# EDGAR Filing Document

**Accession Number:** 0001157647
**File Stem:** 0001999371-25-009570
**Filing Date:** 2025-7
**Character Count:** 125543
**Document Hash:** 8a9bef4ed73f15f96afe0e7e86bd2535
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-009570.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001999371-25-009570

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20250722

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Western New England Bancorp, Inc.
- **CENTRAL INDEX KEY:** 0001157647
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 731627673
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16767
- **FILM NUMBER:** 251140527

**BUSINESS ADDRESS:**
- **STREET 1:** 141 ELM STREET
- **CITY:** WESTFIELD
- **STATE:** MA
- **ZIP:** 01085
- **BUSINESS PHONE:** 413-568-1911

**MAIL ADDRESS:**
- **STREET 1:** 141 ELM STREET
- **CITY:** WESTFIELD
- **STATE:** MA
- **ZIP:** 01085

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTFIELD FINANCIAL INC
- **DATE OF NAME CHANGE:** 20010816

?xml version='1.0' encoding='ASCII'? Current Report

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **July 22, 2025**

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**WESTERN NEW ENGLAND BANCORP, INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Massachusetts**<br> *(State or other jurisdiction of<br> incorporation)* | &nbsp;&nbsp;**001-16767**<br> *(Commission<br> File Number)* | &nbsp;&nbsp;**73-1627673**<br> *(I.R.S. Employer<br> Identification No.)* |

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| | |
|:---|:---|
| &nbsp;&nbsp;**141 Elm Street** |  |
| &nbsp;&nbsp;**Westfield, Massachusetts**<br> *(Address of principal executive offices)* | &nbsp;&nbsp; **01085**<br> *(zip code)*  |

---

Registrant's telephone number, including area code: **(413) 568-1911**

(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;**Common Stock, $0.01 par value per share** | &nbsp;&nbsp;**WNEB** | &nbsp;&nbsp;**NASDAQ** |

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Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

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On July 22, 2025, Western New England Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the quarter and six months ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and is hereby incorporated by reference into this Item 2.02.

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|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

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On July 22, 2025, the Company made available an investor presentation to be used during investor meetings. The slide show for the investor presentation is attached to this report as Exhibit 99.2.

The information contained in this Item 7.01 and Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor will such information or exhibits be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such filing. The furnishing of the information included in Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

The exhibits required by this item are set forth on the Exhibit Index attached hereto.

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| [99.1](ex99-1.htm) | Press Release of Western New England Bancorp, Inc. dated July 22, 2025. |
| [99.2](ex99-2.htm) | Investor Presentation dated July 22, 2025 for Western New England Bancorp, Inc. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **WESTERN NEW ENGLAND BANCORP, INC.** | **WESTERN NEW ENGLAND BANCORP, INC.** |
|  | By: | /s/ Guida R. Sajdak |
|  |  | Guida R. Sajdak |
|  |  | Chief Financial Officer |
| Dated: July 22, 2025 |  |  |

---

## Exhibit 99.1

[WESTERN NEW ENGLAND BANCORP, INC. 8-K](wneb-8k_072225.htm)

**Exhibit 99.1**

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| |
|:---|
| **For further information contact:** |
| James C. Hagan, President and CEO |
| Guida R. Sajdak, Executive Vice President and CFO |
| Meghan Hibner, First Vice President and Investor Relations Officer |
| 413-568-1911 |

---

**WESTERN NEW ENGLAND BANCORP, INC. REPORTS RESULTS FOR THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND DECLARES QUARTERLY CASH DIVIDEND**

**Westfield, Massachusetts, July 22, 2025**: Western New England Bancorp, Inc. (the "Company" or "WNEB") (NasdaqGS: WNEB), the holding company for Westfield Bank (the "Bank"), announced today the unaudited results of operations for the three and six months ended June 30, 2025. For the three months ended June 30, 2025, the Company reported net income of $4.6 million, or $0.23 per diluted share, compared to net income of $3.5 million, or $0.17 per diluted share, for the three months ended June 30, 2024. On a linked quarter basis, net income was $4.6 million, or $0.23 per diluted share, as compared to net income of $2.3 million, or $0.11 per diluted share, for the three months ended March 31, 2025. For the six months ended June 30, 2025, net income was $6.9 million, or $0.34 per diluted share, compared to net income of $6.5 million, or $0.31 per diluted share, for the six months ended June 30, 2024.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.07 per share on the Company's common stock. The dividend will be payable on or about August 20, 2025 to shareholders of record on August 6, 2025.

James C. Hagan, President and Chief Executive Officer, commented, "We are pleased to report solid earnings for the second quarter of 2025, along with strong overall loan growth and core deposit growth. Core deposits increased $81.4 million, or 5.2%, since year-end, which will be beneficial as we continue to lower deposit costs and reduce our reliance on time deposits. We are also pleased to report that our commercial and industrial loan portfolio increased $22.8 million, or 10.8%, during the six months ended June 30, 2025, and our residential real estate portfolio increased $29.7 million, or 3.8%, during the same period. Growth in commercial and industrial loans is a strategic priority for the Company as we remain focused on meeting the needs of our business and commercial customers.

We believe our balance sheet structure will continue to have a positive impact on earnings in the current interest rate environment. Net interest income increased $2.1 million, or 13.6%, from the three months ended March 31, 2025 to the three months ended June 30, 2025, while the net interest margin increased 31 basis points from 2.49% to 2.80% during the same period. Our loan growth and disciplined approach to managing funding costs have allowed us to expand our net interest margin as we continue to decrease the cost of interest-bearing liabilities and our reliance on time deposits. Our asset quality remains solid, with nonperforming assets to total assets of 0.21%, and total delinquency as a percentage of total loans of 0.18%."

Hagan concluded, "Our capital position continues to remain strong, and the Company is considered to be well-capitalized as defined by the regulators. We remain disciplined in our capital management strategies and during the six months ended June 30, 2025, we repurchased 497,318 shares of common stock with an average price per share of $9.31. We continue to believe that buying back shares, at current prices, represents a prudent use of the Company's capital. On April 22, 2025, we announced a new repurchase plan (the "2025 Plan") which commenced upon the completion of the 2024 Repurchase Plan (the "2024 Plan"). On June 3, 2025, we announced the completion of the 2024 Plan, under which the Company repurchased a total of 1.0 million shares at an average price per share of $8.79. We are pleased with our second quarter results and are committed to delivering long-term value to shareholders through capital management strategies, which include continued loan growth, share repurchases and quarterly cash dividends."

**Key Highlights:**

**Loans and Deposits**

Total gross loans increased $22.1 million, or 1.1%, from $2.1 billion, or 77.9% of total assets, at December 31, 2024 to $2.1 billion, or 77.1% of total assets, at June 30, 2025. The increase in total gross loans was primarily driven by an increase in residential real estate loans, including home equity loans, of $29.7 million, or 3.8%, and an increase in commercial and industrial loans of $22.8 million, or 10.8%. These increases were partially offset by a decrease in commercial real estate loans of $29.5 million, or 2.7%, and a decrease in consumer loans of $879,000, or 20.0%.

At June 30, 2025, total deposits of $2.3 billion increased $67.5 million, or 3.0%, from December 31, 2024. Core deposits, which the Company defines as all deposits except time deposits, increased $81.4 million, or 5.2%, from $1.6 billion, or 68.9% of total deposits, at December 31, 2024, to $1.6 billion, or 70.4% of total deposits, at June 30, 2025. Time deposits decreased $13.9 million, or 2.0%, from $703.6 million at December 31, 2024 to $689.7 million at June 30, 2025. Brokered time deposits, which are included in time deposits, totaled $1.7 million at December 31, 2024. The Company did not have brokered time deposits at June 30, 2025. The loan-to-deposit ratio decreased from 91.5% at December 31, 2024 to 89.8% at June 30, 2025.

**Allowance for Loan Losses and Credit Quality**

At June 30, 2025, the allowance for credit losses was $19.7 million, or 0.94% of total loans, compared to $19.5 million, or 0.94% of total loans, at December 31, 2024. The allowance for loan losses, as a percentage of nonaccrual loans, was 343.1% and 362.9% at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025, nonaccrual loans totaled $5.8 million, or 0.27% of total loans, compared to $5.4 million, or 0.26% of total loans, at December 31, 2024. Total delinquent loans decreased from $5.0 million, or 0.24% of total loans, at December 31, 2024 to $3.9 million, or 0.18% of total loans, at June 30, 2025. At June 30, 2025 and December 31, 2024, the Company did not have any other real estate owned.

**Net Interest Margin**

The net interest margin increased 31 basis points, from 2.49% for the three months ended March 31, 2025 to 2.80% for the three months ended June 30, 2025. The net interest margin, on a tax-equivalent basis, increased 31 basis points from 2.51% for the three months ended March 31, 2025 to 2.82%, for the three months ended June 30, 2025.

**Stock Repurchase Program** 

On April 22, 2025, the Board of Directors authorized the 2025 Plan, pursuant to which the Company may repurchase up to 1.0 million shares of its common stock, or approximately 4.8%, of the Company's then-outstanding shares of common stock, upon the completion of the 2024 Plan. On June 3, 2025, the Company announced the completion of its 2024 Plan under which the Company repurchased a total of 1.0 million shares at an average price per share of $8.79.

During the three months ended June 30, 2025, the Company repurchased 290,609 shares of its common stock at an average price per share of $9.45. During the six months ended June 30, 2025, the Company repurchased 497,318 shares of its common stock at an average price per share of $9.31. As of June 30, 2025, there were 975,000 shares of common stock available for repurchase under the 2025 Plan.

The repurchase of shares under our 2025 Plan is administered through an independent broker. The shares of common stock repurchased under the 2025 Plan have been and will continue to be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, or otherwise, depending upon market conditions. There is no guarantee as to the exact number, or value, of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that the Company's management ("Management") determines additional repurchases are not warranted. The timing and amount of additional share repurchases under the 2025 Plan will depend on a number of factors, including the Company's stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements.

**Book Value and Tangible Book Value**

The Company's book value per share was $11.68 at June 30, 2025 compared to $11.30 at December 31, 2024, while tangible book value per share, a non-GAAP financial measure, increased $0.38, or 3.6%, from $10.63 at December 31, 2024 to $11.01 at June 30, 2025. See pages 19-21 for the related tangible book value calculation and a reconciliation of GAAP to non-GAAP financial measures.

**Net Income for the Three Months Ended June 30, 2025 Compared to the Three Months Ended March 31, 2025**

For the three months ended June 30, 2025, the Company reported an increase in net income of $2.3 million, or 99.3%, from $2.3 million, or $0.11 per diluted share, for the three months ended March 31, 2025, to $4.6 million, or $0.23 per diluted share. Net interest income increased $2.1 million, or 13.6%, the provision for credit losses decreased $757,000, non-interest income increased $652,000, or 23.6%, and non-interest expense increased $472,000, or 3.1%. Return on average assets and return on average equity were 0.69% and 7.76%, respectively, for the three months ended June 30, 2025, compared to 0.35% and 3.94%, respectively, for the three months ended March 31, 2025.

**Net Interest Income and Net Interest Margin**

On a sequential quarter basis, net interest income, our primary driver of revenues, increased $2.1 million, or 13.6%, to $17.6 million for the three months ended June 30, 2025, from $15.5 million for the three months ended March 31, 2025. The increase in net interest income was primarily due to an increase in interest income of $1.2 million, or 4.1%, and a decrease in interest expense of $933,000, or 7.2%. During the three months ended June 30, 2025, the Company recorded $425,000 in prepayment penalties related to payoffs in the commercial portfolio. The $933,000, or 7.2%, decrease in interest expense was primarily due to a decrease in average rates paid on interest-bearing deposits during the three months ended June 30, 2025, compared to the three months ended March 31, 2025.

The net interest margin was 2.80% for the three months ended June 30, 2025, compared to 2.49% for the three months ended March 31, 2025. The net interest margin, on a tax-equivalent basis, was 2.82% for the three months ended June 30, 2025, compared to 2.51% for the three months ended March 31, 2025. Excluding the prepayment penalties discussed above, the net interest margin increased 24 basis points from 2.49% for the three months ended March 31, 2025 to 2.73% for the three months ended June 30, 2025. The increase in the net interest margin was primarily due to an increase in the yield on average interest-earning assets and a decrease in the average cost of interest-bearing liabilities.

The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, increased 13 basis points from 4.56%, for the three months ended March 31, 2025 to 4.69% for the three months ended June 30, 2025. The average loan yield, without the impact of tax-equivalent adjustments, increased 16 basis points from 4.89%, for the three months ended March 31, 2025, to 5.05% for the three months ended June 30, 2025. During the same period, average loans increased $7.8 million, or 0.4%, and average securities increased $9.7 million, or 2.7%, while average short-term investments decreased $17.4 million, or 22.9%.

The average cost of total funds, including non-interest bearing accounts and borrowings, decreased 18 basis points from 2.16% for the three months ended March 31, 2025 to 1.98% for the three months ended June 30, 2025. The average cost of core deposits, which the Company defines as all deposits except time deposits, decreased seven basis points to 1.01% for the three months ended June 30, 2025, from 1.08% for the three months ended March 31, 2025. The average cost of time deposits decreased 42 basis points from 4.11% for the three months ended March 31, 2025, to 3.69% for the three months ended June 30, 2025. The average cost of borrowings, including subordinated debt, was 5.04% for the three months ended March 31, 2025 and for the three months ended June 30, 2025. Average demand deposits, an interest-free source of funds, increased $3.2 million, or 0.6%, from $569.6 million, or 24.8%, of total average deposits, for the three months ended March 31, 2025, to $572.8 million, or 24.9% of total average deposits, for the three months ended June 30, 2025.

