1. WNEB is like Bank of America for Western Massachusetts and Connecticut.

2. WNEB is like JPMorgan Chase for local communities in Western Massachusetts and Connecticut.

• Deposit Accounts: Offers a variety of options for individuals and businesses to save and manage funds, including checking, savings, money market, and certificates of deposit.
• Real Estate Loans: Provides financing for residential, commercial, and construction property purchases and development.
• Commercial & Industrial (C&I) Loans: Funds business operations, working capital, equipment financing, and other corporate needs.
• Consumer & Home Equity Loans: Offers personal financing options for individuals, often secured by home equity.
• Digital Banking Services: Provides convenient access to accounts and transactions through online and telephone platforms, including remote deposit capture.
• Cash Management & Ancillary Services: Assists businesses with managing their cash flow and offers secure deposit options, ATMs, and safe deposit facilities.

Western New England Bancorp (WNEB), as a bank, serves a broad base of customers rather than having a few "major customers" in the traditional sense. Its customers are primarily depositors and borrowers across various segments. Based on the company description, the major categories of customers it serves are:

• Individuals: This category includes consumers who utilize retail banking products such as checking, savings, money market, individual retirement accounts, time deposits, certificates of deposit, as well as residential real estate, home equity, and other consumer loans.
• Businesses: This category encompasses commercial entities that use business savings, money market, time deposits, certificates of deposit, commercial real estate, commercial construction, working capital, equipment financing, term loans, and commercial and industrial loans, including revolving lines of credit. Businesses also utilize services like remote deposit capture and cash management.
• Municipalities: The company explicitly offers municipal savings accounts, indicating that local government entities are a distinct customer segment for deposit services.

James C. Hagan, Director, President and Chief Executive Officer
Mr. Hagan has served as a director of Western New England Bancorp since 2009, its Chief Executive Officer since December 31, 2008, and its President since June 2005. Previously, he was the Chief Operating Officer from June 2005 until December 2008. Prior to that, he held the positions of Senior Vice President and Commercial Loan Department Manager starting in 1998, and Vice President from 1994. Before 1994, Mr. Hagan gained experience as a commercial lender and manager at other New England-based banking institutions. He currently serves on the boards of Sullivan Paper Company, the Chicopee Savings Bank Charitable Foundation, Stanley Park of Westfield, Inc., and the Western MA Baseball Hall of Fame.

Guida R. Sajdak, Executive Vice President, Chief Financial Officer and Treasurer
Ms. Sajdak was appointed Chief Financial Officer and Treasurer in April 2017 and Executive Vice President in October 2016. She previously served as the Chief Risk Officer from October 2016 to April 2017. Prior to October 2016, Ms. Sajdak was the Senior Vice President, Chief Financial Officer, and Treasurer of legacy Chicopee Bancorp, Inc. and legacy Chicopee Savings Bank, holding these roles since 2010. Her tenure at Chicopee Savings Bank began in 1989, where she held various capacities, including Internal Auditor and Commercial Lender. She also serves as the Chairperson and President of the Chicopee Savings Bank Charitable Foundation.

Allen J. Miles, III, Executive Vice President and Chief Lending Officer
Mr. Miles was appointed Executive Vice President in December 2008 and serves as the Bank's Senior Lender. Before this, he was Senior Vice President and Senior Lender of the Company and the Bank from August 2005. From 1998 to 2005, he served as Vice President and Commercial Loan Officer.

Kevin C. O'Connor, Executive Vice President and Chief Operating Officer
Mr. O'Connor holds the position of Executive Vice President and Chief Operating Officer.

Darlene M. Libiszewski, Senior Vice President and Chief Information Officer
Ms. Libiszewski serves as the Senior Vice President and Chief Information Officer for the company.

The key risks to Western New England Bancorp (WNEB) include the unpredictable nature of economic and regulatory landscapes, significant liquidity risk due to reliance on certain deposit types, and a concentration in commercial real estate loans.

