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WESTFIELD, Mass., Jan. 29, 2014 /PRNewswire/ -- Westfield Financial, Inc. (WFD) (the "Company") (NasdaqGS:WFD), the holding company for Westfield Bank (the "Bank"), reported net income of $1.8 million, or $0.09 per diluted share, for the quarter ended December 31, 2013, compared to $1.6 million, or $0.07 per diluted share, for the quarter ended December 31, 2012, which represents a 16.4% increase in net income over the fourth quarter 2012.

(Logo:  http://photos.prnewswire.com/prnh/20131023/NE02815LOGO)

For the year ended December 31, 2013, net income was $6.8 million, or $0.34 per diluted share, compared to $6.3 million, or $0.26 per diluted share, for the same period in 2012, which represents an 8.0% increase in net income over the same period in 2012.

Selected financial highlights for the fourth quarter and year ended 2013 include:

  • Total loans increased $42.5 million, or 7.1%, at December 31, 2013 compared to December 31, 2012.   This was primarily due to increases in commercial real estate loans of $18.7 million, commercial and industrial loans of $9.5 million, and residential loans of $14.4 million.  On a sequential-quarter basis, total loans increased $17.2 million, or 2.8%, to $637.4 million for the fourth quarter 2013.  This was primarily due to increases in commercial and industrial loans of $9.2 million and commercial real estate loans of $7.1 million.
  • Net interest and dividend income increased $300,000 to $30.7 million for the year ended December 31, 2013, as compared to $30.4 million for the same period in 2012.  On a sequential-quarter basis, net interest and dividend income decreased $221,000 to $7.6 million for the quarter ended December 31, 2013, as compared to $7.8 million for the quarter ended September 30, 2013.  The decrease in the fourth quarter 2013 was primarily the result of a decrease in interest-earning assets.   In executing our strategy to improve the balance sheet mix, a timing difference occurred between decreasing the securities portfolio in the third quarter 2013 and growing commercial loans, which primarily occurred at the end of the fourth quarter 2013.  As a result, the average balance of loans was $619.2 million for the fourth quarter 2013, yet the ending balance was $637.4 million at December 31, 2013.      
  • The net interest margin for the quarter ended December 31, 2013 increased 10 basis points to 2.57%, as compared to 2.47% for the fourth quarter of 2012. On a sequential-quarter basis, the net interest margin decreased 5 basis points to 2.57% for the quarter ended December 31, 2013, as compared to 2.62% for the quarter ended September 30, 2013 primarily as a result of lower average interest-earning assets as described above.
  • Noninterest expense decreased $581,000 to $26.6 million for the year ended December 31, 2013, compared to $27.2 million for the same period in 2012.  On a sequential-quarter basis, noninterest expense decreased $363,000 to $6.5 million for the quarter ended December 31, 2013, as compared to $6.9 million for the quarter ended September 30, 2013. 

President and CEO, James C. Hagan, stated, "I am pleased with our performance for both the quarter and the year ended 2013.  This demonstrates our on-going commitment to prudently managing our noninterest expense and accentuates our strategy to grow commercial loans organically in our existing footprint.  As previously announced, we also hired a seasoned commercial lender in the fourth quarter, which will help deepen our presence in the northern Connecticut market.  We are also very excited about our newest initiative, the introduction of wealth management services, which is a new source of fee income."

Income Statement Discussion and Analysis

Net interest and dividend income was relatively unchanged at $7.6 million for both the quarters ended December 31, 2013 and 2012.  The net interest margin increased 10 basis points to 2.57% for the quarter ended December 31, 2013, compared to 2.47% for the quarter ended December 31, 2012.  The cost of average interest-bearing liabilities decreased 20 basis points, driven by the prepayment of long term debt, and was partially offset by a slight decrease of 3 basis points in the yield on average interest-earning assets.

Net interest and dividend income increased $300,000 to $30.7 million for the year ended December 31, 2013, as compared to $30.4 million for the same period in 2012.  The net interest margin for the year ended December 31, 2013 increased 5 basis points to 2.58%, as compared to 2.53% for the same period in 2012.  The increase in net interest income was primarily due to a 26 basis point decrease in the cost of average interest-bearing liabilities, driven by the prepayment of long term debt, and was partially offset by a 12 basis point decrease in the yield on average interest-earning assets.

