Annual Report 2024

Appreciation.

At Westfield Bank, appreciation is more than a financial term. It's a principle that guides all we do. Yes, appreciation is about growth and value. It's also about recognizing the people and partnerships that make success possible.

We appreciate our employees, the dedicated professionals who bring expertise, enthusiasm, and care to every customer interaction. We also appreciate the leadership of our management team, whose vision and stewardship have guided the bank through another year of progress and achievement, and the insightful work of our Board of Directors, who advise and support us with energy and integrity. Above all, we appreciate our customers, whose trust fuels our mission and whose ambitions inspire us to innovate and grow.

I am pleased that 2024 was another year of solid growth driven by a well-diversified core deposit base that helped us responsibly manage our cost of funds. Total loans grew by $42.9 million, or 2.1%, reaching $2.1 billion as of December 31, 2024. Residential real estate loans, including home equity loans, saw notable growth, increasing by $53.5 million, or 7.4%. We continued to focus on commercial loan opportunities with significant visibility and a positive reception in our markets, cultivating new relationships while also working with our current borrowers. Asset quality remained strong with nonperforming loans at 0.26% of total loans and loan delinquency at 0.24% of total loans.

As noted above, deposits also saw significant expansion, increasing by $118.9 million, or 5.6%, to $2.3 billion. Core deposits-defined as all deposits excluding time deposits-grew by $26.7 million, or 1.7%, totaling $1.6 billion and representing 68.9% of total deposits by year-end.

While the banking industry has faced challenges in recent years, Westfield Bank remains well-capitalized and well-positioned for long-term growth. Our strong capital and liquidity levels and our high asset quality provide the foundation to seize new opportunities, strengthen the communities we serve, and create sustainable value for our shareholders.

Appreciation is about the steady earning of trust. For us, achieving upward momentum is rooted in building strong relationships, demonstrating the value we provide with every question we ask, every service we provide, and every dream we help to fulfill.

As Westfield Bank continues to grow, we remain committed to delivering on our promise: to be a bank that values relationships, embraces innovation, and always puts people first. That's what better banking's all about.

Thank you for being part of our journey.

With best regards,

James C. Hagan

President and Chief Executive Officer

Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

Commission File No.: 001-16767

WesteNew England Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Massachusetts

73-1627673

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

141 Elm Street, Westfield, Massachusetts 01085(Address of principal executive offices, including zip code)

(413) 568-1911

(Registrant's telephone number, including area code)

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

(Name of each exchange on which

(Title of each class)

(Trading Symbol)

registered)

Common Stock, $0.01 par value per share The NASDAQ Global Select MarketWNEB

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo

The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 28, 2024, was $146,942,001. This amount was based on the closing price as of June 28, 2024 on the NASDAQ Global Select Market ("NASDAQ") for a share of the registrant's common stock, which was $6.88 on June 28, 2024.

As of March 3, 2025, the registrant had 20,748,498 shares of common stock, $0.01 par value, issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE:

Portions of the Proxy Statement for the 2025 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.

WESTERN NEW ENGLAND BANCORP, INC.

ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED

DECEMBER 31, 2024

TABLE OF CONTENTS

Business

Risk Factors

Unresolved Staff Comments Cybersecurity

Properties

Legal Proceedings Mine Safety Disclosures

PART III

PART IV

Exhibits and Financial Statement Schedules

FORWARD-LOOKING STATEMENTS

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 Annual Report on Form 10-K 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 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.

Investors should consider these risks, uncertainties, and other factors in addition to the factors under the heading "Risk Factors" included in this filing and our other filings with the SEC.

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.

Unless the context indicates otherwise, all references in this prospectus to "WesteNew England Bancorp," "WNEB," "we," "us," "our company," and "our" refer to WesteNew England Bancorp, Inc. and its subsidiaries (including Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC).

PART I

ITEM 1. BUSINESS.

General.

WesteNew England Bancorp, Inc. ("WNEB" or "Company") (f/k/a "Westfield Financial, Inc.") headquartered in Westfield, Massachusetts, is a Massachusetts-chartered stock holding company and is registered as a savings and loan holding company with the Federal Reserve Board under the Bank Holding Company Act of 1956, as amended (the "BHC Act"). In 2001, the Company reorganized from a Massachusetts-chartered savings bank holding company to a Massachusetts-chartered stock corporation with the second step conversion being completed in 2007. WNEB is the parent company and owns all of the capital stock of Westfield Bank ("Westfield" or "Bank"). The Company is also subject to the jurisdiction of the SEC and is subject to the disclosure and other regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, as administered by the SEC. WesteNew England Bancorp is traded on the NASDAQ under the ticker symbol "WNEB" and is subject to the NASDAQ stock market rules. At December 31, 2024, WNEB had consolidated total assets of $2.7 billion, total net loans of $2.1 billion, total deposits of $2.3 billion and total shareholders' equity of $235.9 million.

Westfield Bank, headquartered in Westfield, Massachusetts, is a federally-chartered savings bank organized in 1853 and is regulated by the Office of the Comptroller of the Currency ("OCC"). The Bank is a full-service, community oriented financial institution offering a full range of commercial and retail products and services as well as wealth management financial products. As of December 31, 2024, the Bank had twenty-five branches and eight freestanding automated teller machines ("ATMs"). The Bank also conducts business through an additional fourteen freestanding and thirty-three seasonal or temporary ATMs that are owned and serviced by a third party, whereby the Bank pays a rental fee and shares in the surcharge revenue. All branch and ATM locations serve Hampden County and Hampshire County in westeMassachusetts and Hartford County and Tolland County in northeConnecticut. The Bank also provides a variety of banking services including telephone and online banking, remote deposit capture, cash management services, overdraft facilities, night deposit services, and safe deposit facilities. As a member of the Federal Deposit Insurance Corporation ("FDIC"), the Bank's deposits are insured up to the maximum FDIC insurance coverage limits. The Bank is also a member of the Federal Home Loan Bank of Boston ("FHLB").

