Western New England Bancorp, Inc. announced its unaudited results for the third quarter ended September 30, 2024, reporting net income of $1.9 million, or $0.09 per diluted share. This represents a significant decrease from $4.5 million, or $0.21 per diluted share, reported for the same period in 2023. On a sequential basis, net income also declined from $3.5 million, or $0.17 per diluted share, in the second quarter of 2024.
The company's net interest margin was 2.40% for the third quarter of 2024, a slight decrease from 2.42% in the prior quarter. This was primarily due to an increase in the average cost of interest-bearing liabilities, partially offset by an increase in the average yield on interest-earning assets. The provision for credit losses increased to $941,000 in Q3 2024, compared to a reversal of $294,000 in Q2 2024, driven by changes in the economic environment and loan portfolio growth.
Despite the earnings decline, total loans increased by $21.7 million, or 1.1%, to $2.0 billion from December 31, 2023, primarily in residential real estate. Total deposits also grew by $80.5 million, or 3.8%, to $2.2 billion over the same period. The Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on or about November 21, 2024.
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