Net gains on sales of securities were $330,000 for the fourth quarter 2013, compared to $1.1 million for the same period in 2012.  The objective of the sales in the fourth quarter 2013 was to reduce the overall duration of the securities portfolio.  The quarter ended December 31, 2012 also included a prepayment expense of $1.0 million associated with the payoff of long term debt, compared to none in the same period in 2013. 

Noninterest expense decreased $258,000 for the quarter ended December 31, 2013 to $6.5 million, compared to the same period in 2012. This was primarily due to a decrease in salaries and benefits of $164,000 primarily due to the completion of vesting of certain stock-based compensation in the fourth quarter 2012.   The efficiency ratio, excluding non-core items, was 75.3% for the fourth quarter 2013, compared to 75.7% for the same period in 2012.

Noninterest expense decreased $581,000 to $26.6 million for the year ended December 31, 2013, compared to $27.2 million for the same period in 2012. Salaries and benefits decreased $1.1 million to $15.5 million for the year ended December 31, 2013, primarily due to the completion of vesting of certain stock-based compensation in the fourth quarter 2012.  This was partially offset by an increase in data processing expense of $234,000 due to increased use of technology in customer delivery channels and general bank operations.  The efficiency ratio, excluding non-core items, improved to 76.8% for year ended December 31, 2013, compared to 78.8% for the same period in 2012.

Balance Sheet Growth

Securities decreased by $3.8 million, or 0.7%, to $553.8 million at December 31, 2013, compared to $557.6 million at September 30, 2013.  Securities decreased $82.0 million, or 12.9%, at December 31, 2013, compared to $635.8 million at December 31, 2012.  Cash flow from the securities portfolio was primarily used to fund loan originations, stock repurchases and to pay off borrowings.     

Total loans increased $17.2 million, or 2.8%, to $637.4 million compared to September 30, 2013.  This was primarily due to an increase in commercial and industrial loans of $9.2 million to $135.6 million and an increase in commercial real estate loans of $7.1 million to $264.5 million.  Total loans increased $42.5 million, or 7.1%, at December 31, 2013 compared to December 31, 2012.  This was primarily due to increases in commercial real estate loans of $18.7 million, commercial and industrial loans of $9.5 million and residential loans of $14.4 million.

Total deposits increased $23.6 million, or 3.0%, to $817.1 million at December 31, 2013, compared to $793.5 million at September 30, 2013.  This was primarily due to increases in checking accounts of $20.8 million and term accounts of $6.2 million.  This was partially offset by decreases in savings and money market accounts of $3.4 million.  Total deposits increased $63.7 million, or 8.5%, at December 31, 2013, compared to $753.4 million at December 31, 2012, primarily due to increases of $36.3 million in money market accounts, $22.6 million in checking accounts and $15.4 million in term accounts.

Shareholders' equity was $154.1 million at December 31, 2013 and $156.9 million at September 30, 2013, which represented 12.1% and 12.3% of total assets, respectively.  The decrease in shareholders' equity during the quarter reflects the repurchase of 595,477 shares of common stock for $4.4 million and the payment of a quarterly dividend of $1.2 million.  This was partially offset by net income of $1.8 million for the quarter ended December 31, 2013.  

On September 17, 2013, the Board of Directors authorized a stock repurchase program under which the Company may purchase up to 1,037,000 shares, or 5% of its outstanding common stock.  As of December 31, 2013, the Company had repurchased 603,046 shares of its common stock at a cost of $4.5 million pursuant to this repurchase program.

Credit Quality

The allowance for loan losses was $7.5 million at December 31, 2013, $7.3 million at September 30, 2013 and $7.8 million at December 31, 2012, representing 1.17%, 1.18% and 1.31% of total loans, respectively.  This represents 288.4%, 249.3% and 259.0% of nonperforming loans at December 31, 2013, September 30, 2013 and December 31, 2012, respectively. 

