| Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
| Dec. 31, 2013 |
| Nature of Operations and Basis of Presentation | ' |
| Nature of Operations and Basis of Presentation - Westfield Financial, Inc. (“Westfield Financial,” “we” or “us”) is a Massachusetts-chartered stock holding company for Westfield Bank, a federally chartered stock savings bank (the “Bank”). |
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| The Bank’s deposits are insured to the limits specified by the Federal Deposit Insurance Corporation (“FDIC”). The Bank operates 11 banking offices in western Massachusetts and 1 banking office in Granby, Connecticut, and its primary sources of revenue are income from securities and earnings on loans to small and middle-market businesses and to residential property homeowners. |
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| Elm Street Securities Corporation and WFD Securities Corporation, Massachusetts-chartered security corporations, were formed by Westfield Financial for the primary purpose of holding qualified securities. WB Real Estate Holdings, LLC, a Massachusetts-chartered limited liability company was formed for the primary purpose of holding real property acquired as security for debts previously contracted by the Bank. |
| Principles of Consolidation | ' |
| Principles of Consolidation - The consolidated financial statements include the accounts of Westfield Financial, the Bank, Elm Street Securities Corporation, WB Real Estate Holdings and WFD Securities Corporation. All material intercompany balances and transactions have been eliminated in consolidation. |
| Estimates | ' |
| Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses for each. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, other-than-temporary impairment of securities and the valuation of deferred tax assets. |
| Reclassifications | ' |
| Reclassifications – Amounts in the prior year financial statements are reclassified when necessary to conform to the current year presentation. |
| Cash and Cash Equivalents | ' |
| Cash and Cash Equivalents - We define cash on hand, cash due from banks, federal funds sold and interest-bearing deposits having an original maturity of 90 days or less as cash and cash equivalents. We are required to maintain a reserve balance with Bankers Bank Northeast (“BBN”) as part of our coin and currency contract and line of credit with BBN. The required reserve amounted to $975,000 at December 31, 2013 and $925,000 at December 31, 2012. There were no cash reserve requirements for the Federal Reserve Bank of Boston at December 31, 2013 or 2012. |
| Securities and Mortgage-Backed Securities | ' |
| Securities and Mortgage-Backed Securities - Debt securities, including mortgage-backed securities, which management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at amortized cost. Securities, including mortgage-backed securities, which have been identified as assets for which there is not a positive intent to hold to maturity are classified as available for sale and are carried at fair value with unrealized gains and losses, net of income taxes, reported as a separate component of comprehensive income/loss. We do not acquire securities and mortgage-backed securities for purposes of engaging in trading activities. |
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| Realized gains and losses on sales of securities and mortgage-backed securities are computed using the specific identification method and are included in noninterest income on the trade date. The amortization of premiums and accretion of discounts is determined by using the level yield method to the maturity date. |
| Derivatives | ' |
| Derivatives - The Company enters into interest rate swap agreements as part of the Company’s interest-rate risk management strategy for certain assets and liabilities and not for speculative purposes. Based on the Company’s intended use for the interest rate swaps these are hedging instruments subject to hedge accounting provisions. Cash flow hedges are recorded at fair value in other assets or liabilities within the Company’s balance sheets. Changes in the fair value of these cash flow hedges are initially recorded in accumulated other comprehensive income (loss) and subsequently reclassified into earnings when the forecasted transaction affects earnings. Any hedge ineffectiveness assessed as part of the Company’s quarterly analysis is recorded directly to earnings. The Company would discontinue hedge accounting if the derivative was not expected to be or ceased to be highly effective as a hedge, and record changes in fair value of the derivative in earnings upon termination of the hedge relationship. |
| Other-than-Temporary Impairment of Securities | ' |
| Other-than-Temporary Impairment of Securities - On a quarterly basis, we review securities with a decline in fair value below the amortized cost of the investment to determine whether the decline in fair value is temporary or other-than-temporary. Declines in the fair value of marketable equity securities below their cost that are deemed to be other-than-temporary based on the severity and duration of the impairment are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses for securities, impairment is required to be recognized if (1) we intend to sell the security; (2) it is “more likely than not” that we will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. For all impaired debt securities that we intend to sell, or more likely than not will be required to sell, the full amount of the other-than-temporary impairment is recognized through earnings. For all other impaired debt securities, credit-related other-than-temporary impairment is recognized through earnings, while non-credit related other-than-temporary impairment is recognized in other comprehensive income/loss, net of applicable taxes. |
