Western New England Bancorp, Inc. reported net income of $3.3 million, or $0.16 per diluted share, for the three months ended December 31, 2024. This represents a sequential increase from $1.9 million, or $0.09 per diluted share, in the third quarter of 2024. For the full year 2024, net income was $11.7 million, or $0.56 per diluted share, compared to $15.1 million, or $0.70 per diluted share, for the full year 2023.
The net interest margin for the fourth quarter of 2024 was 2.41%, a slight increase from 2.40% in the prior quarter. The company recorded a reversal of credit losses of $762,000 in Q4 2024, a positive change from the $941,000 provision for credit losses in Q3 2024. This reversal was attributed to changes in the economic environment and loan portfolio mix.
Total loans increased by $42.9 million, or 2.1%, to $2.1 billion at December 31, 2024, from December 31, 2023, driven by residential real estate loans. Total deposits increased by $118.9 million, or 5.6%, to $2.3 billion, with core deposits representing 68.9% of the total. The company also repurchased 220,000 shares of common stock in Q4 2024 at an average price of $9.00, with 472,318 shares remaining under the 2024 Plan.
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