An analysis of the changes in the allowance for loan losses is as follows:

 


Three Months Ended


December 31,


September 30,


December 31,


2013


2013


2012


(In thousands)







Balance, beginning of period

$           7,311


$           7,473


$           8,176

Provision (credit)

120


(71)


-

Charge-offs

(5)


(116)


(399)

Recoveries

33


25


17

Balance, end of period

$           7,459


$           7,311


$           7,794

 

During the fourth quarter of 2013, nonperforming loans decreased $347,000 to $2.6 million, representing 0.41% of total loans at December 31, 2013.  Loans delinquent 30 89 days were $3.5 million at December 31, 2013, and $1.9 million September 30, 2013.  There are no loans 90 or more days past due and still accruing interest.

Declaration of Quarterly Dividend

The Board of Directors approved the declaration of a quarterly cash dividend of $0.06 per share.  The dividend is payable on February 20, 2014, to all shareholders of record on February 6, 2014.

About Westfield Financial, Inc.

Westfield Financial, Inc., with total assets of $1.3 billion at December 31, 2013, is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC.  Westfield Financial and its subsidiaries are headquartered in Westfield, Massachusetts and operate through 11 banking offices located in Agawam, East Longmeadow, Feeding Hills, Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts and one banking office in Granby, Connecticut.  To learn more, visit our website at www.westfieldbank.com.

Forward-Looking Statements

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements contained in this press release, which speak only as of the date made. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2012, and in subsequent filings with the Securities and Exchange Commission.  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.


 

 


WESTFIELD FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income and Other Data
(Dollars in thousands, except share and per share data)
(Unaudited)







Three Months Ended


Year Ended



December 31,


December 31,



2013


2012


2013


2012


INTEREST AND DIVIDEND INCOME:









Loans

$                6,458


$             6,369


$    25,408


$    25,603


Securities

3,594


4,228


15,521


17,399


Other investments - at cost

33


23


93


94


Federal funds sold, interest-bearing 
        deposits and other short-term
        investments

4


6


9


8


Total interest and dividend income

10,089


10,626


41,031


43,104











INTEREST EXPENSE:









Deposits

1,358


1,478


5,525


6,142


Long-term debt

1,051


1,534


4,591


6,406


Short-term borrowings

73


20


174


115


Total interest expense

2,482


3,032


10,290


12,663











Net interest and dividend income

7,607


7,594


30,741


30,441











PROVISION (CREDIT) FOR LOAN LOSSES

120


-


(256)


698











Net interest and dividend income after
        provision for loan losses

7,487


7,594


30,997


29,743











NONINTEREST INCOME:









Service charges and fees

625


933


2,404


2,581


Income from bank-owned life
        insurance

388


387


1,549


1,519


Gain on bank-owned life insurance
        death benefit

-


-


563


-


Loss on prepayment of borrowings

-


(1,017)


(3,370)


(1,017)


Gain on sales of securities, net

330


1,051


3,126


2,907


Total noninterest income

1,343


1,354


4,272


5,990











NONINTEREST EXPENSE:









Salaries and employees benefits

3,774


3,938


15,458


16,530


Occupancy

731


703


2,898


2,775


Data processing

586


511


2,340


2,106


Professional fees

497


470


2,033


1,872


OREO expense

-


189


22


237


FDIC insurance

162


161


655


611


Other

738


774


3,236


3,092


Total noninterest expense

6,488


6,746


26,642


27,223











INCOME BEFORE INCOME TAXES

2,342


2,202


8,627


8,510











INCOME TAX PROVISION

533


648


1,871


2,256


NET INCOME

$                1,809


$             1,554


$   6,756


$   6,254











Basic earnings per share

$                  0.09


$               0.07


$     0.34


$     0.26


Weighted average shares outstanding

19,379,466


23,041,733


20,079,251


24,501,951


Diluted earnings per share

$                  0.09


$               0.07


$     0.34


$     0.26


Weighted average diluted shares outstanding

19,379,466


23,041,733


20,079,265


24,519,515











Other Data:









Return on average assets (1)

0.57%


0.47%


0.53%


0.48%


Return on average equity (1)

4.61%


3.09%


4.04%


2.97%


Efficiency ratio (2)

75.27%


75.68%


76.79%


78.81%


Net interest margin

2.57%


2.47%


2.58%


2.53%


(1)   Three month results have been annualized.

