2023-04-25 17:00:26 ET
- Western New England press release ( NASDAQ: WNEB ): Q1 GAAP EPS of $0.24.
- Revenue of $21.48M (+2.1% Y/Y).
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At March 31, 2023, total loans of $2.0 billion increased $15.1 million, or 0.8%, from December 31, 2022.
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During the same period, total deposits decreased $72.3 million, or 3.2%, to $2.2 billion at March 31, 2023. Core deposits, which are defined, by the Company, as all deposits except for time deposits, decreased $118.4 million, or 6.5%, from $1.8 billion, or 81.5% of total deposits, at December 31, 2022, to $1.7 billion, or 78.8% of total deposits at March 31, 2023.
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Time deposits increased $46.0 million, or 11.2%, from $411.7 million at December 31, 2022 to $457.7 million at March 31, 2023.
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The loan-to-deposit ratio increased from 89.3% at December 31, 2022 to 93.0% at March 31, 2023.
- The net interest margin was 3.14% for the three months ended March 31, 2023 compared to 3.44% for the three months ended December 31, 2022.
- During the three months ended March 31, 2023, the Company repurchased 125,000 shares of common stock under the 2022 Plan, with an average price per share of $9.31. As of March 31, 2023, there were 931,344 shares of common stock available for repurchase under the 2022 Plan.
- The Company’s book value per share was $10.50 at March 31, 2023 compared to $10.27 at December 31, 2022, while tangible book value per share, a non-GAAP financial measure, increased $0.23, or 2.4%, from $9.61 at December 31, 2022 to $9.84 at March 31, 2023.
For further details see:
Western New England GAAP EPS of $0.24, revenue of $21.48M