Westfield Financial Inc., the holding company for Westfield Bank, saw its net income decrease 27.8 percent in this year’s first quarter.

Net income as of March 31 was $1.8 million, compared with $2.3 million for the same period last year. Total assets increased slightly, ending the quarter at $1.3 billion, compared with $1.29 billion in the same period last year.

Net interest and dividend income increased 9.7 percent to $7.9 million, compared with $7.2 million for the same period last year. According to a statement from the bank, the decrease in the cost of average interest-bearing liabilities was greater than the decrease in the yield on average interest-earning assets, primarily due to the prepayment of repurchase agreements in the first quarter 2013 and also late in the fourth quarter 2012.

Total deposits increased about 3 percent to $772.2 million, compared with $748.6 million last year. The bank attributed much of this increase to a $19.2 million increase in money market accounts.