WNEB reports record net income of $23.7M in 2021; increases quarterly dividend by 20%

Western New England Bancorp, Inc.

2021-FY EPS reported $1.02

Net income for Q4 2021 was $6.2M ($0.28 diluted EPS), up 24% from $5.0M ($0.20) in Q4 2020.
Full-year 2021 net income reached $23.7M ($1.02 EPS), more than double the $11.2M ($0.45) in 2020.
Quarterly cash dividend increased 20% to $0.06 per share, payable Feb 23, 2022 to holders of record Feb 9.
Commercial real estate loans grew $146M (17.5%) YoY; core deposits increased $401.5M (27.7%) to 82.1% of total deposits.
NIM (ex-PPP) was 2.97% for Q4, down slightly from 2.99% linked quarter; stock repurchases totaled 2.76M shares at avg $8.33 in 2021.

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