-----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, AZRuimFRApGnM2ULWVU1zJsIuO/sOJ6lUdT/Nj2VGAMtuLNXqYzy2UtXzokWhJyJ RjDhFEvV066cU406bzBavw== 0000910647-05-000024.txt : 20050127 0000910647-05-000024.hdr.sgml : 20050127 20050127133628 ACCESSION NUMBER: 0000910647-05-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050126 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050127 DATE AS OF CHANGE: 20050127 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: 05553110 BUSINESS ADDRESS: STREET 1: 141 ELM STREET CITY: WESTFIELD STATE: MA ZIP: 01085 BUSINESS PHONE: 4135681911 8-K 1 wesf-8k1.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): January 26, 2005 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 January 26, 2005, Westfield Financial, Inc. (the "Company") announced its earnings for the fourth quarter of the 2004 fiscal year. A copy of the press release dated January 26, 2005, 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 January 26, 2005 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: January 27, 2005 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release dated January 26, 2005. EX-99 2 wesf1-99.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 Year and Quarter Ended December 31, 2004 Westfield, Massachusetts, January 26, 2005: (AMEX:WFD) Westfield Financial, Inc. (the "Company"), the holding company for Westfield Bank (the "Bank"), reported net income for the three months ended December 31, 2004 of $1.5 million or $0.16 per diluted share, versus $1.5 million, or $0.14 per diluted share, for the comparable prior year period. Net income for the year ended December 31, 2004 was $6.3 million, or $0.64 per diluted share, versus $3.7 million, or $0.36 per diluted share, for the prior year. As previously reported, the Company's 2003 results included a charge of $1.45 million representing the additional state tax liability, including interest, relating to the deduction for dividends received from the Bank's real estate investment trust subsidiary for 2002 and prior years. Donald A. Williams, President and Chief Executive Officer, said, "We continue to execute our strategic plan of growing our commercial business relationships. Commercial real estate loans and commercial and industrial loans increased $22.5 million or 10.4% to $239.1 million at December 31, 2004 from $216.6 million at December 31, 2003." Mr. Williams also stated, "The Board of Directors declared a $0.10 cash dividend on January 25, 2005 to all shareholders of record on February 10, 2005 payable on February 24, 2005." Net interest and dividend income for the year and three months ended December 31, 2004 was $23.5 million and $6.1 million, respectively, compared with $21.8 million and $5.6 million for the year and three months ended December 31, 2003. Net interest margin for the year and three months ended December 31, 2004 was 3.13% and 3.20%, respectively, compared with 2.86% and 2.88% for the same periods in 2003. Net gains from sales of securities for the year and three months ended December 31, 2004 were $877,000 and $10,000 respectively. This compares with net gains of $409,000 and $276,000 for the same periods in 2003. This is primarily the result of the Company selling its common stock portfolio in 2004. The provision for loan losses for the year and three months ended December 31, 2004 was $750,000 and $275,000, compared with $750,000 and $250,000 for the same periods in 2003. 1 Noninterest income for the year and three months ended December 31,2004 was $3.0 million and $767,000, respectively, compared to $2.7 million and $640,000 for the year and three months ended December 31, 2003. Net checking account processing fee income was $1.7 million and $421,000 for the year and three months ended December 31, 2004 as compared to $1.0 million and $275,000 for the same periods 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 were $100,000 and $35,000 for the year and three months ended December 30, 2004 as compared to $340,000 and $39,000 for the same periods in 2003. Higher market interest rates resulted in reduced mortgage origination activity and 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 rising interest rate environment. Noninterest expense for the year and three months ended December 31, 2004 was $17.8 million and $4.5 million, respectively, compared to $17.6 million and $4.2 million respectively, for the same periods in 2003. Total assets increased $1.7 million to $796.9 million at December 31, 2004 from $795.2 million at December 31, 2003. Net loans during this period increased by $23.6 million, or 6.8%, to $368.6 million at December 31, 2004 from $345.0 million at December 31, 2003. Securities for the year ended December 31, 2004 decreased $28.7 million, or 7.9%, to $334.9 million at December 31, 2004 from $363.6 million at December 31, 2003. Total deposits decreased $19.8 million from $632.4 million at December 31, 2003 to $612.6 million at December 31, 2004. The decrease in deposits was primarily the result of a decrease of $21.1 million in term deposits, which were $313.1 million at December 31, 2004. The strategic plan calls for a lesser reliance on term deposits. The decrease in deposits was offset by increases in customer repurchase agreements and Federal Home Loan Bank borrowings. Customer repurchase agreements increased $2.5 million from $12.1 million at December 31, 2003 to $14.6 million at December 31, 2004. Federal Home Loan Bank borrowings increased $25.0 million to $45.0 million at December 31, 2004 to take advantage of the current interest rate environment. Stockholders' equity at December 31, 2004 and December 31, 2003 was $118.1 million and $124.8 million, respectively, representing 14.8% and 15.7% of total assets. The change is comprised of net income and $6.3 million for the year ended December 31, 2004, the net repurchase of 567,788 shares of common stock for $12.0 million, and the declaration by the Board of Directors of quarterly dividends aggregating $1.7 million. 2 The Bank is headquartered in Westfield, Massachusetts and operates through 10 banking offices in Agawam, East Longmeadow, Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts. The Bank's deposits are insured by the Federal Deposit Insurance Corporation. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements contained in this news release, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future period in any current statements. The Company and the Bank do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 3 WESTFIELD FINANCIAL, INC. and SUBSIDIARIES Selected Consolidated Balance Sheet and Other Data ($ in thousands, except per share data) (Unaudited)
December 31 December 31 2004 2003 Total assets $796,903 $795,216 Securities held to maturity 246,600 261,610 Securities available for sale 88,284 101,983 Stock in Federal Home Loan Bank of Boston 4,237 4,237 Loans 373,828 349,622 Allowance for loan losses 5,227 4,642 -------- -------- Net loans 368,601 344,980 Total deposits 612,621 632,431 Federal home loan bank advances 45,000 20,000 Stockholders' equity 118,051 124,804 Book value per share 12.43 12.50 Other Data: Nonperforming loans $ 2,171 $ 1,768 Nonperforming loans as a percentage of total assets 0.27% 0.22% Nonperforming loans as a percentage of total loans 0.58% 0.51% Allowance for loan losses as a percent of nonperforming Loans 241% 263% Allowance for loan losses as a percentage of total loans 1.40% 1.33%
4 WESTFIELD FINANCIAL, INC. and SUBSIDIARIES Selected Consolidated Statement of Operations and Other Data ($ in thousands, except per share data) (Unaudited)
Three Months Ended Year Ended December 31, December 31, 2004 2003 2004 2003 ---- ---- ---- ---- Interest and dividend income $ 8,858 $ 8,577 $ 34,428 $ 35,635 Interest expense 2,790 3,006 10,913 13,858 --------- ---------- --------- ---------- Net interest and dividend income 6,068 5,571 23,515 21,777 Provision for loan losses 275 250 750 750 --------- ---------- --------- ---------- Net interest and dividend income after provision for loan losses 5,793 5,321 22,765 21,027 Net gains on sales or writedowns on securities available for sale 10 276 877 409 Noninterest income 767 640 3,019 2,665 Noninterest expense 4,527 4,206 17,776 17,630 --------- ---------- --------- ---------- Income before income taxes 2,043 2,031 8,885 6,471 Income taxes 514 558 2,562 2,820 --------- ---------- --------- ---------- Net income $ 1,529 $ 1,473 $ 6,323 $ 3,651 ========= ========== ========= ========== Basic earnings per share $ 0.16 $ 0.15 $ 0.65 $ 0.36 Average shares outstanding 9,493,478 9,995,794 9,705,856 10,036,653 Diluted earnings per share $ 0.16 $ 0.14 $ 0.64 $ 0.36 Diluted average shares outstanding 9,718,667 10,223,263 9,929,516 10,212,975 Other Data: Return on Average Assets (1) 0.76% 0.72% 0.79% 0.45% Return on Average Equity (1) 5.19% 4.71% 5.24% 2.94% Net Interest Margin 3.20% 2.88% 3.13% 2.86% Three month results have been annualized.
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