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. On a linked quarter basis, net income was $2.8
million, or $0.13 per diluted share, as compared to net income of
$5.3 million, or $0.24 per diluted share, for the three months
ended March 31, 2023. 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.
The Company also announced that the Board of
Directors declared a quarterly cash dividend of $0.07 per share on
the Company’s common stock. The dividend will be payable on or
about August 23, 2023 to shareholders of record on August 9,
2023.
James C. Hagan, President and Chief Executive
Officer, commented, “While the recent national market events and
current interest rate cycle have made it very challenging for all
banks, we believe our Company continues to be well positioned with
strong capital and access to liquidity to sustain us through this
interest rate cycle. Our financial performance largely has been
impacted by higher funding costs in response to the rapid increase
in interest rates over the last twelve months. As we continue to
manage the balance sheet in this uncertain environment, we are also
focused on expense management initiatives to mitigate top line
pressures. The Company continues to focus on our loan and deposit
growth initiatives and retention of our customers. We saw growth in
our loan portfolio and will strive to continue to grow. As a result
of local market disruptions, we are working to onboard new talent
and new depositor and borrowing relationships, both of which will
assist us in our growth. Our asset quality remains strong, with
nonperforming loans to total loans of 0.29% at June 30, 2023, and a
23% decrease in classified assets from December 31, 2022.”
Hagan concluded, “During the six months ended
June 30, 2023, we repurchased 249,744 shares at an average price
per share of $7.74. We believe that buying back shares represents a
prudent use of capital and we are pleased to be able to continue to
return value to shareholders through share repurchases. We maintain
solid relationships with the local community, our bank regulators
and our customers. Our team remains committed to our existing and
new customers in our local market area with our competitive
products and services that are focused around true relationship
banking, while providing continued access to local decision makers.
We remain focused and well positioned to serve our community today
and in the future.”
Key Highlights:
Loans and DepositsAt June 30,
2023, total loans of $2.0 billion increased $24.2 million, or 1.2%,
from December 31, 2022. During the same period, total deposits
decreased $71.5 million, or 3.2%, to $2.2 billion at June 30, 2023.
Core deposits, which are defined by the Company as all deposits
except for time deposits, decreased $194.6 million, or 10.7%, from
$1.8 billion, or 81.5% of total deposits, at December 31, 2022, to
$1.6 billion, or 75.2% of total deposits at June 30, 2023. The
decrease in core deposits was partially offset by a $123.1 million,
or 29.9%, increase in time deposits from $411.7 million at December
31, 2022 to $534.8 million at June 30, 2023. The loan-to-deposit
ratio increased from 89.3% at December 31, 2022 to 93.4% at June
30, 2023.
LiquidityThe Company’s
liquidity position remains strong with solid core deposit
relationships, cash, unencumbered securities and access to
diversified borrowing sources. During the three months ended June
30, 2023, the Company participated in the Bank Term Funding Program
(“BTFP”), which enabled the Company to pay off higher rate Federal
Home Loan Bank (“FHLB”) advances. The Company advanced $90.0
million under the BTFP during the three months ended June 30, 2023
and has $27.4 million in availability under the program as of June
30, 2023.
At June 30, 2023, the Company had available
borrowing capacity with the FHLB of $380.1 million, including
its overnight Ideal Way Line of Credit. In addition, at June 30,
2023, the Company had available borrowing capacity of $51.4 million
from the Federal Reserve Discount Window, with no outstanding
borrowings. At June 30, 2023, the Company also had available
borrowing capacity of $65.0 million from two unsecured credit lines
with correspondent banks, with no outstanding borrowings. At June
30, 2023, the Company has $523.9 million in total available
borrowing capacity.
Allowance for Loan Losses and Credit
QualityAt June 30, 2023, the allowance for credit losses
was $19.6 million, or 0.97% of total loans and 341.4% of
nonperforming loans, compared to $19.9 million, or 1.00% of total
loans and 350.0% of nonperforming loans at December 31, 2022. At
June 30, 2023, nonperforming loans totaled $5.8 million, or 0.29%
of total loans, compared to $5.7 million, or 0.29% of total loans,
at December 31, 2022. Total delinquent loans increased $947,000, or
21.2%, from $4.5 million, or 0.22% of total loans, at December 31,
2022 to $5.4 million, or 0.27% of total loans, at June 30,
2023.
Current Expected Credit LossOn
January 1, 2023, the Company implemented the accounting rules for
the measurement of Credit Losses on Financial Instruments (“CECL”).
The January 1, 2023, or “Day 1” tax-effected transitional impact to
retained earnings was $9,000 due to the following: a decrease in
the pooled credit reserve of $931,000 and the establishment of a
reserve liability for unfunded commitments of $918,000.
Additionally, the allowance for credit losses includes $2.1 million
in reserves related to purchase credit deteriorated (“PCD”) loans.
For PCD loans, the allowance for credit losses recorded is
recognized through a gross-up that increases the amortized cost
basis of loans with a corresponding increase to the allowance for
credit losses, and therefore results in no impact to shareholders'
equity.
Net Interest MarginThe net
interest margin was 2.81% for the three months ended June 30, 2023
compared to 3.14% for the three months ended March 31, 2023. The
net interest margin, on a tax-equivalent basis, was 2.83% for the
three months ended June 30, 2023, compared to 3.16% for the three
months ended March 31, 2023.
Stock Repurchase ProgramOn July
26, 2022, the Board of Directors authorized a new stock repurchase
plan (the “2022 Plan”), pursuant to which the Company is authorized
to repurchase up to 1.1 million shares, representing approximately
5.0% of the Company’s outstanding common stock as of the time the
2022 Plan was announced. During the three months ended June 30,
2023, the Company repurchased 124,744 shares of common stock under
the 2022 Plan, with an average price per share of $6.16. During the
six months ended June 30, 2023, the Company repurchased 249,744
shares of common stock under the 2022 Plan, with an average price
per share of $7.74. As of June 30, 2023, there were 806,600 shares
of common stock available for repurchase under the 2022 Plan.
The repurchase of shares under the stock
repurchase program is administered through an independent broker.
The shares of common stock repurchased under the 2022 Plan will be
purchased from time to time at prevailing market prices, through
open market or privately negotiated transactions, or otherwise,
depending upon market conditions. There is no guarantee as to the
exact number, or value, of shares that will be repurchased by the
Company, and the Company may discontinue repurchases at any time
that the Company’s management (“Management”) determines additional
repurchases are not warranted. The timing and amount of additional
share repurchases under the 2022 Plan will depend on a number of
factors, including the Company’s stock price performance, ongoing
capital planning considerations, general market conditions, and
applicable legal requirements.
Book Value and Tangible Book
ValueBook value per share was $10.60 at June 30, 2023,
compared to $10.27 at December 31, 2022, while tangible book value
per share, a non-GAAP financial measure, increased $0.33, or 3.5%,
from $9.61 at December 31, 2022 to $9.94 at June 30, 2023. The
increase was due to the final termination of the Westfield Bank
Defined Benefit Plan liabilities (the “DB Plan”) during the second
quarter of 2023 and corresponding reversal of previously held
losses in accumulated other comprehensive income. As of June 30,
2023, the Company’s and the Bank’s regulatory capital ratios
continued to exceed the levels required to be considered
“well-capitalized” under federal banking regulations. See pages
19-22 for the related tangible book value calculation and a
reconciliation of GAAP to non-GAAP financial measures.
Westfield Bank Defined Benefit Pension
PlanThe Board of Directors previously announced the
termination of the DB Plan on October 31, 2022, subject to required
regulatory approval. The Company expects to receive regulatory
approval for the DB Plan termination in the third quarter of 2023.
At December 31, 2022, the Company reversed $7.3 million in net
unrealized losses recorded in accumulated other comprehensive
income attributed to both the DB Plan curtailment resulting from
the termination of the DB Plan as well as changes in discount
rates. In addition, during the three months ended December 31,
2022, the Company recorded a gain on curtailment of $2.8 million
through non-interest income. During the six months ended June 30,
2023, the Company made an additional cash contribution of $1.3
million in order to fully fund the DB Plan on a plan termination
basis. In addition, for those participants who did not opt for a
one-time lump sum payment, the Company funded $6.3 million to
purchase a group annuity contract to transfer its remaining
liabilities under the DB Plan. In addition, on June 30, 2023, the
Company recognized the final termination expense of $1.1 million
related to the DB Plan termination, which was recorded through
non-interest income.
Net Income for the Three Months Ended
June 30, 2023 Compared to the Three Months Ended March 31,
2023The Company reported net income of $2.8 million, or
$0.13 per diluted share, for the three months ended June 30, 2023,
compared to net income of $5.3 million, or $0.24 per diluted share,
for the three months ended March 31, 2023. Net interest income
decreased $1.7 million, or 9.0%, non-interest income decreased $1.4
million or 46.6%, non-interest expense decreased $345,000, or 2.3%,
and provision for credit losses increased $808,000, or 208.2%,
during the same period. Non-interest income includes a one-time,
non-recurring final termination expense of $1.1 million, due to the
termination of the Company’s DB Plan. Return on average assets and
return on average equity were 0.43% and 4.72%, respectively, for
the three months ended June 30, 2023, compared to 0.84% and 9.31%,
respectively, for the three months ended March 31, 2023.
Net Interest Income and Net Interest
MarginOn a sequential quarter basis, net interest income,
our primary driver of revenues, decreased $1.7 million, or 9.0%, to
$16.8 million for the three months ended June 30, 2023, from $18.5
million for the three months ended March 31, 2023. The decrease in
net interest income was primarily due to an increase in interest
expense of $2.8 million, or 55.1%, partially offset by an increase
in interest income of $1.2 million, or 5.0%. The increase in
interest expense was a result of competitive pricing on deposits
due to the continued high interest rate environment and the
unfavorable shift in the deposit mix from low cost core deposits to
high cost time deposits.
The net interest margin decreased 33 basis
points to 2.81%, for the three months ended June 30, 2023, from
3.14% for the three months ended March 31, 2023. The net interest
margin, on a tax-equivalent basis, was 2.83% for the three months
ended June 30, 2023, compared to 3.16% for the three months ended
March 31, 2023. The decrease in the net interest margin was
primarily due to an increase in the average cost of
interest-bearing liabilities, which was partially offset with an
increase in the average yield on interest-earning assets.
The average yield on interest-earning assets,
without the impact of tax-equivalent adjustments, was 4.14% for the
three months ended June 30, 2023, compared to 4.01% for the three
months ended March 31, 2023. The average loan yield, without the
impact of tax-equivalent adjustments, was 4.49% for the three
months ended June 30, 2023, compared to 4.34% for the three months
ended March 31, 2023. During the three months ended June 30, 2023,
average interest-earning assets increased $11.6 million, or 0.5% to
$2.4 billion, primarily due to an increase in average loans of
$13.8 million, or 0.7%, an increase in short-term investments,
consisting of cash and cash equivalents, of $4.4 million, or 74.8%,
an increase in average other investments of $1.2 million, or 10.2%,
partially offset by a decrease in average securities of $7.9
million, or 2.1%.
The average cost of total funds, including
non-interest bearing accounts and borrowings, increased 48 basis
points from 0.91% for the three months ended March 31, 2023 to
1.39% for the three months ended June 30, 2023. The average cost of
core deposits, which the Company defines as all deposits except
time deposits, increased 11 basis points to 0.64% for the three
months ended June 30, 2023, from 0.53% for the three months ended
March 31, 2023. The average cost of time deposits increased 103
basis points from 1.71% for the three months ended March 31, 2023
to 2.74% for the three months ended June 30, 2023. The average cost
of borrowings, including subordinated debt, increased four basis
points from 4.84% for the three months ended March 31, 2023 to
4.88% for the three months ended June 30, 2023. Average demand
deposits, an interest-free source of funds, decreased $47.8
million, or 7.5%, from $639.2 million, or 29.0% of total average
deposits, for the three months ended March 31, 2023, to $591.4
million, or 27.6% of total average deposits, for the three months
ended June 30, 2023.
