Western New England Bancorp (WNEB) Q4 2024 earnings summary

Executive summary

• Net income for 4Q2024 was $3.3 million, up from $1.9 million in 3Q2024 and $2.5 million in 4Q2023, with EPS of $0.16 compared to $0.09 in the prior quarter and $0.12 a year ago.

• Net interest income rose 3.7% sequentially to $15.3 million, with net interest margin stable at 2.41%.

• Total loans grew 2.1% year-over-year to $2.1 billion, led by a 7.4% increase in residential real estate loans.

• Asset quality remained strong, with nonperforming loans at 0.26% of total loans and net recoveries recorded in 4Q2024.

Financial highlights

• Net interest income increased $545,000 sequentially, driven by higher interest income.

• Non-interest income included a $300,000 gain on non-marketable equity investments in 4Q2024.

• Total deposits rose 5.6% year-over-year to $2.3 billion, with core deposits up 1.7% and time deposits up 15.1%.

• Book value per share was $11.30 at year-end, up from $10.96 a year earlier; tangible book value per share increased 3.2% to $10.63.

Outlook and guidance

• Management remains attentive to credit quality and proactive in risk mitigation, with a strong liquidity position and excess capital.