-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AneIbMa8OKKtc+lIXGMUPIKMA7acCEjTYbkjxnYXHq0TfFNn2su/IoRzA212EeDz PliDKCPXkihUdms8jMn+QQ== 0000910647-04-000365.txt : 20041027 0000910647-04-000365.hdr.sgml : 20041027 20041027171900 ACCESSION NUMBER: 0000910647-04-000365 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041027 DATE AS OF CHANGE: 20041027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTFIELD FINANCIAL INC CENTRAL INDEX KEY: 0001157647 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16767 FILM NUMBER: 041100253 BUSINESS ADDRESS: STREET 1: 141 ELM STREET CITY: WESTFIELD STATE: MA ZIP: 01085 BUSINESS PHONE: 4135681911 8-K 1 wesf-8k5.txt BODY OF FORM 8-K =========================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ______________________________ Date of report (Date of earliest event reported): October 27, 2004 WESTFIELD FINANCIAL, INC. (Exact name of registrant as specified in its charter) Massachusetts 001-16767 73-1627673 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 141 Elm Street, Westfield, Massachusetts 01085 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (413) 568-1911 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition On October 27, 2004, Westfield Financial, Inc. (the "Company") announced its earnings for the third quarter of the 2004 fiscal year. A copy of the press release dated October 27, 2004, describing third quarter earnings is attached as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits (c) The following exhibit is furnished with this Report: Exhibit No. Description - ----------- ----------- 99.1 Press release issued by the Company on October 27, 2004 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WESTFIELD FINANCIAL, INC. By: /s/ Michael J. Janosco, Jr. ------------------------------- Name: Michael J. Janosco, Jr. Title: Vice President, Chief Financial Officer and Treasurer Date: October 27, 2004 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release dated October 27, 2004. EX-99 2 wesf5-99.txt EXHIBIT 99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE For further information contact: Donald A. Williams, President & CEO Michael J. Janosco Jr., CFO 413-568-1911 Westfield Financial, Inc. Reports Results for the Quarter Ended September 30, 2004 Westfield, Massachusetts, October 27, 2004: (AMEX:WFD) Westfield Financial, Inc. (the "Company"), the holding company for Westfield Bank (the "Bank"), reported net income of $1.6 million or $0.16 per basic and diluted share for the quarter ended September 30, 2004, compared to net income of $1.1 million or $0.11 per basic share and $0.10 per diluted share for the same period in 2003. Net interest and dividend income for the three months ended September 30, 2004 was $5.9 million compared with $5.1 million for the three months ended September 30, 2003. Net interest margin for the quarters ended September 30, 2004 and 2003 was 3.14% and 2.64%, respectively. The provision for loan losses for the three months ended September 30, 2004 and 2003 was $200,000 and $150,000, respectively. Noninterest income was $778,000 for the three months ended September 30, 2004 as compared to $710,000 the same period in 2003. Net checking account processing fee income increased $162,000 to $437,000 for the three months ended September 30, 2004 from $275,000 in the same period in 2003. The increase is a result of new products and services provided to Westfield Bank's checking account customers commencing in the second quarter of 2004. Fees received from the third party mortgage company decreased $95,000 to $16,000 for the three months ended September 30, 2004 from $111,000 for the same period in 2003. Higher interest rates resulted in fewer referrals to the third party mortgage company. Fee income from the third party mortgage company in the future may be affected by borrower activity, which generally decreases in a rising interest rate environment. Noninterest expense was $4.3 million for the three months ended September 30, 2004 and also $4.3 million for the same period in 2003. Total assets decreased $1.0 million to $794.2 million at September 30, 2004 from $795.2 million at December 31, 2003. 1 Securities decreased $24.1 million, or 6.6%, to $339.5 million at September 30, 2004 from $363.6 million at December 31, 2003. The decrease in securities was offset by loans increasing $28.8 million to $373.8 million at September 30, 2004 from $345.0 million at December 31, 2003. Commercial real estate and commercial and industrial loans increased $20.1 million or 9.3% to $236.7 million at September 30, 2004 from $216.6 million at December 31, 2003. This is consistent with Westfield Bank's strategic plan, which emphasizes commercial lending. Residential real estate loans increased $18.2 million to $128.7 million at September 30, 2004 from $110.5 million at December 31, 2003. This was primarily the result of the purchase of $34.1 million in adjustable rate mortgages. Indirect auto