Western New England Bancorp reports Q2 EPS 17c, consensus 11c

Reports Q2 net interest margin was 2.42% for the three months ended June 30 compared to 2.57% for the three months ended March 31 . The net interest margin, on a tax-equivalent basis, was 2.44% for the three months ended June 30, compared to 2.59% for the three months ended March 31..Declares quarterly cash dividend of 7c per share on the Company’s common stock. The dividend will be payable on or about August 21 to shareholders of record on August 7… James C. Hagan, President and Chief Executive Officer, commented, “It has been widely publicized that the economy and the banking industry is in the midst of the longest inverted yield curve in U.S. history, which continues to create net interest margin compression and funding challenges for banks across the country, including Western New England Bancorp. …The Company also continues to focus on our loan and deposit growth initiatives and retention of our customers. Total deposits increased $28.1 million, or 1.3%, from year-end and our asset quality remains strong, with nonperforming loans to total loans of 0.29% at June 30”