Westfield Financial Inc (WFD, Financial) filed Quarterly Report for the period ended 2009-09-30.
Westfield Financial Inc. is the holding company for Westfield Bank. Westfield Financial Inc has a market cap of $253.8 million; its shares were traded at around $8.21 with a P/E ratio of 43.2 and P/S ratio of 4.4. The dividend yield of Westfield Financial Inc stocks is 2.3%. Westfield Financial Inc had an annual average earning growth of 17.8% over the past 5 years.
Net loans decreased by $5.3 million to $466.8 million at September 30, 2009 from $472.1 million at December 31, 2008. The decrease in net loans was primarily the result of a decrease in commercial and industrial loans, partially offset by an increase in commercial real estate loans and residential loans. Commercial and industrial loans decreased $8.8 million to $145.1 million at September 30, 2009 from $153.9 million at December 31, 2008. This was primarily the result of customers decreasing their balances on lines of credit, the charge-off of a single commercial loan relationship for $3.1 million, the majority of which was recorded in the first quarter of 2009, and normal loan payments and payoffs. Commercial real estate loans increased $2.3 million to $226.2 million at September 30, 2009 from $223.9 million at December 31, 2008. Owner occupied commercial real estate loans totaled $99.1 million at September 30, 2009 and $96.3 million at December 31, 2008, while non-owner occupied commercial real estate loans totaled $127.1 million at September 30, 2009 and $127.6 million at December 31, 2008. Residential loans increased $975,000 to $99.3 million.
Nonperforming loans decreased $2.5 million to $6.3 million at September 30, 2009 compared to $8.8 million at December 31, 2008. This represented 1.33 % of total loans at September 30, 2009 and 1.83% of total loans at December 31, 2008. The decrease in nonperforming loans was related to a single commercial manufacturing relationship of $5.5 million. The business was sold in 2009 and resulted in a charge-off of $3.1 million, the majority of which was recorded in the first quarter of 2009.
Asset growth was funded primarily through a $66.2 million increase in deposits and a $45.5 million increase in long-term debt. Total deposits increased $66.2 million to $654.2 million at September 30, 2009 from $588.0 million at December 31, 2008. The increase in deposits was due to an increase in checking accounts and regular savings accounts. Checking accounts increased $31.1 million to $165.7 million at September 30, 2009 from $134.6 million for December 31, 2008. Regular savings accounts increased $25.8 million to $93.9 million at September 30, 2009. The increases in both checking and savings accounts were primarily due to accounts which pay a higher interest rate than comparable products. Time deposit accounts increased $15.3 million to $342.9 million at September 30, 2009.
Stockholders equity at September 30, 2009 and December 31, 2008 was $257.2 million and $259.9 million, respectively, which represented 20.4% of total assets as of September 30, 2009 and 23.4% of total assets as of December 31, 2008. The change in stockholders equity is comprised of the repurchase of 758,889 shares for $6.9 million related to the stock repurchase plan and dividends declared amounting to $8.9 million. This was partially offset by $6.8 million decrease in other comprehensive loss, net income of $3.5 million and share-based compensation expense of $2.4 million.
Net income was $1.2 million, or $0.04 per diluted share, for the quarter ended September 30, 2009 as compared to $2.0 million, or $0.07 per diluted share, for the same period in 2008. Net interest and dividend income was $8.2 million for the three months ended September 30, 2009 and $8.1 million for the same period in 2008.
Read the The complete ReportWFD is in the portfolios of John Keeley of Keeley Fund Management.
Westfield Financial Inc. is the holding company for Westfield Bank. Westfield Financial Inc has a market cap of $253.8 million; its shares were traded at around $8.21 with a P/E ratio of 43.2 and P/S ratio of 4.4. The dividend yield of Westfield Financial Inc stocks is 2.3%. Westfield Financial Inc had an annual average earning growth of 17.8% over the past 5 years.
Highlight of Business Operations:
Total assets increased $152.5 million to $1.3 billion at September 30, 2009. Securities increased $124.0 million to $638.2 million at September 30, 2009 from $514.2 million at December 31, 2008. The increase in securities was the result of reinvesting funds from deposits, short-term borrowings and long-term debt into securities.Net loans decreased by $5.3 million to $466.8 million at September 30, 2009 from $472.1 million at December 31, 2008. The decrease in net loans was primarily the result of a decrease in commercial and industrial loans, partially offset by an increase in commercial real estate loans and residential loans. Commercial and industrial loans decreased $8.8 million to $145.1 million at September 30, 2009 from $153.9 million at December 31, 2008. This was primarily the result of customers decreasing their balances on lines of credit, the charge-off of a single commercial loan relationship for $3.1 million, the majority of which was recorded in the first quarter of 2009, and normal loan payments and payoffs. Commercial real estate loans increased $2.3 million to $226.2 million at September 30, 2009 from $223.9 million at December 31, 2008. Owner occupied commercial real estate loans totaled $99.1 million at September 30, 2009 and $96.3 million at December 31, 2008, while non-owner occupied commercial real estate loans totaled $127.1 million at September 30, 2009 and $127.6 million at December 31, 2008. Residential loans increased $975,000 to $99.3 million.
Nonperforming loans decreased $2.5 million to $6.3 million at September 30, 2009 compared to $8.8 million at December 31, 2008. This represented 1.33 % of total loans at September 30, 2009 and 1.83% of total loans at December 31, 2008. The decrease in nonperforming loans was related to a single commercial manufacturing relationship of $5.5 million. The business was sold in 2009 and resulted in a charge-off of $3.1 million, the majority of which was recorded in the first quarter of 2009.
Asset growth was funded primarily through a $66.2 million increase in deposits and a $45.5 million increase in long-term debt. Total deposits increased $66.2 million to $654.2 million at September 30, 2009 from $588.0 million at December 31, 2008. The increase in deposits was due to an increase in checking accounts and regular savings accounts. Checking accounts increased $31.1 million to $165.7 million at September 30, 2009 from $134.6 million for December 31, 2008. Regular savings accounts increased $25.8 million to $93.9 million at September 30, 2009. The increases in both checking and savings accounts were primarily due to accounts which pay a higher interest rate than comparable products. Time deposit accounts increased $15.3 million to $342.9 million at September 30, 2009.
Stockholders equity at September 30, 2009 and December 31, 2008 was $257.2 million and $259.9 million, respectively, which represented 20.4% of total assets as of September 30, 2009 and 23.4% of total assets as of December 31, 2008. The change in stockholders equity is comprised of the repurchase of 758,889 shares for $6.9 million related to the stock repurchase plan and dividends declared amounting to $8.9 million. This was partially offset by $6.8 million decrease in other comprehensive loss, net income of $3.5 million and share-based compensation expense of $2.4 million.
Net income was $1.2 million, or $0.04 per diluted share, for the quarter ended September 30, 2009 as compared to $2.0 million, or $0.07 per diluted share, for the same period in 2008. Net interest and dividend income was $8.2 million for the three months ended September 30, 2009 and $8.1 million for the same period in 2008.
Read the The complete ReportWFD is in the portfolios of John Keeley of Keeley Fund Management.