1. Economic Conditions, Financial Markets, and Regulatory Policies: Western New England Bancorp's business and operational results are susceptible to adverse effects from unpredictable shifts in general economic and political conditions, financial markets, and fiscal, monetary, and regulatory policies, including any potential stress within the banking industry. This includes the potential impact of inflation and governmental responses, such as future interest rate increases that could reduce the bank's margins.
2. Liquidity Risk from Brokered and Reciprocal Deposits: The company faces notable liquidity risk due to its reliance on brokered and reciprocal deposits. While reciprocal deposits are not classified as brokered deposits under recent reforms, heavy dependence on these sources could still affect the company's liquidity and operational outcomes, particularly in a stressed financial environment. This dependency also carries the potential for increased cost of funds and regulatory scrutiny.
3. Concentration in Commercial Real Estate Loans: A significant portion of Western New England Bancorp's loan portfolio is concentrated in commercial real estate, accounting for 50.4% of total loans as of December 31, 2025. While the bank states it manages its loan portfolio to mitigate concentration risks and has implemented enhanced loan monitoring and stress testing, this concentration represents a specific credit risk exposure.

The increasing competition from digital-only banks and financial technology (fintech) companies that offer more agile, technologically advanced, and often lower-cost banking solutions, threatening traditional regional banks' customer base and market share.

Western New England Bancorp (WNEB) primarily offers commercial and retail banking products and services to individuals and businesses in Western Massachusetts and Northern Connecticut. The addressable markets for its main products and services can be approximated by the total banking market sizes in these regions.

• The total deposits for banks in the Springfield Metropolitan Statistical Area (MSA), which encompasses part of Western Massachusetts where WNEB operates, amounted to approximately $14.6 billion as of June 30, 2021.
• The projected market size for the commercial banking industry in Connecticut is $14.7 billion in 2026. Western New England Bancorp operates in the Capital Region of Connecticut.

Western New England Bancorp (WNEB) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Sustained Loan Growth: The company has demonstrated a consistent increase in its total loans, notably a 5.5% year-over-year increase by the end of 2025, primarily driven by residential real estate and commercial lending. This expansion in the loan portfolio is a significant contributor to net interest income.
2. Growth in Core Deposits: Western New England Bancorp has seen a healthy rise in core deposits, with a 7.2% increase by December 31, 2025. This growth, alongside a favorable shift in the deposit mix towards core deposits, is crucial for managing funding costs and supporting net interest margin expansion.
3. Net Interest Margin Expansion: The bank has successfully expanded its net interest margin for six consecutive quarters, reaching 2.91% in the fourth quarter of 2025. This expansion in net interest margin, fueled by higher yields and effective management of funding costs, directly enhances net interest income, a primary revenue driver.
4. Strategic Investments in Technology and Digital Capabilities: Ongoing investments in systems and digital offerings are aimed at deepening retail deposit relationships and increasing household engagement. These technological enhancements are expected to improve customer experience and attract new clients, thereby contributing to revenue growth.
5. Improved Operational Efficiency: The company has shown improvements in its efficiency ratio through revenue gains, despite an increase in non-interest expenses. Continued focus on operational efficiency and prudent cost management will support profitability and indirectly contribute to revenue growth by optimizing resource allocation and enhancing the overall financial health of the bank.

Share Repurchases

• Western New England Bancorp completed its 2022 stock repurchase program, buying back shares at an average price of $7.34.
• The company completed its 2024 Repurchase Plan on May 30, 2025, repurchasing 1.0 million shares at an average price of $8.79 per share. This plan was authorized on May 21, 2024, to repurchase up to 1.0 million shares, representing approximately 4.6% of its outstanding common stock.
• A new 2025 Repurchase Plan was authorized on April 22, 2025, allowing for the repurchase of an additional 1.0 million shares, or approximately 4.8% of the outstanding shares. As of June 30, 2025, the company had repurchased 497,318 shares under this plan at an average price of $9.31 per share. In 2025, a total of 599,853 shares were repurchased at an average price of $9.73 per share.

Share Issuance

• In 2025, 22,503 forfeited equity incentive plan shares were reissued.
• A director was granted 1,603 shares of common stock under the Amended & Restated 2021 Omnibus Plan, with an approximate fair market value of $20,000, set to vest on December 31, 2026.
• Western New England Bancorp offers a Direct Stock Purchase and Dividend Reinvestment Plan, which allows for direct stock purchase and dividend reinvestment options for both current shareholders and new investors.