Western New England Bancorp, Inc. announced robust financial results for the second quarter ended June 30, 2025, with net income surging to $4.6 million, or $0.23 per diluted share. This represents a 31.4% increase from $3.5 million, or $0.17 per diluted share, in the second quarter of 2024, and a 99.3% sequential increase from Q1 2025.
The company achieved a significant expansion in its net interest margin, which rose 31 basis points to 2.80% for Q2 2025, compared to 2.49% in the prior quarter. Net interest income increased by $2.1 million, or 13.6%, to $17.6 million, driven by higher interest income and a decrease in interest expense. A $615,000 reversal of credit losses was recorded, primarily due to a $624,000 recovery on a previously charged-off commercial loan.
Total gross loans increased by 1.1% to $2.1 billion from December 31, 2024, with residential real estate loans growing 3.8% and commercial and industrial loans increasing 10.8%. Total deposits rose 3.0% to $2.3 billion, and core deposits increased 5.2% to $1.6 billion, now representing 70.4% of total deposits. The company also repurchased 290,609 shares of common stock in Q2 2025 at an average price of $9.45 under its ongoing repurchase program.
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