(2)   The efficiency ratio represents the ratio of operating expenses divided by the sum of net interest and dividend income and noninterest income, excluding
        gain and loss on sale of securities, gain on bank-owned life insurance death benefit and loss on prepayment of borrowings.












 

 



WESTFIELD FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income and Other Data
(Dollars in thousands, except share and per share data)
(Unaudited) 












December 31,


September 30,


June 30,


March 31,


December 31,


2013


2013


2013


2013


2012

INTEREST AND DIVIDEND INCOME:










Loans

$             6,458


$               6,371


$          6,307


$             6,271


$             6,369

Securities

3,594


3,954


3,917


4,057


4,228

Other investments at cost

33


20


21


19


23

Federal funds sold, interest-bearing deposits
        and other short-term investments

4


3


1


2


6

Total interest and dividend income

10,089


10,348


10,246


10,349


10,626

INTEREST EXPENSE:










Deposits

1,358


1,390


1,390


1,387


1,478

Long-term debt

1,051


1,094


1,188


1,258


1,534

Short-term borrowings

73


36


31


34


20

Total interest expense

2,482


2,520


2,609


2,679


3,032

Net interest and dividend income

7,607


7,828


7,637


7,670


7,594

PROVISION (CREDIT) FOR LOAN LOSSES

120


(71)


(70)


(235)


-

Net interest and dividend income after
         provision for loan losses

7,487


7,899


7,707


7,905


7,594











NONINTEREST INCOME:










Service charges and fees

625


615


594


572


933

Income from bank-owned life insurance

388


388


387


385


387

Gain on bank-owned life insurance death benefit

-


-


563


-


-

Loss on prepayment of borrowings

-


(540)


(1,404)


(1,426)


(1,017)

Gain on sales of securities, net

330


546


823


1,427


1,051

Total noninterest income

1,343


1,009


963


958


1,354











NONINTEREST EXPENSE:










Salaries and employees benefits

3,774


4,059


3,817


3,808


3,938

Occupancy

731


733


730


705


703

Data processing

586


602


602


526


511

Professional fees

497


499


527


510


470

OREO expense

-


-


-


22


189

FDIC insurance

162


169


163


161


161

Other

738


789


950


783


774

Total noninterest expense

6,488


6,851


6,789


6,515


6,746

INCOME BEFORE INCOME TAXES

2,342


2,057


1,881


2,348


2,202











INCOME TAX PROVISION

533


476


297


566


648

NET INCOME

$                1,809


$               1,581


$         1,584


$           1,782


$             1,554











Basic earnings per share

$                  0.09


$                 0.08


$          0 .08


$             0.08


$               0.07

Weighted average shares outstanding

19,379,466


19,583,632


20,276,261


21,102,021


23,041,733

Diluted earnings per share

$                  0.09


$                 0.08


$           0.08


$             0.08


$               0.07

Weighted average diluted shares outstanding

19,379,466


19,583,632


20,276,261


21,102,075


23,041,733











Other Data:










Return on average assets (1)

0.57%


0.49%


0.49%


0.56%


0.47%

Return on average equity (1)

4.61%


3.96%


3.66%


3.97%


3.09%

Efficiency Ratio (2)

75.27


77.58


78.78


75.52


75.68

Net interest margin

2.57%


2.62%


2.55%


2.59%


2.47%


(1)   Three month results have been annualized.


(2)   The efficiency ratio represents the ratio of operating expenses divided by the sum of net interest and dividend income and noninterest income, excluding gain and loss on
        sale of securities, gain on bank-owned life insurance death benefit and loss on prepayment of borrowings.

