Westfield Financial (WFD) has reported 61.02 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.63 million, or $0.04 a share in the quarter, compared with $1.61 million, or $0.09 a share for the same period last year.
Revenue during the quarter went up marginally by 1.29 percent to $9.28 million from $9.16 million in the previous year period. Net interest income for the quarter rose 2.06 percent over the prior year period to $8.33 million. Non-interest income for the quarter rose 15.24 percent over the last year period to $1.32 million.
Westfield Financial has made provision of $0.38 million for loan losses during the quarter, up 150 percent from $0.15 million in the same period last year.
Net interest margin improved 12 basis points to 2.65 percent in the quarter from 2.53 percent in the last year period. Efficiency ratio for the quarter deteriorated to 85.23 percent from 73.66 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
James C. Hagan, President and chief executive officer stated, "This is a very exciting time for us as an organization. We recently closed on our previously announced merger with Chicopee after receiving all the necessary regulatory and shareholder approvals. In addition, while Chicopee’s results are not included in these amounts, we are issuing our quarter end press release for the first time as a combined company under our new corporate name, Western New England Bancorp, Inc., which reflects our combined presence and target market in Western New England."
Assets outpace liabilities growthTotal assets stood at $1,377.78 million as on Sep. 30, 2016, up 1.52 percent compared with $1,357.22 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,232.56 million as on Sep. 30, 2016, up 1.23 percent from $1,217.61 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $937.69 million as on Sep. 30, 2016, up 17.43 percent compared with $798.52 million on Sep. 30, 2015. Deposits stood at $962.56 million as on Sep. 30, 2016, up 5.89 percent compared with $909.04 million on Sep. 30, 2015.
Investments stood at $295.58 million as on Sep. 30, 2016, down 32.84 percent or $144.50 million from year-ago. Shareholders equity stood at $145.22 million as on Sep. 30, 2016, up 4.02 percent or $5.62 million from year-ago.
Return on average assets moved down 28 basis points to 0.19 percent in the quarter from 0.47 percent in the last year period. At the same time, return on average equity decreased 297 basis points to 1.72 percent in the quarter from 4.69 percent in the last year period.
Book value per share was $7.92 for the quarter, up 4.35 percent or $0.33 compared to $7.59 for the same period last year.
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