olivLaw · US equity research
Western New England Bancorp, Inc. WNEB
Savings Institution, Federally Chartered · SIC 6035 · Vertical: Savings Institution, Federally Chartered (SIC 6035)
Western New England Bancorp is the holding company of Westfield Bank, a community bank serving western Massachusetts and Connecticut, with total assets of 2.7 billion USD at the end of 2025. The current focus for investors is the net interest margin, which rose to 3.00% in the second quarter of 2026, while a credit impairment on an office loan lifted provisions.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Western New England Bancorp, Inc. (WNEB) stock was 14.05 USD (+1.89% on the day), with market capitalisation 281.6 m USD, P/E 16.7 on diluted EPS of 0.84 USD over the last 12 months, dividend yield 1.99%, beta 0.75, 52-week range 11.38–14.81 USD. Latest reported quarter (Q2 2026): net income of 3.6 m USD (−21.6% YoY), diluted EPS 0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.4
- strong (55–70)
- Bollinger (20, 2)
- 13.29 – 14.15
- in the upper half of the band · %B 0.88 · band width 6.3%
- SMA 50 / 200
- 13.76 / 13.64
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.07 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.5% | −1.1% | +2.6 pp | — |
| 3 months | +0.3% | −0.5% | +0.7 pp | — |
| 6 months | −0.4% | +4.4% | −4.7 pp | — |
| Year to date | +11.3% | +12.3% | −1.0 pp | — |
| 1 year | +23.2% | +13.5% | +9.7 pp | +26.3% |
| 3 years | +87.8% | +76.4% | +11.4 pp | +63.0% |
| 5 years | +49.5% | +63.7% | −14.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Interest expense | 13.1 m | 13.3 m | 12.9 m | 12.0 m | 11.9 m | 11.7 m | — | — |
| Pre-tax income | 2.5 m | 4.4 m | 3.0 m | 6.0 m | 4.2 m | 6.6 m | 6.2 m | 4.8 m |
| Income tax | 618.0 k | 1.1 m | 664.0 k | 1.4 m | 1.0 m | 1.4 m | 1.4 m | 1.2 m |
| Net income | 1.9 m | 3.3 m | 2.3 m | 4.6 m | 3.2 m | 5.2 m | 4.8 m | 3.6 m |
| Diluted EPS | 0.09 | 0.16 | 0.11 | 0.23 | 0.16 | 0.26 | 0.24 | 0.18 |
| Operating cash flow | 3.0 m ≈ | 6.1 m | -829.0 k | 6.8 m ≈ | 5.1 m ≈ | 7.1 m | 346.0 k | 6.6 m ≈ |
| Capex | — | 815.0 k | 287.0 k | 295.0 k ≈ | -172.0 k ≈ | 663.0 k | 734.0 k | 768.0 k ≈ |
| Dividends paid | 1.5 m ≈ | 1.4 m | 1.4 m | 1.4 m ≈ | 1.4 m ≈ | 1.4 m | 1.4 m | 1.4 m ≈ |
| Share repurchases | 2.1 m ≈ | 2.0 m | 2.1 m | 2.8 m ≈ | 24.0 k ≈ | 1.2 m | 2.8 m | 2.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 62 percentile of its own 39-quarter history (min 5.5, median 15.6, max 39.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 89.0 k | 67.0 k | 44.0 k | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | +41.3% | −24.7% | −34.3% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 16.4 m | 13.3 m | 11.2 m | 23.7 m | 25.9 m | 15.1 m | 11.7 m | 15.3 m |
| Net income YoY | +33.2% | −18.6% | −16.0% | +111.3% | +9.2% | −41.8% | −22.6% | +30.9% |
| Diluted EPS | 0.57 | 0.51 | 0.45 | 1.02 | 1.18 | 0.70 | 0.56 | 0.75 |
| Diluted EPS YoY | +39.0% | −10.5% | −11.8% | +126.7% | +15.7% | −40.7% | −20.0% | +33.9% |
| net % | 18,436.0% | 19,923.9% | 25,488.6% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 21.3 m | 14.1 m | 21.5 m | 25.3 m | 35.6 m | 11.9 m | 11.0 m | 17.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 40.4 m USD
- Financial debt
- 13.3 m USD
- Net debt
- -27.1 m USD
- Equity
- 247.6 m USD
- Total assets
- 2.7 bn USD
- Debt / equity
- 0.05x
- Current ratio
- unavailable
- ROE
- 6.3%
- ROA
- 0.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 64.4 m | 73.2 m | 79.2 m | 67.9 m | 59.8 m | 70.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Net fee income | 9.3 m | 12.6 m | 13.3 m | 10.9 m | 12.9 m | 12.5 m | SEC (XBRL)· 10 Mar 2026verified |
