-----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, S/aHMzrsx1HeR9/5YeocD/ohSkBb3RLWhFazVnaZZ5rJ4bY9H678G5CLZqn4zTdI BseF8VfpnU88FPzG8BxhFg== 0000910647-05-000136.txt : 20050427 0000910647-05-000136.hdr.sgml : 20050427 20050427163345 ACCESSION NUMBER: 0000910647-05-000136 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050427 DATE AS OF CHANGE: 20050427 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: 05776803 BUSINESS ADDRESS: STREET 1: 141 ELM STREET CITY: WESTFIELD STATE: MA ZIP: 01085 BUSINESS PHONE: 4135681911 8-K 1 wesf-8k2.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): April 27, 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 April 27, 2005, Westfield Financial, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2005 and the approval by the Company's Board of Directors of a regular cash dividend of $0.10 per share and a special cash dividend of $0.20 per share, each payable on May 26, 2005 to shareholders of record on May 12, 2005. A copy of the press release is attached as Exhibit No. 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 April 27, 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: April 27, 2005 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release dated April 27, 2005. EX-99 2 wesf2-99.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. Declares Special Dividend and Reports Results for the Quarter Ended March 31, 2005 Westfield, Massachusetts, April 27, 2005: (AMEX:WFD) Westfield Financial, Inc. (the "Company"), the holding company for Westfield Bank (the "Bank"), reported net income for the three months ended March 31, 2005 of $1.5 million or $0.16 per diluted share, versus $1.6 million, or $0.16 per diluted share, for the comparable prior year period. The 2004 results included net gains from the sale of securities of $479,000 for the three months ended March 31, 2004. This was primarily the result of the Company selling its common stock portfolio in 2004. There were no net gains from sales of securities for the three months ended March 31, 2005. 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 $10.0 million, or 4.2%, to $249.1 million at March 31, 2005 from $239.1 million at December 31, 2004." Mr. Williams also stated, "On April 26, 2005 the Board of Directors declared a regular cash dividend of $0.10 per share and for the first time, a special cash dividend of $0.20 per share to all shareholders of record on May 12, 2005 payable on May 26, 2005." Net interest and dividend income was $5.9 million for the three months ended March 31, 2005 and also the three months ended March 31, 2004. Net interest margin for the three months ended March 31, 2005 was 3.21% compared with 3.14% for the same period in 2004. The provision for loan losses for the three months ended March 31, 2005 was $140,000 compared with $150,000 for the same period in 2004. Noninterest income for the three months ended March 31, 2005 was $748,000, compared to $586,000 for the three months ended March 31, 2004. Net checking account processing fee income was $390,000 for the three months ended March 31, 2005 as compared to $284,000 for the same period in 2004. 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. 1 Noninterest expense for the three months ended March 31, 2005 was $4.6 million compared to $4.5 million for the same period in 2004. Total assets increased $2.8 million to $799.7 million at March 31, 2005 from $796.9 million at December 31, 2004. Net loans during this period increased by $3.5 million to $372.1 million at March 31, 2005 from $368.6 million at December 31, 2004. Securities increased $3.7 million to $338.6 million at March 31, 2005 from $334.9 million at December 31, 2004. Total deposits increased $3.2 million from $612.6 million at December 31, 2004 to $615.8 million at March 31, 2005. The increase in deposits was primarily the result of an increase of $4.2 million in term deposits, which were $317.3 million at March 31, 2005. Customer repurchase agreements decreased $1.3 million from $14.6 million at December 31, 2004 to $13.3 million at March 31, 2005. Federal Home Loan Bank borrowings were $45.0 million at both March 31, 2005 and December 31, 2004. Stockholders' equity at March 31, 2005 and December 31, 2004 was $118.8 million and $118.1 million, respectively, representing 14.9% and 14.8% of total assets, respectively. The change is comprised of net income of $1.5 million for the three months ended March 31, 2005, an increase in net unrealized losses on securities available for sale of $532,000, net of taxes, and the declaration by the Board of Directors of a quarterly dividend amounting to $401,000. The Company's annual meeting of shareholders will be held on Friday, May 20, 2005 at 10:00 a.m., at the Tekoa Country Club located at 459 Russell Road, Westfield, Massachusetts 01085. At the meeting, shareholders of record on March 25, 2005, will be asked to consider and vote upon the election of four directors and any other matters as may properly come before the meeting, or any adjournments thereof. The Bank is headquartered in Westfield, Massachusetts and operates through 10 banking offices in Agawam, East Longmeadow, Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts. The Bank's deposits are insured by the Federal Deposit Insurance Corporation. 2 The Company wishes to caution readers not to place undue reliance on any such forward-looking statements contained in this news release, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future period in any current statements. The Company and the Bank do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 3 WESTFIELD FINANCIAL, INC. and SUBSIDIARIES Selected Consolidated Statement of Operations and Other Data ($ in thousands, except per share data) (Unaudited)
Three Months Ended March 31, 2005 2004 ---- ---- Interest and dividend income $ 8,878 $ 8,620 Interest expense 2,963 2,751 ---------- ----------- Net interest and dividend income 5,915 5,869 Provision for loan losses 140 150 ---------- ----------- Interest and dividend income after provision for loan losses 5,775 5,719 Net gains on sales on securities available for sale 0 479 Noninterest income 748 586 Noninterest expense 4,582 4,483 ---------- ----------- Income before income taxes 1,941 2,301 Income taxes 430 694 ---------- ----------- Net income $ 1,511 $ 1,607 ========== =========== Basic earnings per share $ 0.16 $ 0.16 Average shares outstanding 9,499,055 9,976,758 Diluted earnings per share $ 0.16 $ 0.16 Diluted average shares outstanding 9,712,330 10,209,196 Other Data: Return on Average Assets (1) 0.77% 0.81% Return on Average Equity (1) 5.17% 5.15% Net Interest Margin 3.21% 3.14% Three 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)
March 31 December 31 2005 2004 Total assets $799,687 $796,903 Securities held to maturity 239,982 246,600 Securities available for sale 98,613 88,284 Stock in Federal Home Loan Bank of Boston 4,237 4,237 Loans 377,402 373,828 Allowance for loan losses 5,289 5,227 -------- -------- Net loans 372,113 368,601 Total deposits 615,843 612,621 Federal home loan bank advances 45,000 45,000 Stockholders' equity 118,767 118,051 Book value per share 12.50 12.43 Other Data: Nonperforming loans $ 2,204 $ 2,171 Nonperforming loans as a percentage of total assets 0.28% 0.27% Nonperforming loans as a percentage of total loans 0.58% 0.58% Allowance for loan losses as a percent of nonperforming loans 240% 241% Allowance for loan losses as a percentage of total loans 1.40% 1.40%
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