Westfield Financial Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 29, 2014 at 12:53 pm
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Westfield Financial Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest and dividend income of $10.089 million compared to $10.626 million a year ago. Net interest and dividend income was $7.607 million compared to $7.594 million a year ago. Income before income taxes was $2.342 million compared to $2.202 million a year ago. Net income was $1.809 million or $0.09 per diluted share compared to $1.554 million or $0.07 per diluted share a year ago. Return on average assets was 0.57% compared to 0.47% a year ago. Return on average equity was 4.61% compared to 3.09% a year ago.
For the year, the company reported total interest and dividend income of $41.031 million compared to $43.104 million a year ago. Net interest and dividend income was $30.741 million compared to $30.441 million a year ago. Income before income taxes was $8.627 million compared to $8.510 million a year ago. Net income was $6.756 million or $0.34 per diluted share compared to $6.254 million or $0.26 per diluted share a year ago. Return on average assets was 0.53% compared to 0.48% a year ago. Return on average equity was 4.04% compared to 2.97% a year ago. Book value per share was $7.65 compared to $8.28 per share 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.