Westfield Bank in Westfield, Massachusetts (MA)



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Westfield Bank
GeneralFDIC 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
LocationAddress: 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 ChangesChange in Primary Regulatory Agency
Financial SummaryTotal 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)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

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
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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
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets3.88%
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 ratio11.94%
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 deposits0.53%
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
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12 Massachusetts Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
017889Westfield Bank141 Elm Street, Westfield, MA 1085April 15, 1853Full Service Brick and Mortar
1291539Drive-Up Facility26 Arnold Street, Westfield, MA 1085January 21, 1961Full Service Brick and Mortar
2291540West Springfield Branch206 Park Street, West Springfield, MA 1089April 01, 1948Full Service Brick and Mortar
3291541Agawam Branch655 Main Street, Agawam, MA 1001June 26, 1968Full Service Brick and Mortar
4291542Southampton Road Branch300 Southampton Road, Westfield, MA 1085June 15, 1987Full Service Brick and Mortar
5291543College Highway Branch462 College Highway, Southwick, MA 1077April 30, 1990Full Service Brick and Mortar
6291544East Longmeadow Branch382 North Main Street, East Longmeadow, MA 1028March 15, 1997Full Service Brick and Mortar
7291545Main Street Branch1500 Main Street, Springfield, MA 1103July 26, 1999Full Service Brick and Mortar
9360797Northampton Street Branch1642 Northampton Street, Holyoke, MA 1040June 18, 2001Full Service Brick and Mortar
10496121Westfield Branch560 East Main Street, Westfield, MA 1085June 13, 2007Full Service Brick and Mortar
11512916Feeding Hills Branch241 South Westfield Street, Feeding Hills, MA 1030August 10, 2009Full Service Brick and Mortar
12522176Www.Westfieldbank.com Branch141 Elm Street, Westfield, MA 1085May 28, 2009Full Service Cyber
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