$ |
247,996 |
|
|
$ |
244,864 |
|
|
$ |
237,345 |
|
Unrealized losses on HTM securities net of tax |
|
(34,622 |
) |
|
|
(27,286 |
) |
|
|
(25,825 |
) |
|
|
(28,194 |
) |
|
|
(29,670 |
) |
Unrealized losses on defined benefit plan net of tax |
|
- |
|
|
|
- |
|
|
|
(1,079 |
) |
|
|
(1,079 |
) |
|
|
(8,447 |
) |
Adjusted CET 1 Capital for Impact of Net AFS Securities Losses
(non-GAAP) |
$ |
214,819 |
|
|
$ |
222,054 |
|
|
$ |
221,092 |
|
|
$ |
215,591 |
|
|
$ |
199,228 |
|
|
|
|
|
|
|
|
|
|
|
Total Assets for Leverage Ratio (non-GAAP) |
$ |
2,574,402 |
|
|
$ |
2,572,583 |
|
|
$ |
2,560,973 |
|
|
$ |
2,579,141 |
|
|
$ |
2,562,808 |
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
9.69 |
% |
|
|
9.69 |
% |
|
|
9.68 |
% |
|
|
9.49 |
% |
|
|
9.26 |
% |
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity (non-GAAP) = Tangible Capital
(non-GAAP)/Total Assets for Leverage Ratio (non-GAAP) |
|
8.58 |
% |
|
|
8.79 |
% |
|
|
8.78 |
% |
|
|
8.52 |
% |
|
|
7.95 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted Tangible Common Equity for AFS Impact (non-GAAP) =
Adjusted CET 1 Capital for Impact of Net AFS Securities Losses
(non-GAAP)/Total Assets for Leverage Ratio (non-GAAP) |
|
8.34 |
% |
|
|
8.63 |
% |
|
|
8.63 |
% |
|
|
8.36 |
% |
|
|
7.77 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted Tangible Common Equity for HTM Impact (non-GAAP) =
Adjusted Tangible Capital for Impact of Unrealized Losses on HTM
Securities Net of Tax (non-GAAP)/Total Assets for Leverage Ratio
(non-GAAP) |
|
7.23 |
% |
|
|
7.73 |
% |
|
|
7.77 |
% |
|
|
7.43 |
% |
|
|
6.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes (GAAP) |
$ |
5,523 |
|
|
$ |
3,467 |
|
|
$ |
6,975 |
|
|
$ |
12,354 |
|
|
$ |
7,860 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Provision for (reversal of) credit losses |
|
354 |
|
|
|
420 |
|
|
|
(388 |
) |
|
|
150 |
|
|
|
675 |
|
PPP Income |
|
(12 |
) |
|
|
(26 |
) |
|
|
(15 |
) |
|
|
(18 |
) |
|
|
(19 |
) |
Loss (gain) on defined benefit plan termination |
|
- |
|
|
|
1,143 |
|
|
|
- |
|
|
|
(2,807 |
) |
|
|
- |
|
Gain on bank-owned life insurance death benefit |
|
(778 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Income Before Taxes, Provision, PPP Income, Defined Benefit
Termination and Bank-Owned Life Insurance Death Benefit
(non-GAAP) |
$ |
5,087 |
|
|
$ |
5,004 |
|
|
$ |
6,572 |
|
|
$ |
9,679 |
|
|
$ |
8,516 |
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio: |
|
|
|
|
|
|
|
|
|
Non-interest Expense (GAAP) |
$ |
14,118 |
|
|
$ |
14,551 |
|
|
$ |
14,896 |
|
|
$ |
14,003 |
|
|
$ |
14,343 |
|
Non-interest Expense for Adjusted Efficiency Ratio |
$ |
14,118 |
|
|
$ |
14,551 |
|
|
$ |
14,896 |
|
|
$ |
14,003 |
|
|
$ |
14,343 |
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income (GAAP) |
$ |
16,383 |
|
|
$ |
16,846 |
|
|
$ |
18,504 |
|
|
$ |
20,854 |
|
|
$ |
20,288 |
|
|
|
|
|
|
|
|
|
|
|
Non-interest Income (GAAP) |
$ |
3,612 |
|
|
$ |
1,592 |
|
|
$ |
2,979 |
|
|
$ |
5,653 |
|
|
$ |