| Fair Value Hierarchy | ' |
| Fair Value Hierarchy - We group our assets generally measured at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. |
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| Level 1 – Valuation is based on quoted prices in active markets for identical assets. Level 1 assets generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets. |
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| Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets. |
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| Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. |
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| Transfers between levels are recognized at the end of a reporting period, if applicable. |
| Federal Home Loan Bank of Boston Stock | ' |
| Federal Home Loan Bank of Boston Stock - The Bank, as a member of the Federal Home Loan Bank of Boston (“FHLBB”) system, is required to maintain an investment in capital stock of the FHLBB. Based on the redemption provisions of the FHLBB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLBB may declare dividends on the stock. Management reviews for impairment based on the ultimate recoverability of the cost basis in the FHLBB stock. As of December 31, 2013, no impairment has been recognized. |
| Loans | ' |
| Loans - Loans are recorded at the principal amount outstanding, adjusted for charge-offs, unearned premiums and deferred loan fees and costs. Interest on loans is calculated using the effective yield method on daily balances of the principal amount outstanding and is credited to income on the accrual basis to the extent it is deemed collectible. Our general policy is to discontinue the accrual of interest when principal or interest payments are delinquent 90 days or more based on the contractual terms of the loan, or earlier if the loan is considered impaired. Any unpaid amounts previously accrued on these loans are reversed from income. Subsequent cash receipts are applied to the outstanding principal balance or to interest income if, in the judgment of management, collection of the principal balance is not in question. Loans are returned to accrual status when they become current as to both principal and interest and when subsequent performance reduces the concern as to the collectability of principal and interest. Loan fees, discounts and premiums on purchased loans, and certain direct loan origination costs are deferred and the net fee or cost is recognized as an adjustment to interest income over the estimated average lives of the related loans. |
| Allowance for Loan Losses | ' |
| Allowance for Loan Losses - The allowance for loan losses is established through provisions for loan losses charged to expense. Loans are charged-off against the allowance when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. |
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| The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general and allocated components, as further described below. |
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| General component |
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| The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, commercial and industrial, and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: trends in delinquencies and nonperforming loans; trends in volume and terms of loans; internal credit ratings; effects of changes in risk selection; underwriting standards and other changes in lending policies, procedures and practices; and national and local economic trends and industry conditions. There were no changes in our policies or methodology pertaining to the general component of the allowance for loan losses during 2013, 2012 and 2011. |
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| The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: |
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| Residential real estate – We require private mortgage insurance for all loans originated with a loan-to-value ratio greater than 80 percent and do not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. |
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| Commercial real estate – Loans in this segment are primarily income-producing investment properties and owner occupied commercial properties throughout New England. The underlying cash flows generated by the properties or operations can be adversely impacted by a downturn in the economy due to increased vacancy rates or diminished cash flows, which in turn, would have an effect on the credit quality in this segment. Management obtains financial information annually and continually monitors the cash flows of these loans. |
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| Commercial and industrial loans – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, decreased consumer spending, changes in technology and government spending are examples of what will have an effect on the credit quality in this segment. |
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| Consumer loans – Loans in this segment are both secured and unsecured and repayment is dependent on the credit quality of the individual borrower. |
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| Allocated component |