Provision for (Reversal of) Credit
LossesDuring the three months ended June, 30, 2023, under
the CECL model, the Company recorded a provision for credit losses
of $420,000, compared to a reversal for credit losses of $388,000
during the three months ended March 31, 2023. The provision for
credit losses includes a $171,000 negative provision for unfunded
commitments primarily due to the impact of decreased unfunded loan
commitments. Total unfunded loan commitments decreased
$16.6 million, or 8.5% to $179.6 million at June 30, 2023
from $196.2 million at March 31, 2023. The provision for
credit losses was determined by a number of factors: the continued
strong credit performance of the Company’s loan portfolio, changes
in the loan portfolio mix and Management’s consideration of
existing economic conditions and the economic outlook from the
Federal Reserve’s actions to control inflation. The Company also
increased the qualitative reserve to consider the potential losses
resulting from future recessionary pressures. Management continues
to monitor macroeconomic variables related to increasing interest
rates, inflation and the concerns of an economic downturn, and
believes it is appropriately reserved for the current economic
environment.
During the three months ended June 30, 2023, the
Company recorded net recoveries of $25,000, compared to net
charge-offs of $1.9 million for the three months ended March 31,
2023. The charge-offs during the three months ended March 31, 2023
were related to one commercial relationship acquired on October 21,
2016 from Chicopee Bancorp, Inc., which was on nonaccrual status.
At March 31, 2023, the Company recorded a $1.9 million charge-off
on the relationship, which represented the non-accretable credit
mark that was required to be grossed-up to the loan’s amortized
cost basis with a corresponding increase to the allowance for
credit losses under the CECL implementation. The Company has
charged-off 61% of the total relationship and the remaining
exposure of $1.3 million is projected to be collateralized at this
time.
Non-Interest IncomeOn a
sequential quarter basis, non-interest income decreased $1.4
million, or 46.6%, to $1.6 million for the three months ended June
30, 2023, from $3.0 million for the three months ended March 31,
2023. During the three months ended June 30, 2023, the Company
recorded a $1.1 million final termination expense related to the DB
Plan termination. Service charges and fees on deposits increased
$54,000, or 2.5%, from the three months ended March 31, 2023 to
$2.2 million for the three months ended June 30, 2023. Income from
bank-owned life insurance (“BOLI”) increased $54,000, or 12.3%,
from the three months ended March 31, 2023 to $494,000 for the
three months ended June 30, 2023. During the three months ended
March 31, 2023, the Company reported a gain on non-marketable
equity investments of $352,000. At June 30, 2023, the Company did
not have comparable non-interest income from non-marketable equity
investments.
Non-Interest ExpenseFor the
three months ended June 30, 2023, non-interest expense decreased
$345,000, or 2.3%, to $14.6 million from $14.9 million for the
three months ended March 31, 2023. Salaries and employee benefits
decreased $342,000, or 4.1%, to $8.1 million. Occupancy expense
decreased $145,000, or 10.8%, due to the decrease in snow removal
costs of $116,000, or 89.9%, advertising expense decreased $78,000,
or 18.7%, and FDIC insurance expense decreased $62,000, or 17.6%.
Professional fees increased $46,000, or 6.1%, data processing
expense increased $39,000, or 5.2%, and furniture and equipment
expense increased $6,000, or 1.2%, and other non-interest expense
increased $191,000, or 8.1%. During the three months ended June 30,
2023, other non-interest expense included $154,000 in expense
related to the DB Plan termination. Excluding the DB Plan expense,
non-interest expense decreased $499,000, or 3.3%, from the three
months ended March 31, 2023 to the three months ended June 30,
2023.
For the three months ended June 30, 2023, the
efficiency ratio was 78.9%, compared to 69.3% for the three months
ended March 31, 2023. For the three months ended June 30, 2023, the
adjusted efficiency ratio, a non-GAAP financial measure, was 74.3%
compared to 70.5% for the three months ended March 31, 2023. The
efficiency ratio increase was driven by lower revenues, defined as
net interest income and non-interest income, during the three
months ended June 30, 2023 compared to the three months ended March
31, 2023. See pages 19-22 for the related ratio calculation and a
reconciliation of GAAP to non-GAAP financial measures.
Income Tax ProvisionIncome tax
expense for the three months ended June 30, 2023 was $704,000, or
an effective tax rate of 20.3%, compared to $1.7 million, or an
effective tax rate of 24.0%, for the three months ended March 31,
2023 due to lower projected pre-tax income for the twelve months
ended December 31, 2023.
Net Income for the Three Months Ended
June 30, 2023 Compared to the Three Months Ended June 30,
2022.The Company reported net income of $2.8 million, or
$0.13 per diluted share, for the three months ended June 30, 2023,
compared to net income of $5.5 million, or $0.25 per diluted share,
for the three months ended June 30, 2022. Net interest income
decreased $2.5 million, or 13.1%, non-interest income decreased
$1.1 million or 41.9%, non-interest expense increased $118,000, or
0.8%, and provision for credit losses increased $120,000, or 40.0%,
during the same period. During the three months ended June 30,
2023, non-interest income included a one-time, non-recurring final
termination expense of $1.1 million, due to the termination of the
Company’s DB Plan. Return on average assets and return on average
equity were 0.43% and 4.72%, respectively, for the three months
ended June 30, 2023, compared to 0.87% and 10.22%, respectively,
for the three months ended June 30, 2022.
Net Interest Income and Net Interest
MarginNet interest income decreased $2.6 million, or
13.1%, to $16.8 million, for the three months ended June 30, 2023,
from $19.4 million for the three months ended June 30, 2022. The
decrease in net interest income was due to an increase in interest
expense of $6.7 million, or 535.0%, partially offset by an increase
in interest and dividend income of $4.2 million, or 20.2%. Interest
expense on deposits increased $5.1 million, or 513.0%, and interest
expense on borrowings increased $1.6 million, or 617.4%. The
increase in interest expense was a result of competitive pricing on
deposits due to the continued higher interest rate environment and
the unfavorable shift in the deposit mix from low cost core
deposits to high cost time deposits. For the three months ended
June 30, 2023, net interest income included $26,000 in Paycheck
Protection Program interest and fee income (“PPP Income”), compared
to $129,000 for the three months ended June 30, 2022.
The net interest margin was 2.81% for the three
months ended June 30, 2023, compared to 3.24% for the three months
ended June 30, 2022. The net interest margin, on a tax-equivalent
basis, was 2.83% for the three months ended June 30, 2023, compared
to 3.26% for the three months ended June 30, 2022. The decrease in
the net interest margin was primarily due to an increase in the
average cost of interest-bearing liabilities and the unfavorable
shift in the deposit mix from low cost core deposits to high cost
time deposits, which was partially offset with an increase in the
average yield on interest-earning assets.
The average yield on interest-earning assets,
without the impact of tax-equivalent adjustments, was 4.14% for the
three months ended June 30, 2023, compared to 3.45% for the three
months ended June 30, 2022. The average loan yield, without the
impact of tax-equivalent adjustments, was 4.49% for the three
months ended June 30, 2023, compared to 3.81% for the three months
ended June 30, 2022. During the three months ended June 30, 2023,
average interest-earning assets increased $6.6 million, or 0.3% to
$2.4 billion, primarily due to an increase in average loans of
$57.4 million, or 2.9%, an increase in average other investments of
$3.4 million, or 34.7%, partially offset by a decrease in average
securities of $39.7 million, or 9.6%, and a decrease in average
short-term investments, consisting of cash and cash equivalents, of
$14.6 million, or 58.6%.
The average cost of total funds, including
non-interest bearing accounts and borrowings, increased 117 basis
points from 0.22% for the three months ended June 30, 2022 to 1.39%
for the three months ended June 30, 2023. The average cost of core
deposits, which the Company defines as all deposits except time
deposits, increased 49 basis points to 0.64% for the three months
ended June 30, 2023, from 0.15% for the three months ended June 30,
2022. The average cost of time deposits increased 242 basis points
from 0.32% for the three months ended June 30, 2022 to 2.74% for
the three months ended June 30, 2023. The average cost of
borrowings, including subordinated debt, increased 78 basis points
from 4.10% for the three months ended June 30, 2022 to 4.88% for
the three months ended June 30, 2023. Average demand deposits, an
interest-free source of funds, decreased $44.3 million, or 7.0%,
from $635.7 million, or 28.0% of total average deposits, for the
three months ended June 30, 2022, to $591.4 million, or 27.6% of
total average deposits, for the three months ended June 30,
2023.
Provision for Credit
LossesDuring the three months ended June, 30, 2023, the
Company recorded a provision for credit losses of $420,000, under
the CECL model, compared to a provision for credit losses of
$300,000 during the three months ended June 30, 2022, under the
incurred loss model. The increase was primarily due to changes in
the economic environment and related adjustments to the
quantitative components of the CECL methodology. The provision for
credit losses was determined by a number of factors: the continued
strong credit performance of the Company’s loan portfolio, changes
in the loan portfolio mix and Management’s consideration of
existing economic conditions and the economic outlook from the
Federal Reserve’s actions to control inflation. The Company also
increased the qualitative reserve to consider the potential losses
resulting from future recessionary pressures. The Company’s
Management continues to monitor macroeconomic variables related to
increasing interest rates, inflation and the concerns of an
economic downturn, and believes it is appropriately provisioned for
the current economic environment.
The Company recorded net recoveries of $25,000
for the three months ended June 30, 2023, as compared to net
charge-offs of $48,000 for the three months ended June 30,
2022.
Non-Interest IncomeNon-interest
income decreased $1.1 million, or 41.9%, to $1.6 million for the
three months ended June 30, 2023, from $2.7 million for the three
months ended June 30, 2022. During the three months ended June 30,
2023, the Company recorded a $1.1 million final termination expense
related to the DB Plan termination. During the three months ended
June 30, 2023, service charges and fees on deposits decreased
$105,000, or 4.5%, primarily due to changes in the Company’s
overdraft program that were implemented in the first half of 2023.
Income from BOLI increased $36,000, or 7.9%, from the three months
ended June 30, 2022 to the three months ended June 30, 2023. Other
income from loan-level swap fees on commercial loans decreased
$21,000 from the three months ended June 30, 2022 to the three
months ended June 30, 2023. During the three months ended June 30,
2023, the Company did not report any loan-level swap fees. During
the three months ended June 30, 2022, the Company reported a gain
of $141,000 on non-marketable equity investments and reported an
unrealized loss on marketable equity securities of $225,000. During
the three months ended June 30, 2023, the Company did not have
comparable gains or losses.
Non-Interest ExpenseFor the
three months ended June 30, 2023, non-interest expense increased
$118,000, or 0.8%, to $14.6 million from $14.4 million, for the
three months ended June 30, 2022. The increase in non-interest
expense was due to an increase in professional fees of $84,000, or
11.7%, an increase in data processing of $61,000, or 8.3%, an
increase in FDIC insurance expense of $56,000, or 23.9%, an
increase in occupancy expense of $26,000, or 2.2%, and an increase
in other non-interest expense of $158,000, or 6.6%. These increases
were partially offset by a decrease in salaries and benefits of
$147,000, or 1.8%, a decrease in advertising expense of $73,000, or
17.7%, and a decrease in furniture and equipment of $47,000, or
8.7%. During the three months ended June 30, 2023, other
non-interest expense included $154,000 in expense related to the DB
Plan termination. Excluding the DB Plan expense, non-interest
expense decreased $36,000, or 0.2%, from the three months ended
June 30, 2022 to the three months ended June 30, 2023.
