WNEB Q3 net income drops 58% YoY to $1.9M; EPS $0.09 vs $0.21

Western New England Bancorp, Inc.

2024-Q3 EPS reported $0.40

Net income of $1.9M ($0.09 diluted EPS) vs $4.5M ($0.21) in Q3 2023, down 58%.
Net interest margin shrank to 2.40% from 2.70% a year ago; deposit cost rose to 2.04%.
Total loans increased $21.7M YTD to $2.0B; residential real estate grew $26.4M.
Non-interest income fell to $3.1M from $3.6M YoY; gain on equity investments lower.
BTFP fully repaid; liquidity at $1.1B instantly available, covering 183% of uninsured deposits.

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