**(Reversal of) Provision for Credit Losses**

During the three months ended June 30, 2025, the Company recorded a reversal of credit losses of $615,000, compared to a provision for credit losses of $142,000 during the three months ended March 31, 2025. The reversal of credit losses was a result of a recovery in the amount of $624,000 on a previously charged-off commercial relationship acquired on October 21, 2016 from Chicopee Bancorp, Inc. As of June 30, 2025, the relationship has been paid in full and the Company does not expect to charge-off or recover any additional funds from the borrower. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company's loan portfolio, changes in the loan portfolio mix and Management's consideration of existing economic conditions and the economic outlook from the Federal Reserve's actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, tariffs, inflation and concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

During the three months ended June 30, 2025, the Company recorded net recoveries of $585,000 compared to net charge-offs of $29,000 for the three months ended March 31, 2025.

**Non-Interest Income**

On a sequential quarter basis, non-interest income increased $652,000, or 23.6%, to $3.4 million for the three months ended June 30, 2025, from $2.8 million for the three months ended March 31, 2025. During the three months ended June 30, 2025, service charges and fees on deposits increased $244,000, or 10.7%, to $2.5 million from the three months ended March 31, 2025. Income from bank-owned life insurance ("BOLI") increased $43,000, or 9.1%, from the three months ended March 31, 2025 to $516,000 for the three months ended June 30, 2025.

During the three months ended June 30, 2025, the Company reported a gain of $4,000 from mortgage banking activities, compared to a gain of $7,000 during the three months ended March 31, 2025. During the three months ended June 30, 2025, the Company reported unrealized gains on marketable equity securities of $25,000, compared to unrealized losses of $5,000 during the three months ended March 31, 2025. During the three months ended June 30, 2025, the Company reported gains on non-marketable equity investments of $243,000 and did not have comparable income during the three months ended March 31, 2025. During the three months ended June 30, 2025, the Company reported $95,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the three months ended March 31, 2025.

**Non-Interest Expense**

For the three months ended June 30, 2025, non-interest expense increased $472,000, or 3.1%, to $15.7 million from $15.2 million for the three months ended March 31, 2025. Salaries and related benefits increased $418,000, or 5.0%, due to an increase in deferred compensation expense to reflect updated performance award estimates and a full quarter of annual salary merit increases. Debit card processing and ATM network costs increased $97,000, or 16.8%, professional fees increased $77,000, or 14.1%, data processing expense increased $51,000, or 5.8%, advertising expense increased $14,000, or 3.3%, furniture and equipment expense increased $4,000, or 0.8%, and other non-interest expense increased $4,000, or 0.3%. These increases were partially offset by a decrease in occupancy expense of $147,000, or 10.4%, primarily due to a decrease in snow removal costs of $140,000. FDIC insurance expense decreased $32,000, or 7.4%, and software related expenses decreased $14,000, or 2.1%.

For the three months ended June 30, 2025 and the three months ended March 31, 2025, the efficiency ratio was 74.4% and 83.0%, respectively. For the three months ended June 30, 2025, the adjusted efficiency ratio, a non-GAAP financial measure, was 75.3% compared to 83.0% for the three months ended March 31, 2025. The decreases in the efficiency ratio and the adjusted efficiency ratio were driven by higher revenues during the three months ended June 30, 2025 compared to the three months ended March 31, 2025. The Company's detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. See pages 19-21 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

**Income Tax Provision**

Income tax expense for the three months ended June 30, 2025 was $1.4 million, with an effective tax rate of 23.7%, compared to $664,000, with an effective tax rate of 22.4%, for the three months ended March 31, 2025. The increase in tax expense is due to higher projected pre-tax income for the twelve months ended December 31, 2025.

**Net Income for the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024**

The Company reported an increase in net income of $1.1 million, or 30.7%, from $3.5 million, or $0.17 per diluted share, for the three months ended June 30, 2024 to $4.6 million, or $0.23 per diluted share, for the three months ended June 30, 2025. Net interest income increased $3.2 million, or 21.9%, provision for credit losses decreased $321,000, non-interest income decreased $423,000, or 11.0%, and non-interest expense increased $1.3 million, or 9.4%, during the same period. Return on average assets and return on average equity were 0.69% and 7.76%, respectively, for the three months ended June 30, 2025, compared to 0.55% and 6.03%, respectively, for the three months ended June 30, 2024.

**Net Interest Income and Net Interest Margin**

Net interest income increased $3.2 million, or 21.9%, to $17.6 million, for the three months ended June 30, 2025, from $14.5 million for the three months ended June 30, 2024. The increase in net interest income was due to an increase in interest and dividend income of $2.8 million, or 10.5%, and a decrease in interest expense of $362,000, or 2.9%. During the three months ended June 30, 2025, the Company recorded $425,000 in prepayment penalties related to payoffs in the commercial portfolio. The increase in interest income was primarily due to a $129.4 million, or 5.4%, increase in average interest-earning assets and a 20 basis point increase in the average yield on interest-earning assets, from the three months ended June 30, 2024 to the three months ended June 30, 2025.

The net interest margin increased 38 basis points from 2.42% for the three months ended June 30, 2024 to 2.80% for the three months ended June 30, 2025. The net interest margin, on a tax-equivalent basis, was 2.82% for the three months ended June 30, 2025, compared to 2.44% for the three months ended June 30, 2024. Excluding the prepayment penalties discussed above, the net interest margin increased 31 basis points from 2.42%, for the three months ended June 30, 2024 to 2.73%, for the three months ended June 30, 2025. The increase in the net interest margin was primarily due to an increase in the average yield on interest-earning assets and a decrease in the average cost of interest-bearing liabilities.

The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, increased 20 basis points from 4.49% for the three months ended June 30, 2024 to 4.69%, for the three months ended June 30, 2025. The average loan yield, without the impact of tax-equivalent adjustments, increased 20 basis points from 4.85% for the three months ended June 30, 2024 to 5.05%, for the three months ended June 30, 2025. During the three months ended June 30, 2025, average interest-earning assets increased $129.4 million, or 5.4% to $2.5 billion, primarily due to an increase in average loans of $64.2 million, or 3.2%, an increase in average short-term investments, consisting of cash and cash equivalents, of $44.3 million, or 309.1%, and an increase in average securities of $20.2 million, or 5.7%.

The average cost of total funds, including non-interest bearing accounts and borrowings, decreased 18 basis points from 2.16% for the three months ended June 30, 2024 to 1.98% for the three months ended June 30, 2025. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 14 basis points from 0.87% for the three months ended June 30, 2024 to 1.01% for the three months ended June 30, 2025. The average cost of time deposits decreased 70 basis points from 4.39% for the three months ended June 30, 2024 to 3.69% for the three months ended June 30, 2025. The average cost of borrowings, including subordinated debt, increased four basis points from 5.00% for the three months ended June 30, 2024 to 5.04%, for the three months ended June 30, 2025. Average demand deposits, an interest-free source of funds, increased $24.1 million, or 4.4%, from $548.8 million, or 25.7% of total average deposits, for the three months ended June 30, 2024, to $572.8 million, or 24.9% of total average deposits, for the three months ended June 30, 2025.

**Reversal of Credit Losses**

During the three months ended June, 30, 2025, the Company recorded a reversal of credit losses of $615,000, compared to a reversal of credit losses of $294,000 during the three months ended June 30, 2024. The reversal of credit losses recorded during the three months ended June 30, 2025 was a result of a recovery in the amount of $624,000 on a previously charged-off commercial relationship acquired on October 21, 2016 from Chicopee Bancorp, Inc. As of June 30, 2025, the relationship has been paid in full and the Company does not expect to charge-off or recover any additional funds from the borrower. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company's loan portfolio, changes in the loan portfolio mix and Management's consideration of existing economic conditions and the economic outlook from the Federal Reserve's actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, tariffs, inflation and concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

The Company recorded net recoveries of $585,000 for the three months ended June 30, 2025, as compared to net charge-offs of $10,000 for the three months ended June 30, 2024.

**Non-Interest Income**

Non-interest income decreased $423,000, or 11.0%, to $3.4 million for the three months ended June 30, 2025, from $3.8 million for the three months ended June 30, 2024. During the three months ended June 30, 2025, service charges and fees on deposits increased $187,000, or 8.0%, income from BOLI increased $14,000, or 2.8%, from $502,000 for the three months ended June 30, 2024 to $516,000 for the three months ended June 30, 2025.

During the three months ended June 30, 2025, the Company reported an unrealized gain on marketable equity securities of $25,000, compared to unrealized gain on marketable equity securities of $4,000 during the three months ended June 30, 2024. During the three months ended June 30, 2025, the Company reported a gain of $243,000 on non-marketable equity investments, compared to a gain of $987,000 on non-marketable equity investments during the three months ended June 30, 2024. During the three months ended June 30, 2025, the Company reported $95,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the three months ended June 30, 2024. During the three months ended June 30, 2025, the Company reported $4,000 in gains from mortgage banking activities and did not have comparable income during the three months ended June 30, 2024.

**Non-Interest Expense**

For the three months ended June 30, 2025, non-interest expense increased $1.3 million, or 9.4%, to $15.7 million from $14.3 million for the three months ended June 30, 2024. The increase in non-interest expense was due to an increase in salaries and benefits of $930,000, or 11.8%, an increase in advertising and marketing expense of $104,000, or 30.7%, an increase in data processing expense of $87,000, or 10.3%, an increase in software related expense of $79,000, or 14.0%, an increase in FDIC insurance expense of $76,000, or 23.5%, an increase in occupancy expense of $47,000, or 3.9%, an increase in professional fees of $42,000, or 7.2%, an increase in debit card and ATM processing fees of $31,000, or 4.8%, an increase in furniture and equipment expense of $8,000, or 1.7%, and a decrease in other non-interest expense of $62,000, or 4.4%.

For the three months ended June 30, 2025, the efficiency ratio was 74.4%, compared to 78.2% for the three months ended June 30, 2024. For the three months ended June 30, 2025, the adjusted efficiency ratio, a non-GAAP financial measure, was 75.3% compared to 82.7% for the three months ended June 30, 2024. The decreases in the efficiency ratio and the adjusted efficiency ratio were driven by an increase in total revenues, defined as the sum of net interest income and non-interest income, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. See pages 19-21 for the related ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

**Income Tax Provision**

Income tax expense for the three months ended June 30, 2025 was $1.4 million, or an effective tax rate of 23.7%, compared to $771,000, or an effective tax rate of 18.0%, for the three months ended June 30, 2024. The increase is due to higher projected pre-tax income for the twelve months ended December 31, 2025.

**Net Income for the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024**

For the six months ended June 30, 2025, the Company reported net income of $6.9 million, or $0.34 per diluted share, compared to $6.5 million, or $0.31 per diluted share, for the six months ended June 30, 2024. Return on average assets and return on average equity were 0.52% and 5.87% for the six months ended June 30, 2025, respectively, compared to 0.51% and 5.53% for the six months ended June 30, 2024, respectively.

**Net Interest Income and Net Interest Margin**

During the six months ended June 30, 2025, net interest income increased $3.4 million, or 11.3%, to $33.2 million, compared to $29.8 million for the six months ended June 30, 2024. The increase in net interest income was due to an increase in interest income of $4.6 million, or 8.7%, partially offset by an increase in interest expense of $1.3 million, or 5.4%.

For the six months ended June 30, 2025, the net interest margin increased 14 basis points from 2.50% for the six months ended June 30, 2024 to 2.64%. The net interest margin, on a tax-equivalent basis, was 2.66% for the six months ended June 30, 2025, compared to 2.52% for the six months ended June 30, 2024. During the six months ended June 30, 2025 and the six months ended June 30, 2024, the Company recorded $425,000 and $8,000, respectively, in prepayment penalties related to payoffs in the commercial portfolio. Excluding the prepayment penalties, the net interest margin increased 11 basis points from 2.50% for the six months ended June 30, 2024 to 2.61% for the six months ended June 30, 2025.

The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.63% for the six months ended June 30, 2025, compared to 4.47% for the six months ended June 30, 2024. The average loan yield, without the impact of tax-equivalent adjustments, was 4.97% for the six months ended June 30, 2025, compared to 4.84% for the six months ended June 30, 2024. During the six months ended June 30, 2025, average interest-earning assets increased $128.0 million, or 5.3%, to $2.5 billion, from the same period in 2024. The increase was primarily due to an increase in average loans of $58.0 million, or 2.9%, an increase in average short-term investments, consisting of cash and cash equivalents, of $55.4 million, or 467.4%, and an increase in average securities of $13.1 million, or 3.7%.

The average cost of total funds, including non-interest bearing accounts and borrowings, was 2.07% for each of the six months ended June 30, 2025 and June 30, 2024. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 23 basis points to 1.05% for the six months ended June 30, 2025, from 0.82% for the six months ended June 30, 2024. The average cost of time deposits decreased 36 basis points from 4.26% for the six months ended June 30, 2024 to 3.90% for the six months ended June 30, 2025. The average cost of borrowings, including subordinated debt, increased eight basis points from 4.96% for the six months ended June 30, 2024 to 5.04% for the six months ended June 30, 2025. Average demand deposits, an interest-free source of funds, increased $18.0 million, or 3.3%, from $553.2 million, or 25.9% of total average deposits, for the six months ended June 30, 2024 to $571.2 million, or 24.8% of total average deposits, for the six months ended June 30, 2025.

**Reversal of Credit Losses**

During the six months ended June 30, 2025, the Company recorded a reversal of credit losses of $473,000, compared to a reversal of credit losses of $844,000 during the six months ended June 30, 2024. The decrease was primarily due to changes in the loan mix as well as economic environment and related adjustments to the quantitative components of the CECL methodology. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company's loan portfolio, changes in the loan portfolio mix and Management's consideration of existing economic conditions and the economic outlook from the Federal Reserve's actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, tariffs, inflation and concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

The Company recorded net recoveries of $556,000 for the six months ended June 30, 2025, as compared to net recoveries of $57,000 for the six months ended June 30, 2024. During the six months ended June 30, 2025, the Company recorded a recovery of $624,000 on a previously charged-off commercial relationship acquired on October 21, 2016 from Chicopee Bancorp, Inc. As of June 30, 2025, the relationship has been paid in full and the Company does not expect to charge-off or recover any additional funds from the borrower.