For the three months ended June 30, 2023, the
efficiency ratio was 78.9%, compared to 65.2% for the three months
ended June 30, 2022. For the three months ended June 30, 2023, the
adjusted efficiency ratio, a non-GAAP financial measure, was 74.3%
compared to 65.0% for the three months ended June 30, 2022. The
efficiency ratio increase was driven by lower revenues, defined as
net interest income and non-interest income, during the three
months ended June 30, 2023 compared to the three months ended June
30, 2022. See pages 19-22 for the related ratio calculation and a
reconciliation of GAAP to non-GAAP financial measures.
Income Tax ProvisionIncome tax
expense for the three months ended June 30, 2023 was $704,000,
representing an effective tax rate of 20.3%, compared to $1.9
million, representing an effective tax rate of 25.2%, for three
months ended June 30, 2022 due to lower projected pre-tax income
for the twelve months ended December 31, 2023.
Net Income for the Six Months Ended June
30, 2023 Compared to the Six Months Ended June 30, 2022For
the six months ended June 30, 2023, the Company reported net income
of $8.1 million, or $0.37 per diluted share, compared to $10.9
million, or $0.49 per diluted share, for the six months ended June
30, 2022. Return on average assets and return on average equity
were 0.64% and 6.98% for the six months ended June 30, 2023,
respectively, compared to 0.86% and 9.93% for the six months ended
June 30, 2022, respectively.
Net Interest Income and Net Interest
MarginDuring the six months ended June 30, 2023, net
interest income decreased $2.7 million, or 7.2%, to $35.4 million,
compared to $38.1 million for the six months ended June 30, 2022.
The decrease in net interest income was due to an increase in
interest expense of $10.6 million, or 424.1%, partially offset by
an increase in interest and dividend income of $7.9 million, or
19.4%. The increase in interest expense was due to an increase in
interest expense on deposits of $8.2 million, or 413.2%, and an
increase in interest expense on borrowings of $2.4 million, or
465.8%. For the six months ended June 30, 2023, interest and
dividend income included $41,000 in PPP Income, compared to
$691,000 during the six months ended June 30, 2022.
The net interest margin for the six months ended
June 30, 2023 was 2.97%, compared to 3.21% during the six months
ended June 30, 2022. The net interest margin, on a tax-equivalent
basis, was 2.99% for the six months ended June 30, 2023, compared
to 3.23% for the six months ended June 30, 2022. Excluding PPP
Income, the net interest margin decreased 19 basis points from
3.16% for the six months ended June 30, 2022 to 2.97% for the six
months ended June 30, 2023. The decrease in the net interest margin
was primarily due to an increase in the average cost of
interest-bearing liabilities and the unfavorable shift in the
deposit mix from low cost core to high cost time deposits, which
was partially offset with an increase in the average yield on
interest-earning assets.
The average yield on interest-earning assets,
without the impact of tax-equivalent adjustments, was 4.07% for the
six months ended June 30, 2023, compared to 3.42% for the six
months ended June 30, 2022. The average loan yield, without the
impact of tax-equivalent adjustments, was 4.41% for the six months
ended June 30, 2023, compared to 3.82% for the six months ended
June 30, 2022. During the six months ended June 30, 2023, average
interest-earning assets increased $7.1 million, or 0.3% to $2.4
billion, primarily due to an increase in average loans of $77.7
million, or 4.0%, an increase in average other investments of $2.5
million, or 24.2%, partially offset by a decrease in average
securities of $40.4 million, or 9.6%, and a decrease in average
short-term investments, consisting of cash and cash equivalents, of
$32.8 million, or 80.1%.
The average cost of total funds, including
non-interest bearing accounts and borrowings, increased 93 basis
points from 0.22% for the six months ended June 30, 2022 to 1.15%
for the six months ended June 30, 2023. The average cost of core
deposits, which the Company defines as all deposits except time
deposits, increased 44 basis points to 0.58% for the six months
ended June 30, 2023, from 0.14% for the six months ended June 30,
2022. The average cost of time deposits increased 193 basis points
from 0.34% for the six months ended June 30, 2022 to 2.27% for the
six months ended June 30, 2023. The average cost of borrowings,
including subordinated debt, increased 55 basis points from 4.31%
for the six months ended June 30, 2022 to 4.86% for the six months
ended June 30, 2023. Average demand deposits, an interest-free
source of funds, decreased $19.2 million, or 3.0%, from $634.4
million, or 28.0% of total average deposits, for the six months
ended June 30, 2022, to $615.2 million, or 28.3% of total average
deposits, for the six months ended June 30, 2023.
Provision for (Reversal of) Credit
LossesDuring the six months ended June, 30, 2023, the
Company recorded a provision for credit losses of $32,000, under
the CECL model, compared to a reversal for credit losses of
$125,000 during the six months ended June 30, 2022. Prior to 2023,
the Company accounted for its allowance for loan losses under the
incurred loss model. The increase was primarily due to changes in
the economic environment and related adjustments to the
quantitative components of the CECL methodology. The Company
recorded net charge-offs of $1.8 million for the six months ended
June 30, 2023, as compared to net charge-offs of $102,000 for the
six months ended June 30, 2022.
Non-Interest IncomeFor the six
months ended June 30, 2023, non-interest income decreased $518,000,
or 10.2%, from $5.1 million during the six months ended June 30,
2022 to $4.6 million. During the six months ended June 30, 2023,
the Company recorded a $1.1 million final termination expense
related to the DB Plan termination. During the same period, service
charges and fees decreased $92,000, or 2.0%, primarily due to
changes in the Company’s overdraft program that were implemented in
2023 and income from BOLI increased $28,000, or 3.1%. Other income
from loan-level swap fees on commercial loans decreased $25,000 for
the six months ended June 30, 2023. The Company did not have any
comparable loan-level swap fee income in 2023. During the six
months ended June 30, 2023, the Company reported a gain of $352,000
on non-marketable equity investments, compared to a gain of
$141,000 during the six months ended June 30, 2022. During the six
months ended June 30, 2022, the Company reported unrealized losses
on marketable equity securities of $501,000 and also reported
realized losses on the sale of securities of $4,000. The Company
did not have comparable investment activity in 2023.
Non-Interest ExpenseFor the six
months ended June 30, 2023, non-interest expense increased
$558,000, or 1.9%, to $29.4 million, compared to $28.9 million for
the six months ended June 30, 2022. The increase in non-interest
expense was primarily due to an increase in salaries and employee
benefits of $45,000, or 0.3%, an increase in professional fees of
$264,000, or 20.4%, an increase in FDIC insurance expense of
$122,000, or 23.5%, an increase in other non-interest expense of
$184,000, or 3.9%, and increase in data processing expense of
$91,000, or 6.3%, and an increase in occupancy expense of $11,000,
or 0.4%. These increases were partially offset by a decrease in
advertising expense of $55,000, or 6.8%, and a decrease in
furniture and equipment of $104,000, or 9.6%. During the six months
ended June 30, 2023, other non-interest expense included $154,000
in expense related to the DB Plan termination.
For the six months ended June 30, 2023, the
efficiency ratio was 73.8%, compared to 66.9% for the six months
ended June 30, 2022. For the six months ended June 30, 2023, the
adjusted efficiency ratio, a non-GAAP financial measure, was 72.3%,
compared to 66.4% for the six months ended June 30, 2022. The
adjusted efficiency ratio is a non-GAAP measure. See pages 19-22
for the related efficiency ratio calculation and a reconciliation
of GAAP to non-GAAP financial measures.
Income Tax ProvisionIncome tax
expense for the six months ended June 30, 2023 was $2.4 million,
representing an effective tax rate of 22.7%, compared to $3.6
million, representing an effective tax rate of 24.7%, for six
months ended June 30, 2022, due to lower projected pre-tax income
for the twelve months ended December 31, 2023.
Balance SheetAt June 30, 2023,
total assets were $2.6 billion and increased $9.1 million, or 0.4%,
from December 31, 2022. The increase in total assets was mainly
related to an increase in total loans of $24.2 million, or 1.2%, an
increase in cash and cash equivalents of $1.3 million, or 4.4%, to
$31.7 million, partially offset by a decrease in investment
securities of $19.0 million, or 5.0%, to $364.4 million.
InvestmentsAt June 30, 2023,
the available-for-sale (“AFS”) and held-to-maturity (“HTM”)
securities portfolio represented 14.2% of total assets, compared to
14.8% at December 31, 2022. At June 30, 2023, the Company’s AFS
securities portfolio, recorded at fair market value, decreased $5.5
million, or 3.8%, from $147.0 million at December 31, 2022 to
$141.5 million. The HTM securities portfolio, recorded at amortized
cost, decreased $7.3 million, or 3.2%, from $230.2 million at
December 31, 2022 to $222.9 million at June 30, 2023. The
marketable equity securities portfolio decreased $6.2 million, or
100.0%, from $6.2 million at December 31, 2022 due to the
redemption of marketable equity securities during the three months
ended June 30, 2023. The decrease in the AFS and HTM securities
portfolios was primarily due to amortization and payoffs recorded
during the six months ended June 30, 2023.
At June 30, 2023, the Company reported
unrealized losses on the AFS securities portfolio of $31.2 million,
or 18.1% of the amortized cost basis of the AFS securities
portfolio, compared to unrealized losses of $32.2 million, or 18.0%
of the amortized cost basis of the AFS securities at December 31,
2022. At June 30, 2023, the Company reported unrealized losses on
the HTM securities portfolio of $38.0 million, or 17.1%, of the
amortized cost basis of the HTM securities portfolio, compared to
$39.2 million, or 17.0% of the amortized cost basis of the HTM
securities portfolio at December 31, 2022.
The securities in which the Company may invest
are limited by regulation. Federally chartered savings banks have
authority to invest in various types of assets, including U.S.
Treasury obligations, securities of various government-sponsored
enterprises, mortgage-backed securities, certain certificates of
deposit of insured financial institutions, repurchase agreements,
overnight and short-term loans to other banks, corporate debt
instruments and marketable equity securities. The securities, with
the exception of $7.2 million in corporate bonds, are issued by the
United States government or government-sponsored enterprises and
are therefore either explicitly or implicitly guaranteed as to the
timely payment of contractual principal and interest. These
positions are deemed to have no credit impairment, therefore, the
disclosed unrealized losses with the securities portfolio relate
primarily to changes in prevailing interest rates. In all cases,
price improvement in future periods will be realized as the
issuances approach maturity.
Management regularly reviews the portfolio for
securities in an unrealized loss position. At June 30, 2023 and
December 31, 2022, the Company did not record any impairment
charges on its securities portfolio and attributed the unrealized
losses primarily due to fluctuations in general interest rates or
changes in expected prepayments and not due to credit quality. The
primary objective of the Company’s investment portfolio is to
provide liquidity and to secure municipal deposit accounts while
preserving the safety of principal. The Company expects to
strategically redeploy available cash flows from the securities
portfolio to fund loan growth and deposit outflows.
Total LoansAt June 30, 2023,
total gross loans increased $24.2 million, or 1.2%, to $2.0 billion
from December 31, 2022. Residential real estate loans, including
home equity loans, increased $9.8 million, or 1.4%, commercial and
industrial loans increased $7.3 million, or 3.3%, and commercial
real estate loans increased $6.1 million, or 0.6%.
