Western New England Bancorp, Inc (WFD) has reported 159.83 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $5.10 million, or $0.17 a share in the quarter, compared with $1.96 million, or $0.11 a share for the same period last year. Revenue during the quarter surged 64.65 percent to $16.23 million from $9.86 million in the previous year period. Net interest income for the quarter rose 75.94 percent over the prior year period to $14.50 million. Non-interest income for the quarter rose 99.80 percent over the last year period to $2.03 million.
Westfield Financial has made provision of $0.30 million for loan losses during the quarter, compared with a negative provision of $0.60 million in the same period last year.
Net interest margin improved 47 basis points to 3.08 percent in the quarter from 2.61 percent in the last year period. Efficiency ratio for the quarter improved to 63.70 percent from 72.91 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, “We are very pleased with our accomplishments this quarter following the successful completion of the Chicopee merger and the core system integration last quarter, along with the leadership changes previously announced. We are on track to achieve the projected cost savings and are pleased with the increase in our performance that has resulted from the merger. We believe we are well positioned to continue to generate quality asset growth, improve profitability through increased earnings and efficiencies and to continue growing our tangible book value.”
Assets outpace liabilities growth
Total assets stood at $2,086.55 million as on Mar. 31, 2017, up 52.42 percent compared with $1,368.94 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,840.74 million as on Mar. 31, 2017, up 50.15 percent from $1,225.95 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $1,589.38 million as on Mar. 31, 2017, up 94.28 percent compared with $818.11 million on Mar. 31, 2016. Deposits stood at $1,521.22 million as on Mar. 31, 2017, up 63.90 percent compared with $928.12 million on Mar. 31, 2016.
Investments stood at $305.68 million as on Mar. 31, 2017, up 1.14 percent or $3.46 million from year-ago. Shareholders equity stood at $245.80 million as on Mar. 31, 2017, up 71.90 percent or $102.81 million from year-ago.
Return on average assets moved up 42 basis points to 1 percent in the quarter from 0.58 percent in the last year period. At the same time, return on average equity increased 290 basis points to 8.51 percent in the quarter from 5.61 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.71 percent in the quarter, up from 0.61 percent in the last year period.
Book value per share was $7.99 for the quarter, up 2.04 percent or $0.16 compared to $7.83 for the same period last year.
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