Western New England Bancorp, Inc. announced net income of $2.3 million, or $0.11 per diluted share, for the first quarter ended March 31, 2025. This marks a decrease from $3.0 million, or $0.14 per diluted share, in the first quarter of 2024, and a sequential decline from $3.3 million, or $0.16 per diluted share, in the fourth quarter of 2024.
Despite the earnings decrease, the company's net interest margin increased by eight basis points to 2.49% for Q1 2025, compared to 2.41% in the preceding quarter. Core deposits grew by $70.2 million, or 4.5%, reaching $1.6 billion and representing 70.0% of total deposits. Total gross loans increased by $9.3 million, or 0.4%, to $2.1 billion.
The Board of Directors authorized a new 2025 stock repurchase plan, allowing for the repurchase of up to 1.0 million shares, or approximately 4.8% of outstanding common stock. This plan will commence upon the completion of the existing 2024 Plan, under which 206,709 shares were repurchased in Q1 2025 at an average price of $9.12. The company also declared a quarterly cash dividend of $0.07 per share.
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