| Non-interest expense | 51.8 m | 54.9 m | 57.2 m | 58.4 m | 58.4 m | 62.5 m | SEC (XBRL)· 10 Mar 2026verified |
| Pre-tax income | 14.2 m | 31.7 m | 34.6 m | 19.6 m | 15.0 m | 19.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Net income | 11.2 m | 23.7 m | 25.9 m | 15.1 m | 11.7 m | 15.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Diluted EPS | 0.45 | 1.02 | 1.18 | 0.70 | 0.56 | 0.75 | SEC (XBRL)· 10 Mar 2026verified |
| Dividend per share | 0.20 | 0.20 | 0.24 | 0.28 | 0.28 | 0.28 | SEC (XBRL)· 10 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 87.4 m | 103.5 m | 30.3 m | 28.8 m | 66.5 m | 40.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Loans | 1.9 bn | 1.8 bn | 2.0 bn | 2.0 bn | 2.1 bn | 2.2 bn | SEC (XBRL)· 10 Mar 2026verified |
| Total assets | 2.4 bn | 2.5 bn | 2.6 bn | 2.6 bn | 2.7 bn | 2.7 bn | SEC (XBRL)· 10 Mar 2026verified |
| Deposits | 2.0 bn | 2.3 bn | 2.2 bn | 2.1 bn | 2.3 bn | 2.4 bn | SEC (XBRL)· 10 Mar 2026verified |
| Short-term debt | — | — | 41.4 m | 16.1 m | 5.4 m | 13.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Long-term debt | 57.9 m | — | — | — | — | — | SEC (XBRL)· 11 Mar 2021verified |
| Total liabilities | 2.1 bn | 2.3 bn | 2.3 bn | 2.3 bn | 2.4 bn | 2.5 bn | SEC (XBRL)· 10 Mar 2026verified |
| Equity | 226.6 m † | 223.7 m † | 228.1 m † | 237.4 m † | 235.9 m † | 247.6 m † | SEC (XBRL)· 10 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 5.0 m | 4.7 m | 5.3 m | 6.1 m | 5.9 m | 5.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Share repurchases | 10.5 m | 23.3 m | 6.4 m | 5.0 m | 7.6 m | 6.1 m | SEC (XBRL)· 10 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 27 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 281.6 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation38
- Returns27
- Quality25
- Balance sheet24
- Growth15
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.68 – 17.03 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income11.47 – 11.99 (Mid 11.72)
- Justified P/B6.94 – 9.33 (Mid 7.96)
- Dividend discount (DDM)3.68 – 4.95 (Mid 4.22)
- Peers: P/E9.08 – 11.01 (Mid 10.06)10 companies used · median multiple 12.0x · quartiles 10.8x – 13.1xAX, BKU, CFFN, EBC, FCAP, HFBL, HTB, KRNY, NRIM, PFS
- Peers: P/B12.57 – 17.03 (Mid 13.83)12 companies used · median multiple 1.1x · quartiles 1.0x – 1.4xAX, BKU, CFFN, EBC, FCAP, FDSB, HFBL, HTB, KFFB, KRNY, NRIM, PFS
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 27/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 6.9% | 36 (vs peers) | 19% |
| ROA · Quality | 0.6% | 15 (on a fixed band) | 7% |
| Cost-to-income · Quality | 72.5% | 0 (on a fixed band) | 12% |
| Net interest margin · Quality | 2.8% | 50 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | 3.2% | 26 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -11.3% | 0 (on a fixed band) | 7% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 90.5% | 24 (on a fixed band) | 5% |
| P/B · Valuation | 1.1x | 54 (vs peers) | 12% |
| P/E (TTM) · Valuation | 16.7x | 23 (vs peers) | 12% |
| Dividend yield · Returns | 2.0% | 27 (vs peers) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial24/100 · 1/3 factors with a value
- Growth15/100 · 2/2 factors with a value
- Quality25/100 · 4/4 factors with a value
- Returns27/100 · 1/1 factors with a value
- Valuation38/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Western New England Bancorp, Inc. (WNEB). Latest full fiscal year: 2020; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 70.1 m USD in 2025; YoY growth -34.3%; ROE 6.9%.
