Westfield Financial Inc (WFD, Financial) filed Quarterly Report for the period ended 2010-09-30.
Westfield Financial Inc has a market cap of $248.5 million; its shares were traded at around $8.56 with a P/E ratio of 60.3 and P/S ratio of 4.5. The dividend yield of Westfield Financial Inc stocks is 2.8%. Westfield Financial Inc had an annual average earning growth of 12.6% over the past 10 years.WFD is in the portfolios of John Keeley of Keeley Fund Management.
Net loans increased by $9.3 million to $478.4 million at September 30, 2010 from $469.1 million at December 31, 2009. The increase in net loans was primarily the result of increases in residential real estate loans and home equity loans, which were partially offset by decreases in commercial real estate and commercial and industrial loans. Residential real estate loans increased $22.6 million to $86.9 million while home equity loans increased $1.5 million to $36.3 million at September 30, 2010. We have begun to buy back more residential loans from a third-party mortgage company as a means of diversifying our loan portfolio.
Commercial real estate loans decreased $10.2 million to $218.9 million at September 30, 2010 from $229.1 million at December 31, 2009. In addition to normal loan payments and payoffs, the decrease in commercial real estate loans from December 31, 2009 included the full charge-off of $7.2 million related to one commercial real estate loan. During the second quarter of 2010, the initial $3.6 million of the loan was charged-off and the final $3.6 million was charged-off in the third quarter of 2010. The loan, a leasehold mortgage, was related to a retail building which lost its tenant, a national chain store, due to bankruptcy. We have minimal exposure to commercial real estate loans which involve similar leasehold mortgages. We are currently in the process of initiating a recovery action against the borrower. Owner occupied commercial real estate loans totaled $103.7 million at September 30, 2010 and $99.3 million at December 31, 2009, while non-owner occupied commercial real estate loans totaled $115.2 million at September 30, 2010 and $129.7 million at December 31, 2009.
Asset growth was funded primarily through a $45.3 million increase in deposits to $693.3 million at September 30, 2010, from $648.0 million at December 31, 2009. The increase in deposits was due to an increase in regular savings accounts, checking accounts and time deposit accounts. Regular savings accounts increased $17.1 million to $121.8 million at September 30, 2010, from $104.7 million at December 31, 2009. The increase in savings accounts was primarily due to an account product that is part of a relationship-based product. Checking accounts increased $16.6 million to $167.1 million at September 30, 2010, from $150.5 million at December 31, 2009. The increase in checking accounts was primarily concentrated in an account that pays a higher rate than comparable products. Time deposit accounts increased $16.3 million, from $342.6 million at December 31, 2009. These increases were partially offset by a decrease in money market accounts of $4.8 million at September 30, 2010.
Short-term borrowings decreased $9.1 million to $65.4 million at September 30, 2010 from $74.5 million at December 31, 2009. Short-term borrowings are made up of FHLB advances with an original maturity of less than one year as well as customer repurchase agreements, which have an original maturity of one day. Short-term borrowings issued by the FHLB were $53.0 million and $58.0 million at September 30, 2010 and December 31, 2009, respectively. Customer repurchase agreements decreased $4.1 million to $12.4 million at September 30, 2010 from $16.5 million at December 31, 2009. A customer repurchase agreement is an agreement by us to sell to and repurchase from the customer an interest in specific securities issued by or guaranteed by the United States government or government-sponsored enterprises. This transaction settles immediately on a same day basis in immediately available funds. Interest paid is commensurate with other products of equal interest and credit risk. At September 30, 2010 and December 31, 2009, all of our customer repurchase agreements were held by commercial customers.
Long-term debt increased $25.0 million to $238.8 million from $213.8 million at December 31, 2009. Long-term debt consists of FHLB advances, securities sold under repurchase agreements and customer repurchase agreements with an original maturity of one year or more. Long-term debt issued by the FHLB was $152.3 million at September 30, 2010 and $127.5 million at December 31, 2009. Securities sold under repurchase agreements remained unchanged at $81.3 million while customer repurchase agreements were $5.2 million and $5.0 million at September 30, 2010 and December 31, 2009, respectively.
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Westfield Financial Inc has a market cap of $248.5 million; its shares were traded at around $8.56 with a P/E ratio of 60.3 and P/S ratio of 4.5. The dividend yield of Westfield Financial Inc stocks is 2.8%. Westfield Financial Inc had an annual average earning growth of 12.6% over the past 10 years.WFD is in the portfolios of John Keeley of Keeley Fund Management.