**Non-Interest Income**

For the six months ended June 30, 2025, non-interest income decreased $338,000, or 5.2%, from $6.5 million during the six months ended June 30, 2024 to $6.2 million. During the same period, service charges and fees on deposits increased $252,000, or 5.5%, and income from BOLI increased $34,000, or 3.6%. During the six months ended June 30, 2025, the Company reported a gain of $243,000 on non-marketable equity investments, compared to a gain of $987,000 during the six months ended June 30, 2024. During the six months ended June 30, 2025, the Company reported $95,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the six months ended June 30, 2024. During the six months ended June 30, 2025, the Company reported unrealized gains on marketable equity securities of $20,000, compared to unrealized gains on marketable equity securities of $12,000 during the six months ended June 30, 2024. Gains and losses from the investment portfolio vary from quarter to quarter based on market conditions, as well as the related yield curve and valuation changes. During the six months ended June 30, 2025, the Company reported $11,000 in gains from mortgage banking activities and did not have comparable gains or losses during the six months ended June 30, 2024. In addition, during the six months ended June 30, 2024, the Company reported a loss on the disposal of premises and equipment of $6,000 and did not have a comparable gain or loss during the six months ended June 30, 2025.

**Non-Interest Expense**

For the six months ended June 30, 2025, non-interest expense increased $1.7 million, or 6.0%, to $30.8 million, compared to $29.1 million for the six months ended June 30, 2024. The increase in non-interest expense was primarily due to an increase in salaries and employee benefits of $1.1 million, or 6.8%, due to an increase in deferred compensation expense to reflect updated performance award estimates. Advertising expense increased $184,000, or 26.7%, data processing increased $107,000, or 6.3%, FDIC insurance expense increased $97,000, or 13.2%, occupancy expense increased $96,000, or 3.7%, debit card and ATM processing fees increased $56,000, or 4.7%, software related expenses increased $39,000, or 3.1%, professional fees increased $19,000, or 1.7%, furniture and equipment expense increased $11,000, or 1.1%, and other non-interest expense increased $36,000, or 1.4%.

For the six months ended June 30, 2025, the efficiency ratio was 78.4%, compared to 80.1% for the six months ended June 30, 2024. For the six months ended June 30, 2025, the adjusted efficiency ratio, a non-GAAP financial measure, was 78.9%, compared to 82.4% for the six months ended June 30, 2024. The decreases in the efficiency ratio and the adjusted efficiency ratio were driven by higher revenues, defined as the sum of net interest income and non-interest income, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The adjusted efficiency ratio is a non-GAAP measure. See pages 19-21 for the related efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

**Income Tax Provision**

Income tax expense for the six months ended June 30, 2025 was $2.1 million, representing an effective tax rate of 23.2%, compared to $1.6 million, representing an effective tax rate of 19.8%, for six months ended June 30, 2024. The increase is due to higher projected pre-tax income for the twelve months ended December 31, 2025.

**Balance Sheet**

At June 30, 2025, total assets were $2.7 billion, an increase of $58.1 million, or 2.2%, from December 31, 2024. The increase in total assets was primarily due to an increase in total gross loans of $22.1 million, or 1.1%, an increase in cash and cash equivalents of $26.9 million, or 40.4%, and an increase in investment securities of $10.8 million, or 2.9%.

**Investments** 

At June 30, 2025, the investment securities portfolio totaled $376.9 million, or 13.9% of total assets, compared to $366.1 million, or 13.8% of total assets, at December 31, 2024. At June 30, 2025, the Company's available-for-sale securities portfolio, recorded at fair market value, increased $18.1 million, or 11.3%, from $160.7 million at December 31, 2024 to $178.8 million. The held-to-maturity securities portfolio, recorded at amortized cost, decreased $7.4 million, or 3.6%, from $205.0 million at December 31, 2024 to $197.7 million at June 30, 2025.

At June 30, 2025, the Company reported unrealized losses on the available-for-sale securities portfolio of $26.6 million, or 12.9% of the amortized cost basis of the available-for-sale securities portfolio, compared to unrealized losses of $31.2 million, or 16.2% of the amortized cost basis of the available-for-sale securities at December 31, 2024. At June 30, 2025, the Company reported unrealized losses on the held-to-maturity securities portfolio of $35.4 million, or 17.8% of the amortized cost basis of the held-to-maturity securities portfolio, compared to $39.4 million, or 19.2% of the amortized cost basis of the held-to-maturity securities portfolio at December 31, 2024.

The securities in which the Company may invest are limited by regulation. Federally chartered savings banks have authority to invest in various types of assets, including U.S. Treasury obligations, securities of various government-sponsored enterprises, mortgage-backed securities, certain certificates of deposit of insured financial institutions, repurchase agreements, overnight and short-term loans to other banks, corporate debt instruments and marketable equity securities. The securities, with the exception of $8.7 million in corporate bonds, are issued by the United States government or government-sponsored enterprises and are therefore either explicitly or implicitly guaranteed as to the timely payment of contractual principal and interest. These positions are deemed to have no credit impairment, therefore, the disclosed unrealized losses with the securities portfolio relate primarily to changes in prevailing interest rates. In all cases, price improvement in future periods will be realized as the issuances approach maturity.

Management regularly reviews the portfolio for securities in an unrealized loss position. At June 30, 2025 and December 31, 2024, the Company did not record any credit impairment charges on its securities portfolio and attributed the unrealized losses primarily due to fluctuations in general interest rates or changes in expected prepayments and not due to credit quality. The primary objective of the Company's investment portfolio is to provide liquidity and to secure municipal deposit accounts while preserving the safety of principal. The available-for-sale and held-to-maturity portfolios are both eligible for pledging to the Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") as collateral for borrowings. The portfolios are comprised of high-credit quality investments and both portfolios generated cash flows monthly from interest, principal amortization and payoffs, which support's the Bank's objective to provide liquidity.

**Total Loans**

Total gross loans increased $22.1 million, or 1.1%, from $2.1 billion, or 77.9% of total assets, at December 31, 2024 to $2.1 billion, or 77.1% of total assets, at June 30, 2025. The increase in total gross loans was primarily driven by an increase in residential real estate loans, including home equity loans, of $29.7 million, or 3.8%, and an increase in commercial and industrial loans of $22.8 million, or 10.8%. The increase in commercial and industrial loans was partially due to an increase in line of credit utilization, from 21.9% at December 31, 2024 to 26.1% at June 30, 2025. These increases were partially offset by a decrease in commercial real estate loans of $29.5 million, or 2.7%, and a decrease in consumer loans of $879,000, or 20.0%.

The following table presents a summary of the loan portfolio by the major classification of loans at the periods indicated:

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  | (Dollars in thousands) | (Dollars in thousands) |
| &nbsp;&nbsp;Commercial real estate loans: |  |  |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | $859162 | $880828 |
| &nbsp;&nbsp;&nbsp;Owner occupied | 187043 | 194904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 1046205 | 1075732 |
| &nbsp;&nbsp;Residential real estate loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential | 677356 | 653802 |
| &nbsp;&nbsp; Home equity | 128003 | 121857 |
| &nbsp;&nbsp; Total residential real estate loans | 805359 | 775659 |
| &nbsp;&nbsp;Commercial and industrial loans | 234505 | 211656 |
| &nbsp;&nbsp;Consumer loans | 3512 | 4391 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total gross loans** | 2089581 | 2067438 |
| &nbsp;&nbsp;Unamortized premiums and net deferred loans fees and costs | 3050 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | $2092631 | $2070189 |

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**Credit Quality**

Management continues to closely monitor the loan portfolio for any signs of deterioration in borrowers' financial condition and also in light of speculation that commercial real estate values may deteriorate as the market continues to adjust to higher vacancies and interest rates. We continue to proactively take steps to mitigate risk in our loan portfolio.

Total delinquency was $3.9 million, or 0.18% of total loans, at June 30, 2025, compared to $5.0 million, or 0.24% of total loans at December 31, 2024. At June 30, 2025, nonaccrual loans totaled $5.8 million, or 0.27% of total loans, compared to $5.4 million, or 0.26% of total loans, at December 31, 2024. At June 30, 2025 and December 31, 2024, there were no loans 90 or more days past due and still accruing interest. Total nonaccrual assets totaled $5.8 million, or 0.21% of total assets, at June 30, 2025, compared to $5.4 million, or 0.20% of total assets, at December 31, 2024. At June 30, 2025 and December 31, 2024, the Company did not have any other real estate owned.

At June 30, 2025, the allowance for credit losses was $19.7 million, or 0.94% of total loans and 343.1% of nonaccrual loans, compared to $19.5 million, or 0.94% of total loans and 362.9% of nonaccrual loans, at December 31, 2024. Total criticized loans, defined as special mention and substandard loans, decreased $12.3 million, or 32.0%, from $38.4 million, or 1.9% of total loans, at December 31, 2024 to $26.1 million, or 1.2% of total gross loans, at June 30, 2025.

Our commercial real estate portfolio is comprised of diversified property types and primarily within our geographic footprint. At June 30, 2025, the commercial real estate portfolio totaled $1.0 billion, and represented 50.1% of total gross loans. Of the $1.0 billion, $859.2 million, or 82.1%, was categorized as non-owner occupied commercial real estate and represented 316.9% of the Bank's total risk-based capital. More details on the diversification of the loan portfolio are available in the supplementary earnings presentation.

**Deposits**

At June 30, 2025, total deposits were $2.3 billion and increased $67.5 million, or 3.0%, from December 31, 2024. Core deposits, which the Company defines as all deposits except time deposits, increased $81.4 million, or 5.2%, from $1.6 billion, or 68.9% of total deposits, at December 31, 2024, to $1.6 billion, or 70.4% of total deposits, at June 30, 2025. Non-interest-bearing deposits increased $29.6 million, or 5.2%, to $595.3 million, and represent 25.5% of total deposits, money market accounts increased $25.3 million, or 3.8%, to $686.8 million, interest-bearing checking accounts increased $18.3 million, or 12.2%, to $168.7 million, and savings accounts increased $8.1 million, or 4.5%, to $189.7 million.

Time deposits decreased $13.9 million, or 2.0%, from $703.6 million at December 31, 2024 to $689.7 million at June 30, 2025. Brokered time deposits, which are included in time deposits, totaled $1.7 million at December 31, 2024. The Company did not have brokered time deposits at June 30, 2025. We continue our disciplined and focused approach to core relationship management and customer outreach to meet funding requirements and liquidity needs, with an emphasis on retaining a long-term core customer relationship base by competing for and retaining deposits in our local market. At June 30, 2025, the Bank's uninsured deposits totaled $688.4 million, or 29.5% of total deposits, compared to $643.6 million, or 28.4% of total deposits, at December 31, 2024.

The table below is a summary of our deposit balances for the periods noted:

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| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** | **June 30, 2024** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| &nbsp;&nbsp;**Core Deposits:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand accounts | $595263 | $565620 | $553329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing accounts | 168679 | 150348 | 149100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 189716 | 181618 | 186171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 686774 | 661478 | 611501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Core Deposits** | $1640432 | $1559064 | $1500101 |
| &nbsp;&nbsp;Time Deposits: | 689681 | 703583 | 671708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Deposits:** | $2330113 | $2262647 | $2171809 |

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**FHLB and Subordinated Debt**

At June 30, 2025, total borrowings decreased $1.3 million, or 1.1%, from $123.1 million at December 31, 2024 to $121.8 million. At June 30, 2025, short-term borrowings decreased $1.4 million, or 25.1%, to $4.0 million, compared to $5.4 million at December 31, 2024. Long-term borrowings were $98.0 million at June 30, 2025 and December 31, 2024. At June 30, 2025 and December 31, 2024, borrowings also consisted of $19.8 million in fixed-to-floating rate subordinated notes.

As of June 30, 2025, the Company had $452.7 million of additional borrowing capacity at the FHLB, $383.8 million of additional borrowing capacity under the FRB Discount Window and $25.0 million of other unsecured lines of credit with correspondent banks.

**Capital**

At June 30, 2025, shareholders' equity was $239.4 million, or 8.8% of total assets, compared to $235.9 million, or 8.9% of total assets, at December 31, 2024. The change was primarily attributable to a decrease in accumulated other comprehensive loss of $3.5 million, cash dividends paid of $2.9 million, repurchase of shares at a cost of $4.7 million, partially offset by net income of $6.9 million. At June 30, 2025, total shares outstanding were 20,494,501. The Company's regulatory capital ratios continue to be strong and in excess of regulatory minimum requirements to be considered well-capitalized as defined by regulators and internal Company targets.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Company** | **Bank** | **Company** | **Bank** |
| &nbsp;&nbsp;Total Capital (to Risk Weighted Assets) | 14.42% | 13.69% | 14.38% | 13.65% |
| &nbsp;&nbsp;Tier 1 Capital (to Risk Weighted Assets) | 12.40% | 12.67% | 12.37% | 12.64% |
| &nbsp;&nbsp;Common Equity Tier 1 Capital (to Risk Weighted Assets) | 12.40% | 12.67% | 12.37% | 12.64% |
| &nbsp;&nbsp;Tier 1 Leverage Ratio (to Adjusted Average Assets) | 9.10% | 9.29% | 9.14% | 9.34% |

---

**Dividends**

Although the Company has historically paid quarterly dividends on its common stock and currently intends to continue to pay such dividends, the Company's ability to pay such dividends depends on a number of factors, including restrictions under federal laws and regulations on the Company's ability to pay dividends, and as a result, there can be no assurance that dividends will continue to be paid in the future.

**About Western New England Bancorp, Inc.**

Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.

**Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Company's financial condition, liquidity, results of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to:

• unpredictable changes in general economic or political conditions, financial markets, fiscal, monetary and regulatory policies, including actual or potential stress in the banking industry;

• unstable political and economic conditions, including changes in tariff policies, which could materially impact credit quality trends and the ability to generate loans and gather deposits;

• inflation and governmental responses to inflation, including recent sustained increases and potential future increases in interest rates that reduce margins;

• the effect on our operations of governmental legislation and regulation, including changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Basel guidelines, capital requirements and other applicable laws and regulations;

• significant changes in accounting, tax or regulatory practices or requirements;

• new legal obligations or liabilities or unfavorable resolutions of litigation;

• disruptive technologies in payment systems and other services traditionally provided by banks;

• the highly competitive industry and market area in which we operate;

• operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks;

• failure or circumvention of our internal controls or procedures;

• changes in the securities markets which affect investment management revenues;

• increases in Federal Deposit Insurance Corporation deposit insurance premiums and assessments;

• the soundness of other financial services institutions which may adversely affect our credit risk;

• certain of our intangible assets may become impaired in the future;

• the duration and scope of potential pandemics, including the emergence of new variants and the response thereto;

• new lines of business or new products and services, which may subject us to additional risks;

• changes in key management personnel which may adversely impact our operations;

• severe weather, natural disasters, acts of war or terrorism and other external events which could significantly impact our business; and

• other risk factors detailed from time to time in our SEC filings.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.

**WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES**

**Consolidated Statements of Net Income and Other Data**

**(Dollars in thousands, except per share data)**

**(Unaudited)** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | | | | | | **June 30,** | **June 30,** |
|  | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** | **2025** | **2024** |
| &nbsp;&nbsp;INTEREST AND DIVIDEND INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $26214 | $24984 | $25183 | $25134 | $24340 | $51198 | $48581 |
| &nbsp;&nbsp;&nbsp;Securities | 2588 | 2422 | 2273 | 2121 | 2141 | 5010 | 4255 |
| &nbsp;&nbsp;&nbsp;Other investments | 169 | 191 | 214 | 189 | 148 | 360 | 284 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 641 | 840 | 916 | 396 | 173 | 1481 | 286 |
| &nbsp;&nbsp;&nbsp;Total interest and dividend income | 29612 | 28437 | 28586 | 27840 | 26802 | 58049 | 53406 |
| &nbsp;&nbsp;INTEREST EXPENSE: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 10437 | 11376 | 11443 | 11165 | 10335 | 21813 | 19628 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | 47 | 54 | 60 | 71 | 186 | 101 | 469 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 1232 | 1219 | 1557 | 1622 | 1557 | 2451 | 2985 |
| &nbsp;&nbsp;&nbsp;Subordinated debt | 254 | 254 | 253 | 254 | 254 | 508 | 508 |
| &nbsp;&nbsp;&nbsp;Total interest expense | 11970 | 12903 | 13313 | 13112 | 12332 | 24873 | 23590 |
| &nbsp;&nbsp;&nbsp;Net interest and dividend income | 17642 | 15534 | 15273 | 14728 | 14470 | 33176 | 29816 |
|  (REVERSAL OF) PROVISION FOR CREDIT LOSSES | (615) | 142 | (762) | 941 | (294) | (473) | (844) |
| &nbsp;&nbsp;&nbsp;Net interest and dividend income after (reversal of) provision for credit losses | 18257 | 15392 | 16035 | 13787 | 14764 | 33649 | 30660 |
| &nbsp;&nbsp;NON-INTEREST INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service charges and fees on deposits | 2528 | 2284 | 2301 | 2341 | 2341 | 4812 | 4560 |
| &nbsp;&nbsp;&nbsp;Income from bank-owned life insurance | 516 | 473 | 486 | 470 | 502 | 989 | 955 |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on marketable equity securities | 25 | (5) | (9) | 10 | 4 | 20 | 12 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sale of mortgages | 4 | 7 | (11) | 246 |  | 11 |  |
| &nbsp;&nbsp;&nbsp;Gain on non-marketable equity investments | 243 |  | 300 |  | 987 | 243 | 987 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of premises and equipment |  |  |  |  |  |  | (6) |
| &nbsp;&nbsp;&nbsp;Other income | 95 |  | 187 | 74 |  | 95 |  |
| &nbsp;&nbsp;&nbsp;Total non-interest income | 3411 | 2759 | 3254 | 3141 | 3834 | 6170 | 6508 |
| &nbsp;&nbsp;NON-INTEREST EXPENSE: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employees benefits | 8831 | 8413 | 8429 | 8112 | 7901 | 17244 | 16145 |
| &nbsp;&nbsp;&nbsp;Occupancy | 1265 | 1412 | 1256 | 1217 | 1218 | 2677 | 2581 |
| &nbsp;&nbsp;&nbsp;Furniture and equipment | 491 | 487 | 505 | 483 | 483 | 978 | 967 |
| &nbsp;&nbsp;&nbsp;Data processing | 933 | 882 | 900 | 869 | 846 | 1815 | 1708 |
| &nbsp;&nbsp;&nbsp;Software | 645 | 659 | 642 | 612 | 566 | 1304 | 1265 |
| &nbsp;&nbsp;&nbsp;Debit/ATM card processing expense | 674 | 577 | 593 | 649 | 643 | 1251 | 1195 |
| &nbsp;&nbsp;&nbsp;Professional fees | 623 | 546 | 471 | 540 | 581 | 1169 | 1150 |
| &nbsp;&nbsp;&nbsp;FDIC insurance | 399 | 431 | 389 | 338 | 323 | 830 | 733 |
| &nbsp;&nbsp;&nbsp;Advertising | 443 | 429 | 310 | 271 | 339 | 872 | 688 |
| &nbsp;&nbsp;&nbsp;Other | 1352 | 1348 | 1431 | 1315 | 1414 | 2700 | 2664 |
| &nbsp;&nbsp;&nbsp;Total non-interest expense | 15656 | 15184 | 14926 | 14406 | 14314 | 30840 | 29096 |
| &nbsp;&nbsp;INCOME BEFORE INCOME TAXES | 6012 | 2967 | 4363 | 2522 | 4284 | 8979 | 8072 |
| &nbsp;&nbsp;INCOME TAX PROVISION | 1422 | 664 | 1075 | 618 | 771 | 2086 | 1598 |
| &nbsp;&nbsp;NET INCOME | $4590 | $2303 | $3288 | $1904 | $3513 | $6893 | $6474 |
| &nbsp;&nbsp;Basic earnings per share | $0.23 | $0.11 | $0.16 | $0.09 | $0.17 | $0.34 | $0.31 |
| &nbsp;&nbsp;Weighted average shares outstanding | 20210650 | 20385481 | 20561749 | 20804162 | 21056173 | 20297582 | 21118571 |
| &nbsp;&nbsp;Diluted earnings per share | $0.23 | $0.11 | $0.16 | $0.09 | $0.17 | $0.34 | $0.31 |
| &nbsp;&nbsp;Weighted average diluted shares outstanding | 20312881 | 20514098 | 20701276 | 20933833 | 21163762 | 20413006 | 21217543 |
| &nbsp;&nbsp;**Other Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Return on average assets (1) | 0.69% | 0.35% | 0.49% | 0.29% | 0.55% | 0.52% | 0.51% |
| &nbsp;&nbsp;Return on average equity (1) | 7.76% | 3.94% | 5.48% | 3.19% | 6.03% | 5.87% | 5.53% |
| &nbsp;&nbsp;Efficiency ratio | 74.36% | 83.00% | 80.56% | 80.62% | 78.20% | 78.38% | 80.10% |
| &nbsp;&nbsp;Adjusted efficiency ratio (2) | 75.32% | 82.98% | 81.85% | 80.67% | 82.68% | 78.91% | 82.35% |
| &nbsp;&nbsp;Net interest margin | 2.80% | 2.49% | 2.41% | 2.40% | 2.42% | 2.64% | 2.50% |
| &nbsp;&nbsp;Net interest margin, on a fully tax-equivalent basis | 2.82% | 2.51% | 2.43% | 2.42% | 2.44% | 2.66% | 2.52% |
| &nbsp;&nbsp;(1) Annualized. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment. | &nbsp;&nbsp;&nbsp;&nbsp;(2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment. | &nbsp;&nbsp;&nbsp;&nbsp;(2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment. | &nbsp;&nbsp;&nbsp;&nbsp;(2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment. | &nbsp;&nbsp;&nbsp;&nbsp;(2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment. | &nbsp;&nbsp;&nbsp;&nbsp;(2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment. | &nbsp;&nbsp;&nbsp;&nbsp;(2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment. | &nbsp;&nbsp;&nbsp;&nbsp;(2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment. |

---

**WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES**

**Consolidated Balance Sheets** 

**(Dollars in thousands)**

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| &nbsp;&nbsp;Cash and cash equivalents | $93308 | $110579 | $66450 | $72802 | $53458 |
| &nbsp;&nbsp;Securities available-for-sale, at fair value | 178785 | 167800 | 160704 | 155889 | 135089 |
| Securities held to maturity, at amortized cost | 197671 | 201557 | 205036 | 213266 | 217632 |
| &nbsp;&nbsp;Marketable equity securities, at fair value | 444 | 414 | 397 | 252 | 233 |
| Federal Home Loan Bank of Boston and other restricted stock - at cost | 5818 | 5818 | 5818 | 7143 | 7143 |
| &nbsp;&nbsp;Loans | 2092631 | 2079561 | 2070189 | 2049002 | 2026226 |
| &nbsp;&nbsp;Allowance for credit losses | (19733) | (19669) | (19529) | (19955) | (19444) |
| &nbsp;&nbsp;Net loans | 2072898 | 2059892 | 2050660 | 2029047 | 2006782 |
| &nbsp;&nbsp;Bank-owned life insurance | 78045 | 77529 | 77056 | 76570 | 76100 |
| &nbsp;&nbsp;Goodwill | 12487 | 12487 | 12487 | 12487 | 12487 |
| &nbsp;&nbsp;Core deposit intangible | 1250 | 1344 | 1438 | 1531 | 1625 |
| &nbsp;&nbsp;Other assets | 70443 | 71864 | 73044 | 71492 | 75521 |
| &nbsp;&nbsp;TOTAL ASSETS | $2711149 | $2709284 | $2653090 | $2640479 | $2586070 |
| &nbsp;&nbsp;Total deposits | $2330113 | $2328593 | $2262647 | $2224206 | $2171809 |
| &nbsp;&nbsp;Short-term borrowings | 4040 | 4520 | 5390 | 4390 | 6570 |
| &nbsp;&nbsp;Long-term debt | 98000 | 98000 | 98000 | 128277 | 128277 |
| &nbsp;&nbsp;Subordinated debt | 19771 | 19761 | 19751 | 19741 | 19731 |
| &nbsp;&nbsp;Securities pending settlement |  | 2093 | 8622 | 2513 | 102 |
| &nbsp;&nbsp;Other liabilities | 19797 | 18641 | 22770 | 20697 | 23104 |
| &nbsp;&nbsp;TOTAL LIABILITIES | 2471721 | 2471608 | 2417180 | 2399824 | 2349593 |
| &nbsp;&nbsp;TOTAL SHAREHOLDERS' EQUITY | 239428 | 237676 | 235910 | 240655 | 236477 |
| &nbsp;&nbsp;TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2711149 | $2709284 | $2653090 | $2640479 | $2586070 |

---

**WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES**

**Other Data**

**(Dollars in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| &nbsp;&nbsp;Shares outstanding at end of period | 20494501 | 20774319 | 20875713 | 21113408 | 21357849 |
| &nbsp;&nbsp;**Operating results:** |  |  |  |  |  |
| &nbsp;&nbsp; Net interest income | $17642 | $15534 | $15273 | $14728 | $14470 |
| &nbsp;&nbsp; (Reversal of) provision for credit losses | (615) | 142 | (762) | 941 | (294) |
| &nbsp;&nbsp; Non-interest income | 3411 | 2759 | 3254 | 3141 | 3834 |
| &nbsp;&nbsp; Non-interest expense | 15656 | 15184 | 14926 | 14406 | 14314 |
| &nbsp;&nbsp; Income before income provision for income taxes | 6012 | 2967 | 4363 | 2522 | 4284 |
| &nbsp;&nbsp; Income tax provision | 1422 | 664 | 1075 | 618 | 771 |
| &nbsp;&nbsp; Net income | 4590 | 2303 | 3288 | 1904 | 3513 |
| &nbsp;&nbsp;**Performance Ratios:** |  |  |  |  |  |
| Net interest margin | 2.80% | 2.49% | 2.41% | 2.40% | 2.42% |
| &nbsp;&nbsp; Net interest margin, on a fully tax-equivalent basis | 2.82% | 2.51% | 2.43% | 2.42% | 2.44% |
| &nbsp;&nbsp; Interest rate spread | 2.10% | 1.74% | 1.63% | 1.60% | 1.66% |
| &nbsp;&nbsp; Interest rate spread, on a fully tax-equivalent basis | 2.12% | 1.76% | 1.65% | 1.62% | 1.67% |
| &nbsp;&nbsp; Return on average assets | 0.69% | 0.35% | 0.49% | 0.29% | 0.55% |
| &nbsp;&nbsp; Return on average equity | 7.76% | 3.94% | 5.48% | 3.19% | 6.03% |
| Efficiency ratio (GAAP) | 74.36% | 83.00% | 80.56% | 80.62% | 78.20% |
| &nbsp;&nbsp; Adjusted efficiency ratio (non-GAAP)<sup>(1)</sup> | 75.32% | 82.98% | 81.85% | 80.67% | 82.68% |
| &nbsp;&nbsp;**Per Common Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp; Basic earnings per share | $0.23 | $0.11 | $0.16 | $0.09 | $0.17 |
| &nbsp;&nbsp; Earnings per diluted share | 0.23 | 0.11 | 0.16 | 0.09 | 0.17 |
| &nbsp;&nbsp; Cash dividend declared | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| &nbsp;&nbsp; Book value per share | 11.68 | 11.44 | 11.30 | 11.40 | 11.07 |
| &nbsp;&nbsp; Tangible book value per share (non-GAAP)<sup>(2)</sup> | 11.01 | 10.78 | 10.63 | 10.73 | 10.41 |
| &nbsp;&nbsp;**Asset Quality:** |  |  |  |  |  |
| &nbsp;&nbsp; 30-89 day delinquent loans | $2525 | $2459 | $3694 | $3059 | $3270 |
| &nbsp;&nbsp; 90 days or more delinquent loans | 1328 | 2027 | 1301 | 1253 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total delinquent loans | 3853 | 4486 | 4995 | 4312 | 5550 |
| &nbsp;&nbsp; Total delinquent loans as a percentage of total loans | 0.18% | 0.22% | 0.24% | 0.21% | 0.27% |
| &nbsp;&nbsp;&nbsp;Nonaccrual loans | $5752 | $6014 | $5381 | $4873 | $5845 |
| &nbsp;&nbsp; Nonaccrual loans as a percentage of total loans | 0.27% | 0.29% | 0.26% | 0.24% | 0.29% |
| &nbsp;&nbsp; Nonaccrual assets as a percentage of total assets | 0.21% | 0.22% | 0.20% | 0.18% | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses as a percentage of nonaccrual loans | 343.06% | 327.05% | 362.93% | 409.50% | 332.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses as a percentage of total loans | 0.94% | 0.95% | 0.94% | 0.97% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loan (recoveries) charge-offs | $(585) | $29 | $(128) | $98 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loan (recoveries) charge-offs as a percentage of average loans | (0.03)% | 0.00% | (0.01)% | 0.00% | 0.00% |

---

------

(1) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating
expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses
on securities, gains on non-marketable equity investments, and loss on disposal of premises and equipment.

