Westfield Financial Inc., the holding company for Westfield Bank, has reported net income of $1.9 million, for the quarter ended Dec. 31, 2009, compared to $663,000 for the same period in 2008.

For the year ended Dec. 31, 2009, net income was $5.5 million compared to $6.7 million, for the same period in 2008.

Net interest income increased $450,000 to $8.4 million for the three months ended Dec. 31, 2009, compared to $8 million in the same period in 2008. For the year ended Dec. 31, 2009, net interest income increased $756,000 to $32.5 million, compared to $31.8 million for the same period in 2008.

The increase in net interest income was a result of an increase in the balance of average interest-earning assets and a decrease in the cost of interest-bearing liabilities, according to a statement.

The board of directors has also declared a regular cash dividend of $0.05 per share. The dividend will be paid Feb. 24 to all shareholders of record on Feb. 10.

"Despite the backdrop of an ailing economy, Westfield Financial continues to report positive earnings and has maintained a strong capital position," said James C. Hagan, chief executive officer. "The bank is well positioned to take advantage of opportunities that are in tune with our responsible approach to business."