The following table is a summary of our
outstanding loan balances for the periods indicated:
| |
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
| |
(Dollars in
thousands) |
| |
|
|
|
|
Commercial real estate loans |
$ |
1,075,429 |
|
|
$ |
1,079,664 |
|
|
$ |
1,069,323 |
|
| |
|
|
|
|
|
| Residential
real estate loans: |
|
|
|
|
|
|
Residential |
|
597,812 |
|
|
|
595,097 |
|
|
|
589,503 |
|
|
Home equity |
|
107,004 |
|
|
|
105,801 |
|
|
|
105,557 |
|
|
Total residential real estate loans |
|
704,856 |
|
|
|
700,898 |
|
|
|
695,060 |
|
| |
|
|
|
|
|
| Commercial
and industrial loans: |
|
|
|
|
|
|
PPP loans |
|
1,864 |
|
|
|
2,129 |
|
|
|
2,274 |
|
|
Commercial and industrial loans |
|
225,229 |
|
|
|
215,971 |
|
|
|
217,574 |
|
|
Total commercial and industrial loans |
|
227,093 |
|
|
|
218,100 |
|
|
|
219,848 |
|
| Consumer
loans |
|
5,986 |
|
|
|
5,667 |
|
|
|
5,045 |
|
|
Total gross loans |
|
2,013,364 |
|
|
|
2,004,329 |
|
|
|
1,989,276 |
|
| Unamortized
PPP loan fees |
|
(78) |
|
|
|
(99) |
|
|
|
(109) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Unamortized
premiums and net deferred loans fees and costs |
|
2,307 |
|
|
|
2,269 |
|
|
|
2,233 |
|
|
Total loans |
$ |
2,015,593 |
|
|
$ |
2,006,499 |
|
|
$ |
1,991,400 |
|
Credit QualityCredit quality
remains sound and our loan portfolio continues to perform well.
Total delinquency was 0.27% of total loans at June 30, 2023,
compared to 0.22% of total loans at December 31, 2022. At June 30,
2023, nonperforming loans totaled $5.8 million, or 0.29% of total
loans, compared to $5.7 million, or 0.29% of total loans, at
December 31, 2022. At June 30, 2023, there were no loans 90 or more
days past due and still accruing interest. Nonperforming assets to
total assets was 0.22% at June 30, 2023 and at December 31, 2022.
At June 30, 2023 and at December 31, 2022, the Company did not have
any other real estate owned. The allowance for credit losses as a
percentage of total loans was 0.97% at June 30, 2023, compared to
1.00% at December 31, 2022. At June 30, 2023, the allowance for
credit losses as a percentage of nonperforming loans was 341.4%,
compared to 350.0% at December 31, 2022. Total classified loans,
defined as special mention and substandard loans, decreased $14.5
million, or 23.0%, from $64.0 million, or 3.2% of total loans, at
December 31, 2022 to $49.5 million, or 2.5%, of total loans at June
30, 2023.
We continue to maintain diversity among property
types and within our geographic footprint. More details on the
diversification of the loan portfolio are available in the
supplementary earnings presentation. Management will continue to
remain attentive to any signs of deterioration in borrowers’
financial conditions and is proactive in taking the appropriate
steps to mitigate risk.
DepositsTotal deposits
decreased $71.5 million, or 3.2%, from December 31, 2022 to $2.2
billion at June 30, 2023, due to industry-wide pressures and a
competitive market for deposits. Core deposits, which the Company
defines as all deposits except time deposits, decreased $194.6
million, or 10.7%, from $1.8 billion, or 81.5% of total deposits,
at December 31, 2022, to $1.6 billion, or 75.2% of total deposits,
at June 30, 2023. Non-interest-bearing deposits decreased $61.0
million, or 9.5%, to $584.5 million, interest-bearing checking
accounts increased $14.1 million, or 9.5%, to $162.8 million,
savings accounts decreased $19.1 million, or 8.6%, to $203.4
million, and money market accounts decreased $128.6 million, or
16.1%, to $672.5 million. Time deposits increased $123.1 million,
or 29.9%, from $411.7 million at December 31, 2022 to $534.8
million at June 30, 2023.
The table below is a summary of our deposit
balances for the periods noted:
| |
|
|
|
|
|
|
| |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
| |
|
(Dollars in
thousands) |
| Core
Deposits: |
|
|
|
|
|
|
|
Demand accounts |
|
$ |
584,511 |
|
$ |
625,656 |
|
$ |
645,571 |
|
Interest bearing accounts |
|
|
162,823 |
|
|
133,727 |
|
|
148,670 |
|
Savings accounts |
|
|
203,376 |
|
|
218,800 |
|
|
222,436 |
|
Money market accounts |
|
|
672,483 |
|
|
721,219 |
|
|
801,076 |
|
Total Core Deposits |
|
$ |
1,623,193 |
|
$ |
1,699,402 |
|
$ |
1,817,753 |
| |
|
|
|
|
|
|
| Time
Deposits: |
|
|
|
|
|
|
|
Time deposits less than $250,000 |
|
$ |
338,667 |
|
$ |
300,907 |
|
$ |
279,953 |
|
Time deposits of $250,000 or more |
|
|
196,114 |
|
|
156,819 |
|
|
131,737 |
|
Total Time Deposits: |
|
|
534,781 |
|
|
457,726 |
|
|
411,690 |
|
Total Deposits: |
|
$ |
2,157,974 |
|
$ |
2,157,128 |
|
$ |
2,229,443 |
During the six months ended June 30, 2023, the
Company experienced a higher level of competition not only from
local competitors but also from money market funds and Treasury
notes that were offering higher returns. In addition, the Company
also saw an unfavorable shift in deposit mix from low cost core
deposits to high cost time deposits as customers migrated to higher
yields.
The Company continues to focus on the
maintenance, development, and expansion of its core deposit base to
meet funding requirements and liquidity needs, with an emphasis to
retain a long-term customer relationship base and to efficiently
compete for and retain deposits in our local market. At June 30,
2023, the Bank’s uninsured deposits represented 28.2% of total
deposits, compared to 30.8% at December 31, 2022.
BorrowingsAt June 30, 2023,
total borrowings increased $85.9 million, or 138.1%, from $62.2
million at December 31, 2022 to $148.1 million. Short-term
borrowings decreased $34.2 million, or 82.6%, to $7.2 million,
compared to $41.4 million at December 31, 2022. Long-term
borrowings increased $120.0 million, from $1.2 million at December
31, 2022, to $121.2 million at June 30, 2023, to replace deposit
attrition. Long-term borrowings consisted of $31.2 million
outstanding with the FHLB and $90.0 million outstanding under the
BTFP. At June 30, 2023, borrowings also consisted of $19.7 million
in fixed-to-floating rate subordinated notes.
LiquidityThe Company’s
liquidity position remains strong with solid core deposit
relationships, cash, unencumbered securities and access to
diversified borrowing sources. On March 12, 2023, the Federal
Reserve made available the BTFP which enhances the ability of banks
to borrow greater amounts against certain high-quality,
unencumbered investments at par value. With the BTFP, the Company
was able to increase our liquidity position by $117.4 million.
During the three months ended June 30, 2023, the
Company participated in the BTFP, which enabled the Company to pay
off higher rate FHLB advances. With the BTFP, the Company has the
ability to pay off the BTFP advance, prior to maturity, without
incurring a penalty or termination fee. The Company advanced $90.0
million under the BTFP during the three months ended June 30, 2023
and has $27.4 million in availability under the program as of June
30, 2023.
At June 30, 2023, the Company had available
borrowing capacity with the FHLB of $380.1 million, including
its overnight Ideal Way Line of Credit. In addition, at June 30,
2023, the Company had available borrowing capacity of $51.4 million
from the Federal Reserve Discount Window, with no outstanding
borrowings. At June 30, 2023, the Company also had available
borrowing capacity of $65.0 million from two unsecured credit lines
with correspondent banks, with no outstanding borrowings. At June
30, 2023, the Company has $523.9 million in total available
borrowing capacity.
Hedging ProgramDuring the three
months ended June 30, 2023, the Company executed a $200 million
fair value hedge on fixed-rate assets with maturities up to 18
months, where the Company exchanged, or swapped, fixed rate
payments for floating rate payments. The Company’s hedging program
aims to reduce the Company’s sensitivity to interest rates by
locking in a spread.
CapitalAt June 30, 2023,
shareholders’ equity was $234.0 million, or 9.1% of total assets,
compared to $228.1 million, or 8.9% of total assets, at December
31, 2022. The increase was primarily attributable to net income of
$2.8 million and a decrease in accumulated other comprehensive loss
of $1.8 million, primarily reflecting the final termination of the
DB Plan during the second quarter of 2023 and corresponding
reversal of previously held losses in accumulated other
comprehensive income. These increases were partially offset by cash
dividends paid of $1.5 million. At June 30, 2023, total shares
outstanding were 22,082,403.
The Company’s regulatory capital ratios continue
to be strong and in excess of regulatory minimum requirements to be
considered well-capitalized as defined by the regulators as well as
internal targets. Total Risk-Based Capital Ratio at June 30, 2023
and December 31, 2022 was 14.2%. The Bank’s Tier 1 Leverage
Ratio to adjusted average assets was 9.69% at June 30, 2023 and
9.49% at December 31, 2022. The Bank’s tangible common equity
(“TCE”) to tangible assets ratio, a non-GAAP financial measure, was
8.79% at June 30, 2023, compared to 8.52% at December 31,
2022. Fluctuations in the TCE ratio were driven by the
changes in the unrealized loss on available-for-sale securities.
TCE is a non-GAAP measure. See pages 19-22 for the related ratio
calculation and a reconciliation of GAAP to non-GAAP financial
measures.
DividendsAlthough the Company
has historically paid quarterly dividends on its common stock and
currently intends to continue to pay such dividends, the Company’s
ability to pay such dividends depends on a number of factors,
including restrictions under federal laws and regulations on the
Company’s ability to pay dividends, and as a result, there can be
no assurance that dividends will continue to be paid in the
future.
About Western New England Bancorp,
Inc.Western New England Bancorp, Inc. is a
Massachusetts-chartered stock holding company and the parent
company of Westfield Bank, CSB Colts, Inc., Elm Street Securities
Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC.
Western New England Bancorp, Inc. and its subsidiaries are
headquartered in Westfield, Massachusetts and operate 25 banking
offices throughout western Massachusetts and northern Connecticut.
To learn more, visit our website at www.westfieldbank.com.
Forward-Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
with respect to the Company’s financial condition, liquidity,
results of operations, future performance, business, measures being
taken in response to the coronavirus disease 2019 (“COVID-19”)
pandemic and the impact of the COVID-19 impact on the Company’s
business. Forward-looking statements may be identified by the use
of such words as “believe,” “expect,” “anticipate,” “should,”
“planned,” “estimated,” and “potential.” Examples of
forward-looking statements include, but are not limited to,
estimates with respect to our financial condition, results of
operations and business that are subject to various factors which
could cause actual results to differ materially from these
estimates. These factors include, but are not limited to:
- unpredictable changes in general economic conditions, financial
markets, fiscal, monetary and regulatory policies, including actual
or potential stress in the banking industry;
- the duration and scope of the continuing COVID-19 pandemic ,
including the emergence of new COVID-19 variants and the response
thereto;
- changes in economic conditions which could materially impact
credit quality trends and the ability to generate loans and gather
deposits;
- inflation and governmental responses to inflation, including
recent and potential future increases in interest rates that reduce
margins;
- the effect on our operations of governmental legislation and
regulation, including changes in accounting regulation or
standards, the nature and timing of the adoption and effectiveness
of new requirements under the Dodd-Frank Act Wall Street Reform and
Consumer Protection Act of 2010, Basel guidelines, capital
requirements and other applicable laws and regulations;
- significant changes in accounting, tax or regulatory practices
or requirements;
- new legal obligations or liabilities or unfavorable resolutions
of litigation;
- disruptive technologies in payment systems and other services
traditionally provided by banks;
- the highly competitive industry and market area in which we
operate;
- uncertainty about the discontinued use of LIBOR and the
transition to an alternative rate;
- changes in business conditions and inflation;
- operational risks or risk management failures by us or critical
third parties, including without limitation with respect to data
processing, information systems, cybersecurity, technological
changes, vendor issues, business interruption, and fraud
risks;
- failure or circumvention of our internal controls or
procedures;
- changes in the securities markets which affect investment
management revenues;
- increases in Federal Deposit Insurance Corporation deposit
insurance premiums and assessments;
- the soundness of other financial services institutions which
may adversely affect our credit risk;
- certain of our intangible assets may become impaired in the
future;
- new lines of business or new products and services, which may
subject us to additional risks;
- changes in key management personnel which may adversely impact
our operations;
- severe weather, natural disasters, acts of war or terrorism and
other external events which could significantly impact our
business; and
- other risk factors detailed from time to time in our SEC
filings.
