Western New England Bancorp, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Western New England Bancorp, Inc. filed its Q1 2024 10-Q report on May 7, 2024.</b>

AI Summary

Western New England Bancorp, Inc. (WNEB) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Western New England Bancorp, Inc. filed a 10-Q report on May 7, 2024, for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is as a savings institution, federally chartered. The filing includes data related to common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income for various periods. Key dates include the filing date of May 7, 2024, and the reporting period end of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Western New England Bancorp, Inc., this filing contains several important signals. This 10-Q filing provides an update on the company's financial position and performance for the first quarter of 2024, which is crucial for investors to assess recent operational results and trends. The detailed financial data presented in the report, including equity components and accumulated comprehensive income, allows stakeholders to evaluate the company's capital structure and overall financial health.

Risk Assessment

Risk Level: low — Western New England Bancorp, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update on financial performance.

Analyst Insight

Monitor future filings for trends in equity components and accumulated other comprehensive income to understand the company's financial trajectory.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Period for Q1 2024)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)

Key Players & Entities

• Western New England Bancorp, Inc. (company) — Filer name
• 0001157647 (company) — Central Index Key
• 6035 (regulator) — Standard Industrial Classification (SIC) code for Savings Institution, Federally Chartered
• MA (company) — State of incorporation
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date

FAQ

Key Dates

• 2024-03-31: End of Reporting Period — Marks the end of the fiscal quarter for which financial results are reported.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure by public companies. (Provides investors with an update on the company's financial performance and position between annual reports.)

Savings Institution, Federally Chartered

A type of financial institution that accepts savings deposits and makes loans, chartered by the federal government. (Defines the primary business and regulatory framework of Western New England Bancorp, Inc.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share WNEB NASDAQ Ind

Filing Documents

• wneb-10q_033124.htm (10-Q) — 2324KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 16KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001999371-24-005722.txt (&nbsp;) — 12790KB
• wneb-20240331.xsd (EX-101.SCH) — 62KB
• wneb-20240331_cal.xml (EX-101.CAL) — 115KB
• wneb-20240331_def.xml (EX-101.DEF) — 315KB
• wneb-20240331_lab.xml (EX-101.LAB) — 572KB
• wneb-20240331_pre.xml (EX-101.PRE) — 463KB
• wneb-10q_033124_htm.xml (XML) — 3260KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS i

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements of Western New England Bancorp, Inc. and Subsidiaries (Unaudited)

Financial Statements of Western New England Bancorp, Inc. and Subsidiaries (Unaudited) Consolidated Balance Sheets – March 31, 2024 and December 31, 2023 1 Consolidated Statements of Net Income – Three Months Ended March 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income (Loss) – Three Months Ended March 31, 2024 and 2023 3 Consolidated Statements of Changes in Shareholders' Equity – Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 49

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 50 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 with respect to the Company's financial condition, liquidity, results 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; unstable political and 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 changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Act Wall Street Reform and Consumer Protection Act of 2010, Basel guidelines, capital requirements and other applicable laws and regulations; significant changes in accou

View Full Filing

View this 10-Q filing on SEC EDGAR