Q3 EPS Doubles to $0.32 as Bank Authorizes 5% Buyback
WNEB sits 25% above its 52-week low of $11.08.
Summary
Q3 net income doubled to $6.3M, or $0.32 a share, from $3.2M ($0.16) a year ago. That is a sharp rebound from Q2, when a $1.8M office loan charge-off and a surge in criticized loans dragged EPS down to $0.18. Net interest margin widened to 3.07%, up 7 bps from Q2, which points to easing deposit costs. The board declared a $0.07 dividend and authorized repurchasing up to 1.0M shares, roughly 5% of the float, once the current plan finishes. Credit is the caveat: nonaccruals rose to 0.36% of loans even as the allowance held at 0.89%.
At the time of this announcement, WNEB was trading at $13.84 on NASDAQ in the Finance sector, with a market capitalization of approximately $277.4M. The 52-week trading range was $11.08 to $15.01. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.