Although we believe that the expectations
reflected in such forward-looking statements are reasonable, actual
results may differ materially from the results discussed in these
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. We do not undertake any obligation to republish
revised forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except to the extent required by law.
| WESTERN NEW
ENGLAND BANCORP, INC. AND SUBSIDIARIES |
| Consolidated
Statements of Net Income and Other Data |
| (Dollars in
thousands, except per share data) |
|
(Unaudited) |
| |
|
|
Three Months Ended |
Six Months Ended |
|
|
June
30, |
March
31, |
December
31, |
September
30, |
June
30, |
June
30, |
|
|
2023 |
2023 |
2022 |
2022 |
2022 |
2023 |
2022 |
| INTEREST AND
DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
Loans |
$ |
22,450 |
|
$ |
21,329 |
|
$ |
21,274 |
|
$ |
19,543 |
|
$ |
18,500 |
|
$ |
43,779 |
|
$ |
36,447 |
|
|
Securities |
|
2,094 |
|
|
2,149 |
|
|
2,174 |
|
|
2,104 |
|
|
2,068 |
|
|
4,243 |
|
|
4,018 |
|
|
Other investments |
|
146 |
|
|
106 |
|
|
75 |
|
|
47 |
|
|
30 |
|
|
252 |
|
|
55 |
|
|
Short-term investments |
|
119 |
|
|
54 |
|
|
62 |
|
|
60 |
|
|
48 |
|
|
173 |
|
|
69 |
|
|
Total interest and dividend income |
|
24,809 |
|
|
23,638 |
|
|
23,585 |
|
|
21,754 |
|
|
20,646 |
|
|
48,447 |
|
|
40,589 |
|
|
|
|
|
|
|
|
|
|
| INTEREST
EXPENSE: |
|
|
|
|
|
|
|
|
Deposits |
|
6,069 |
|
|
4,103 |
|
|
2,206 |
|
|
1,164 |
|
|
990 |
|
|
10,172 |
|
|
1,982 |
|
|
Short-term borrowings |
|
646 |
|
|
703 |
|
|
272 |
|
|
48 |
|
|
10 |
|
|
1,349 |
|
|
10 |
|
|
Long-term debt |
|
995 |
|
|
74 |
|
|
- |
|
|
- |
|
|
- |
|
|
1,069 |
|
|
- |
|
|
Subordinated debt |
|
253 |
|
|
254 |
|
|
253 |
|
|
254 |
|
|
254 |
|
|
507 |
|
|
507 |
|
|
Total interest expense |
|
7,963 |
|
|
5,134 |
|
|
2,731 |
|
|
1,466 |
|
|
1,254 |
|
|
13,097 |
|
|
2,499 |
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income |
|
16,846 |
|
|
18,504 |
|
|
20,854 |
|
|
20,288 |
|
|
19,392 |
|
|
35,350 |
|
|
38,090 |
|
|
|
|
|
|
|
|
|
|
| PROVISION
FOR (REVERSAL OF) CREDIT LOSSES |
|
420 |
|
|
(388) |
|
|
150 |
|
|
675 |
|
|
300 |
|
|
32 |
|
|
(125) |
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income after provision for (reversal of)
credit losses |
|
16,426 |
|
|
18,892 |
|
|
20,704 |
|
|
19,613 |
|
|
19,092 |
|
|
35,318 |
|
|
38,215 |
|
|
|
|
|
|
|
|
|
|
| NON-INTEREST
INCOME: |
|
|
|
|
|
|
|
|
Service charges and fees |
|
2,241 |
|
|
2,187 |
|
|
2,329 |
|
|
2,223 |
|
|
2,346 |
|
|
4,428 |
|
|
4,520 |
|
|
Income from bank-owned life insurance |
|
494 |
|
|
440 |
|
|
428 |
|
|
391 |
|
|
458 |
|
|
934 |
|
|
906 |
|
|
Loss on sales of securities, net |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(4) |
|
|
Unrealized gain (loss) on marketable equity securities |
|
- |
|
|
- |
|
|
19 |
|
|
(235) |
|
|
(225) |
|
|
- |
|
|
(501) |
|
|
Gain on sale of mortgages |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2 |
|
|
Gain on non-marketable equity investments |
|
- |
|
|
352 |
|
|
70 |
|
|
211 |
|
|
141 |
|
|
352 |
|
|
141 |
|
|
(Loss) gain on defined benefit plan termination |
|
(1,143) |
|
|
- |
|
|
2,807 |
|
|
- |
|
|
- |
|
|
(1,143) |
|
|
- |
|
|
Other income |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
21 |
|
|
- |
|
|
25 |
|
|
Total non-interest income |
|
1,592 |
|
|
2,979 |
|
|
5,653 |
|
|
2,590 |
|
|
2,741 |
|
|
4,571 |
|
|
5,089 |
|
|
|
|
|
|
|
|
|
|
| NON-INTEREST
EXPENSE: |
|
|
|
|
|
|
|
|
Salaries and employees benefits |
|
8,089 |
|
|
8,431 |
|
|
8,197 |
|
|
8,025 |
|
|
8,236 |
|
|
16,520 |
|
|
16,475 |
|
|
Occupancy |
|
1,203 |
|
|
1,348 |
|
|
1,218 |
|
|
1,226 |
|
|
1,177 |
|
|
2,551 |
|
|
2,540 |
|
|
Furniture and equipment |
|
492 |
|
|
486 |
|
|
479 |
|
|
465 |
|
|
539 |
|
|
978 |
|
|
1,082 |
|
|
Data processing |
|
792 |
|
|
753 |
|
|
724 |
|
|
707 |
|
|
731 |
|
|
1,545 |
|
|
1,454 |
|
|
Professional fees |
|
803 |
|
|
757 |
|
|
617 |
|
|
803 |
|
|
719 |
|
|
1,560 |
|
|
1,296 |
|
|
FDIC insurance |
|
290 |
|
|
352 |
|
|
255 |
|
|
273 |
|
|
234 |
|
|
642 |
|
|
520 |
|
|
Advertising |
|
339 |
|
|
417 |
|
|
178 |
|
|
419 |
|
|
412 |
|
|
756 |
|
|
811 |
|
|
Other |
|
2,543 |
|
|
2,352 |
|
|
2,335 |
|
|
2,425 |
|
|
2,385 |
|
|
4,895 |
|
|
4,711 |
|
|
Total non-interest expense |
|
14,551 |
|
|
14,896 |
|
|
14,003 |
|
|
14,343 |
|
|
14,433 |
|
|
29,447 |
|
|
28,889 |
|
|
|
|
|
|
|
|
|
|
| INCOME
BEFORE INCOME TAXES |
|
3,467 |
|
|
6,975 |
|
|
12,354 |
|
|
7,860 |
|
|
7,400 |
|
|
10,442 |
|
|
14,415 |
|
| |
|
|
|
|
|
|
|
| INCOME TAX
PROVISION |
|
704 |
|
|
1,671 |
|
|
3,320 |
|
|
1,861 |
|
|
1,865 |
|
|
2,375 |
|
|
3,561 |
|
| NET
INCOME |
$ |
2,763 |
|
$ |
5,304 |
|
$ |
9,034 |
|
$ |
5,999 |
|
$ |
5,535 |
|
$ |
8,067 |
|
$ |
10,854 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.13 |
|
$ |
0.24 |
|
$ |
0.42 |
|
$ |
0.28 |
|
$ |
0.25 |
|
$ |
0.37 |
|
$ |
0.49 |
|
|
Weighted average shares outstanding |
|
21,634,683 |
|
|
21,699,042 |
|
|
21,676,892 |
|
|
21,757,027 |
|
|
21,991,383 |
|
|
21,666,713 |
|
|
22,045,052 |
|
|
Diluted earnings per share |
$ |
0.13 |
|
$ |
0.24 |
|
$ |
0.42 |
|
$ |
0.28 |
|
$ |
0.25 |
|
$ |
0.37 |
|
$ |
0.49 |
|
|
Weighted average diluted shares outstanding |
|
21,648,235 |
|
|
21,716,869 |
|
|
21,751,409 |
|
|
21,810,036 |
|
|
22,025,687 |
|
|
21,682,402 |
|
|
22,098,620 |
|
|
|
|
|
|
|
|
|
|
|
Other Data: |
|
|
|
|
|
|
|
|
Return on average assets (1) |
|
0.43% |
|
|
0.84% |
|
|
1.40% |
|
|
0.93% |
|
|
0.87% |
|
|
0.64% |
|
|
0.86% |
|
|
Return on average equity (1) |
|
4.72% |
|
|
9.31% |
|
|
16.67% |
|
|
10.90% |
|
|
10.22% |
|
|
6.98% |
|
|
9.93% |
|
|
Efficiency ratio |
|
78.92% |
|
|
69.34% |
|
|
52.83% |
|
|
62.69% |
|
|
65.21% |
|
|
73.76% |
|
|
66.91% |
|
|
Adjusted efficiency ratio (2) |
|
74.31% |
|
|
70.49% |
|
|
59.31% |
|
|
62.63% |
|
|
64.96% |
|
|
72.33% |
|
|
66.35% |
|
|
Net interest margin |
|
2.81% |
|
|
3.14% |
|
|
3.44% |
|
|
3.35% |
|
|
3.24% |
|
|
2.97% |
|
|
3.21% |
|
|
Net interest margin, on a fully tax-equivalent basis |
|
2.83% |
|
|
3.16% |
|
|
3.47% |
|
|
3.37% |
|
|
3.26% |
|
|
2.99% |
|
|
3.23% |
|
|
(1) Annualized. |
|
|
|
|
|
|
(2) The adjusted efficiency ratio (non-GAAP) represents the ratio
of operating expenses divided by the sum of net interest and
dividend income and non-interest income, excluding realized and
unrealized gains and losses on securities, gain on non-marketable
equity investments and gains and losses on defined benefit plan
termination. |
| WESTERN NEW
ENGLAND BANCORP, INC. AND SUBSIDIARIES |
| Consolidated
Balance Sheets |
| (Dollars in
thousands) |
|
(Unaudited) |
| |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
| |
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
Cash and cash equivalents |
$ |
31,689 |
|
|
$ |
23,230 |
|
|
$ |
30,342 |
|
|
$ |
27,113 |
|
|
$ |
47,513 |
|
|
Available-for-sale securities, at fair value |
|
141,481 |
|
|
|
146,373 |
|
|
|
146,997 |
|
|
|
148,716 |
|
|
|
160,925 |
|
| Held to
maturity securities, at amortized cost |
|
222,900 |
|
|
|
226,996 |
|
|
|
230,168 |
|
|
|
234,387 |
|
|
|
233,803 |
|
| Marketable
equity securities, at fair value |
|
- |
|
|
|
6,309 |
|
|
|
6,237 |
|
|
|
11,280 |
|
|
|
11,453 |
|
| Federal Home
Loan Bank of Boston and other restricted stock - at cost |
|
3,226 |
|
|
|
7,173 |
|
|
|
3,352 |
|
|
|
2,234 |
|
|
|
1,882 |
|
| |
|
|
|
|
|
|
|
|
|
| Loans |
|
2,015,593 |
|
|
|
2,006,499 |
|
|
|
1,991,400 |
|
|
|
2,007,672 |
|
|
|
1,975,700 |
|
| Allowance
for credit losses(1) |
|
(19,647 |
) |
|
|
(19,031 |
) |
|
|
(19,931 |
) |
|
|
(20,208 |
) |
|
|
(19,560 |
) |
| Net
loans |
|
1,995,946 |
|
|
|
1,987,468 |
|
|
|
1,971,469 |
|
|
|
1,987,464 |
|
|
|
1,956,140 |
|
| |
|
|
|
|
|
|
|
|
|
| Bank-owned
life insurance |
|
75,554 |
|
|
|
75,060 |
|
|
|
74,620 |
|
|
|
74,192 |
|
|
|
73,801 |
|
|
Goodwill |
|
12,487 |
|
|
|
12,487 |
|
|
|
12,487 |
|
|
|
12,487 |
|
|
|
12,487 |
|
| Core deposit
intangible |
|
2,000 |
|
|
|
2,094 |
|
|
|
2,188 |
|
|
|
2,281 |
|
|
|
2,375 |
|
| Other
assets |
|
77,001 |
|
|
|
74,825 |
|
|
|
75,290 |
|
|
|
78,671 |
|
|
|
76,978 |
|
| TOTAL
ASSETS |
$ |
2,562,284 |
|
|
$ |
2,562,015 |
|
|
$ |
2,553,150 |
|
|
$ |
2,578,825 |
|
|
$ |
2,577,357 |
|
| |
|
|
|
|
|
|
|
|
|
| Total
deposits |
$ |
2,157,974 |
|
|
$ |
2,157,128 |
|
|
$ |
2,229,443 |
|
|
$ |
2,287,754 |
|
|
$ |
2,301,972 |
|
| Short-term
borrowings |
|
7,190 |
|
|
|
98,990 |
|
|
|
41,350 |
|
|
|
21,500 |
|
|
|
4,790 |
|
| Long-term
debt |
|
121,178 |
|
|
|
31,178 |
|
|
|
1,178 |
|
|
|
1,178 |
|
|
|
1,360 |
|
| Subordinated
debt |
|
19,692 |
|
|
|
19,682 |
|
|
|
19,673 |
|
|
|
19,663 |
|
|
|
19,653 |
|
| Securities
pending settlement |
|
- |
|
|
|
- |
|
|
|
133 |
|
|
|
9 |
|
|
|
- |
|
| Other
liabilities |