(2) Tangible book value per share (non-GAAP) represents the value of the Company's
tangible assets divided by its current outstanding shares.

The following table sets forth the information relating to our average balances and net interest income for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024 and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **Average**<br>**Balance** |<br>**Interest** | **Average Yield/**<br>**Cost<sup>(8)</sup>** | **Average**<br>**Balance** |<br>**Interest** | **Average Yield/**<br>**Cost<sup>(8)</sup>** | **Average**<br>**Balance** |<br>**Interest** | **Average Yield/**<br>**Cost<sup>(8)</sup>** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| **ASSETS:** |  |  |  |  |  |  |  |  |  |
| **Interest-earning assets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Loans<sup>(1)(2)</sup> | $2081319 | $26335 | 5.08% | $2073486 | $25105 | 4.91% | $2017127 | $24454 | 4.88% |
| &nbsp;&nbsp;Securities<sup>(2)</sup> | 375074 | 2588 | 2.77 | 365371 | 2422 | 2.69 | 354850 | 2141 | 2.43 |
| &nbsp;&nbsp;Other investments | 15062 | 169 | 4.50 | 14819 | 191 | 5.23 | 14328 | 148 | 4.15 |
| &nbsp;&nbsp;Short-term investments<sup>(3)</sup> | 58622 | 641 | 4.39 | 76039 | 840 | 4.48 | 14328 | 173 | 4.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 2530077 | 29733 | 4.71 | 2529715 | 28558 | 4.58 | 2400633 | 26916 | 4.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest-earning assets | 156247 |  |  | 156733 |  |  | 156701 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2686324 |  |  | $2686448 |  |  | $2557334 |  |  |
| &nbsp;&nbsp;**LIABILITIES AND EQUITY:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Interest-bearing liabilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest-bearing checking accounts | $165329 | 424 | 1.03 | $140960 | 250 | 0.72 | $131449 | 253 | 0.77 |
| &nbsp;&nbsp;Savings accounts | 188498 | 55 | 0.12 | 183869 | 40 | 0.09 | 185690 | 51 | 0.11 |
| &nbsp;&nbsp;Money market accounts | 687621 | 3600 | 2.10 | 704215 | 3968 | 2.29 | 622062 | 2930 | 1.89 |
| &nbsp;&nbsp;Time deposit accounts | 690555 | 6358 | 3.69 | 702748 | 7118 | 4.11 | 650054 | 7101 | 4.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 1732003 | 10437 | 2.42 | 1731792 | 11376 | 2.66 | 1589255 | 10335 | 2.62 |
| &nbsp;&nbsp;Borrowings | 122070 | 1533 | 5.04 | 122786 | 1527 | 5.04 | 160484 | 1997 | 5.00 |
| &nbsp;&nbsp;Interest-bearing liabilities | 1854073 | 11970 | 2.59 | 1854578 | 12903 | 2.82 | 1749739 | 12332 | 2.83 |
| &nbsp;&nbsp;Non-interest-bearing deposits | 572833 |  |  | 569638 |  |  | 548781 |  |  |
| &nbsp;&nbsp;Other non-interest-bearing liabilities | 22207 |  |  | 25464 |  |  | 24453 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest-bearing liabilities | 595040 |  |  | 595102 |  |  | 573234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2449113 |  |  | 2449680 |  |  | 2322973 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 237211 |  |  | 236768 |  |  | 234361 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $2686324 |  |  | $2686448 |  |  | $2557334 |  |  |
| &nbsp;&nbsp;Less: Tax-equivalent adjustment<sup>(2)</sup> |  | (121) |  |  | (121) |  |  | (114) |  |
| &nbsp;&nbsp;Net interest and dividend income |  | $17642 |  |  | $15534 |  |  | $14470 |  |
| &nbsp;&nbsp;Net interest rate spread<sup>(4)</sup> |  |  | 2.10% |  |  | 1.74% |  |  | 1.66% |
| &nbsp;&nbsp;Net interest rate spread, on a tax-equivalent basis<sup>(5)</sup> |  |  | 2.12% |  |  | 1.76% |  |  | 1.67% |
| &nbsp;&nbsp;Net interest margin<sup>(6)</sup> |  |  | 2.80% |  |  | 2.49% |  |  | 2.42% |
| &nbsp;&nbsp;Net interest margin, on a tax-equivalent basis<sup>(7)</sup> |  |  | 2.82% |  |  | 2.51% |  |  | 2.44% |
| &nbsp;&nbsp;Ratio of average interest-earning |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets to average interest-bearing liabilities |  |  | 136.46% |  |  | 136.40% |  |  | 137.20% |

---

The following tables set forth the information relating to our average balances and net interest income for the six months ended June 30, 2025 and 2024 and reflect the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Average** <br> **Balance** | **Interest** | **Average Yield/**<br> **Cost<sup>(8)</sup>** | **Average** <br> **Balance** | **Interest** | **Average Yield/**<br> **Cost<sup>(8)</sup>** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| **ASSETS:** |  |  |  |  |  |  |
| **Interest-earning assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;Loans<sup>(1)(2)</sup> | $2077424 | $51440 | 4.99% | $2019420 | $48805 | 4.86% |
| &nbsp;&nbsp;Securities<sup>(2)</sup> | 370249 | 5010 | 2.73 | 357171 | 4255 | 2.40 |
| &nbsp;&nbsp;Other investments | 14941 | 360 | 4.86 | 13411 | 284 | 4.26 |
| &nbsp;&nbsp;Short-term investments<sup>(3)</sup> | 67282 | 1481 | 4.44 | 11857 | 286 | 4.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 2529896 | 58291 | 4.65 | 2401859 | 53630 | 4.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest-earning assets | 156489 |  |  | 155555 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2686385 |  |  | $2557414 |  |  |
| &nbsp;&nbsp;**LIABILITIES AND EQUITY:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Interest-bearing liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest-bearing checking accounts | $153212 | 674 | 0.89% | $133504 | 488 | 0.74% |
| &nbsp;&nbsp;Savings accounts | 186196 | 95 | 0.10 | 185907 | 90 | 0.10 |
| &nbsp;&nbsp;Money market accounts | 695872 | 7569 | 2.19 | 624164 | 5517 | 1.78 |
| &nbsp;&nbsp;Time deposit accounts | 696618 | 13475 | 3.90 | 638970 | 13533 | 4.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 1731898 | 21813 | 2.54 | 1582545 | 19628 | 2.49 |
| &nbsp;&nbsp;Short-term borrowings and long-term debt | 122426 | 3060 | 5.04 | 160643 | 3962 | 4.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 1854324 | 24873 | 2.70 | 1743188 | 23590 | 2.72 |
| &nbsp;&nbsp;Non-interest-bearing deposits | 571245 |  |  | 553246 |  |  |
| &nbsp;&nbsp;Other non-interest-bearing liabilities | 23826 |  |  | 25672 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest-bearing liabilities | 595071 |  |  | 578918 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2449395 |  |  | 2322106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 236990 |  |  | 235308 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $2686385 |  |  | $2557414 |  |  |
| &nbsp;&nbsp;Less: Tax-equivalent adjustment<sup>(2)</sup> |  | (242) |  |  | (224) |  |
| &nbsp;&nbsp;Net interest and dividend income |  | $33176 |  |  | $29816 |  |
| &nbsp;&nbsp;Net interest rate spread<sup>(4)</sup> |  |  | 1.92% |  |  | 1.75% |
| &nbsp;&nbsp;Net interest rate spread, on a tax-equivalent basis <sup>(5)</sup> |  |  | 1.95% |  |  | 1.77% |
| &nbsp;&nbsp;Net interest margin<sup>(6)</sup> |  |  | 2.64% |  |  | 2.50% |
| &nbsp;&nbsp;Net interest margin, on a tax-equivalent basis<sup>(7)</sup> |  |  | 2.66% |  |  | 2.52% |
| &nbsp;&nbsp;Ratio of average interest-earning |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets to average interest-bearing liabilities |  |  | 136.43% |  |  | 137.79% |

---

(1) Loans, including nonaccrual loans, are net of deferred
loan origination costs and unadvanced funds.

(2) Loan and securities income are presented on a tax-equivalent basis using a tax rate of 21%. The tax-equivalent
adjustment is deducted from tax-equivalent net interest and dividend income to agree to the amount reported on the consolidated statements
of net income.

(3) Short-term investments include federal funds sold.

(4) Net interest rate spread represents the difference between the weighted average yield on interest-earning
assets and the weighted average cost of interest-bearing liabilities.

(5) Net interest rate spread, on a tax-equivalent basis, represents the difference between the tax-equivalent
weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(6) Net interest margin represents net interest and dividend income as a percentage of average interest-earning
assets.

(7) Net interest margin, on a tax-equivalent basis, represents tax-equivalent net interest and dividend income
as a percentage of average interest-earning assets.

(8) Annualized.

**<u>Reconciliation of Non-GAAP to GAAP Financial Measures</u>**

The Company believes that certain non-GAAP financial measures provide information to investors that is useful in understanding its results of operations and financial condition. Because not all companies use the same calculation, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the quarter ended** | **For the quarter ended** | **For the quarter ended** | **For the quarter ended** | **For the quarter ended** |
|  | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
|  | (Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) |
| &nbsp;&nbsp;Loan interest (no tax adjustment) | $26214 | $24984 | $25183 | $25134 | $24340 |
| &nbsp;&nbsp;Tax-equivalent adjustment | 121 | 121 | 128 | 119 | 114 |
| &nbsp;&nbsp; Loan interest (tax-equivalent basis) | $26335 | $25105 | $25311 | $25253 | $24454 |
| &nbsp;&nbsp;Net interest income (no tax adjustment) | $17642 | $15534 | $15273 | $14728 | $14470 |
| &nbsp;&nbsp;Tax equivalent adjustment | 121 | 121 | 128 | 119 | 114 |
| &nbsp;&nbsp; Net interest income (tax-equivalent basis) | $17763 | $15655 | $15401 | $14847 | $14584 |
| &nbsp;&nbsp;Net interest income (no tax adjustment) | $17642 | $15534 | $15273 | $14728 | $14470 |
| &nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp; Prepayment penalties and fees | 425 |  |  |  | 8 |
| &nbsp;&nbsp;Adjusted net interest income (non-GAAP) | $17217 | $15534 | $15273 | $14728 | $14462 |
| &nbsp;&nbsp;Average interest-earning assets | $2530077 | $2529715 | $2517017 | $2441236 | $2400633 |
| &nbsp;&nbsp;Net interest margin (no tax adjustment) | 2.80% | 2.49% | 2.41% | 2.40% | 2.42% |
| &nbsp;&nbsp;Net interest margin, tax-equivalent | 2.82% | 2.51% | 2.43% | 2.42% | 2.44% |
| &nbsp;&nbsp;Net interest margin, excluding prepayment penalties and fees (non-GAAP) | 2.73% | 2.49% | 2.41% | 2.40% | 2.42% |
| &nbsp;&nbsp;<u>Book Value per Share (GAAP)</u> | $11.68 | $11.44 | $11.30 | $11.40 | $11.07 |
| &nbsp;&nbsp;Non-GAAP adjustments: |  |  |  |  |  |
| &nbsp;&nbsp; Goodwill | (0.61) | (0.60) | (0.60) | (0.59) | (0.58) |
| &nbsp;&nbsp; Core deposit intangible | (0.06) | (0.06) | (0.07) | (0.08) | (0.08) |
| &nbsp;&nbsp;Tangible Book Value per Share (non-GAAP) | $11.01 | $10.78 | $10.63 | $10.73 | $10.41 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the quarter ended** | **For the quarter ended** | **For the quarter ended** | **For the quarter ended** | **For the quarter ended** |
|  | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Efficiency Ratio: |  |  |  |  |  |
| &nbsp;&nbsp;Non-interest Expense (GAAP) | $15656 | $15184 | $14926 | $14406 | $14314 |
| &nbsp;&nbsp;Net Interest Income (GAAP) | $17642 | $15534 | $15273 | $14728 | $14470 |
| &nbsp;&nbsp;Non-interest Income (GAAP) | $3411 | $2759 | $3254 | $3141 | $3834 |
| &nbsp;&nbsp;Non-GAAP adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized (gains) losses on marketable equity securities | (25) | 5 | 9 | (10) | (4) |
| &nbsp;&nbsp;&nbsp;Gain on non-marketable equity investments | (243) |  | (300) |  | (987) |
| &nbsp;&nbsp;Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) | $3143 | $2764 | $2963 | $3131 | $2843 |
| &nbsp;&nbsp;Total Revenue for Adjusted Efficiency Ratio (non-GAAP) | $20785 | $18298 | $18236 | $17859 | $17313 |
| &nbsp;&nbsp;Efficiency Ratio (GAAP) | 74.36% | 83.00% | 80.56% | 80.62% | 78.20% |
| &nbsp;&nbsp;Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP)) | 75.32% | 82.98% | 81.85% | 80.67% | 82.68% |

