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Westfield Financial Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 8, 2011 11:26AM

Westfield Financial Inc (WFD) filed Quarterly Report for the period ended 2011-09-30. Westfield Financial Inc. New has a market cap of $194.7 million; its shares were traded at around $6.99 with a P/E ratio of 31.8 and P/S ratio of 3.6. The dividend yield of Westfield Financial Inc. New stocks is 3.4%. Westfield Financial Inc. New had an annual average earning growth of 9% over the past 10 years.



Highlight of Business Operations:

The following tables set forth the information relating to our average balance and net interest income for the three months ended September 30, 2011 and 2010, and reflect the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated. Yields and costs are derived by dividing interest income by the average balance of interest-earning assets and interest expense by the average balance of interest-bearing liabilities for the periods shown. The interest rate spread is the difference between the total average yield on interest-earning assets and the cost of interest-bearing liabilities. Net interest margin represents tax-equivalent net interest and dividend income as a percentage of average interest-earning assets. Average balances are derived from actual daily balances over the periods indicated. Interest income includes fees earned from making changes in loan rates and terms and fees earned when the real estate loans are prepaid or refinanced. For analytical purposes, the interest earned on tax-exempt assets is adjusted to a tax-equivalent basis to recognize the income tax savings which facilities comparison between taxable and tax-exempt assets.

The average yield on interest-earning assets decreased 18 basis points to 3.87% for the three months ended September 30, 2011, from 4.05% for the same period in 2010. The average yield on interest-earning assets decreased due to cash flows from their pay downs being subsequently reinvested in products having a lower yield, which is reflective of the current market rate environment. The decrease in average yield was partially mitigated by increases in the average balances of loans, which increased $57.3 million for the three months ended September 30, 2011.

Noninterest income decreased $2.5 million to $943,000 for the three months ended September 30, 2011, compared to $3.4 million for the same period in 2010. This was primarily due to a decrease in net gains on the sales of securities. Net gains on the sales of securities were $131,000 for the three months ended September 30, 2011, compared to net gains of $2.6 million for the same period in 2010.

The average yield on interest-earning assets decreased 26 basis points to 3.94% for the nine months ended September 30, 2011, from 4.20% for the same period in 2010. The average yield on interest-earning assets decreased due to cash flows from their pay downs being subsequently reinvested in products having a lower yield, which is reflective of the current market rate environment. The decrease in average yield was partially mitigated by increases in the average balances of loans, which increased $55.5 million for the nine months ended September 30, 2011.

Noninterest income decreased $3.7 million to $2.7 million for the nine months ended September 30, 2011, from $6.4 million for the same period in 2010. This was primarily due to a decrease in net gains on the sales of securities. Net gains on the sales of securities were $208,000 for the nine months ended September 30, 2011, compared to net gains of $3.9 million for the same period in 2010.

Read the The complete Report



Stocks Discussed: WFD,
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