Western New England Bancorp Reports Q3 Income Decline

Western New England Bancorp ( (WNEB) ) has provided an announcement.

Western New England Bancorp, Inc. reported a decrease in net income to $1.9 million for the third quarter of 2024, down from $4.5 million in the same period last year, attributing challenges to rising interest rates and increased funding costs. Despite these hurdles, the company declared a quarterly dividend and highlighted growth in loans and deposits, with total deposits rising by $80.5 million. The bank’s continued focus on core business growth and capital management strategies, including stock repurchases, aims to sustain shareholder value amidst a challenging financial environment.

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