Westfield Bank in Westfield, Massachusetts (MA)
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Table of contents:
| Westfield Bank | |
|---|---|
| General | FDIC Certificate #: 90300 Status: Active Federal Reserve ID: 892205 Date Established: April 15, 1853 WWW: http://www.westfieldbank.com Trust Powers Granted: No Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS) Offices: 12 (Domestic: 12, Interstate: No) OTS Docket #: 17968 FDIC's unique #: 17889 Numeric code: 33 Regulator: OCC Insurance Fund Membership: Deposit Insurance Fund (DIF) FDIC Insured: Yes Insured Savings Institution: Yes Deposit Insurance Fund member: Yes Ownership Type: Non-Stock FFIEC Call Report 31 Filer: No State Chartered: No Subchapter S Corporations: No Asset Concentration Hierarchy: Commercial Lending Specialization Date of Deposit Insurance: July 10, 1985 Last Structure Change Effective Date: July 21, 2011 Last Structure Change Process Date: July 21, 2011 Last Data Update: July 21, 2011 Data Source Date: April 05, 2012 |
| Location | Address: 141 Elm Street, Westfield, MA 1085 County: Hampden Quarterly Banking Profile Region: New York FDIC Geographic Region: New York FDIC Supervisory Region: New York FDIC Field Office: Springfield Ma Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Northeast Metropolitan Statistical Area (MSA): Springfield, MA (#8000) Core Based Statistical Area (CBSA): Springfield, MA (#44140) CBSA Metro Statistical Area: Springfield, MA (#44140) |
| History of Changes | Change in Primary Regulatory Agency |
| Financial Summary | Total assets: $1,259.3 mil Equity capital: $211.0 mil Deposits held in domestic offices: $733.6 mil Return on assets (ROA): 0.68% ($8.6 mil) Quarterly return on assets: 0.70% ($8.8 mil) Return on Equity (ROE): 3.94% ($8.3 mil) Quarterly return on equity: 4.06% ($8.6 mil) Net income: $8.4 mil Quarterly Net income: $2.2 mil Pretax return on assets: 0.83% ($10,452.0 mil) Quarterly Pretax return on assets: 0.77% ($9,696.4 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 180 |
| Total assets | $1,259,278 |
| Cash and due from depository institutions | $20,208 |
| Interest-bearing balances | $9,255 |
| Securities | $617,169 |
| Federal funds sold & reverse repurchase agreements | $106 |
| Net loans & leases | $546,406 |
| Loan loss allowance | $7,166 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $10,923 |
| Other real estate owned | $1,130 |
| Goodwill and other intangibles | $74 |
| All other assets | $63,262 |
| Life insurance assets | $1,259,278 |
| Total liabilities and capital | $1,048,289 |
| Total liabilities | $733,600 |
| Total deposits | $707,531 |
| Interest-bearing deposits | $733,600 |
| Deposits held in domestic offices | $83 |
| % insured (estimated) | 103640.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $196,665 |
| Other borrowed funds | $0 |
| Subordinated debt | $14,384 |
| All other liabilities | $210,989 |
| Total equity capital | $210,989 |
| Total bank equity capital | $210,989 |
| Perpetual preferred stock | $0 |
| Common stock | $500 |
| Surplus | $75,565 |
| Undivided profits | $134,924 |
| Memoranda | |
| Noncurrent loans and leases | $0 |
| Noncurrent loans that are wholly or partially guaranteed by the U.S. government | $0 |
| Income earned, not collected on loans | $2,933 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $3,994 |
| Average Assets, year-to-date | $1,172,936 |
| Average Assets, quarterly | $0 |
| Volatile liabilities | $1,244,597 |
| Insider loans | $1,259,181 |
| FHLB advances | $682,379 |
| Loans and leases held for sale | $1,240,979 |
| Unused loan commitments | $44,039 |
| Tier 1 (core) risk-based capital | $0 |
| Tier 2 risk-based capital | $200,673 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $92,414 |
| Derivatives | $24,535 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $44,906 |
