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Western New England Bancorp, Inc.(WNEB), a leading financial institution and its s ubsidiaries, has released its unaudited consolidated financial statements for the first quarter of 2023. The report highlights the company's financial performance, with a focus on net income and revenue figures.
Net Income/Loss
During the first quarter of 2023, Western New England Bancorp achieved a net income of $5.3 million. This represents the profits generated by the company after accounting for all expenses, including interest expenses, taxes, and operating costs.
Revenue
The company's revenue for the first quarter of 2023 amounted to $23.6 million. This figure reflects the total income generated from various sources, including interest and dividend income, service charges, fees, income from bank-owned life insurance, and gains from non-marketable equity investments.
The financial statements of Western New England Bancorp for the first quarter of 2023 show a positive performance in both net income and revenue. Net income of $5.3 million indicates a profitable quarter for the company, and revenue amounting to $23.6 million demonstrates healthy earnings from its diverse financial activities.
In terms of assets, the company's total assets as of March 31, 2023, amounted to $2,562,015 thousand, a slight increase from the previous year-end. The major components of assets include cash and cash equivalents, available-for-sale securities, loans, and bank-owned life insurance.
Liabilities stood at $2,328,793 thousand, with deposits accounting for a significant portion. Total deposits at the end of the quarter were $2,157,128 thousand, comprising both non-interest-bearing and interest-bearing deposits.
Shareholders' equity increased to $233,222 thousand by the end of the quarter, reflecting a healthy financial position for the company. This equity is derived from common stock, additional paid-in capital, retained earnings, and other comprehensive income.
Western New England Bancorp, Inc. has shown promising financial results in the first quarter of 2023, with a net income of $5.3 million and revenue amounting to $23.6 million. The company's solid performance is supported by a healthy balance sheet and a stable shareholders' equity, which positions them well for future growth and profitability.