|
22,252 |
|
|
|
21,815 |
|
|
|
33,230 |
|
|
|
37,021 |
|
|
|
34,252 |
|
| TOTAL
LIABILITIES |
|
2,328,286 |
|
|
|
2,328,793 |
|
|
|
2,325,007 |
|
|
|
2,367,125 |
|
|
|
2,362,027 |
|
| |
|
|
|
|
|
|
|
|
|
| TOTAL
SHAREHOLDERS' EQUITY |
|
233,998 |
|
|
|
233,222 |
|
|
|
228,143 |
|
|
|
211,700 |
|
|
|
215,330 |
|
| TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
2,562,284 |
|
|
$ |
2,562,015 |
|
|
$ |
2,553,150 |
|
|
$ |
2,578,825 |
|
|
$ |
2,577,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company adopted ASU 2016-13 on January 1, 2023 with a
modified retrospective approach. Accordingly, beginning with March
31, 2023, the allowance for credit losses was determined in
accordance with ASC 326, “Financial Instruments-Credit
Losses.” |
| WESTERN NEW
ENGLAND BANCORP, INC. AND SUBSIDIARIES |
| Other
Data |
| (Dollars in
thousands, except per share data) |
|
(Unaudited) |
| |
| |
Three Months Ended |
| |
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
| |
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
| Shares
outstanding at end of period |
22,082,403 |
|
22,209,347 |
|
22,216,789 |
|
22,246,545 |
|
22,465,991 |
| |
|
|
|
|
|
|
|
|
|
|
Operating results: |
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
16,846 |
|
$ |
18,504 |
|
$ |
20,854 |
|
$ |
20,288 |
|
$ |
19,392 |
|
Provision for (reversal of) credit losses |
420 |
|
(388) |
|
150 |
|
675 |
|
300 |
|
Non-interest income |
1,592 |
|
2,979 |
|
5,653 |
|
2,590 |
|
2,741 |
|
Non-interest expense |
14,551 |
|
14,896 |
|
14,003 |
|
14,343 |
|
14,433 |
|
Income before income provision for income taxes |
3,467 |
|
6,975 |
|
12,354 |
|
7,860 |
|
7,400 |
|
Income tax provision |
704 |
|
1,671 |
|
3,320 |
|
1,861 |
|
1,865 |
|
Net income |
2,763 |
|
5,304 |
|
9,034 |
|
5,999 |
|
5,535 |
| |
|
|
|
|
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
Net interest margin, on a fully tax-equivalent basis |
2.83% |
|
3.16% |
|
3.47% |
|
3.37% |
|
3.26% |
|
Interest rate spread, on a fully tax-equivalent basis |
2.29% |
|
2.76% |
|
3.26% |
|
3.26% |
|
3.17% |
|
Return on average assets |
0.43% |
|
0.84% |
|
1.40% |
|
0.93% |
|
0.87% |
|
Return on average equity |
4.72% |
|
9.31% |
|
16.67% |
|
10.90% |
|
10.22% |
|
Adjusted efficiency ratio (non-GAAP)(1) |
74.31% |
|
70.49% |
|
59.31% |
|
62.63% |
|
64.96% |
| |
|
|
|
|
|
|
|
|
|
| Per
Common Share Data: |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.13 |
|
$ |
0.24 |
|
$ |
0.42 |
|
$ |
0.28 |
|
$ |
0.25 |
|
Per diluted share |
0.13 |
|
0.24 |
|
0.42 |
|
0.28 |
|
0.25 |
|
Cash dividend declared |
0.07 |
|
0.07 |
|
0.06 |
|
0.06 |
|
0.06 |
|
Book value per share |
10.60 |
|
10.50 |
|
10.27 |
|
9.52 |
|
9.58 |
|
Tangible book value per share (non-GAAP) |
9.94 |
|
9.84 |
|
9.61 |
|
8.85 |
|
8.92 |
| |
|
|
|
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
30-89 day delinquent loans |
$ |
4,092 |
|
$ |
1,669 |
|
$ |
2,578 |
|
$ |
2,630 |
|
$ |
1,063 |
|
90 days or more delinquent loans |
1,324 |
|
1,377 |
|
1,891 |
|
669 |
|
1,149 |
|
Total delinquent loans |
5,416 |
|
3,046 |
|
4,469 |
|
3,299 |
|
2,212 |
|
Total delinquent loans as a percentage of total loans |
0.27% |
|
0.15% |
|
0.22% |
|
0.16% |
|
0.11% |
|
Nonperforming loans |
$ |
5,755 |
|
$ |
5,794 |
|
$ |
5,694 |
|
$ |
4,432 |
|
$ |
4,105 |
|
Nonperforming loans as a percentage of total loans |
0.29% |
|
0.29% |
|
0.29% |
|
0.22% |
|
0.21% |
|
Nonperforming assets as a percentage of total assets |
0.22% |
|
0.23% |
|
0.22% |
|
0.17% |
|
0.16% |
|
Allowance for credit losses as a percentage of nonperforming
loans |
341.39% |
|
328.46% |
|
350.04% |
|
455.96% |
|
476.49% |
|
Allowance for credit losses as a percentage of total loans |
0.97% |
|
0.95% |
|
1.00% |
|
1.01% |
|
0.99% |
|
Net loan (recoveries) charge-offs |
$ |
(25) |
|
$ |
1,850 |
|
$ |
426 |
|
$ |
27 |
|
$ |
48 |
|
Net loan (recoveries) charge-offs as a percentage of average
loans |
0.00% |
|
0.09% |
|
0.02% |
|
0.00% |
|
0.00% |
| |
|
|
|
|
|
|
|
|
|
| (1) The adjusted efficiency ratio (non-GAAP)
represents the ratio of operating expenses divided by the sum of
net interest and dividend income and non-interest income, excluding
realized and unrealized gains and losses on securities, gain on
non-marketable equity investments and gains and losses on defined
benefit plan termination. |
| |
The following table sets forth the information
relating to our average balances and net interest income for the
three months ended June 30, 2023, March 31, 2023 and June 30, 2022
and reflects the average yield on interest-earning assets and
average cost of interest-bearing liabilities for the periods
indicated.
| |
Three Months Ended |
| |
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
Average |
|
|
|
Average Yield/ |
|
Average |
|
|
|
Average Yield/ |
|
Average |
|
|
|
Average Yield/ |
|
|
Balance |
|
Interest |
|
Cost(8) |
|
Balance |
|
Interest |
|
Cost(8) |
|
Balance |
|
Interest |
|
Cost(8) |
|
|
(Dollars in
thousands) |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1)(2) |
$ |
2,006,909 |
|
$ |
22,572 |
|
|
4.51 |
% |
|
$ |
1,993,124 |
|
$ |
21,449 |
|
|
4.36 |
% |
|
$ |
1,949,464 |
|
$ |
18,624 |
|
|
3.83 |
% |
|
Securities(2) |
|
374,513 |
|
|
2,094 |
|
|
2.24 |
|
|
|
382,373 |
|
|
2,149 |
|
|
2.28 |
|
|
|
414,226 |
|
|
2,068 |
|
|
2.00 |
|
| Other
investments |
|
13,329 |
|
|
146 |
|
|
4.39 |
|
|
|
12,098 |
|
|
106 |
|
|
3.55 |
|
|
|
9,892 |
|
|
30 |
|
|
1.22 |
|
| Short-term
investments(3) |
|
10,326 |
|
|
119 |
|
|
4.62 |
|
|
|
5,909 |
|
|
54 |
|
|
3.71 |
|
|
|
24,944 |
|
|
48 |
|
|
0.77 |
|
|
Total interest-earning assets |
|
2,405,077 |
|
|
24,931 |
|
|
4.16 |
|
|
|
2,393,504 |
|
|
23,758 |
|
|
4.03 |
|
|
|
2,398,526 |
|
|
20,770 |
|
|
3.47 |
|
|
Total non-interest-earning assets |
|
154,490 |
|
|
|
|
|
|
|
152,539 |
|
|
|
|
|
|
|
153,939 |
|
|
|
|
|
|
Total assets |
$ |
2,559,567 |
|
|
|
|
|
|
$ |
2,546,043 |
|
|
|
|
|
|
$ |
2,552,465 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
143,547 |
|
|
248 |
|
|
0.69 |
|
|
$ |
139,755 |
|
|
263 |
|
|
0.76 |
|
|
$ |
137,984 |
|
|
105 |
|
|
0.31 |
|
| Savings
accounts |
|
208,983 |
|
|
56 |
|
|
0.11 |
|
|
|
218,797 |
|
|
45 |
|
|
0.08 |
|
|
|
224,487 |
|
|
48 |
|
|
0.09 |
|
| Money market
accounts |
|
701,116 |
|
|
2,330 |
|
|
1.33 |
|
|
|
777,673 |
|
|
1,995 |
|
|
1.04 |
|
|
|
910,801 |
|
|
549 |
|
|
0.24 |
|
| Time deposit
accounts |
|
502,062 |
|
|
3,435 |
|
|
2.74 |
|
|
|
427,895 |
|
|
1,800 |
|
|
1.71 |
|
|
|
365,383 |
|
|
288 |
|
|
0.32 |
|
|
Total interest-bearing deposits |
|
1,555,708 |
|
|
6,069 |
|
|
1.56 |
|
|
|
1,564,120 |
|
|
4,103 |
|
|
1.06 |
|
|
|
1,638,655 |
|
|
990 |
|
|
0.24 |
|
|
Borrowings |
|
155,826 |
|
|
1,894 |
|
|
4.88 |
|
|
|
86,360 |
|
|
1,031 |
|
|
4.84 |
|
|
|
25,829 |
|
|
264 |
|
|
4.10 |
|
|
Interest-bearing liabilities |
|
1,711,534 |
|
|
7,963 |
|
|
1.87 |
|
|
|
1,650,480 |
|
|
5,134 |
|
|
1.26 |
|
|
|
1,664,484 |
|
|
1,254 |
|
|
0.30 |
|
|
Non-interest-bearing deposits |
|
591,437 |
|
|
|
|
|
|
|
639,162 |
|
|
|
|
|
|
|
635,678 |
|
|
|
|
|
| Other
non-interest-bearing liabilities |
|
21,832 |
|
|
|
|
|
|
|
25,331 |
|
|
|
|
|
|
|
35,076 |
|
|
|
|
|
|
Total non-interest-bearing liabilities |
|
613,269 |
|
|
|
|
|
|
|
664,493 |
|
|
|
|
|
|
|
670,754 |
|
|
|
|
|
|
Total liabilities |
|
2,324,803 |
|
|
|
|
|
|
|
2,314,973 |
|
|
|
|
|
|
|
2,335,238 |
|
|
|
|
|
|
Total equity |
|
234,764 |
|
|
|
|
|
|
|
231,070 |
|
|
|
|
|
|
|
217,227 |
|
|
|
|
|
|
Total liabilities and equity |
$ |
2,559,567 |
|
|
|
|
|
|
$ |
2,546,043 |
|
|
|
|
|
|
$ |
2,552,465 |
|
|
|
|
|
| Less:
Tax-equivalent adjustment(2) |
|
|
|
(122) |
|
|
|
|
|
|
|
|
(120) |
|
|
|
|
|
|
|
|
(124) |
|
|
|
|
| Net interest
and dividend income |
|
|
$ |
16,846 |
|
|
|
|
|
|
|
$ |
18,504 |
|
|
|
|
|
|
|
$ |
19,392 |
|
|
|
|
| Net interest
rate spread(4) |
|
|
|
|
2.27 |
% |
|
|
|
|
|
2.74 |
% |
|
|
|
|
|
3.15 |
% |
| Net interest
rate spread, on a tax-equivalent basis(5) |
|
|
|
|
2.29 |
% |
|
|
|
|
|
2.76 |
% |
|
|
|
|
|
3.17 |
% |
| Net interest
margin(6) |
|
|
|
|
2.81 |
% |
|
|
|
|
|
3.14 |
% |
|
|
|
|
|
3.24 |
% |
| Net interest
margin, on a tax-equivalent basis(7) |
|
|
|
|
2.83 |
% |
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
3.26 |
% |
| Ratio of
average interest-earning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets to average interest-bearing liabilities |
|
|
|
|
140.52 |
% |
|
|
|
|
|
145.02 |
% |
|
|
|
|
|
144.10 |
% |
| |
The following tables set forth the information relating to our
average balances and net interest income for the six months ended
June 30, 2023 and 2022 and reflect the average yield on
interest-earning assets and average cost of interest-bearing
liabilities for the periods indicated.
