Western New England Bancorp reports Q3 EPS 21c, consensus 15c

Reports Q3 revenue $18.98M, consensus $16.53M. Reports Q3 tangible book value per share $9.87. James Hagan, president and CEO, commented, “We are pleased overall with our third quarter results and the success of our deposit growth, as well as our continued expense management initiatives. We were able to successfully grow deposits by $18.3 million in the third quarter, and at September 30, 2023, 72% of total deposits were insured. The Company also maintains a strong liquidity position, which covers approximately 137% of uninsured deposits as of September 30, 2023. We remain focused on expense management initiatives, and were able to decrease expenses by $778,000, or 5.2%, from the first quarter of 2023 to the third quarter of 2023. Total loans increased $23.4 million, or 1.2%, since December 31, 2022, and our asset quality continues to remain strong, with nonperforming loans to total loans at 0.31% as of September 30, 2023, and classified assets decreasing 28.7% from December 31, 2022.”