loans decreased by $8.5 million, or 53.1%, from $16.0 million at December 31, 2003 to $7.5 million at September 30, 2004. Management discontinued its indirect automobile lending program in the fourth quarter of 2003. Total deposits decreased by $21.8 million to $610.6 million at September 30, 2004. Time deposits decreased $26.7 million to $307.5 million at September 30, 2004. Core deposits which include checking, NOW, savings, and money market accounts, increased by $4.9 million to $303.1 million at September 30, 2004. The Bank's strategic plan calls for a lesser reliance on time deposit accounts in order to decrease the Bank's cost of funds. The decrease in deposits was offset by a $25.0 million increase in Federal Home Loan Bank borrowings, which totaled $45.0 million at September 30, 2004. Borrowings increased in order to take advantage of the low interest rate environment. Customer repurchase agreements increased $4.3 million, to $16.4 million at September 30, 2004 from December 31, 2003. Stockholders' equity at September 30, 2004 and December 31, 2003 was $116.7 million and $124.8 million, respectively, which represented 14.7% of total assets as of September 30, 2004 and 15.7% of total assets as of December 31, 2003. The change is primarily attributable to an increase in net income of $4.8 million for the nine months ended September 30, 2004, offset by the repurchase of 546,378 shares of common stock for $11.4 million, and the declaration by the Board of Directors of dividends of $0.05 per share on January 27, 2004 and April 26, 2004, and $0.10 per share on July 27, 2004 which aggregated $1.5 million. Mr. Donald A. Williams, President and Chief Executive Officer of the Company stated, "On October 26, 2004, the Board of Directors declared a $0.10 per share cash dividend to all shareholders of record on November 10, 2004 payable on November 23, 2004". 2 The Bank is headquartered in Westfield, Massachusetts and operates through 10 banking offices in Agawam, East Longmeadow, Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts. The Bank's deposits are insured by the Federal Deposit Insurance Corporation. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements contained in this news release, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future period in any current statements. The Company and the Bank do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 3 WESTFIELD FINANCIAL, INC. and SUBSIDIARIES Selected Consolidated Statement of Operations and Other Data ($ in thousands, except per share data) (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 2004 2003 2004 2003 ---- ---- ---- ---- Interest and dividend income $ 8,577 $ 8,393 $ 25,569 $ 27,058 Interest expense 2,688 3,320 8,123 10,853 ---------- ----------- ---------- ----------- Net interest and dividend income 5,889 5,073 17,446 16,205 Provision for loan losses 200 150 475 500 ---------- ----------- ---------- ----------- Net interest and dividend income after provision for loan losses 5,689 4,923 16,971 15,705 Net gains on sales of securities available for sale - 70 868 183 Other noninterest income 778 710 2,252 1,974 Other noninterest expense 4,286 4,315 13,249 13,422 ---------- ----------- ---------- ----------- Income before income taxes 2,181 1,388 6,842 4,440 Income taxes 627 337 2,048 2,262 ---------- ----------- ---------- ----------- Net income $ 1,554 $ 1,051 $ 4,794 $ 2,178 ========== =========== ========== =========== Basic earnings per share $ 0.16 $ 0.11 $ 0.49 $ 0.22 Average shares outstanding 9,526,346 10,008,874 9,777,166 10,050,423 Diluted earnings per share $ 0.16 $ 0.10 $ 0.48 $ 0.21 Diluted average shares outstanding 9,726,371 10,199,074 9,992,225 10,187,177 Other Data: Return on Average Assets (1) 0.78% 0.51% 0.80% 0.36% Return on Average Equity (1) 5.28% 3.35% 5.25% 2.35% Net Interest Margin 3.14% 2.64% 3.11% 2.84% Three and nine month results have been annualized.
4 WESTFIELD FINANCIAL, INC. and SUBSIDIARIES Selected Consolidated Balance Sheet and Other Data ($ in thousands, except per share data) (Unaudited)
September 30, December 31, 2004 2003 ---- ---- Total assets $794,188 $795,216 Securities held to maturity 249,955 261,610 Securities available for sale 89,571 101,983 Stock in Federal Home Loan Bank of Boston and other stock 4,237 4,237 Loans 378,755 349,622 Allowance for loan losses 4,988 4,642 -------- -------- Net loans 373,767 344,980 Total deposits 610,648 632,431 Customer repurchase agreements 16,439 12,135 Federal Home Loan Bank Advances 45,000 20,000 Stockholders' equity 116,666 124,804 Book value per share 12.31 12.50 Other Data: Nonperforming loans $ 2,451 $ 1,768 Nonperforming loans as a percentage of total assets 0.31% 0.22% Nonperforming loans as a percentage of total loans 0.65% 0.51% Allowance for loan losses as a percentage of nonperforming loans 196% 263% Allowance for loan losses as a percentage of total loans 1.32% 1.33%
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