The board of Westfield, Mass.-based Western New England Bancorp on Jan. 31 authorized a stock repurchase plan of up to 3,047,000 shares, or 10% of its outstanding common stock.

The company reported net income of $1.9 million, or 7 cents per share, for the fourth quarter of 2016, compared to net income of $1.4 million, or 8 cents per share, for the fourth quarter of 2015.