February 1, 2019

Mass. lender’s 4Q net back to black

Photo | Contributed
Photo | Contributed
Westfield Bank's Enfield branch at 47 Palomba Dr.

The Massachusetts parent of Westfield Bank, with branches in northern Connecticut, restored fourth-quarter earnings to black en route to higher full-year profits.

For three months ended Dec. 31, Westfield-based Western New England Bancorp Inc. said it netted $3.8 million, or 14 cents a diluted share, vs. a net loss of $353,000, or a penny a share, suffered in the final quarter of 2017.

In 2018, it netted $16.4 million, or 57 cents a diluted share, up from $12.3 million, or 41 cents a share, netted in 2017.

Westfield Bank has branches in Enfield and Granby.

The parent also announced that its board of directors authorized a 2019 stock repurchase plan for up to 2.8 million shares of its common stock, or an estimated 10 percent of its outstanding shares.

The 2019 plan will start after its existing buyback program ends. Last quarter, the bank said it repurchased 1,051,360 shares at an average price of $9.97. As of Dec. 31, 2018, there were 251,333 shares available to repurchase under the previously existing plan.

Western New England Bancorp ended 2018 with assets of $2.1 billion, same as a year earlier.

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