The estimated value range is 9.08–11.01 USD per share (median of 5 methods, agreement: medium); assumptions are illustrative. Against the central value of 10.06 USD, the price of 14.05 USD leaves a potential of -28.4% (value / price − 1) and a margin of safety of -39.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 27/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROA: 0.6%
- Cost-to-income: 72.5%
- EPS CAGR 3Y: 3.2%
- Revenue CAGR 3Y: -11.3%
- Loan-to-deposit: 90.5%
- P/E (TTM): 16.7x
- Dividend yield: 2.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.
Versus the vertical median
Savings Institution, Federally Chartered (SIC 6035) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXAxos Financial, Inc. | 5.4 bn | 10.7 | 16.7% | 624.8% | +23.5% | +15% / +147% |
| EBCEastern Bankshares, Inc. | 5.3 bn | 13.3 | 9.4% | 257.2% | +19.1% | +24% / +95% |
| TFSLTfs Financial Corporation | 4.7 bn | 46.0 | 5.3% | — | unavailable | +17% / +26% |
| BKUBankUnited, Inc. | 3.2 bn | 12.3 | 9.2% | 1,154.5% | +7.4% | +4% / +63% |
| PFSProvident Financial Services Inc | 3.1 bn | 9.8 | 11.1% | 411.6% | +7.1% | +23% / +55% |
| CFFNCapitol Federal Financial, Inc. | 1.1 bn | 13.4 | 8.0% | 508.2% | +6.5% | +33% / +63% |
| HTBHomeTrust Bancshares, Inc. | 798.6 m | 12.5 | 11.0% | — | −1.9% | +17% / +107% |
| KRNYKearny Financial Corp. | 605.1 m | 16.4 | 4.8% | — | +36.0% | +36% / +18% |
| NRIMNorthrim Bancorp, Inc. | 545.0 m | 9.9 | 16.6% | 21.8% | +30.4% | −0% / +99% |
| WNEBWestern New England Bancorp, Inc. | 281.6 m | 16.7 | 6.9% | — | −34.3% | +23% / +88% |
| FCAPFirst Capital, Inc. | 215.3 m | 11.6 | 13.9% | 252.8% | +1.6% | +29% / +145% |
| FDSBFifth District Bancorp, Inc. | 92.5 m | 52.4 | 1.3% | 273.6% | −2.3% | +29% / unavailable |
| HFBLHome Federal Bancorp, Inc. of Louisiana | 67.7 m | 11.1 | 10.8% | 364.5% | +30.0% | +40% / +72% |
| KFFBKentucky First Federal Bancorp | 44.4 m | 32.0 | 2.9% | — | −11.8% | +31% / +18% |
| BYFCBroadway Financial Corporation | — | — | -7.6% | -11,027.1% | +18.7% | +86% / +54% |
1- and 3-year price returns: for WNEB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (27 Oct 2026 · results).
In brief
Western New England Bancorp is the holding company of Westfield Bank, a community bank serving western Massachusetts and Connecticut, with total assets of 2.7 billion USD at the end of 2025 1. The current focus for investors is the net interest margin, which rose to 3.00% in the second quarter of 2026 3, while a credit impairment on an office loan lifted provisions 2.
SWOT
Strengths
- The core deposit base is solid, and the share of non-interest-bearing deposits is high, which helps control funding costs 3.
