Western New England Bancorp, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Western New England Bancorp, Inc. has filed its 2023 annual report on Form 10-K.</b>

AI Summary

Western New England Bancorp, Inc. (WNEB) filed a Annual Report (10-K) with the SEC on March 8, 2024. Western New England Bancorp, Inc. filed its 2023 10-K report on March 8, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2023, to December 31, 2023. The previous fiscal year covered was 2022. The company was formerly known as Westfield Financial Inc.

Why It Matters

For investors and stakeholders tracking Western New England Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — Western New England Bancorp, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Western New England Bancorp's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-08 — Filing Date (Filed as of date)
• 2023-01-01 — Report Start Date (Fiscal year 2023)
• 2022-12-31 — Prior Year End (Comparison period)

Key Players & Entities

• Western New England Bancorp, Inc. (company) — Filer name
• Westfield Financial Inc. (company) — Former company name
• MA (location) — State of incorporation and business address

FAQ

Industry Context

Western New England Bancorp, Inc. operates as a savings institution, federally chartered, within the financial services sector.

Regulatory Implications

As a federally chartered savings institution, the company is subject to regulations from relevant financial authorities.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth.
2. Review management's discussion and analysis for operational highlights and challenges.
3. Examine risk factors for potential impacts on future performance.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the reporting period for the 10-K.
• 2024-03-08: 10-K Filing Date — Indicates when the annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K, with prior year data available for comparison within the full document.

Key Financial Figures

• $0.01 — ge on which registered) Common Stock, $0.01 par value per share WNEB The NASDAQ G
• $2.6 b — , WNEB had consolidated total assets of $2.6 billion, total net loans of $2.0 billion,
• $2.0 b — ets of $2.6 billion, total net loans of $2.0 billion, total deposits of $2.1 billion a
• $2.1 billion — oans of $2.0 billion, total deposits of $2.1 billion and total shareholders' equity of $237.
• $237.4 million — llion and total shareholders' equity of $237.4 million. Westfield Bank, headquartered in Wes
• $40.7 million — tory limit on loans to one borrower was $40.7 million. Our largest lending exposure was a $24
• $24.9 million — ion. Our largest lending exposure was a $24.9 million commercial lending relationship, of whi
• $9.9 million — mmercial lending relationship, of which $9.9 million was outstanding at December 31, 2023. T
• $1.1 b — 3, commercial real estate loans totaled $1.1 billion, or 53.3% of total loans, compare

Filing Documents

• wneb-10k_123123.htm (10-K) — 3753KB
• ex10-16.htm (EX-10.16) — 149KB
• ex10-17.htm (EX-10.17) — 147KB
• ex10-19.htm (EX-10.19) — 150KB
• ex10-20.htm (EX-10.20) — 149KB
• ex21-1.htm (EX-21.1) — 4KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 10KB
• ex31-2.htm (EX-31.2) — 10KB
• ex32-1.htm (EX-31.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• ex97.htm (EX-99.97) — 41KB
• wneb10k001.jpg (GRAPHIC) — 66KB
• wneb10k004.jpg (GRAPHIC) — 4KB
• wneb10k005.jpg (GRAPHIC) — 19KB
• wneb10k002.jpg (GRAPHIC) — 4KB
• wneb10k003.jpg (GRAPHIC) — 16KB
• 0001999371-24-003319.txt (&nbsp;) — 19748KB
• wneb-20231231.xsd (EX-101.SCH) — 109KB
• wneb-20231231_cal.xml (EX-101.CAL) — 210KB
• wneb-20231231_def.xml (EX-101.DEF) — 509KB
• wneb-20231231_lab.xml (EX-101.LAB) — 956KB
• wneb-20231231_pre.xml (EX-101.PRE) — 792KB
• wneb-10k_123123_htm.xml (XML) — 3811KB

Risk Factors

Risk Factors 36 1B Unresolved Staff Comments 49 1C Cybersecurity 49 2

Legal Proceedings

Legal Proceedings 54 4 Mine Safety Disclosures 54 PART II 5 Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 55 6 [Reserved] 57 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 73 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 73 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 73 9A

Controls and Procedures

Controls and Procedures 73 9B Other Information 77 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III 10 Directors, Executive Officers and Corporate Governance 77 11

Executive Compensation

Executive Compensation 77 12

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 77 13 Certain Relationships and Related Transactions and Director Independence 77 14 Principal Accounting Fees and Services 77 PART IV 15 Exhibits and Financial Statement Schedules 77 16 Form 10-K Summary 80 FORWARD-LOOKING We may, from time to time, make written or oral "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements contained in our filings with the Securities and Exchange Commission (the "SEC"), our reports to shareholders and in other communications by us. This Annual Report on Form 10-K contains "forward-looking of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to: unpredictable changes in general economic conditions, financial markets, fiscal, monetary and regulatory policies, including actual or potential stress in the banking industry; the duration and scope of potential pandemics, including the emergence of new variants and the response thereto; changes in economic conditions which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including recent and potential future increases in interest rates that reduce margins; the effect on our operations of governmental legislation and regulation, including chan

View Full Filing

View this 10-K filing on SEC EDGAR