---

---

| | | |
|:---|:---|:---|
|  | **For the six months ended** | **For the six months ended** |
|  | **6/30/2025** | **6/30/2024** |
|  | (Dollars in thousands) | (Dollars in thousands) |
| &nbsp;&nbsp;Loan income (no tax adjustment) | $51198 | $48581 |
| &nbsp;&nbsp;Tax-equivalent adjustment | 242 | 224 |
| &nbsp;&nbsp; Loan income (tax-equivalent basis) | $51440 | $48805 |
| &nbsp;&nbsp;Net interest income (no tax adjustment) | $33176 | $29816 |
| &nbsp;&nbsp;Tax equivalent adjustment | 242 | 224 |
| &nbsp;&nbsp;Net interest income (tax-equivalent basis) | $33418 | $30040 |
| &nbsp;&nbsp;Net interest income (no tax adjustment) | $33176 | $29816 |
| &nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp; Prepayment penalties and fees | 425 | 8 |
| &nbsp;&nbsp;Adjusted net interest income (non-GAAP) | $32751 | $29808 |
| &nbsp;&nbsp;Average interest-earning assets | $2529896 | $2401859 |
| &nbsp;&nbsp;Net interest margin (no tax adjustment) | 2.64% | 2.50% |
| &nbsp;&nbsp;Net interest margin, tax-equivalent | 2.66% | 2.52% |
| &nbsp;&nbsp;Net interest margin, excluding prepayment penalties and fees (non-GAAP) | 2.61% | 2.50% |
| &nbsp;&nbsp;<u>Adjusted Efficiency Ratio:</u> |  |  |
| &nbsp;&nbsp;Non-interest Expense (GAAP) | $30840 | $29096 |
| &nbsp;&nbsp;Net Interest Income (GAAP) | $33176 | $29816 |
| &nbsp;&nbsp;Non-interest Income (GAAP) | $6170 | $6508 |
| &nbsp;&nbsp;Non-GAAP adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains on marketable equity securities | (20) | (12) |
| &nbsp;&nbsp;&nbsp;Loss on disposal of premises and equipment, net |  | 6 |
| &nbsp;&nbsp;&nbsp;Gain on non-marketable equity investments | (243) | (987) |
| &nbsp;&nbsp;Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) | $5907 | $5515 |
| &nbsp;&nbsp;Total Revenue for Adjusted Efficiency Ratio (non-GAAP) | $39083 | $35331 |
| &nbsp;&nbsp;Efficiency Ratio (GAAP) | 78.38% | 80.10% |
| &nbsp;&nbsp;Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP)) | 78.91% | 82.35% |

---

## Exhibit 99.2

[WESTERN NEW ENGLAND BANCORP, INC. 8-K](wneb-8k_072225.htm)

**Exhibit 99.2**

![](wneb_img001.jpg)

Local banking is better than ever. INVESTOR PRESENTATION 2ND QUARTER 2025

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FORWARD - LOOKING STATEMENTS 2 We may, from time to time, make written or oral "forward - looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 , including statements contained in our filings with the Securities and Exchange Commission (the "SEC"), our reports to shareholders and in other communications by us . This Investor Presentation contains "forward - looking statements" with respect to the Company's financial condition, liquidity , results of operations, future performance, and business . Forward - looking statements may be identified by the use of such words as "believe," "expect," "anticipate ," " should," "planned," "estimated," and "potential . " Examples of forward - looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates . These factors include, but are not limited to :  unpredictable changes in general economic or political conditions, financial markets, fiscal, monetary and regulatory policies, including actual or potential stress in the banking industry ;  unstable political and economic conditions, including changes in tariff policies, which could materially impact credit quality trends and the ability to generate loans and gather deposits ;  inflation and governmental responses to inflation, including recent sustained increases and potential future increases in interest rates that reduce margins ;  the effect on our operations of governmental legislation and regulation, including changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd - Frank Wall Street Reform and Consumer Protection Act of 2010 , Basel guidelines, capital requirements and other applicable laws and regulations ;  significant changes in accounting, tax or regulatory practices or requirements ;  new legal obligations or liabilities or unfavorable resolutions of litigation ;  disruptive technologies in payment systems and other services traditionally provided by banks ;  the highly competitive industry and market area in which we operate ;  operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks ;

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FORWARD - LOOKING STATEMENTS 3  failure or circumvention of our internal controls or procedures ;  changes in the securities markets which affect investment management revenues ;  increases in Federal Deposit Insurance Corporation deposit insurance premiums and assessments ;  the soundness of other financial services institutions which may adversely affect our credit risk ;  certain of our intangible assets may become impaired in the future ;  the duration and scope of potential pandemics, including the emergence of new variants and the response thereto ;  new lines of business or new products and services, which may subject us to additional risks ;  changes in key management personnel which may adversely impact our operations ;  severe weather, natural disasters, acts of war or terrorism and other external events which could significantly impact our business ; and  other risk factors detailed from time to time in our SEC filings . Although we believe that the expectations reflected in such forward - looking statements are reasonable, actual results may differ materially from the results discussed in these forward - looking statements. You are cautioned not to place undue reliance on the se forward - looking statements, which speak only as of the date hereof. We do not undertake any obligation to republish revised for ward - looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events , except to the extent required by law.

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WHO WE ARE Every day, we focus on showing Westfield Bank customers " what better banking is all about . " For us, the idea of better banking starts with putting customers first, while adhering to our core values . Our Core Values : • Integrity • Enhance Shareholder Value • Customer Focus • Community Focus Our Core Mission : Our purpose is to help customers succeed in our community, while creating and increasing shareholder value . The Company's purpose drives the outcome we envision for Western New England Bancorp . 4 70 Center Street, Chicopee, MA.

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SENIOR MANAGEMENT TEAM James C . Hagan, President & Chief Executive Officer Guida R . Sajdak, Executive Vice President, Chief Financial Officer & Treasurer Allen J . Miles III, Executive Vice President & Chief Lending Officer Kevin C . O'Connor, Executive Vice President & Chief Operating Officer John E . Bonini , Senior Vice President & General Counsel Filipe Goncalves, Senior Vice President & Chief Credit Officer Darlene Libiszewski , Senior Vice President & Chief Information Officer Daniel A . Marini , Senior Vice President, Retail Banking & Marketing Christine Phillips , Senior Vice President, Chief Human Resources Officer Leo R . Sagan, Jr . , Senior Vice President & Chief Risk Officer 5

![](wneb_img006.jpg)

2 Q2025 QUARTERLY EARNINGS 6 2Q2024 (3) 3Q2024 4Q2024 (2) 1Q2025 2Q2025 (1) ($ in thousands , except EPS) $14,470 $14,728 $15,273 $15,534 $17,642 Net interest income (294) 941 (762) 142 (615) (Reversal of) provision for credit losses 3,834 3,141 3,254 2,759 3,411 Non - interest income 14,314 14,406 14,926 15,184 15,656 Non - interest expense 4,284 2,522 4,363 2,967 6,012 Income before taxes 771 618 1,075 664 1,422 Income tax expense $3,513 $1,904 $3,288 $2,303 $4,590 Net income $0.17 $0.09 $0.16 $0.11 $0.23 Diluted earnings per share (EPS) 0.55% 0.29% 0.49% 0.35% 0.69% Return on average assets (ROA) 6.03% 3.19% 5.48% 3.94% 7.76% Return on average equity (ROE) 2.42% 2.40% 2.41% 2.49% 2.80% Net interest margin 2.44% 2.42% 2.43% 2.51% 2.82% Net interest margin, on a tax - equivalent basis (1) Non - interest income includes a $243,000 gain on non - marketable equity investments. (2) Non - interest income includes a $300,000 gain on non - marketable equity investments. (3) Non - interest income includes a $987,000 gain on non - marketable equity investments.

![](wneb_img007.jpg)

NET INTEREST INCOME AND NET INTEREST MARGIN 7 $14.5 $14.7 $15.3 $15.5 $17.6 2.42% 2.40% 2.41% 2.49% 2.80% 2.00% 2.10% 2.20% 2.30% 2.40% 2.50% 2.60% 2.70% 2.80% 2.90% 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 Net interest income ($) Net interest margin (%) On a sequential quarter basis, net interest income, our primary driver of revenues, increased $2 . 1 million, or 13 . 6 % , to $17 . 6 million for the three months ended June 30 , 2025 , from $15 . 5 million for the three months ended March 31 , 2025 . The increase in net interest income was primarily due to an increase in interest income of $1 . 2 million, or 4 . 1 % , and a decrease in interest expense of $933 , 000 , or 7 . 2 % . The net interest margin increased 31 basis points from 2 . 49 % for the three months ended March 31 , 2025 to 2 . 80 % for the three months ended June 30 , 2025 . ($ in millions)

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TOTAL LOANS 8 $2,017 $2,039 $2,063 $2,073 $2,081 4.88% 4.93% 4.88% 4.91% 5.08% 4.75% 4.80% 4.85% 4.90% 4.95% 5.00% 5.05% 5.10% 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 $1,975 $2,000 $2,025 $2,050 $2,075 $2,100 AVERAGE LOANS OUTSTANDING Average Loans Outstanding Average Loan Yield, Tax-Equivalent Basis $2,024 $2,046 $2,067 $2,077 $2,090 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 $2,000 $2,025 $2,050 $2,075 $2,100 PERIOD - END LOANS OUTSTANDING (1) Total gross loans increased $22 . 1 million, or 1 . 1 % , from $2 . 1 billion, or 77 . 9 % of total assets, at December 31 , 2024 to $2 . 1 billion, or 77 . 1 % of total assets, at June 30 , 2025 . The increase in total gross loans was primarily driven by an increase in residential real estate loans, including home equity loans, of $29 . 7 million, or 3 . 8 % , and an increase in commercial and industrial loans of $22 . 8 million, or 10 . 8 % . The increase in commercial and industrial loans was partially due to an increase in line of credit utilization, from 21 . 9 % at December 31 , 2024 to 26 . 1 % at June 30 , 2025 . These increases were partially offset by a decrease in commercial real estate loans of $29 . 5 million, or 2 . 7 % , and a decrease in consumer loans of $879 , 000 , or 20 . 0 % . ($ in millions) (1) Represents gross loans for the periods noted.

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COMMERCIAL AND INDUSTRIAL LOANS 9 $216 $210 $212 $216 $235 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 $195 $200 $205 $210 $215 $220 $225 $230 $235 $240 Total commercial and industrial ("C&I") loans increased $22 . 8 million, or 10 . 8 % , to $234 . 5 million at June 30 , 2025 , from $211 . 7 million at December 31 , 2024 . The increase in commercial and industrial loans was partially due to an increase in line of credit utilization, from 21 . 9 % at December 31 , 2024 to 26 . 1 % at June 30 , 2025 . ($ in millions)

![](wneb_img010.jpg)

COMMERCIAL & INDUSTRIAL PORTFOLIO (1) 10 (1) % of total loans as of June 30, 2025. Other , 2.9% Manufacturing , 2.6% Merchant Wholesalers , 1.7% Educational Services , 1.3% Construction Sand and Gravel Mining , 1.1% Specialty Trade Contractors , 0.6% Healthcare , 0.4% Heavy and Civil Engineering Construction , 0.5% Hotels , 0.1%

![](wneb_img011.jpg)

COMMERCIAL REAL ESTATE LOANS 11 $1,057 $1,083 $1,076 $1,073 $1,046 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 $1,000 $1,010 $1,020 $1,030 $1,040 $1,050 $1,060 $1,070 $1,080 $1,090 $1,100 At June 30 , 2025 , total commercial real estate ("CRE") loans decreased $29 . 5 million, or 2 . 7 % , to $1 . 0 billion from December 31 , 2024 . ($ in millions)

![](wneb_img012.jpg)

COMMERCIAL REAL ESTATE LOANS (CRE) (1) 12 ($ in thousands) (1) As of June 30, 2025. (2) The total RBC ratio is based on Westfield Bank's capital and due to loan classifications, the percentage of total RBC ma y d iffer from the Call Report. At June 30 , 2025 , the commercial real estate portfolio totaled $1 . 0 billion, and represented 50 . 1 % of total gross loans . Of the $1 . 0 billion, $859 . 2 million, or 82 . 1 % , were categorized as non - owner occupied commercial real estate and $187 . 0 million, or 17 . 9 % , were categorized as owner occupied commercial real estate . % of Total Bank Risk - Based Capital (RBC) (2) % of Total Loans % of CRE Portfolio Total Owner Occupied Non - Owner Occupied Property Type 72.5% 9.4% 18.8% $196,476 $21,790 $174,686 Office 61.7% 8.0% 16.0% 167,256 48,719 118,537 Industrial 58.6% 7.6% 15.2% 158,795 - 158,795 Apartment 43.4% 5.6% 11.3% 117,783 6,943 110,840 Retail 28.4% 3.7% 7.4% 77,053 6,166 70,887 Mixed Use 24.4% 3.3% 6.2% 66,101 29,987 36,114 Other 15.6% 2.0% 4.0% 42,363 - 42,363 Hotel/Hospitality 14.1% 1.8% 3.6% 38,115 35,467 2,648 Automotive Sales 13.8% 1.8% 3.6% 37,398 297 37,101 Self Storage 12.4% 1.6% 3.2% 33,649 9,759 23,890 Warehouse 11.8% 1.5% 3.1% 31,919 6,447 25,472 Shopping Center 11.5% 1.5% 3.0% 31,238 6,119 25,119 Adult Care/Assisted Living 9.7% 1.3% 2.5% 26,251 15,349 10,902 School/Higher Education 8.0% 1.0% 2.1 % 21,808 - 21,808 Student Housing 385.9% 50.1% 100.0% $1,046,205 $187,043 $859,162 Total commercial real estate loans 385.9% 69.0% 316.9% % of Total Bank Risk - Based Capital 17.9% 82.1% % of Total CRE Loans

![](wneb_img013.jpg)

