WNEB Q2 net income $5.65M ($0.24 EPS); NIM 3.06%; core deposits up 19%

Western New England Bancorp, Inc.

2021-Q2 EPS reported $0.47 revenue$19,000

Net income of $5.65M, diluted EPS $0.24; net interest income $17.8M, up 18% YoY; NIM 3.06% on a tax-equivalent basis.
Credit provision of negative $1.2M (benefit); non-performing loans fell to $6.0M (0.34% of total loans).
Completed $20M subordinated debt offering; prepaid $32.5M in FHLB borrowings with 2.03% avg rate, minimal loss.
Core deposits grew to $1.73B (+19.3% from YE 2020); loan-to-deposit ratio improved to 86%.
CARES Act modifications reduced to $57M (3.2% of loans); Connecticut expansion with new branches in West Hartford, Bloomfield, Granby.

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