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| The allocated component relates to loans that are classified as impaired. Impaired loans are identified by analysis of loan performance, internal credit ratings and watch list loans that management believes are subject to a higher risk of loss. Impairment is measured on a loan by loan basis for commercial real estate and commercial and industrial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, we do not separately identify individual consumer and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. |
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| A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all of the principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. We determine the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. |
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| We may periodically agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are initially classified as impaired. |
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| While we use our best judgment and information available, the ultimate appropriateness of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. |
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| We also maintain a reserve for unfunded credit commitments to provide for the risk of loss inherent in these arrangements. This reserve is determined using a methodology similar to the analysis of the allowance for loan losses, taking into consideration probabilities of future funding requirements. This reserve for unfunded commitments is included in other liabilities and was $60,000 at December 31, 2013 and 2012. |
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| Unallocated component |
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| An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. |
| Bank-Owned Life Insurance | ' |
| Bank-owned Life Insurance – Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in noninterest income on the consolidated statements of income and are not subject to income taxes. |
| Transfers and Servicing of Financial Assets | ' |
| Transfers and Servicing of Financial Assets – Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from us, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) we do not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
| Premises and Equipment | ' |
| Premises and Equipment – Land is carried at cost. Buildings, furniture and equipment are stated at cost, less accumulated depreciation and amortization, computed on the straight-line method over the estimated useful lives of the assets, or the expected lease term, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. The estimated useful lives of the assets are as follows: |
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| Years | | | | | | | | | | | | | | | |
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| Buildings | 39 | | | | | | | | | | | | | | | |
| Leasehold Improvements | 20-May | | | | | | | | | | | | | | | |
| Furniture and Equipment | 7-Mar | | | | | | | | | | | | | | | |
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| The cost of maintenance and repairs is charged to expense when incurred. Major expenditures for betterments are capitalized and depreciated. |
| Other Real Estate Owned | ' |
| Other Real Estate Owned - Other real estate owned (“OREO”) represents property acquired through foreclosure or deeded to us in lieu of foreclosure. OREO is initially recorded at the estimated fair value of the real estate acquired, net of estimated selling costs, establishing a new cost basis. Initial write-downs are charged to the allowance for loan losses at the time the loan is transferred to OREO. Subsequent valuations are periodically performed by management and the carrying value is adjusted by a charge to expense to reflect any subsequent declines in the estimated fair value. Operating costs associated with OREO are expensed as incurred. |
| Retirement Plans and Employee Benefits | ' |
| Retirement Plans and Employee Benefits - We provide a defined benefit pension plan for eligible employees in conjunction with a third-party provider. Our policy is to fund pension costs as accrued. Employees are also eligible to participate in a 401(k) plan through third-party provider. We make matching contributions to this plan at 50% of up to 6% of the employees’ eligible compensation. The compensation cost of an employee’s pension benefit is recognized on the projected unit credit method over the employee’s approximate service period. The aggregate cost method is utilized for funding purposes. |
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| We currently offer postretirement life insurance benefits to retired employees. Such postretirement benefits represent a form of deferred compensation which requires that the cost and obligations of such benefits are recognized in the period in which services are rendered. |
| Share-based Compensation Plans | ' |
| Share-based Compensation Plans – We measure and recognize compensation cost relating to share-based payment transactions based on the grant-date fair value of the equity instruments issued. Share-based compensation is recognized over the period the employee is required to provide services for the award. Reductions in compensation expense associated with forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted based on actual forfeiture experience. We use a binomial option-pricing model to determine the fair value of the stock options granted. |
| Employee Stock Ownership Plan | ' |
| Employee Stock Ownership Plan – Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair market value of the shares during the period. We recognize compensation expense ratably over the year based upon our estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of shareholders’ equity in the consolidated balance sheets. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. |