 

 

WESTFIELD FINANCIAL, INC. AND SUBSIDIARIES

Consolidated Balance Sheets and Other Data

(Dollars in thousands, except per share data)

(Unaudited)



December 31,


September 30,


June 30,


March 31,


December 31,


2013


2013


2013


2013


2012

Cash and cash equivalents

$ 19,742


$ 28,418


$ 15,706


$ 19,183


$ 11,761

Securities available for sale, at fair value

243,204


242,957


417,053


616,155


621,507

Securities held to maturity, at cost

295,013


298,988


173,982


-


-

Federal Home Loan Bank of Boston

       and other restricted stock - at cost

15,631


15,631


15,629


15,242


14,269





Loans

637,427


620,154


606,605


596,264


594,918

Allowance for loan losses

7,459


7,311


7,473


7,565


7,794

Net loans

629,968


612,843


599,132


588,699


587,124











Bank-owned life insurance

47,179


46,791


46,403


46,607


46,222

Other real estate owned

-


-


-


-


964

Other assets

26,104


25,703


25,730


20,967


19,615

TOTAL ASSETS

$ 1,276,841


$ 1,271,331


$ 1,293,635


$ 1,306,853


$ 1,301,462











Total deposits

$ 817,112


$ 793,510


$ 782,682


$ 772,196


$ 753,413

Short-term borrowings

48,197


61,784


69,972


55,827


69,934

Long-term debt

248,377


248,184


269,991


289,600


278,861

Securities pending settlement

299


-


-


-


-

Other liabilities

8,712


10,954


10,573


10,250


10,067

TOTAL LIABILITIES

1,122,697


1,114,432


1,133,218


1,127,873


1,112,275











TOTAL SHAREHOLDERS' EQUITY

154,144


156,899


160,417


178,980


189,187











TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY

$ 1,276,841


$ 1,271,331


$ 1,293,635


$ 1,306,853


$ 1,301,462











Book value per share

$ 7.65


$ 7.57


$ 7.73


$ 8.17


$ 8.28











Other Data:










30- 89 day delinquent loans

$ 3,459


$ 1,860


$ 1,438


$ 1,919


$ 1,162

Nonperforming loans

2,586


2,933


3,272


2,957


3,009

Nonperforming loans as a
        percentage of total loans

0.41%


0.47%


0.54%


0.50%


0.51%

Nonperforming assets as a 
        percentage of total assets

0.20%


0.23%


0.25%


0.23%


0.31%

Allowance for loan losses as a
        percentage of nonperforming
        loans

288.44%


249.27%


228.39%


255.83%


259.02%

Allowance for loan losses as a
        percentage of total loans

1.17%


1.18%


1.23%


1.27%


1.31%

 

 

The following tables set forth the information relating to our average balances and net interest income for the three months ended December 31, 2013, September 30, 2013, and December 31, 2012, and the year ended December 31, 2013 and 2012, and reflect the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

 



Three Months Ended


December 31, 2013


September 30, 2013


December 31, 2012


Average




Avg Yield/


Average




Avg Yield/


Average




Avg Yield/


Balance


Interest


Cost


Balance


Interest


Cost


Balance


Interest


Cost


(Dollars in thousands)

ASSETS:





















Interest-earning assets





















Loans(1)(2)

$    619,240


$ 6,495


4.20

%


$    609,876


$  6,409


4.20

%


$    585,026


$ 6,408


4.38

%

Securities(2)

541,370


3,719


2.75



573,955


4,077


2.84



642,554


4,396


2.74


Other investments - at cost

17,537


19


0.43



17,537


20


0.46



15,929


23


0.58


Short-term investments(3)

18,383


4


0.09



9,373


3


0.13



13,330


6


0.19


Total interest-earning assets

1,196,530


10,237


3.42



1,210,741


10,509


3.47



1,256,839


10,833


3.45


Total noninterest-earning assets

73,528







73,123







62,744






Total assets

$ 1,270,058







$ 1,283,864







$ 1,319,583



























LIABILITIES AND EQUITY:





