On October 21, 2016, the Company acquired Chicopee Bancorp, Inc. ("Chicopee"), the holding company for Chicopee Savings Bank and in conjunction with the acquisition, the name of the Company was changed to WesteNew England Bancorp, Inc. The transaction qualified as a tax-free reorganization for federal income tax purposes.

Subsidiary Activities.

WesteNew England Bancorp, Inc. has two subsidiaries that are included in the Company's consolidated financial statements:

Westfield Bank.The Company conducts its principal business activities through its wholly owned subsidiary Westfield Bank.

WFD Securities, Inc. ("WFD"). WFD is a Massachusetts chartered security corporation, for the primary purpose of holding qualified securities.

Westfield Bank has three wholly owned subsidiaries that are included in the Company's consolidated financial statements:

Elm Street Securities Corporation ("Elm").Elm is a Massachusetts-chartered security corporation, formed for the primary purpose of holding qualified securities.

WB Real Estate Holdings, LLC. ("WB").WB is a Massachusetts-chartered limited liability company formed for the primary purpose of holding other real estate owned ("OREO").

CSB Colts, Inc. ("CSB Colts").CSB Colts is a Massachusetts-chartered security corporation, formed for the primary purpose of holding qualified securities. CSB Colts was acquired on October 21, 2016, in conjunction with the acquisition of Chicopee.

Market Area.

Westfield Bank's headquarters are located at 141 Elm Street in Westfield, Massachusetts. The Bank's primary lending and deposit market areas include all of Hampden County and Hampshire County in westeMassachusetts and Hartford and Tolland Counties in northeConnecticut. The Bank operates twenty-five banking offices in Agawam, Chicopee, Feeding Hills, East Longmeadow, Holyoke, Huntington, Ludlow, South Hadley, Southwick, Springfield, Ware, West Springfield and Westfield, Massachusetts and Bloomfield, Enfield, Granby and West Hartford, Connecticut. We operate full-service ATMs at our branch locations and have eight freestanding ATM locations in Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts. The Bank also conducts business through an additional fourteen freestanding and thirty-three seasonal or temporary ATMs that are owned and serviced by a third party, whereby the Bank pays a rental fee and shares in the surcharge revenue. In addition, we provide online banking services, including online deposit account opening and residential mortgage and consumer loan applications through our website atwww.westfieldbank.com.

The markets served by our branches are primarily suburban markets located in westeMassachusetts and in northeConnecticut. Westfield, Massachusetts, is located near the intersection of U.S. Interstates 90 (the Massachusetts Turnpike) and 91. Our middle market and commercial real estate lending team is located in Springfield, the Pioneer Valley's primary urban market. The Pioneer Valley of westeMassachusetts encompasses the sixth largest metropolitan area in New England. The Springfield metropolitan area covers a relatively diverse area ranging from densely populated urban areas, such as Springfield, to outlying rural areas. Our Financial Services Center in West Hartford serves as our Connecticut hub, housing employees across all commercial and retail lines of business. Our markets fall within New England's Knowledge Corridor, an interstate partnership of regional economic development, planning, business, tourism and educational institutions that work together to advance the region's economic progress.

A diversified mix of industry groups are concentrated in westeMassachusetts and northeConnecticut, including manufacturing, health care, higher education, wholesale and retail trade and service. The economies of our primary markets have benefited from the presence of large employers such as Baystate Medical Center, Big Y World Class Markets, Center for Human Development, Holyoke Medical Center, MassMutual Financial Group, Mercy Medical Center/Trinity Health of New England, Mestek, Inc., MGM Springfield, Verizon and Westover Air Reserve Base in Massachusetts, and Aetna, Inc., Air National Guard, Collins Aerospace, Connecticut Children's Medical Center, Hartford Financial Services Group, Hartford Hospital, Institute of Living, Kaman Aerospace Corporation, Lego Systems Inc., Talcott Resolution Life Insurance Company and Travelers Indemnity Company in Connecticut. Other employment and economic activity is provided by financial institutions, colleges and universities, hospitals, and a variety of wholesale and retail trade business. Our Hampden County market also enjoys a strong tourism business with attractions such as the EasteStates Exposition, which operates The Big E, the largest fair in the northeast, the Basketball Hall of Fame, MGM Springfield and Six Flags New England.

Competition.

The Company faces significant competition to attract and retain customers within existing and neighboring geographic markets. The Company competes actively with local, regional, and national financial institutions, as well as credit unions which have a large presence in the region. Competition for loans, deposits and cash management services, and investment advisory assets also comes from other businesses that provide financial services, including consumer finance companies, mortgage brokers and lenders, private lenders, insurance companies, securities brokerage firms, institutional mutual funds, registered investment advisors, non-bank electronic payment and funding channels, internet-based banks and other financial intermediaries.

We expect competition to increase in the future as a result of legislative, regulatory and technological changes and the continuing trend of consolidation in the financial services industry. Technological advances, for example, have lowered the barriers to market entry, allowed banks and other lenders to expand their geographic reach by providing services over the internet and made it possible for non-depository institutions to offer products and services that

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WesteNew England Bancorp Inc. published this content on April 04, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 04, 2025 at 13:25 UTC.