| |
Six Months Ended June 30, |
| |
2023 |
|
2022 |
|
|
AverageBalance |
|
Interest |
|
Average
Yield/Cost(8) |
|
AverageBalance |
|
Interest |
|
Average
Yield/Cost(8) |
|
|
|
|
(Dollars in
thousands) |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1)(2) |
$ |
2,000,055 |
|
$ |
44,018 |
|
|
4.44 |
% |
|
$ |
1,922,318 |
|
$ |
36,691 |
|
|
3.85 |
% |
|
Securities(2) |
|
378,421 |
|
|
4,243 |
|
|
2.26 |
|
|
|
418,806 |
|
|
4,018 |
|
|
1.94 |
|
| Other
investments |
|
12,717 |
|
|
252 |
|
|
4.00 |
|
|
|
10,241 |
|
|
55 |
|
|
1.08 |
|
| Short-term
investments(3) |
|
8,130 |
|
|
173 |
|
|
4.29 |
|
|
|
40,899 |
|
|
69 |
|
|
0.34 |
|
|
Total interest-earning assets |
|
2,399,323 |
|
|
48,686 |
|
|
4.09 |
|
|
|
2,392,264 |
|
|
40,833 |
|
|
3.44 |
|
|
Total non-interest-earning assets |
|
153,520 |
|
|
|
|
|
|
|
148,815 |
|
|
|
|
|
|
Total assets |
$ |
2,552,843 |
|
|
|
|
|
|
$ |
2,541,079 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
141,662 |
|
|
511 |
|
|
0.73 |
% |
|
$ |
135,104 |
|
|
200 |
|
|
0.30 |
% |
| Savings
accounts |
|
213,863 |
|
|
101 |
|
|
0.10 |
|
|
|
221,484 |
|
|
83 |
|
|
0.08 |
|
| Money market
accounts |
|
739,182 |
|
|
4,325 |
|
|
1.18 |
|
|
|
894,687 |
|
|
1,070 |
|
|
0.24 |
|
| Time deposit
accounts |
|
465,184 |
|
|
5,235 |
|
|
2.27 |
|
|
|
377,158 |
|
|
629 |
|
|
0.34 |
|
|
Total interest-bearing deposits |
|
1,559,891 |
|
|
10,172 |
|
|
1.32 |
|
|
|
1,628,433 |
|
|
1,982 |
|
|
0.25 |
|
| Short-term
borrowings and long-term debt |
|
121,285 |
|
|
2,925 |
|
|
4.86 |
|
|
|
24,164 |
|
|
517 |
|
|
4.31 |
|
|
Total interest-bearing liabilities |
|
1,681,176 |
|
|
13,097 |
|
|
1.57 |
|
|
|
1,652,597 |
|
|
2,499 |
|
|
0.30 |
|
|
Non-interest-bearing deposits |
|
615,168 |
|
|
|
|
|
|
|
634,387 |
|
|
|
|
|
| Other
non-interest-bearing liabilities |
|
23,572 |
|
|
|
|
|
|
|
33,721 |
|
|
|
|
|
|
Total non-interest-bearing liabilities |
|
638,740 |
|
|
|
|
|
|
|
668,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
2,319,916 |
|
|
|
|
|
|
|
2,320,705 |
|
|
|
|
|
|
Total equity |
|
232,927 |
|
|
|
|
|
|
|
220,374 |
|
|
|
|
|
|
Total liabilities and equity |
$ |
2,552,843 |
|
|
|
|
|
|
$ |
2,541,079 |
|
|
|
|
|
| Less:
Tax-equivalent adjustment (2) |
|
|
|
(239) |
|
|
|
|
|
|
|
|
(244) |
|
|
|
|
| Net interest
and dividend income |
|
|
$ |
35,350 |
|
|
|
|
|
|
|
$ |
38,090 |
|
|
|
|
| Net interest
rate spread (4) |
|
|
|
|
2.50 |
% |
|
|
|
|
|
3.12 |
% |
| Net interest
rate spread, on a tax-equivalent basis (5) |
|
|
|
|
2.52 |
% |
|
|
|
|
|
3.14 |
% |
| Net interest
margin (6) |
|
|
|
|
2.97 |
% |
|
|
|
|
|
3.21 |
% |
| Net interest
margin, on a tax-equivalent basis (7) |
|
|
|
|
2.99 |
% |
|
|
|
|
|
3.23 |
% |
| Ratio of
average interest-earning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets to average interest-bearing liabilities |
|
|
|
142.72 |
% |
|
|
|
|
|
144.76 |
% |
| (1) |
|
Loans, including nonaccrual loans, are net of deferred loan
origination costs and unadvanced funds. |
| (2) |
|
Loan and
securities income are presented on a tax-equivalent basis using a
tax rate of 21%. The tax-equivalent adjustment is deducted from
tax-equivalent net interest and dividend income to agree to the
amount reported on the consolidated statements of net income. |
| (3) |
|
Short-term investments include federal funds sold. |
| (4) |
|
Net
interest rate spread represents the difference between the weighted
average yield on interest-earning assets and the weighted average
cost of interest-bearing liabilities. |
| (5) |
|
Net
interest rate spread, on a tax-equivalent basis, represents the
difference between the tax-equivalent weighted average yield on
interest-earning assets and the weighted average cost of
interest-bearing liabilities. |
| (6) |
|
Net
interest margin represents net interest and dividend income as a
percentage of average interest-earning assets. |
| (7) |
|
Net
interest margin, on a tax-equivalent basis, represents
tax-equivalent net interest and dividend income as a percentage of
average interest-earning assets. |
| (8) |
|
Annualized. |
Reconciliation of Non-GAAP to GAAP
Financial Measures
The Company believes that certain non-GAAP
financial measures provide information to investors that is useful
in understanding its results of operations and financial
condition. Because not all companies use the same
calculation, this presentation may not be comparable to other
similarly titled measures calculated by other companies. A
reconciliation of these non-GAAP financial measures is provided
below.