Interest-bearing liabilities





















NOW accounts

$      44,521


29


0.26



$45,756


34


0.30



$      56,089


46


0.33


Savings accounts

82,535


21


0.10



85,960


26


0.12



92,432


38


0.16


Money market accounts

207,801


199


0.38



206,674


206


0.40



177,358


189


0.43


Time certificates of deposit

338,272


1,109


1.31



330,222


1,124


1.36



323,952


1,205


1.49


Total interest-bearing deposits

673,129


1,358





668,612


1,390





649,831


1,478




Short-term borrowings and long-term debt

304,403


1,124


1.48



326,785


1,130


1.38



345,033


1,554


1.80


Interest-bearing liabilities

977,532


2,482


1.02



995,397


2,520


1.01



994,864


3,032


1.22


Noninterest-bearing deposits

125,959







119,462







112,139






Other noninterest-bearing liabilities

10,762







10,676







12,732






Total noninterest-bearing liabilities

136,721







130,138







124,871



























Total liabilities

1,114,253







1,125,535







1,119,735






Total equity

155,805







158,329







199,848






Total liabilities and equity

$ 1,270,058







$ 1,283,864







$ 1,319,583






Less: Tax-equivalent adjustment(2)



(148)







(161)







(207)




Net interest and dividend income



$ 7,607







$ 7,828







$ 7,594




Net interest rate spread(4)





2.40

%






2.46

%






2.23

%

Net interest margin(5)





2.57

%






2.62

%






2.47

%

Ratio of average interest-earning





















assets to average interest-bearing liabilities





122.40







121.63







126.33
























(1)    Loans, including non-accrual loans, are net of deferred loan origination costs and unadvanced funds.

(2)    Securities, loan income and net interest income are presented on a tax-equivalent basis using a tax rate of 34%. The tax-equivalent adjustment is deducted from tax-equivalent net interest and dividend income to
         agree to the amount reported on the statements of income.

(3)    Short-term investments include federal funds sold.

(4)    Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(5)    Net interest margin represents tax-equivalent net interest and dividend income as a percentage of average interest-earning assets.

 

 


Year Ended December 31,



2013


2012



Average




Avg Yield/


Average




Avg Yield/


Balance


Interest


Cost


Balance


Interest


Cost


(Dollars in thousands)


ASSETS:














Interest-earning assets














Loans(1)(2)

$    604,732


$     25,558


4.23

%


$    573,642


$   25,762


4.49

%

Securities(2)

584,029


16,027


2.74



638,467


18,110


2.84


Other investments - at cost

17,258


93


0.54



15,287


94


0.61


Short-term investments(3)

9,790


9


0.09



11,074


8


0.07


Total interest-earning assets

1,215,809


41,687


3.43



1,238,470


43,974


3.55


Total noninterest-earning assets

69,753







64,629




















Total assets

$ 1,285,562







$ 1,303,099




















LIABILITIES AND EQUITY:














Interest-bearing liabilities














Interest-bearing checking

$      46,982


134


0.29



$      61,277


266


0.43


Savings accounts

87,535


119


0.14



95,129


186


0.20


Money market accounts

196,265


763


0.39



170,171


807


0.47


Time certificates of deposit

330,510


4,509


1.36



318,000


4,883


1.54


Total interest-bearing deposits

661,292


5,525





644,577


6,142




Short-term borrowings and long-term debt

327,783


4,765


1.45



332,129


6,521


1.96


Interest-bearing liabilities

989,075


10,290


1.04



976,706


12,663


1.30


Noninterest-bearing deposits

118,749







104,454






Other noninterest-bearing liabilities

10,373







11,179






Total noninterest-bearing liabilities

129,122







115,633




















Total liabilities

1,118,197







1,092,339






Total equity

167,365







210,760






Total liabilities and equity

$ 1,285,562







$ 1,303,099






Less: Tax-equivalent adjustment(2)



(656)







(870)




Net interest and dividend income



$     30,741







$   30,441




Net interest rate spread(4)





2.39

%






2.24

%

Net interest margin(5)





2.58

%






2.53

%

Ratio of average interest-earning














assets to average interest-bearing liabilities




122.92







126.80



















(1)    Loans, including non-accrual loans, are net of deferred loan origination costs and unadvanced funds.

(2)    Securities, loan income and net interest income are presented on a tax-equivalent basis using a tax rate of 34%. The tax-equivalent adjustment is
         deducted from tax-equivalent net interest and dividend income to agree to the amount reported on the statements of income.

(3)    Short-term investments include federal funds sold.

(4)    Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of
         interest-bearing liabilities.

(5)    Net interest margin represents tax-equivalent net interest and dividend income as a percentage of average interest-earning assets.

 

 

SOURCE Westfield Financial, Inc.

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