Western New England Bancorp Q1 Net Income Doubles to $4.8M, Declares $0.07 Dividend
Western New England Bancorp reported Q1 net income of $4.8 million, up from $2.3 million a year ago, and declared a $0.07 quarterly cash dividend payable May 27. Net interest margin rose to 2.95% as loans climbed $17.2 million and deposits increased $20.9 million.
1. Q1 Financial Performance
Western New England Bancorp generated net income of $4.8 million, or $0.24 per diluted share, for the first quarter of 2026, compared with $2.3 million, or $0.11 per diluted share, in Q1 2025 and $5.2 million, or $0.26 per share, in Q4 2025.
2. Dividend and Share Repurchases
The board declared a $0.07 quarterly cash dividend payable May 27 to shareholders of record May 13 and repurchased 186,000 shares at an average price of $13.48 under its 2025 repurchase plan, with 686,465 shares still authorized for future buybacks.
3. Net Interest Margin and Funding Costs
Net interest margin increased six basis points to 2.95% (2.97% on a tax-equivalent basis) as the average cost of deposits fell to 1.72%, with core deposits representing 70.2% of total deposits and non-interest bearing balances at 25.1%.
4. Loan Growth and Asset Quality
Total loans grew by $17.2 million, led by residential real estate and commercial and industrial loans, while total deposits increased by $20.9 million; delinquent loans stood at 0.14% and nonaccrual loans at 0.21% of total loans.