Western New England Bancorp, Inc. (WNEB) reported net income of $11.7 million, or $0.56 diluted earnings per share, for the year ended December 31, 2024, compared to $15.1 million, or $0.70 diluted earnings per share, in 2023. This decrease reflects a decline in net interest income, partially offset by increases in non-interest income. Consolidated total assets reached $2.7 billion at year-end 2024, a 3.5% increase from the previous year. Total deposits increased by $118.9 million (5.6%) to $2.3 billion.
Net interest income decreased by $8.1 million (11.9%) to $59.8 million in 2024, primarily due to a 50.6% increase in interest expense, partially offset by an 8.6% increase in interest and dividend income. The net interest margin fell from 2.82% in 2023 to 2.45% in 2024. The Company recorded a reversal of credit losses of $665,000 in 2024, compared to a provision for credit losses of $872,000 in 2023. Non-interest income increased by $2.0 million (18.4%) to $12.9 million, while non-interest expense increased by a negligible $78,000 (0.1%).
Total loans increased by $42.9 million (2.1%) to $2.1 billion in 2024, driven by a 7.4% increase in residential real estate loans, partially offset by decreases in commercial real estate, commercial and industrial, and consumer loans. Nonperforming loans decreased to $5.4 million (0.26% of total loans) from $6.4 million (0.32%) in 2023. The allowance for credit losses was $19.5 million (0.94% of total loans) at the end of 2024, compared to $20.3 million (1.00%) at the end of 2023. The Company's criticized loan portfolio, comprising special mention and substandard loans, decreased slightly to $38.4 million (1.9% of total loans) from $39.5 million (1.9%) in 2023.
In the fourth quarter of 2023, WNEB settled two class-action lawsuits related to deposit product disclosures for approximately $510,000. The Company's investment securities portfolio totaled $366.1 million (13.8% of total assets) at the end of 2024, with unrealized losses on available-for-sale and held-to-maturity securities totaling $31.2 million and $39.4 million, respectively. The Company's employee count was 335 at December 31, 2024, with an average employee tenure of 8.8 years. WNEB's outlook includes continued focus on commercial and residential loan growth, deposit expansion, and potential acquisitions. The company acknowledges various risks, including economic downturns, interest rate volatility, credit risk, and cybersecurity threats.
About Western New England Bancorp, Inc.
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