2,590 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Unrealized (gains) losses on marketable equity securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(19 |
) |
|
|
235 |
|
Gain on non-marketable equity investments |
|
(238 |
) |
|
|
- |
|
|
|
(352 |
) |
|
|
(70 |
) |
|
|
(211 |
) |
Loss on disposal of premises and equipment |
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loss (gain) on defined benefit plan termination |
|
- |
|
|
|
1,143 |
|
|
|
- |
|
|
|
(2,807 |
) |
|
|
- |
|
Gain on bank-owned life insurance death benefit |
|
(778 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) |
$ |
2,599 |
|
|
$ |
2,735 |
|
|
$ |
2,627 |
|
|
$ |
2,757 |
|
|
$ |
2,614 |
|
Total Revenue for Adjusted Efficiency Ratio (non-GAAP) |
$ |
18,982 |
|
|
$ |
19,581 |
|
|
$ |
21,131 |
|
|
$ |
23,611 |
|
|
$ |
22,902 |
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio (GAAP) |
|
70.61 |
% |
|
|
78.92 |
% |
|
|
69.34 |
% |
|
|
52.83 |
% |
|
|
62.69 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted Efficiency Ratio (Non-interest Expense for Efficiency
Ratio (non-GAAP)/Total Revenue for Efficiency Ratio
(non-GAAP)) |
|
74.38 |
% |
|
|
74.31 |
% |
|
|
70.49 |
% |
|
|
59.31 |
% |
|
|
62.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended |
|
9/30/2023 |
|
9/30/2022 |
|
(In thousands) |
|
|
|
|
Loans (no tax adjustment) |
$ |
67,230 |
|
|
$ |
55,990 |
|
Tax-equivalent adjustment |
|
356 |
|
|
|
364 |
|
Loans (tax-equivalent basis) |
$ |
67,586 |
|
|
$ |
56,354 |
|
|
|
|
|
Securities (no tax adjustment) |
$ |
6,276 |
|
|
$ |
6,122 |
|
Tax-equivalent adjustment |
|
- |
|
|
|
3 |
|
Securities (tax-equivalent basis) |
$ |
6,276 |
|
|
$ |
6,125 |
|
|
|
|
|
Net interest income (no tax adjustment) |
$ |
51,733 |
|
|
$ |
58,378 |
|
Tax equivalent adjustment |
|
356 |
|
|
|
367 |
|
Net interest income (tax-equivalent basis) |
$ |
52,089 |
|
|
$ |
58,745 |
|
|
|
|
|
Net interest income (no tax adjustment) |
$ |
51,733 |
|
|
$ |
58,378 |
|
Less: |
|
|
|
Purchase accounting adjustments |
|
(53 |
) |
|
|
87 |
|
Prepayment penalties and fees |
|
57 |
|
|
|
147 |
|
PPP Income |
|
52 |
|
|
|
710 |
|
Adjusted net interest income (non-GAAP) |
$ |
51,677 |
|
|
$ |
57,434 |
|
|
|
|
|
Average interest-earning assets |
$ |
2,400,558 |
|
|
$ |
2,395,387 |
|
Average interest-earnings asset, excluding average PPP loans |
$ |
2,398,652 |
|
|
$ |
2,388,541 |
|
Net interest margin (no tax adjustment) |
|
2.88 |
% |
|
|
3.26 |
% |
Net interest margin, tax-equivalent |
|
2.90 |
% |
|
|
3.28 |
% |
Adjusted net interest margin, excluding purchase accounting
adjustments, PPP Income and prepayment penalties (non-GAAP) |
|
2.88 |
% |
|
|
3.22 |
% |
|
|
|
|
|
|
|
|
For further information contact:James C. Hagan,
President and CEOGuida R. Sajdak, Executive Vice President and
CFOMeghan Hibner, Vice President and Investor Relations
Officer413-568-1911
Western New England Banc... (NASDAQ:WNEB)
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