$WNEB

WESTFIELD FINANCIAL INC

CIK:0001157647|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net income	$ 3,598	$ 4,590	$ 8,375	$ 6,893
Other comprehensive income (loss):
Change in fair value of securities available-for-sale	158	1,191	(462)	4,677
Tax effect	(40)	(316)	122	(1,217)
Net-of-tax amount	118	875	(340)	3,460
Other comprehensive income (loss)	118	875	(340)	3,460
Total comprehensive income	$ 3,716	$ 5,465	$ 8,035	$ 10,353

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 8,375	$ 6,893
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (reversal of) credit losses	1,632	(473)
Depreciation and amortization of premises and equipment	999	1,090
Net amortization of purchase accounting adjustments		2
Amortization of core deposit intangible	188	188
Net amortization of premiums and discounts on securities and mortgage loans	488	525
Net amortization of deferred costs on loans	208	129
Net amortization of premiums on subordinated debt	20	20
Share-based compensation expense	156	463
ESOP expense	420	308
Net change in unrealized gains on marketable equity securities	(34)	(20)
Gain on mortgage banking activities		(11)
Income from bank-owned life insurance	(1,011)	(989)
Gain on bank-owned life insurance death benefit	(450)
Net change in:
Accrued interest receivable	(225)	(251)
Other assets	(1,665)	627
Other liabilities	(2,115)	(2,492)
Net cash provided by operating activities	6,986	6,009
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from calls, maturities, and principal collections of securities held-to-maturity	6,888	7,183
Purchases of securities available-for-sale	(4,971)	(29,601)
Proceeds from calls, maturities, and principal collections of securities available-for-sale	9,428	7,405
Proceeds from redemption and sales of marketable equity securities	44
Purchase of marketable equity securities	(40)	(27)
Net loan originations and principal payments	(12,186)	(21,876)
Redemption of Federal Home Loan Bank of Boston stock	1,569
Purchases of premises and equipment	(1,502)	(582)
Proceeds from sales of premises and equipment	52
Proceeds from payout on bank-owned life insurance	2,266
Net cash provided by (used in) investing activities	1,548	(37,498)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits	40,492	67,466
Increase (decrease) in short-term borrowings	4,470	(1,350)
Repayment of long-term debt	(48,000)
Cash dividends paid on common stock	(2,769)	(2,876)
Repurchase of common stock	(5,442)	(4,893)
Net cash (used in) provided by financing activities	(11,249)	58,347
NET CHANGE IN CASH AND CASH EQUIVALENTS:	(2,715)	26,858
Beginning of period	40,381	66,450
End of period	37,666	93,308
Supplemental cash flow information:
Net change in cash due to broker for common stock repurchased	(242)	(163)
Available-for-sale securities purchases pending settlement		(8,459)
Interest paid	23,078	24,953
Taxes paid	$ 4,274	$ 2,275

CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 22,819	$ 19,890
Federal funds sold	4,967	2,236
Interest-bearing deposits and other short-term investments	9,880	18,255
Total cash and cash equivalents	37,666	40,381
Securities available-for-sale, at fair value (Amortized cost: $193,454 at June 30, 2026 and $198,194 at December 31, 2025)	170,598	175,800
Securities held-to-maturity, at amortized cost (Fair value: $151,189 at June 30, 2026 and $158,504 at December 31, 2025)	181,723	188,800
Marketable equity securities, at fair value	662	632
Total investment securities	352,983	365,232
Federal Home Loan Bank stock and other restricted stock, at amortized cost	3,790	5,359
Total Loans	2,193,832	2,183,592
Allowance for credit losses	(20,185)	(20,297)
Net loans	2,173,647	2,163,295
Premises and equipment, net	23,776	23,345
Accrued interest receivable	9,008	8,783
Bank-owned life insurance	78,214	79,019
Deferred tax asset, net	12,836	12,716
Goodwill	12,487	12,487
Core deposit intangible	875	1,063
Other assets	27,019	24,800
Total Assets	2,732,301	2,736,480
Deposits:
Non-interest-bearing deposits	600,599	594,516
Interest-bearing deposits	1,800,801	1,766,392
Total deposits	2,401,400	2,360,908
Borrowings:
Short-term borrowings	17,740	13,270
Long-term debt	25,000	73,000
Subordinated debt	19,810	19,790
Total borrowings	62,550	106,060
Securities pending settlement		242
Other liabilities	20,072	21,633
Total Liabilities	2,484,022	2,488,843
Shareholders’ Equity:
Preferred stock - $0.01 par value, 5,000,000 shares authorized, none outstanding at June 30, 2026 and December 31, 2025
Common stock - $0.01 par value, 75,000,000 shares authorized, 20,045,872 and 20,372,786 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	200	204
Additional paid-in capital	110,442	114,515
Unearned compensation – Employee Stock Ownership Plan (“ESOP”)	(1,225)	(1,443)
Unearned compensation - Equity Incentive Plan	(1,989)	(1,224)
Retained earnings	157,908	152,302
Accumulated other comprehensive loss, net of tax	(17,057)	(16,717)
Total Shareholders’ Equity	248,279	247,637
Total Liabilities and Shareholders’ Equity	$ 2,732,301	$ 2,736,480