Western New England Bancorp Inc 2024年度报告

FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the fiscal year ended December 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 ororganization)(I.R.S. Employer Identification No.) 141 Elm Street, Westfield, Massachusetts 01085(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 whichregistered)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 SecuritiesAct.Yes☐No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of theAct.Yes☐No☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☐No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period thatthe 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, 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 ExchangeAct. (Check one): Large accelerated filer☐Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment ofthe effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15U.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 financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod 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 based on the closing price as of June 28, 2024 on the NASDAQ Global SelectMarket (“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 andoutstanding. DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Proxy Statement for the 2025 Annual Meeting of Shareholders are incorporated by reference intoPart III of this report. TABLE OF CONTENTS 1Business41ARisk Factors361BUnresolved Staff Comments491CCybersecurity492Properties513Legal Proceedings544Mine Safety Disclosures54 PART II 5Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases ofEquity 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 ShareholderMatters8313Certain Relationships and Related Transactions