Western New England Bancorp reports Q1 EPS 13c, consensus 13c
Reports Q1 book value per share $8.43. Reports Q1 cash and cash equivalents $44.48M. "Growing our balance sheet is critical to our success, and we continue to make investments to promote long-term franchise value for the Company. To build our Connecticut presence, we have identified a site in West Hartford and added experienced commercial and residential lenders and cash management specialists in a disrupted market to drive growth in loans and core deposits," said James Hagan, president and CEO. "In the first quarter, significant loan prepayment activity, aggressive competition and traditional seasonal trends have all impacted our growth. Add to that higher deposit costs as a result of the interest rate environment and the net interest margin was under pressure." Hagan added, "We are pleased that for the second consecutive quarter, we repurchased a significant number of our own shares at what we believe is an attractive valuation."