Westfield Financial Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Declares Quarterly Cash Dividend Payable on February 20, 2013
January 30, 2013 at 09:27 pm IST
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Westfield Financial Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net income of $1,554,000 or $0.07 diluted earnings per share against net income of $1,529,000 or $0.06 diluted earnings per share a year ago. Income before income taxes was $2,202,000 against $1,631,000 a year ago. Return on average assets was 0.47% and return on average equity was 3.09% against return on average assets of 0.48% and return on average equity of 2.71% a year ago. Net interest and dividend income was $7,594,000 against $7,544,000 a year ago.
For the year, the company reported net income of $6,254,000 or $0.26 diluted earnings per share against net income of $5,874,000 or $0.22 diluted earnings per share a year ago. Income before income taxes was $8,510,000 against $7,180,000 a year ago. Return on average assets was 0.48% and return on average equity was 2.97% against return on average assets of 0.47% and return on average equity of 2.65% a year ago. Net interest and dividend income was $30,441,000 against $30,538,000 a year ago.
On January 29, 2013, the Board of Directors approved the declaration of a regular cash dividend of $0.06 per share payable on February 20, 2013, to all shareholders of record on February 6, 2013.
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 Year Ended December 31, 2012; Declares Quarterly Cash Dividend Payable on February 20, 2013