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Profits Drop At Westfield Financial

Apr 28, 2011 | Reprints | Unlock Link | Print

Westfield Financial Inc., the holding company for Westfield Bank, has reported net income of $1.3 million for the quarter ended March 31, a slight drop from $1.4 million for the same period in 2010.

The provision for loan losses was $339,000 for the three months ended March 31, compared to $500,000 for the same period in 2010. The decrease in provision for loan losses was attributed to a decrease in loan charge-offs and positive trends in the national and local economy.

The board of directors also declared a regular cash dividend of 6-cents per share and a special cash dividend of 15-cents per share. Both the regular and special dividends are payable on May 25 to all shareholders of record on May 11.

Banking & Lending