Western New England Bancorp Inc 2024年度报告

FORM10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2024 Commission File No.:001-16767 Western New England Bancorp, Inc.(Exact name of registrant as specified in its charter) Massachusetts73-1627673(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 141 Elm Street,Westfield,Massachusetts01085(Address of principal executive offices, including zi141 Elm Street, Westfield, Massachusetts 01085p code) (413)568-1911(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: (Title of each class)(Trading Symbol)(Name of each exchange on which registered)Common Stock, $0.01 par value per shareWNEBThe NASDAQ Global Select Market 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.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ 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 of1934 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 suchfiling requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer☐Accelerated filer☒Non-accelerated filer☐Smaller reporting company☒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 anynew 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 internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared 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 registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ 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 basedon the closing price as of June 28, 2024 on the NASDAQ Global Select Market (“NASDAQ”) for a share of the registrant’s common stock, whichwas $6.88on June 28, 2024. As of March 3, 2025, the registrant had20,748,498shares 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. TABLE OF CONTENTS ITEMPART IPAGE1Business41ARisk Factors361BUnresolved Staff Comments491CCybersecurity492Properties513Legal Proceedings544Mine Safety Disclosures54 5Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities556[Reserved]577Management’s Discussion and Analysis of Financial Condition and Results of Operations577AQuantitative and Qualitative Disclosures About Market Risk808Financial Statements and Supplementary Data809Changes in and Disagreements with Accountants on Accounting and Financial Disclosure809AControls and Procedures809BOther Information839CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections83PART III 10Directors, Executive Officers and Corporate Governance8311Executive Compensation8312Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters8313Certain Relationships and Related Trans