| |
For the quarter ended |
| |
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
| |
|
|
|
|
(In thousands) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Loans (no tax adjustment) |
$ |
22,450 |
|
|
$ |
21,329 |
|
|
$ |
21,274 |
|
|
$ |
19,543 |
|
|
$ |
18,500 |
|
|
Tax-equivalent adjustment |
|
122 |
|
|
|
120 |
|
|
|
129 |
|
|
|
122 |
|
|
|
124 |
|
|
Loans (tax-equivalent basis) |
$ |
22,572 |
|
|
$ |
21,449 |
|
|
$ |
21,403 |
|
|
$ |
19,665 |
|
|
$ |
18,624 |
|
| |
|
|
|
|
|
|
|
|
|
| Securities
(no tax adjustment) |
$ |
2,094 |
|
|
$ |
2,149 |
|
|
$ |
2,174 |
|
|
$ |
2,104 |
|
|
$ |
2,068 |
|
|
Tax-equivalent adjustment |
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
- |
|
|
Securities (tax-equivalent basis) |
$ |
2,094 |
|
|
$ |
2,149 |
|
|
$ |
2,175 |
|
|
$ |
2,105 |
|
|
$ |
2,068 |
|
| |
|
|
|
|
|
|
|
|
|
| Net interest
income (no tax adjustment) |
$ |
16,846 |
|
|
$ |
18,504 |
|
|
$ |
20,854 |
|
|
$ |
20,288 |
|
|
$ |
19,392 |
|
| Tax
equivalent adjustment |
|
122 |
|
|
|
120 |
|
|
|
130 |
|
|
|
123 |
|
|
|
124 |
|
|
Net interest income (tax-equivalent basis) |
$ |
16,968 |
|
|
$ |
18,624 |
|
|
$ |
20,984 |
|
|
$ |
20,411 |
|
|
$ |
19,516 |
|
| |
|
|
|
|
|
|
|
|
|
| Net interest
income (no tax adjustment) |
$ |
16,846 |
|
|
$ |
18,504 |
|
|
$ |
20,854 |
|
|
$ |
20,288 |
|
|
$ |
19,392 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
Purchase accounting adjustments |
|
5 |
|
|
|
(62) |
|
|
|
87 |
|
|
|
(16) |
|
|
|
64 |
|
|
Prepayment penalties and fees |
|
43 |
|
|
|
- |
|
|
|
134 |
|
|
|
99 |
|
|
|
26 |
|
|
PPP Income |
|
26 |
|
|
|
15 |
|
|
|
18 |
|
|
|
19 |
|
|
|
129 |
|
| Adjusted net
interest income (non-GAAP) |
$ |
16,772 |
|
|
$ |
18,551 |
|
|
$ |
20,615 |
|
|
$ |
20,186 |
|
|
$ |
19,173 |
|
| |
|
|
|
|
|
|
|
|
|
| Average
interest-earning assets |
$ |
2,405,077 |
|
|
$ |
2,393,504 |
|
|
$ |
2,401,676 |
|
|
$ |
2,401,533 |
|
|
$ |
2,398,526 |
|
| Average
interest-earning assets, excluding average PPP loans |
$ |
2,403,076 |
|
|
$ |
2,391,305 |
|
|
$ |
2,399,297 |
|
|
$ |
2,398,998 |
|
|
$ |
2,395,463 |
|
| Net interest
margin (no tax adjustment) |
|
2.81% |
|
|
|
3.14% |
|
|
|
3.44% |
|
|
|
3.35% |
|
|
|
3.24% |
|
| Net interest
margin, tax-equivalent |
|
2.83% |
|
|
|
3.16% |
|
|
|
3.47% |
|
|
|
3.37% |
|
|
|
3.26% |
|
| Adjusted net
interest margin, excluding purchase accounting adjustments, PPP
Income and prepayment penalties (non-GAAP) |
|
2.80% |
|
|
|
3.15% |
|
|
|
3.41% |
|
|
|
3.34% |
|
|
|
3.21% |
|
| |
For the quarter ended |
| |
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
| |
|
|
|
|
(In thousands) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Book Value per Share (GAAP) |
$ |
10.60 |
|
|
$ |
10.50 |
|
|
$ |
10.27 |
|
|
$ |
9.52 |
|
|
$ |
9.58 |
|
| Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(0.57) |
|
|
|
(0.56) |
|
|
|
(0.56) |
|
|
|
(0.56) |
|
|
|
(0.55) |
|
|
Core deposit intangible |
|
(0.09) |
|
|
|
(0.10) |
|
|
|
(0.10) |
|
|
|
(0.11) |
|
|
|
(0.11) |
|
| Tangible
Book Value per Share (non-GAAP) |
$ |
9.94 |
|
|
$ |
9.84 |
|
|
$ |
9.61 |
|
|
$ |
8.85 |
|
|
$ |
8.92 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Total Bank
Equity (GAAP) |
$ |
240,041 |
|
|
$ |
238,887 |
|
|
$ |
233,882 |
|
|
$ |
217,787 |
|
|
$ |
220,605 |
|
| Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(12,487) |
|
|
|
(12,487) |
|
|
|
(12,487) |
|
|
|
(12,487) |
|
|
|
(12,487) |
|
|
Core deposit intangible net of associated deferred tax
liabilities |
|
(1,438) |
|
|
|
(1,505) |
|
|
|
(1,573) |
|
|
|
(1,640) |
|
|
|
(1,707) |
|
| Tangible
Capital (non-GAAP) |
$ |
226,116 |
|
|
$ |
224,895 |
|
|
$ |
219,822 |
|
|
$ |
203,660 |
|
|
$ |
206,411 |
|
| |
|
|
|
|
|
|
|
|
|
| Tangible
Capital (non-GAAP) |
$ |
226,116 |
|
|
$ |
224,895 |
|
|
$ |
219,822 |
|
|
$ |
203,660 |
|
|
$ |
206,411 |
|
|
Unrealized losses on HTM securities net of tax |
|
(27,286) |
|
|
|
(25,825) |
|
|
|
(28,194) |
|
|
|
(29,670) |
|
|
|
(20,857) |
|
| Adjusted
Tangible Capital for Impact of Unrealized Losses on HTM Securities
Net of Tax (non-GAAP) |
$ |
198,830 |
|
|
$ |
199,070 |
|
|
$ |
191,628 |
|
|
$ |
173,990 |
|
|
$ |
185,554 |
|
| |
|
|
|
|
|
|
|
|
|
| Common
Equity Tier (CET) 1 Capital |
$ |
249,340 |
|
|
$ |
247,996 |
|
|
$ |
244,864 |
|
|
$ |
237,345 |
|
|
$ |
233,147 |
|
|
Unrealized losses on HTM securities net of tax |
|
(27,286) |
|
|
|
(25,825) |
|
|
|
(28,194) |
|
|
|
(29,670) |
|
|
|
(20,857) |
|
|
Unrealized losses on defined benefit plan net of tax |
|
- |
|
|
|
(1,079) |
|
|
|
(1,079) |
|
|
|
(8,447) |
|
|
|
(8,561) |
|
| Adjusted CET
1 Capital for Impact of Net AFS Securities Losses (non-GAAP) |
$ |
222,054 |
|
|
$ |
221,092 |
|
|
$ |
215,591 |
|
|
$ |
199,228 |
|
|
$ |
203,729 |
|
| |
|
|
|
|
|
|
|
|
|
| Total Assets
for Leverage Ratio (non-GAAP) |
$ |
2,572,583 |
|
|
$ |
2,560,973 |
|
|
$ |
2,579,141 |
|
|
$ |
2,562,808 |
|
|
$ |
2,554,552 |
|
| |
|
|
|
|
|
|
|
|
|
| Tier 1
Leverage Ratio |
|
9.69% |
|
|
|
9.68% |
|
|
|
9.49% |
|
|
|
9.26% |
|
|
|
9.13% |
|
| |
|
|
|
|
|
|
|
|
|
| Tangible
Common Equity (non-GAAP) = Tangible Capital (non-GAAP)/Total Assets
for Leverage Ratio (non-GAAP) |
|
8.79% |
|
|
|
8.78% |
|
|
|
8.52% |
|
|
|
7.95% |
|
|
|
8.08% |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted
Tangible Common Equity for AFS Impact (non-GAAP) = Adjusted CET 1
Capital for Impact of Net AFS Securities Losses (non-GAAP)/Total
Assets for Leverage Ratio (non-GAAP) |
|
8.63% |
|
|
|
8.63% |
|
|
|
8.36% |
|
|
|
7.77% |
|
|
|
7.98% |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted
Tangible Common Equity for HTM Impact (non-GAAP) = Adjusted
Tangible Capital for Impact of Unrealized Losses on HTM Securities
Net of Tax (non-GAAP)/Total Assets for Leverage Ratio
(non-GAAP) |
|
7.73% |
|
|
|
7.77% |
|
|
|
7.43% |
|
|
|
6.79% |
|
|
|
7.26% |
|
| |
|
|
|
|
|
|
|
|
|
| |
For the quarter ended |
| |
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
| |
|
| |
(In thousands) |
| |
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes (GAAP) |
$ |
3,467 |
|
|
$ |
6,975 |
|
|
$ |
12,354 |
|
|
$ |
7,860 |
|
|
$ |
7,400 |
|
| Provision
for (reversal of) credit losses |
|
420 |
|
|
|
(388) |
|
|
|
150 |
|
|
|
675 |
|
|
|
300 |
|
| PPP
Income |
|
(26) |
|
|
|
(15) |
|
|
|
(18) |
|
|
|
(19) |
|
|
|
(129) |
|
| Loss (gain)
on defined benefit plan termination |
|
1,143 |
|
|
|
- |
|
|
|
(2,807) |
|
|
|
- |
|
|
|
- |
|
| Income
Before Taxes, Provision, PPP Income and Defined Benefit Termination
(non-GAAP) |
$ |
5,004 |
|
|
$ |
6,572 |
|
|
$ |
9,679 |
|
|
$ |
8,516 |
|
|
$ |
7,571 |
|
| |
|
|
|
|
|
|
|
|
|
| Efficiency
Ratio: |
|
|
|
|
|
|
|
|
|
| Non-interest
Expense (GAAP) |
$ |
14,551 |
|
|
$ |
14,896 |
|
|
$ |
14,003 |
|
|
$ |
14,343 |
|
|
$ |
14,433 |
|
| Non-interest
Expense for Adjusted Efficiency Ratio |
$ |
14,551 |
|
|
$ |
14,896 |
|
|
$ |
14,003 |
|
|
$ |
14,343 |
|
|
$ |
14,433 |
|
| |
|
|
|
|
|
|
|
|
|
| Net Interest
Income (GAAP) |
$ |
16,846 |
|
|
$ |
18,504 |
|
|
$ |
20,854 |
|
|
$ |
20,288 |
|
|
$ |
19,392 |
|
| |
|
|
|
|
|
|
|
|
|
| Non-interest
Income (GAAP) |
$ |
1,592 |
|
|
$ |
2,979 |
|
|
$ |
5,653 |
|
|
$ |
2,590 |
|
|
$ |
2,741 |
|
| Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
Unrealized (gains) losses on marketable equity securities |
|
- |
|
|
|
- |
|
|
|
(19) |
|
|
|
235 |
|
|
|
225 |
|
|
Gain on non-marketable equity investments |
|
- |
|
|
|
(352) |
|
|
|
(70) |
|
|
|
(211) |
|
|
|
(141) |
|
|
Loss (gain) on defined benefit plan termination |
|
1,143 |
|
|
|
- |
|
|
|
(2,807) |
|
|
|
- |
|
|
|
- |
|
| Non-interest
Income for Adjusted Efficiency Ratio (non-GAAP) |
$ |
2,735 |
|
|
$ |
2,627 |
|
|
$ |
2,757 |
|
|
$ |
2,614 |
|
|
$ |
2,825 |
|
| Total
Revenue for Adjusted Efficiency Ratio (non-GAAP) |
$ |
19,581 |
|
|
$ |
21,131 |
|
|
$ |
23,611 |
|
|
$ |
22,902 |
|
|
$ |
22,217 |
|
| |
|
|
|
|
|
|
|
|
|
| Efficiency
Ratio (GAAP) |
|
78.92% |
|
|
|
69.34% |
|
|
|
52.83% |
|
|
|
62.69% |
|
|
|
65.21% |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted
Efficiency Ratio (Non-interest Expense for Efficiency Ratio
(non-GAAP)/Total Revenue for Efficiency Ratio (non-GAAP)) |
|
74.31% |
|
|
|
70.49% |
|
|
|
59.31% |
|
|
|
62.63% |
|
|
|
64.96% |
|
| |
|
|
|
|
|
|
|
|
|
| |
For the six months ended |
| |
6/30/2023 |
|
6/30/2022 |
| |
(In thousands) |
| |
|
|
|
|
Loans (no tax adjustment) |
$ |
43,779 |
|
|
$ |
36,447 |
|
|
Tax-equivalent adjustment |
|
239 |
|
|
|
244 |
|
|
Loans (tax-equivalent basis) |
$ |
44,018 |
|
|
$ |
36,691 |
|
| |
|
|
|
| Securities
(no tax adjustment) |
$ |
4,243 |
|
|
$ |
4,018 |
|
|
Tax-equivalent adjustment |
|
- |
|
|
|
- |
|
|
Securities (tax-equivalent basis) |
$ |
4,243 |
|
|
$ |
4,018 |
|
| |
|
|
|
| Net interest
income (no tax adjustment) |
$ |
35,350 |
|
|
$ |
38,090 |
|
| Tax
equivalent adjustment |
|
239 |
|
|
|
244 |
|
|
Net interest income (tax-equivalent basis) |
$ |
35,589 |
|
|
$ |
38,334 |
|
| |
|
|
|
| Net interest
income (no tax adjustment) |
$ |
35,350 |
|
|
$ |
38,090 |
|
| Less: |
|
|
|
|
Purchase accounting adjustments |
|
(57) |
|
|
|
103 |
|
|
Prepayment penalties and fees |
|
43 |
|
|
|
48 |
|
|
PPP Income |
|
41 |
|
|
|
691 |
|
| Adjusted net
interest income (non-GAAP) |
$ |
35,323 |
|
|
$ |
37,248 |
|
| |
|
|
|
| Average
interest-earning assets |
$ |
2,399,323 |
|
|
$ |
2,392,264 |
|
| Average
interest-earnings asset, excluding average PPP loans |
$ |
2,397,224 |
|
|
$ |
2,383,226 |
|
| Net interest
margin (no tax adjustment) |
|
2.97% |
|
|
|
3.21% |
|
| Net interest
margin, tax-equivalent |
|
2.99% |
|
|
|
3.23% |
|
| Adjusted net
interest margin, excluding purchase accounting adjustments, PPP
Income and prepayment penalties (non-GAAP) |
|
2.97% |
|
|
|
3.16% |
|
| |
|
|
|
|
|
|
|
For further information contact: James C.
Hagan, President and CEO Guida R. Sajdak, Executive Vice President
and CFO Meghan Hibner, Vice President and Investor Relations
Officer 413-568-1911
Western New England Banc... (NASDAQ:WNEB)
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Von Nov 2024 bis Dez 2024
Western New England Banc... (NASDAQ:WNEB)
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Von Dez 2023 bis Dez 2024