COMMERCIAL REAL ESTATE – NON - OWNER OCCUPIED (1) 13 At June 30 , 2025 , the non - owner occupied CRE portfolio totaled $859 . 2 million, or 316 . 9 % of total RBC . Of the $859 . 2 million, $436 . 6 million, or 50 . 8 % of non - owner occupied CRE, was concentrated in Massachusetts and $275 . 7 million, or 32 . 1 % of non - owner occupied CRE, was concentrated in Connecticut . At June 30 , 2025 , the office portfolio represented the largest concentration of non - owner occupied CRE at 64 . 4 % of total RBC with a weighted average LTV of 63 . 0 % . The apartment portfolio represented 58 . 6 % of total RBC with a weighted average LTV of 53 . 1 % . ($ in thousands) (1) As of June 30, 2025. (2) The total RBC ratio is based on Westfield Bank's capital and due to loan classifications, the percentage of total RBC may differ fro m the Call Report . (3) Weighted average LTV is based on the original appraisal and the current loan balance. Weighted Average Loan to Value (LTV) (3) % of Total RBC (2) Total Other ME RI NH CT MA Property Type 63.0% 64.4% 174,686 - 11,305 - 39,686 62,025 61,670 Office 53.1% 58.6% 158,795 - - 25,594 - 40,477 92,724 Apartment 56.4% 43.7% 118,537 4,490 - 10,907 - 33,682 69,458 Industrial 52.1% 40.9% 110,840 - 11,273 6,145 13,561 26,023 53,838 Retail 57.3% 26.1% 70,887 4,677 - 12,936 - 20,715 32,559 Mixed Use 52.1% 15.6% 42,363 - - - - 21,922 20,441 Hotel/Hospitality 63.2% 13.7% 37,101 - - - 777 9,180 27,144 Self Storage 54.3% 13.3% 36,114 - 122 - 692 5,796 29,504 Other 48.9% 9.4% 25,472 - - - - 19,389 6,083 Shopping Center 63.5% 9.3% 25,119 - - - - 16,419 8,700 Adult Care/Assisted Living 41.9% 8.8% 23,890 1,685 - - - 4,952 17,253 Warehouse 61.5% 8.1% 21,808 344 - 2,660 15,131 3,673 Student Housing 44.1% 4.0% 10,902 - - - - - 10,902 School/Higher Education 38.6% 1.0% 2,648 - - - - - 2,648 Automotive Sales 56.2% 316.9% $859,162 $11,196 $22,700 $55,582 $57,376 $275,711 $436,597 Total non - owner occupied commercial real estate

![](wneb_img014.jpg)

COMMERCIAL REAL ESTATE – OFFICE BUILDINGS (1) 14 ($ in thousands) (1) As of June 30, 2025. (2) The total RBC ratio is based on Westfield Bank's capital and due to loan classifications, the percentage of total RBC may dif fer from the Call Report. % of Total Bank RBC (2) % of Office Portfolio Total Owner Occupied Non - Owner Occupied By Collateral Type 42.7% 58.9% $115,661 $10,343 $105,318 Office/Medical 4.3% 5.9% 11,615 7,979 3,636 Office/Professional Metro 15.3% 21.1% 41,377 3,245 38,132 Office/Professional Suburban 10.2% 14.1% 27,823 223 27,600 Office/Professional Urban 72.5% 100.0% $196,476 $21,790 $174,686 Total Office Portfolio 8.1% 64.4% Percent of RBC % of Total Bank RBC (2) % of Office Portfolio Total Owner Occupied Non - Owner Occupied By State 29.9% 41.2% $80,993 $19,323 $61,670 Massachusetts 23.8% 32.8% 64,492 2,467 62,025 Connecticut 14.6% 20.2% 39,686 - 39,686 New Hampshire 4.2 % 5.8% 11,305 - 11,305 Other 72.5% 100.0% $196,476 $21,790 $174,686 Total Office Portfolio % of Total Bank RBC (2) % of Office Portfolio Total Owner Occupied Non - Owner Occupied By Risk Rating 69.4% 95.9% $188,257 $21,494 $166,763 Pass 0.1% - 74 - 74 Special Mention 3.0% 4.1% 8,145 296 7,849 Substandard 72.5% 100.0% $196,476 $21,790 $174,686 Total Office Portfolio • As of June 30 , 2025 , the office portfolio totaled $196 . 5 million, or 72 . 5 % of RBC, and represented 18 . 8 % of total CRE loans . • Non - owner occupied office totaled $174 . 7 million, or 64 . 4 % of total RBC, and owner - occupied office totaled $21 . 8 million, or 8 . 1 % of total RBC . • Office exposure is concentrated in medical - office, totaling $115 . 7 million, or 58 . 9 % , of the total office portfolio . • Of the $196 . 5 million in total office, 41 . 2 % is concentrated in Massachusetts and 32 . 8 % is concentrated in Connecticut . The Company does not have any exposure in greater Boston or New York . • Of the $196 . 5 million in total office, 95 . 9 % of the office portfolio is in the pass - rated category . • There is approximately $36 . 4 million, or 18 . 5 % of the total office portfolio, maturing by the end of 2026 .

![](wneb_img015.jpg)

RESIDENTIAL REAL ESTATE LOANS (1) 15 $746 $749 $776 $784 $805 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 $710 $720 $730 $740 $750 $760 $770 $780 $790 $800 $810 At June 30 , 2025 , residential real estate loans, including home equity loans, increased $29 . 7 million, or 3 . 8 % , from $775 . 7 million at December 31 , 2024 to $805 . 4 million . At June 30 , 2025 , the Company serviced $81 . 6 million in loans sold to the secondary market, with servicing retained, which are not included on the Company's balance sheet under residential real estate loans . ($ in millions) (1) Residential real estate loans includes home equity loans.

![](wneb_img016.jpg)

INVESTMENT PORTFOLIO 16 The held - to - maturity ("HTM") and available - for - sale ("AFS") securities portfolio totaled $376 . 5 million and represented 13 . 9 % of total assets at June 30 , 2025 and $365 . 7 million, or 13 . 8 % of total assets, at December 31 , 2024 . The HTM unrealized losses, net of tax, were approximately $25 . 7 million, or 13 . 0 % , of the total HTM amortized cost basis . If the HTM losses, net of tax, were included in capital, the losses would represent 10 . 2 % of Tier 1 capital and negatively impact tangible common equity ("TCE"), a non - GAAP financial measure, by 1 . 0 % . The AFS unrealized losses, net of tax, were approximately $19 . 8 million , or 9 . 7 % of the total AFS amortized cost basis . As a percentage of Tier 1 capital, the AFS unrealized losses, net of tax, represented 7 . 9 % of Tier 1 capital and negatively impacted TCE, a non - GAAP financial measure, by 0 . 7 % . (1) Tier 1 Capital represents Westfield Bank's Tier 1 Capital as of June 30, 2025. (2) Impact to TCE is net of tax. TCE is a non - GAAP measure. See slides 30 - 32 for the related TCE calculation and a reconciliation of GAAP to non - GAAP financial measures . The table below displays the investment portfolio as of June 30 , 2025 Impact to TCE (Non - GAAP) (2) Net of Tax Loss as a % of Tier 1 Capital (1) Net of Tax Loss as a % of Amortized Cost Basis Unrealized Loss, Net of Tax Fair Value % of Investment Portfolio's Amortized Cost Basis Amortized Cost Basis (Dollars in millions) (1.0%) 10.2% (13.0%) ($25.7) $162.3 49.0% $197.7 HTM (0.7%) 7.9% (9.7%) ($19.8) $178.8 51.0% $205.3 AFS (1.7%) 18.1% (11.3%) ($45.5) $341.1 100.0% $403.0 Total Investments

![](wneb_img017.jpg)

TOTAL DEPOSITS 17 $1,500 $1,524 $1,559 $1,629 $1,640 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 $1,400 $1,450 $1,500 $1,550 $1,600 $1,650 $1,700 PERIOD - END CORE DEPOSITS At June 30 , 2025 , total deposits of $2 . 3 billion increased $67 . 5 million , or 3 . 0 % , from December 31 , 2024 . Core deposits, which the Company defines as all deposits except time deposits, increased $81 . 4 million, or 5 . 2 % , from $1 . 6 billion, or 68 . 9 % of total deposits, at December 31 , 2024 , to $1 . 6 billion, or 70 . 4 % of total deposits, at June 30 , 2025 . Time deposits decreased $13 . 9 million, or 2 . 0 % , from $703 . 6 million at December 31 , 2024 to $689 . 7 million at June 30 , 2025 . At June 30 , 2025 , the Bank's uninsured deposits totaled $688 . 4 million, or 29 . 5 % of total deposits, compared to $643 . 6 million, or 28 . 4 % of total deposits, at December 31 , 2024 . $672 $700 $704 $699 $690 2Q2024 (1) 3Q2024 (1) 4Q2024 (1) 1Q2025 (1) 2Q2025 $655 $660 $665 $670 $675 $680 $685 $690 $695 $700 $705 $710 PERIOD - END TIME DEPOSITS ($ in millions) (1) Includes $1.7 million in brokered time deposits for all periods presented.

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AVERAGE TOTAL DEPOSITS 18 $1,589 $1,621 $1,684 $1,732 $1,732 $549 $559 $579 $570 $573 1.94% 2.04% 2.01% 2.00% 1.82% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 $1,900 $2,100 $2,300 $2,500 AVERAGE DEPOSITS AND RATES Interest-bearing deposits Non-interest-bearing deposits Average deposit cost Total average deposits, consisting of interest - bearing and non - interest bearing deposits, increased $3 . 4 million, or 0 . 1 % , from the three months ended March 31 , 2025 , to $2 . 3 billion, for the three months ended June 30 , 2025 . The average cost of deposits decreased 18 basis point, from 2 . 00 % for the three months ended March 31 , 2025 to 1 . 82 % for the three months ended June 30 , 2025 . ($ in millions)

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AVERAGE CORE AND TIME DEPOSITS 19 $1,488 $1,492 $1,562 $1,599 $1,614 0.87% 0.93% 0.98% 1.08% 1.01% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% $1,300 $1,350 $1,400 $1,450 $1,500 $1,550 $1,600 $1,650 $1,700 $1,750 $1,800 AVERAGE CORE DEPOSITS AND RATES During the three months ended June 30 , 2025 , average core deposits of $1 . 6 billion, including non - interest bearing deposits, increased $15 . 6 million , or 1 . 0 % , from the three months ended March 31 , 2025 . During the three months ended June 30 , 2025 , average time deposits of $690 . 6 million decreased $12 . 2 million, or 1 . 7 % , from the three months ended March 31 , 2025 . During the three months ended June 30 , 2025 , the average cost of core deposits, including non - interest bearing demand deposits, decreased 7 basis points from the three months ended March 31 , 2025 , while the average cost of time deposits decreased 42 basis points during the same period . ($ in millions) $650 $689 $700 $703 $691 4.39% 4.44% 4.31% 4.11% 3.69% 0.25% 0.75% 1.25% 1.75% 2.25% 2.75% 3.25% 3.75% 4.25% 4.75% $500 $600 $700 $800 AVERAGE TIME DEPOSITS AND RATES

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LOAN - TO - DEPOSIT RATIO 20 93.3% 92.1% 91.5% 89.3% 89.8% 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 87% 88% 89% 90% 91% 92% 93% 94% PERIOD - END LOAN - TO - DEPOSIT RATIO 69.1% 68.5% 68.9% 70.0% 70.4% 30.9% 31.5% 31.1% 30.0% 29.6% 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 0% 10% 20% 30% 40% 50% 60% 70% 80% CORE DEPOSITS AND TIME DEPOSITS AS A % OF TOTAL DEPOSITS Core deposits/Total deposits Time deposits/Total deposits

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WHOLESALE FUNDING 21 $155 $152 $123 $122 $122 5.00% 5.05% 5.04% 5.04% 5.04% 4.85% 4.90% 4.95% 5.00% 5.05% 5.10% 5.15% 5.20% 5.25% 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 $25 $45 $65 $85 $105 $125 $145 $165 WHOLESALE FUNDING (Includes $20 million in Subordinated Debt) (1) Wholesale Funding Average Cost of Funds The Bank is considered to be well - capitalized as defined by regulators (see slide 27) . The Bank's Tier 1 Leverage Ratio to adjusted average assets was 9 . 29 % at June 30 , 2025 and 9 . 34 % at December 31 , 2024 . In addition, Westfield Bank's TCE Ratio (2) , a non - GAAP financial measure, exceeds the Federal Home Loan Bank of Boston ("FHLB") requirements to continue to utilize the FHLB as a funding source . At June 30 , 2025 , total borrowings decreased $1 . 3 million, or 1 . 1 % , from $123 . 1 million at December 31 , 2024 to $121 . 8 million . At June 30 , 2025 , short - term borrowings decreased $1 . 4 million, or 25 . 1 % , to $4 . 0 million, compared to $5 . 4 million at December 31 , 2024 . Long - term borrowings were $98 . 0 million at June 30 , 2025 and December 31 , 2024 . At June 30 , 2025 and December 31 , 2024 , borrowings also consisted of $19 . 8 million in fixed - to - floating rate subordinated notes . (1) ($ in millions) (2) TCE is a non - GAAP measure. See slides 30 - 32 for the related TCE calculation and a reconciliation of GAAP to non - GAAP financial meas ures.

