Western New England Bancorp reports Q1 EPS 14c, consensus 12c

Reports: on a sequential quarter basis, net interest income, “our primary source of revenues, decreased $830,000, or 5.1%, from $16.2M for the three months ended December 31 to $15.3 M The decrease in net interest income was primarily the result of the interest rate paid on interest-bearing liabilities outpacing the increase in the yield on interest-earning assets. Interest expense increased $664,000, or 6.3%, while interest income decreased $166,000, or 0.6%. The increase in interest expense was a result of the higher cost of interest-bearing liabilities as well as the unfavorable shift in the deposit mix from low cost core deposits to high cost time deposits,” noted management…