Westfield Financial Inc., the holding company for Westfield Bank, saw its net income jump 64 percent to $1.6 million during the second quarter this year, up from $974,000 for the same period last year.

Total loans increased $10.3 million to $606.6 million for the second quarter, due primarily to an $8 million increase in residential loans, a $2.3 million increase in commercial and industrial loans and a $267,000 increase in commercial real estate loans.

The net interest margin for year-to-date June 30 of 2.57 percent was equal to the first six months of 2012. For the quarter ended June 30 this year, the net interest margin decreased to 2.55 percent as compared with 2.59 percent for the quarter ended March 31.

Net interest and dividend income showed a slight increase of $163,000 for the year-to-date June 30, 2013 and a slight decrease of $33,000 to $7.6 million for the quarter ended June 30, both relative to comparable periods in 2012.

Nonperforming loans totaled $3.3 million, or 0.54 percent of total loans, compared with $3 million, or 0.51 percent of total loans, at the end of 2012. Allowance for loan losses totaled $7.5 million, or 1.23 percent of total loans, compared with $8.1 million at the end of last year’s second quarter.

The company repurchased 1,157,582 shares of its common stock, which equates to 5.3 percent of the outstanding shares as of March 31, pursuant to its stock repurchase program for a total of $8.8 million. The shares were repurchased at an average price of $7.64 per share.

The bank prepaid repurchase agreements in the amount of $19.8 million and incurred a prepayment expense of $1.4 million for the second quarter 2013. The repurchase agreements had a weighted average cost of 2.78 percent. The prepayments of repurchase agreements resulted in a decrease in the cost of funds.