Westfield Financial Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 27, 2016 at 09:55 am
Share
Westfield Financial Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net interest and dividend income of $8.153 million against $7.878 million a year ago. Income before income taxes was $1.930 million compared with $2.184 million a year ago. Net income was $1.401 million, or $0.08 per basic and diluted share compared to $1.661 million or $0.09 per basic and diluted share a year ago. Return on average assets was 0.41% compared with 0.50% a year ago. Return on average equity was 3.99% compared with 4.57% a year ago.
For the year, net interest and dividend income of $31.682 million compared to $31.068 million a year ago. Income before income taxes was $7.839 million compared with $8.044 million a year ago. Net income was $5.715 million, or $0.33 per basic and diluted share compared to $6.162 million or $0.34 per basic and diluted share a year ago. Return on average assets was 0.42% compared with 0.48% a year ago. Return on average equity was 4.10% compared with 4.18% a year ago. Book value per share at December 31, 2015, was $7.63 against $7.61 at December 31, 2014.
For the quarter, the company recorded charge-offs of $65,000 compared with $35,000 a year ago.
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, 2015; Reports Charge-Offs for the Fourth Quarter Ended December 31, 2015