Highlight of Business Operations:
Total assets increased $61.8 million to $1.3 billion at September 30, 2010. In August 2010, we transferred all held-to-maturity investments to the available-for-sale category. Management determined that it no longer had the positive intent to hold its securities classified as held-to-maturity for an indefinite period of time because of management s desire to have more flexibility in managing the investment portfolio. The securities transferred had a total amortized cost of $287.1 million and a fair value of $299.7 million. The net unrealized gain of $12.6 million was recorded as other comprehensive income at the time of transfer. Securities increased $61.9 million to $686.4 million at September 30, 2010 from $624.5 million at December 31, 2009. The increase in securities was the result of reinvesting funds from deposits, short-term borrowings, long-term debt and pay downs of loans into securities.Net loans increased by $9.3 million to $478.4 million at September 30, 2010 from $469.1 million at December 31, 2009. The increase in net loans was primarily the result of increases in residential real estate loans and home equity loans, which were partially offset by decreases in commercial real estate and commercial and industrial loans. Residential real estate loans increased $22.6 million to $86.9 million while home equity loans increased $1.5 million to $36.3 million at September 30, 2010. We have begun to buy back more residential loans from a third-party mortgage company as a means of diversifying our loan portfolio.
Commercial real estate loans decreased $10.2 million to $218.9 million at September 30, 2010 from $229.1 million at December 31, 2009. In addition to normal loan payments and payoffs, the decrease in commercial real estate loans from December 31, 2009 included the full charge-off of $7.2 million related to one commercial real estate loan. During the second quarter of 2010, the initial $3.6 million of the loan was charged-off and the final $3.6 million was charged-off in the third quarter of 2010. The loan, a leasehold mortgage, was related to a retail building which lost its tenant, a national chain store, due to bankruptcy. We have minimal exposure to commercial real estate loans which involve similar leasehold mortgages. We are currently in the process of initiating a recovery action against the borrower. Owner occupied commercial real estate loans totaled $103.7 million at September 30, 2010 and $99.3 million at December 31, 2009, while non-owner occupied commercial real estate loans totaled $115.2 million at September 30, 2010 and $129.7 million at December 31, 2009.
Asset growth was funded primarily through a $45.3 million increase in deposits to $693.3 million at September 30, 2010, from $648.0 million at December 31, 2009. The increase in deposits was due to an increase in regular savings accounts, checking accounts and time deposit accounts. Regular savings accounts increased $17.1 million to $121.8 million at September 30, 2010, from $104.7 million at December 31, 2009. The increase in savings accounts was primarily due to an account product that is part of a relationship-based product. Checking accounts increased $16.6 million to $167.1 million at September 30, 2010, from $150.5 million at December 31, 2009. The increase in checking accounts was primarily concentrated in an account that pays a higher rate than comparable products. Time deposit accounts increased $16.3 million, from $342.6 million at December 31, 2009. These increases were partially offset by a decrease in money market accounts of $4.8 million at September 30, 2010.
Short-term borrowings decreased $9.1 million to $65.4 million at September 30, 2010 from $74.5 million at December 31, 2009. Short-term borrowings are made up of FHLB advances with an original maturity of less than one year as well as customer repurchase agreements, which have an original maturity of one day. Short-term borrowings issued by the FHLB were $53.0 million and $58.0 million at September 30, 2010 and December 31, 2009, respectively. Customer repurchase agreements decreased $4.1 million to $12.4 million at September 30, 2010 from $16.5 million at December 31, 2009. A customer repurchase agreement is an agreement by us to sell to and repurchase from the customer an interest in specific securities issued by or guaranteed by the United States government or government-sponsored enterprises. This transaction settles immediately on a same day basis in immediately available funds. Interest paid is commensurate with other products of equal interest and credit risk. At September 30, 2010 and December 31, 2009, all of our customer repurchase agreements were held by commercial customers.
Long-term debt increased $25.0 million to $238.8 million from $213.8 million at December 31, 2009. Long-term debt consists of FHLB advances, securities sold under repurchase agreements and customer repurchase agreements with an original maturity of one year or more. Long-term debt issued by the FHLB was $152.3 million at September 30, 2010 and $127.5 million at December 31, 2009. Securities sold under repurchase agreements remained unchanged at $81.3 million while customer repurchase agreements were $5.2 million and $5.0 million at September 30, 2010 and December 31, 2009, respectively.
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