- The company holds a strong position in the Hampden County local market and has a long community presence 1.
- Asset quality stayed good at the end of the first half of 2026, with low delinquency levels 3.
Weaknesses
Opportunities
Risks
- Commercial credit riskhigh
Large and concentrated commercial real estate loans can generate losses if tenants or borrowers run into trouble, as seen in the second quarter of 2026 23.
- Interest rate sensitivityhigh
Revenue depends largely on net interest income, and rate changes could reduce margins if funding costs rise faster than asset yields 1.
- Unrealized securities lossesmedium
The securities portfolio carries significant unrealized losses that could become realized if sold 2.
- Geographic concentrationmedium
Operations are concentrated in western Massachusetts and Connecticut, so a regional slowdown would directly hit the bank's clients 1.
- Regulation and competitionlow
Regulatory requirements raise compliance costs, and sector consolidation could intensify competition 1.
Investment thesis
What would need to be true (bull case)
- The net interest margin rose in the second quarter of 2026, suggesting that funding cost management is working 3.
- The core and non-interest-bearing deposit base gives a funding advantage if it persists over time 3.
- The company continues its repurchase and dividend programs, which could support shareholder value over the long term 3.
What would break the thesis
What to watch
- Trend in net interest margin and deposit costsQ3 2026
- Level of provisions and past-due loans, especially in commercial real estateQ3 2026
- Completion of the Chicopee building sale and its gain effectQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (27 Oct 2026 · results).
The business
The company's main revenue comes from net interest income, which accounted for about 84.8% of total revenues in 2025 1. Its strategy aims to grow commercial loans and core deposits, alongside residential lending for diversification 2. Net income for 2025 was 15.3 million USD, up from the prior year 1.
The company has also continued its share repurchase program and quarterly dividends while managing capital carefully 3. Tangible book value per share rose in the first half of 2026 3.
Segments
Market context
The bank's main market is Hampden County, where the company held about 13.5% of deposits at June 30, 2025, ranking third among eighteen banks and thrifts with offices there 1. The Pioneer Valley economy relies on manufacturing, health care, education and trade, with large employers including regional health systems and insurers 1.
Competition comes from local and regional banks, strong credit unions, non-bank lenders and internet banks 1. The company expects competition to increase as the sector consolidates and technology changes 1.
Trends
- Interest rate pathmixed
The cut in the federal funds rate during 2025 changed funding conditions, and the bank noted that rates could stay high if inflation remains unfavorable 1. For a bank whose revenue is mainly interest-based, this could directly shape its net margin 1. The effect is mixed, depending on funding cost trends.
- Rising net interest margintailwind
The net interest margin rose to 3.00% in the second quarter of 2026, and the average loan yield edged up 3. If this continues, it could support net income.
- Commercial credit riskheadwind
An office participation loan was downgraded in the second quarter of 2026 after the borrower filed for bankruptcy, and provisions rose noticeably 23. If other commercial real estate loans deteriorate, credit costs could increase.
- Consolidation and technologymixed
Sector consolidation and technology change lower entry barriers and widen competition from non-banks 1. The company says it may also look at acquisitions in adjacent areas 2.
Competitive position
The company competes with local, regional and national banks, as well as credit unions with a large regional presence 1. In the Hampden County deposit market, WNEB ranks third among eighteen institutions 1.
Competition also comes from finance companies, mortgage brokers, insurers and internet banks that can offer similar products without branches 1.
- Regional banks in Massachusetts and Connecticut
Local and regional institutions competing for deposits and loans in the same counties, as described in the annual report.
- Credit unions
They have a large presence in the region and compete for retail deposits and loans.
- National banks
They compete in the region for commercial clients and cash management services.
- Internet banks and non-bank lenders
Payment, lending and brokerage firms offering similar products without a branch network.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report14 May 2026Shareholder vote
- Current report14 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report28 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement03 Apr 2026
- Annual report10 Mar 2026
- Current report27 Feb 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Western New England Bancorp, Inc. · 10 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Western New England Bancorp, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Western New England Bancorp, Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.