WNEB Q2 net income plunges to $2.8M ($0.13 EPS) from $5.5M ($0.25) YoY

Western New England Bancorp, Inc.

2023-Q2 EPS reported $0.37

Net income of $2.8M ($0.13 diluted EPS) in Q2 2023, down 49% from $5.5M ($0.25) in Q2 2022.
Net interest margin narrowed to 2.81% from 3.14% linked quarter; net interest income fell 9% to $16.8M.
Total deposits decreased 3.2% to $2.2B; core deposits down 10.7%, time deposits up 29.9%.
Board declared $0.07 quarterly dividend, payable Aug 23, record Aug 9.
Repurchased 249,744 shares in H1 2023 at avg $7.74; 806,600 shares remain under the plan.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Western New England Bancorp, Inc. reported for the six months ended June 30, 2023 results: net income net income was $8.1 million, or $0.37 per diluted share, EPS $0.37 per diluted share.

Period: for the six months ended June 30, 2023
Net income: net income was $8.1 million, or $0.37 per diluted share
EPS: $0.37 per diluted share
Result: reported results

Exact text from the filing

For the six months ended June 30, 2023, net income was $8.1 million, or $0.37 per diluted share, compared to net income of $10.9 million, or $0.49 per diluted share, for the six months ended June 30, 2022.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Western New England Bancorp, Inc. reported for the three and six months ended June 30, 2023 results: net income net income of $2.8 million, or $0.13 per diluted share, EPS $0.13 per diluted share.

Period: for the three and six months ended June 30, 2023
Net income: net income of $2.8 million, or $0.13 per diluted share
EPS: $0.13 per diluted share
Result: reported results

Exact text from the filing

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 six months ended June 30, 2023. For the three months ended June 30, 2023, the Company reported net income of $2.8 million, or $0.13 per diluted share, compared to net income of $5.5 million, or $0.25 per diluted share, for the three months ended June 30, 2022.

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Western New England Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001387131-23-008662

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