| Total interest expense | $14,489 |
| Net interest income | $30,417 |
| Provision for loan and lease losses | $1,206 |
| Total noninterest income | $3,376 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $967 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $2,409 |
| Total noninterest expense | $22,387 |
| Salaries and employee benefits | $13,247 |
| Premises and equipment expense | $4,061 |
| Additional noninterest expense | $5,079 |
| Pre-tax net operating income | $10,200 |
| Securities gains (losses) | $178 |
| Applicable income taxes | $1,955 |
| Income before extraordinary items | $8,423 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $8,423 |
| Net charge-offs | $0 |
| Cash dividends | $8,423 |
| Sale, conversion, retirement of capital stock, net | $955 |
| Net operating income | $0 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 3.88% |
| Cost of funding earning assets | 1.25% |
| Net interest margin | 2.63% |
| Noninterest income to earning assets | 0.29% |
| Noninterest expense to earning assets | 1.94% |
| Net operating income to assets | 0.67% |
| Return on assets (ROA) | 0.68% |
| Pretax return on assets | 0.83% |
| Return on equity (ROE) | 3.94% |
| Retained earnings to average equity (YTD only) | 3.94% |
| Net charge-offs to loans | 0.18% |
| Credit loss provision to net charge-offs | 126.28% |
| Efficiency ratio | 11.94% |
| Assets per employee | $65,892 |
| Cash dividends to net income (YTD only) | 7.00% |
| Condition Ratios (%) | |
| Loss allowance to loans | 0.00% |
| Loss allowance to noncurrent loans | 1.29% |
| Noncurrent assets plus other real estate owned to assets | 244.32% |
| Noncurrent loans to loans | 0.32% |
| Net loans and leases to deposits | 0.53% |
| Net loans and leases to core deposits | 74.48% |
| Equity capital to assets | 77.55% |
| Core capital (leverage) ratio | 16.75% |
| Tier 1 risk-based capital ratio | 16.17% |
| Total risk-based capital ratio | 29.41% |
| Memoranda | |
| Average assets | $30 |
| Average earning assets | $1,244,597 |
| Average equity | $213,783 |
| Average loans | $1,156,274 |
| 12 Massachusetts Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 17889 | Westfield Bank | 141 Elm Street, Westfield, MA 1085 | April 15, 1853 | Full Service Brick and Mortar |  |
| 1 | 291539 | Drive-Up Facility | 26 Arnold Street, Westfield, MA 1085 | January 21, 1961 | Full Service Brick and Mortar |  |
| 2 | 291540 | West Springfield Branch | 206 Park Street, West Springfield, MA 1089 | April 01, 1948 | Full Service Brick and Mortar | |
| 3 | 291541 | Agawam Branch | 655 Main Street, Agawam, MA 1001 | June 26, 1968 | Full Service Brick and Mortar | |
| 4 | 291542 | Southampton Road Branch | 300 Southampton Road, Westfield, MA 1085 | June 15, 1987 | Full Service Brick and Mortar | |
| 5 | 291543 | College Highway Branch | 462 College Highway, Southwick, MA 1077 | April 30, 1990 | Full Service Brick and Mortar | |
| 6 | 291544 | East Longmeadow Branch | 382 North Main Street, East Longmeadow, MA 1028 | March 15, 1997 | Full Service Brick and Mortar | |
| 7 | 291545 | Main Street Branch | 1500 Main Street, Springfield, MA 1103 | July 26, 1999 | Full Service Brick and Mortar | |
| 9 | 360797 | Northampton Street Branch | 1642 Northampton Street, Holyoke, MA 1040 | June 18, 2001 | Full Service Brick and Mortar | |
| 10 | 496121 | Westfield Branch | 560 East Main Street, Westfield, MA 1085 | June 13, 2007 | Full Service Brick and Mortar | |
| 11 | 512916 | Feeding Hills Branch | 241 South Westfield Street, Feeding Hills, MA 1030 | August 10, 2009 | Full Service Brick and Mortar | |
| 12 | 522176 | Www.Westfieldbank.com Branch | 141 Elm Street, Westfield, MA 1085 | May 28, 2009 | Full Service Cyber | |
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