Western New England Bancorp, Inc. reported a net income of $4.6 million, or $0.23 per diluted share, for the three months ended June 30, 2025, marking an increase from $3.5 million, or $0.17 per diluted share, in the same period last year. For the first half of 2025, net income rose to $6.9 million, or $0.34 per diluted share, compared to $6.5 million, or $0.31 per diluted share, for the same period in 2024. The increase in profitability was driven by a 21.9% rise in net interest income, which reached $17.6 million, attributed to a $2.8 million increase in interest and dividend income and a decrease in interest expense.
Total assets for the company increased by $58.1 million, or 2.2%, to $2.7 billion as of June 30, 2025, compared to $2.65 billion at the end of 2024. This growth was primarily fueled by a $22.1 million increase in total gross loans, which reached $2.1 billion, and a $26.9 million increase in cash and cash equivalents. The investment securities portfolio also saw a modest increase of $10.8 million, totaling $376.9 million. The company reported unrealized losses on its available-for-sale securities portfolio decreased from $31.2 million to $26.6 million during the same period.
In terms of operational metrics, total deposits rose by $67.5 million, or 3.0%, to $2.3 billion, with core deposits increasing by 5.2% to $1.6 billion. The company’s non-interest-bearing deposits also grew by 5.2%, representing 25.5% of total deposits. The total allowance for credit losses stood at $19.7 million, or 0.94% of total loans, reflecting a slight increase from $19.5 million at the end of 2024. The company recorded a reversal of credit losses of $615,000 for the quarter, compared to a reversal of $294,000 in the prior year, indicating improved credit quality.
Looking ahead, Western New England Bancorp aims to continue its growth strategy by increasing its market share and expanding its commercial and residential lending portfolios. The company is also focused on enhancing its deposit relationships and broadening its product offerings. Management remains vigilant regarding economic conditions, particularly concerning interest rates and inflation, which could impact credit quality and loan performance. The company’s capital ratios remain strong, exceeding regulatory requirements, positioning it well for future growth opportunities.
About Western New England Bancorp, Inc.
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