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22 The Company's liquidity position remains strong with solid core deposit relationships, cash, unencumbered securities and access to diversified borrowing sources . At June 30 , 2025 , the Company had available borrowing capacity with the FHLB of $452 . 7 million, including its overnight Ideal Way Line of Credit . In addition, at June 30 , 2025 , the Company had available borrowing capacity of $383 . 8 million from the Federal Reserve Discount Window, with no outstanding borrowings . At June 30 , 2025 , the Company also had available borrowing capacity of $25 . 0 million from two unsecured credit lines with correspondent banks, with no outstanding borrowings . At June 30 , 2025 , the Company had $1 . 1 billion in immediately available liquidity, compared to $688 . 4 million in uninsured deposits, or 29 . 5 % of total deposits, representing a coverage ratio of 164 % . Lastly, the Company has access to the brokered deposit market with approval from the Board of Directors to purchase brokered deposits in an amount not to exceed 10 % of total assets . LIQUIDITY Net Available Amount in Use at June 30, 2025 Total Available ($ in millions) Internal Sources: $93.3 - $93.3 Cash and cash equivalents $174.0 - $174.0 Unpledged securities $1.7 - $1.7 Excess pledged securities External Sources: $452.7 $149.2 $601.9 FHLB $383.8 - $383.8 FRB Discount Window Other Unsecured: $25.0 - $25.0 Correspondent banks $1,130.5 $149.2 $1,279.7 Total Liquidity $688.4 Uninsured deposits 164% Liquidity/Total

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________ Source: SNL Financial as of June 30, 2024 Note: Total number of Westfield Bank branches shown includes the Big E seasonal branch and online deposit channel. Three Wes tfi eld branches are located in Hampshire County, MA and four Westfield branches are located in Hartford County, CT outside of Springfield MSA. DEPOSIT MARKET SHARE IN HAMPDEN COUNTY, MA AS OF JUNE 30, 2024 23 Total Deposit Rank 2024 Parent Company Name Deposits in Market ($000) Market Share # of Branches 1 PeoplesBank 2,665,987 19.00% 12 1,762,519 13.1% 20 3 Westfield Bank 1,856,455 13.23% 20 2 TD Bank 2,110,916 15.04% 16 4 Bank of America 1,594,814 11.37% 8 5 Berkshire Bank 1,104,828 7.87% 11 6 M&T Bank 1,097,724 7.82% 14 7 KeyBank 1,012,085 7.21% 7 8 Citizens Bank 592,088 4.22% 10 9 Monson Savings Bank 583,716 4.16% 4 10 Country Bank 571,869 4.08% 4 11 New Valley Bank & Trust 287,901 2.05% 3

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ASSET QUALITY INDICATORS 24 2Q2025 1Q2025 4Q2024 3Q2024 2Q2024 $3.9M $4.5M $5.0M $4.3M $5.6M Total delinquent loans 0.18% 0.22% 0.24% 0.21% 0.27% Delinquent loans as a % of total loans $5.8M $6.0M $5.4M $4.9M $5.8M Nonaccrual loans 0.27% 0.29% 0.26% 0.24% 0.29% Nonaccrual loans as a % of total loans 0.21% 0.22% 0.20% 0.18% 0.23% Nonaccrual loans as a % of total assets 0.94% 0.95% 0.94% 0.97% 0.96% Allowance for credit losses % of total loans 343% 327% 363% 410% 333% Allowance for credit losses % of NPL ($585K) $29K ($128K) $98K $10K Net charge - offs (recoveries) (0.03%) 0.00% (0.01%) 0.00% 0.00% Net charge - offs (recoveries) as a % average loans At June 30 , 2025 , total delinquent loans totaled $3 . 9 million, or 0 . 18 % of total loans, compared to $5 . 0 million, or 0 . 24 % of total loans, at December 31 , 2024 . Of the $3 . 9 million in delinquent loans, $3 . 5 million, or 91 . 5 % , represent residential real estate loans, which includes home equity loans . Of the $3 . 5 million in delinquent residential real estate loans, $1 . 2 million, or 33 . 2 % , are 90 days or greater past due .

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ASSET QUALITY 25 Management continues to remain attentive to any signs of deterioration in borrowers' financial conditions and is proactive in taking the appropriate steps to mitigate risk . The allowance for credit losses as a percentage of total loans was 0 . 94 % at June 30 , 2025 and at December 31 , 2024 . At June 30 , 2025 , the allowance for credit losses as a percentage of nonaccrual loans was 343 . 1 % , compared to 362 . 9 % at December 31 , 2024 . December 31, 2024 June 30, 2025 ACL / Total Loan Segment Loans Outstanding (1) Allowance for Credit Losses (ACL) (1) ACL / Total Loan Segment Loans Outstanding (1) Allowance for Credit Losses (ACL) (1) 1.17% $211,656 $2,477 1.14% $234,505 $2,683 Commercial and industrial 1.27% 1,075,732 13,677 1.29% 1,046,205 13,504 Commercial real estate 0.41% 775,659 3,156 0.42% 805,359 3,370 Residential (2) 4.99% 4,391 219 5.01% 3,512 176 Consumer - - - - - - Unallocated 0.94% $2,067,438 $19,529 0.94% $2,089,581 $19,733 Total Loans (1) ($ in thousands) (2) Includes home equity loans and home equity lines of credit .

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ASSET QUALITY 26 2Q2025 1Q2025 4Q2024 3Q2024 2Q2024 ($ in millions) $1.5 $10.7 $11.4 $21.3 $14.6 Special Mention 0.1% 0.5% 0.6% 1.0% 0.7% % of Total Gross Loans $24.6 $25.6 $27.0 $21.9 $22.1 Substandard 1.2% 1.2% 1.3% 1.1% 1.1% % of Total Gross Loans $26.1 $36.3 $38.4 $43.2 $36.7 Total Classified Loans 1.2% 1.7% 1.9% 2.1% 1.8% % of Total Gross Loans At June 30 , 2025 , total classified loans, defined as special mention and substandard loans, totaled $26 . 1 million, or 1 . 2 % of total gross loans, representing a decrease of $12 . 3 million , or 32 . 0 % , from December 31 , 2024 .

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CAPITAL MANAGEMENT 27 We are well - capitalized with excess capital. December 31, 2024 June 30, 2025 Consolidated 9.14% 9.10% Tier 1 Leverage Ratio (to Adjusted Average Assets) 12.37% 12.40% Common Equity Tier 1 Capital (to Risk Weighted Assets) 12.37% 12.40% Tier 1 Capital (to Risk Weighted Assets) 14.38% 14.42% Total Capital (to Risk Weighted Assets) As of June 30 , 2025 , the Bank's Tier 1 Leverage Ratio was 9 . 29 % . The Bank's TCE ratio (1) , a non - GAAP financial measure, was 8 . 56 % at June 30 , 2025 . At June 30 , 2025 , available - for - sale unrealized losses of $19 . 8 million, net of tax, negatively impacted the TCE ratio by 0 . 7 % . If the held - to - maturity unrealized losses of $25 . 7 million, net of tax, were factored in, the TCE ratio would decrease to 7 . 61 % . Well Capitalized December 31, 2024 June 30, 2025 Westfield Bank 5.0% 9.34% 9.29% Tier 1 Leverage Ratio (to Adjusted Average Assets) 6.5% 12.64% 12.67% Common Equity Tier 1 Capital (to Risk Weighted Assets) 8.0% 12.64% 12.67% Tier 1 Capital (to Risk Weighted Assets) 10.0% 13.65% 13.69% Total Capital (to Risk Weighted Assets) (1) TCE is a non - GAAP measure. See slides 30 - 32 for the related TCE calculation and a reconciliation of GAAP to non - GAAP financial measures . x From a regulatory standpoint, we are well - capitalized with excess capital . x We take a prudent approach to capital management .

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CAPITAL RETURN TO SHAREHOLDERS 28 # of Shares Year 2,758,051 2021 720,975 2022 649,744 2023 934,282 2024 206,709 1Q - 2025 290,609 2Q - 2025 Annual Dividends per Share Year $0.20 2021 $0.24 2022 $0.28 2023 $0.28 2024 $0.07 1Q - 2025 $0.07 2Q - 2025 SHARE REPURCHASES DIVIDENDS PAID ON COMMON STOCK On April 22 , 2025 , the Board of Directors authorized the 2025 Plan, pursuant to which the Company may repurchase up to 1 . 0 million shares of its common stock, or approximately 4 . 8 % , of the Company's then - outstanding shares of common stock, upon the completion of the 2024 Repurchase Plan (" 2024 Plan") . On June 3 , 2025 , the Company announced the completion of its 2024 Plan under which the Company repurchased a total of 1 . 0 million shares at an average price per share of $8 . 79 . During the three months ended June 30 , 2025 , the Company repurchased 290 , 609 shares of its common stock at an average price per share of $9 . 45 . During the six months ended June 30 , 2025 , the Company repurchased 497 , 318 shares of its common stock at an average price per share of $9 . 31 . As of June 30 , 2025 , there were 975 , 000 shares of common stock available for repurchase under the 2025 Plan .

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CAPITAL MANAGEMENT 29 $11.07 $11.40 $11.30 $11.44 $11.68 $10.41 $10.73 $10.63 $10.78 $11.01 BOOK VALUE PER SHARE TANGIBLE BOOK VALUE PER SHARE (non - GAAP) (1) Book Value Tangible Book Value (non-GAAP) The Company's book value per share was $11.68 at June 30, 2025, compared to $11.30 at December 31, 2024, while tangible book value per share, a non - GAAP financial measure, increased $0.38, or 3.6%, from $10.63 at December 31, 2024 to $11.01 at June 30, 2025. (1) Tangible book value is a non - GAAP measure. See slides 30 - 32 for the related tangible book value calculation and a reconcilia tion of GAAP to non - GAAP financial measures.

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APPENDIX: NON - GAAP TO GAAP RECONCILIATION 30 Reconciliation of Non - GAAP to GAAP Financial Measures The Company believes that certain non - GAAP financial measures provide information to investors that is useful in understanding i ts results of operations and financial condition. Because not all companies use the same calculation, this presentation may not be comparable to other simil arly titled measures calculated by other companies. A reconciliation of these non - GAAP financial measures is provided below. 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Loan interest (no tax adjustment) 26,214$24,984$25,183$25,134$24,340$ Tax-equivalent adjustment 121 121 128 119 114 Loan interest (tax-equivalent basis) 26,335$25,105$25,311$25,253$24,454$ Net interest income (no tax adjustment) 17,642$15,534$15,273$14,728$14,470$ Tax equivalent adjustment 121 121 128 119 114 Net interest income (tax-equivalent basis) 17,763$15,655$15,401$14,847$14,584$ Average interest-earning assets 2,530,077$2,529,715$2,517,017$2,441,236$2,400,633$ Net interest margin (no tax adjustment) 2.80% 2.49% 2.41% 2.40% 2.42% Net interest margin, tax-equivalent 2.82% 2.51% 2.43% 2.42% 2.44% Book Value per Share (GAAP) 11.68$11.44$11.30$11.40$11.07$ Non-GAAP adjustments: Goodwill (0.61) (0.60) (0.60) (0.59) (0.58) Core deposit intangible (0.06) (0.06) (0.07) (0.08) (0.08) Tangible Book Value per Share (non-GAAP) 11.01$10.78$10.63$10.73$10.41$ For the quarter ended (Dollars in thousands)

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APPENDIX: NON - GAAP TO GAAP RECONCILIATION 31 Reconciliation of Non - GAAP to GAAP Financial Measures The Company believes that certain non - GAAP financial measures provide information to investors that is useful in understanding i ts results of operations and financial condition. Because not all companies use the same calculation, this presentation may not be comparable to other s imilarly titled measures calculated by other companies. A reconciliation of these non - GAAP financial measures is provided below. 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Total Bank Equity (GAAP) 244,460$242,981$240,994$245,786$241,867$ Non-GAAP adjustments: Goodwill (12,487) (12,487) (12,487) (12,487) (12,487) Core deposit intangible net of associated deferred tax (899) (966) (1,033) (1,101) (1,168) Tangible Capital (non-GAAP) 231,074$229,528$227,474$232,198$228,212$ Tangible Capital (non-GAAP) 231,074$229,528$227,474$232,198$228,212$ Unrealized losses on HTM securities net of tax (25,702) (25,698) (28,346) (22,083) (28,869) Adjusted Tangible Capital For Impact of Unrealized Losses on HTM Securities Net of Tax (non-GAAP) 205,372$203,830$199,128$210,115$199,343$ Common Equity Tier (CET) 1 Capital 250,888$250,217$250,748$250,543$251,849$ Total Assets for Leverage Ratio (non-GAAP) 2,699,710$2,701,212$2,684,740$2,608,171$2,575,093$ Tier 1 Leverage Ratio 9.29% 9.26% 9.34% 9.61% 9.78% Tangible Common Equity (non-GAAP) =Tangible Capital (non-GAAP)/Total Assets for Leverage Ratio (non-GAAP) 8.56% 8.50% 8.47% 8.90% 8.86% Adjusted Tangible Common Equity for HTM Impact (non- GAAP) = Adjusted Tangible Capital For Impact of Unrealized Losses on HTM Securities Net of Tax (non-GAAP)/Total Assets for Leverage Ratio (non-GAAP) 7.61% 7.55% 7.42% 8.06% 7.74% For the quarter ended (Dollars in thousands)

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APPENDIX: NON - GAAP TO GAAP RECONCILIATION 32 Reconciliation of Non - GAAP to GAAP Financial Measures The Company believes that certain non - GAAP financial measures provide information to investors that is useful in understanding i ts results of operations and financial condition. Because not all companies use the same calculation, this presentation may not be comparable to other s imilarly titled measures calculated by other companies. A reconciliation of these non - GAAP financial measures is provided below. 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Efficiency Ratio: Non-interest Expense (GAAP) 15,656$15,184$14,926$14,406$14,314$ Net Interest Income (GAAP) 17,642$15,534$15,273$14,728$14,470$ Non-Interest Income (GAAP) 3,411$2,759$3,254$3,141$3,834$ Non-GAAP adjustments: Unrealized gains (losses) on marketable equity securities (25) 5 9 (10) (4) Gain on non-marketable equity investments (243) - (300) - (987) Non-Interest Income for Adjusted Efficiency Ratio (non- GAAP) $3,143 $2,764 $2,963 $3,131 $2,843 Total Revenue for Adjusted Efficiency Ratio (non-GAAP) $20,785 $18,298 $18,236 $17,859 $17,313 Efficiency Ratio (GAAP) 74.36% 83.00% 80.56% 80.62% 78.20% Adjusted Efficiency Ratio (non-GAAP) = (Non-interest Expense (GAAP)/Total Revenue for Efficiency Ratio (non- GAAP)) 75.32% 82.98% 81.85% 80.67% 82.68% For the quarter ended (Dollars in thousands)

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WESTFIELD BANK "WHAT BETTER BANKING'S ALL ABOUT" James C. Hagan , President and Chief Executive Officer Guida R. Sajdak , Executive Vice President and Chief Financial Officer Meghan Hibner , First Vice President and Investor Relations Officer 33 141 Elm Street, Westfield, MA