Westfield Financial Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Regular Cash Dividend, Payable on February 22, 2012
January 25, 2012 at 04:16 pm
Share
Westfield Financial Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income of $1.5 million, or $0.06 per basic and diluted share compared to $1.3 million or $0.05 per basic and diluted share, for the same period in 2010. Net interest and dividend income was increased $626,000 to $7.5 million compared to $6.9 million for the same period in 2010. Income before income taxes was $1.6 million compared to $1.2 million a year ago. Return on average assets was 0.48% compared to 0.42% a year ago. Return on average equity was 2.71% compared to 2.31% a year ago. Total interest and dividend income was $10.9 million compared to $11.0 million for the last year.
For the year ended December 31, 2011, net income was $5.9 million, or $0.22 per basic and diluted share, compared to $3.0 million, or $0.11 per basic and diluted share, for the same period in 2010. Net interest and dividend income increased $1.1 million to $30.5 million, compared to $29.4 million for the same period in 2010. Income before income taxes was $7.2 million compared to $3.0 million a year ago. Return on average assets was 0.47% compared to 0.25% a year ago. Return on average equity was 2.65% compared to 1.25% a year ago. Book value per share as at December 31, 2011 was $8.14 compared to $7.85 a year ago. Total interest and dividend income was $45.0 million compared to $46.1 million for the last year. Net interest income was favorably impacted by an increase in loans, which generally have higher yields than investments, along with a decrease in the cost of funds due to the lower interest rate environment.
The board of directors of the company has declared a regular cash dividend of $0.06 per share payable on February 22, 2012 to all shareholders of record on February 8, 2012.
Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company. The Company is the parent company of Westfield Bank (the Bank), CSB Colts, Inc. (CSB Colts), Elm Street Securities Corporation (Elm), WFD Securities, Inc. (WFD) and WB Real Estate Holdings, LLC (WB). 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. 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. CSB Colts, Elm, and WFD are engaged in holding qualified securities. WB is engaged in holding other real estate owned (OREO). The Bank operates about 25 banking offices in Agawam, Chicopee, Feeding Hills, East Longmeadow, Holyoke, Huntington, Ludlow, South Hadley, Southwick, Springfield, Ware, and others.
Westfield Financial Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Regular Cash Dividend, Payable on February 22, 2012