Western New England Bancorp, Inc. reported a decline in net income for the third quarter of 2024, totaling $1.9 million, or $0.09 per diluted share, compared to $4.5 million, or $0.21 per diluted share, in the same quarter of 2023. For the nine months ending September 30, 2024, net income was $8.4 million, or $0.40 per diluted share, down from $12.6 million, or $0.58 per diluted share, for the corresponding period in 2023.
As of September 30, 2024, the company’s total assets reached $2.64 billion, reflecting an increase of $75.9 million, or 3.0%, since December 31, 2023. Total loans also saw a modest rise, amounting to $2.05 billion, which is an increase of $21.7 million, or 1.1%, from the end of the previous year. Total deposits increased by $80.5 million, or 3.8%, to $2.22 billion during the same period.
Net interest income for Q3 2024 was reported at $14.7 million, a decrease from $16.4 million in Q3 2023. This decline was primarily attributed to a $3.6 million rise in interest expense. The provision for credit losses for the quarter was $941,000, significantly higher than the $354,000 recorded in Q3 2023. Non-interest income also decreased to $3.1 million from $3.6 million in the prior year.
Total shareholders' equity as of September 30, 2024, was $240.7 million, a slight increase from $237.4 million at the end of 2023. The allowance for credit losses as a percentage of total loans stood at 0.97% as of September 30, 2024, down from 1.00% at December 31, 2023.
About Western New England Bancorp, Inc.
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