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Westfield Financial In The Red In Q2

Jul 21, 2010 | Reprints | Print

Westfield Financial Inc., the holding company for Westfield Bank, reported a net loss of $386,000 for the quarter ended June 30, compared to net income of $1.1 million for the same period last year.

For the six months ended June 30, net income was $1 million, compared to $2.3 million for the same period in 2009.

The decrease in earnings was mainly the result of a $3.5 million increase in the provision for loan losses to $4.1 million for the three months ended June 30, compared to $590,000 for the same period in 2009, according to a statement.

The board of directors also declared a regular cash dividend of $6-cents per share, which represents a 20 percent increase in its regular quarterly dividend, according to a statement.

The dividend will be paid Aug. 18 to all shareholders of record on Aug. 4.

Banking & Lending