Western New England Bancorp, Inc (WFD) has reported a 32.19 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.85 million, or $0.07 a share in the quarter, compared with $1.40 million, or $0.08 a share for the same period last year. Revenue during the quarter surged 67.46 percent to $14.94 million from $8.92 million in the previous year period. Net interest income for the quarter rose 56.25 percent over the prior year period to $12.74 million. Non-interest income for the quarter rose 91.06 percent over the last year period to $2.37 million.
Western New England Bancorp, Inc has made provision of $0.18 million for loan losses during the quarter, down 63.16 percent from $0.48 million in the same period last year.
Net interest margin improved 26 basis points to 2.84 percent in the quarter from 2.58 percent in the last year period. Efficiency ratio for the quarter improved to 67.40 percent from 73.81 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
James C. Hagan, president and chief executive officer stated, “This is a very exciting time for Western New England Bancorp. The current quarter is the first reporting period which reflects financial results inclusive of Chicopee, which was acquired on October 21, 2016. We’re pleased to say that on December 5, 2016, we achieved another milestone as the Chicopee core system was successfully converted to the Westfield platform. Our combined 21 banking locations, lending expertise and larger presence in the western New England marketplace provide us a platform for growth and the ability to leverage our unique service experience to continue our commitment to enhancing the value of our franchise for our shareholders, customers, employees and communities that we serve.”
Assets outpace liabilities growth
Total assets stood at $2,076.02 million as on Dec. 31, 2016, up 54.93 percent compared with $1,339.93 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,837.62 million as on Dec. 31, 2016, up 53.08 percent from $1,200.46 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,556.34 million as on Dec. 31, 2016, up 92.29 percent compared with $809.37 million on Dec. 31, 2015. Deposits stood at $1,518.07 million as on Dec. 31, 2016, up 68.61 percent compared with $900.36 million on Dec. 31, 2015. Investments stood at $300.12 million as on Dec. 31, 2016, down 28.68 percent or $120.69 million from year-ago. Shareholders equity stood at $238.40 million as on Dec. 31, 2016, up 70.93 percent or $98.93 million from year-ago.
Return on average assets moved down 3 basis points to 0.38 percent in the quarter from 0.41 percent in the last year period. At the same time, return on average equity decreased 81 basis points to 3.18 percent in the quarter from 3.99 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.69 percent in the quarter, up from 0.60 percent in the last year period.
Book value per share was $7.85 for the quarter, up 2.88 percent or $0.22 compared to $7.63 for the same period last year.
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