| Advertising Costs | ' |
| Advertising Costs – Advertising costs are expensed as incurred. |
| Income Taxes | ' |
| Income Taxes - We use the asset and liability method for income tax accounting, whereby, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance related to deferred tax assets is established when, in the judgment of management, it is more likely than not that all or a portion of such deferred tax assets will not be realized based on the available evidence including historical and projected taxable income. We do not have any uncertain tax positions at December 31, 2013 which require accrual or disclosure. We record interest and penalties as part of income tax expense. |
| Earnings per Share | ' |
| Earnings per Share – Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. If rights to dividends or unvested awards are non-forfeitable, these unvested awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by us relate solely to stock options and are determined using the treasury stock method. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. |
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| Earnings per common share have been computed based on the following: |
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| | Years Ended December 31, | | | | |
| | 2013 | | 2012 | | 2011 | | | | |
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| Net income applicable to common stock | | $ | 6,756 | | | $ | 6,254 | | | $ | 5,874 | | | | | |
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| Average number of common shares issued | | | 21,254 | | | | 25,763 | | | | 27,839 | | | | | |
| Less: Average unallocated ESOP Shares | | | (1,171 | ) | | | (1,254 | ) | | | (1,339 | ) | | | | |
| Less: Average ungranted equity incentive plan shares | | | (4 | ) | | | (7 | ) | | | (18 | ) | | | | |
| | | | | | | | | | | | | | | | |
| Average number of common shares outstanding used | | | | | | | | | | | | | | | | |
| to calculate basic earnings per common share | | | 20,079 | | | | 24,502 | | | | 26,482 | | | | | |
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| Effect of dilutive stock options | | | - | | | | 18 | | | | 107 | | | | | |
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| Average number of common shares outstanding used | | | | | | | | | | | | | | | | |
| to calculate diluted earnings per common share | | | 20,079 | | | | 24,520 | | | | 26,589 | | | | | |
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| Basic earnings per share | | $ | 0.34 | | | $ | 0.26 | | | $ | 0.22 | | | | | |
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| Diluted earnings per share | | $ | 0.34 | | | $ | 0.26 | | | $ | 0.22 | | | | | |
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| Antidilutive shares (1) | | | 833 | | | | 1,666 | | | | 1,641 | | | | | |
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| ____________________ |
| (1) | Shares outstanding but not included in the computation of earnings per share because they were anti-dilutive, meaning the exercise price of such options exceeded the market value of our common stock. | | | | | | | | | | | | | | | |
| Comprehensive Income (Loss) | ' |
| Comprehensive Income (Loss) |
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| Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss). |
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| The components of accumulated other comprehensive income (loss), included in shareholders’ equity, are as follows: |
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| | 31-Dec-13 | | 31-Dec-12 | | | | | | | | |
| | (In thousands) | | | | | | | | |
| Net unrealized (losses) gains on securities available for sale | | $ | (2,410 | ) | | $ | 20,188 | | | | | | | | | |
| Tax effect | | | 837 | | | | (6,935 | ) | | | | | | | | |
| Net-of-tax amount | | | (1,573 | ) | | | 13,253 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Unamortized losses on securities transferred from available-for-sale to held-to-maturity | | | (1,732 | ) | | | - | | | | | | | | | |
| Tax effect | | | 599 | | | | | | | | | | | | | |
| Net-of-tax amount | | | (1,133 | ) | | | - | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Fair value of derivatives used for cash flow hedges | | | 1,755 | | | | - | | | | | | | | | |
| Tax effect | | | (597 | ) | | | - | | | | | | | | | |
| Net-of-tax amount | | | 1,158 | | | | - | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Unrecognized transition asset pertaining to defined benefit plan | | | 10 | | | | 21 | | | | | | | | | |
| Unrecognized deferred loss pertaining to defined benefit plan | | | (2,172 | ) | | | (3,897 | ) | | | | | | | | |
| Net adjustments pertaining to defined benefit plans | | | (2,162 | ) | | | (3,876 | ) | | | | | | | | |
| Tax effect | | | 735 | | | | 1,318 | | | | | | | | | |
| Net-of-tax amount | | | (1,427 | ) | | | (2,558 | ) | | | | | | | | |
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| Accumulated other comprehensive (loss) income | | $ | (2,975 | ) | | $ | 10,695 | | | | | | | | | |
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| The following table presents changes in accumulated other comprehensive (loss) income for the years ended December 31, 2013 and 2012 by component: |
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| | Securities | | Derivatives | | Defined Benefit | | Accumulated Other Comprehensive |
| Pension Plans | (Loss) Income |
| | (In thousands) |
| Balance at December 31, 2012 | | $ | 13,253 | | | $ | - | | | $ | (2,558 | ) | | $ | 10,695 | |
| Current-period other comprehensive (loss) income | | | (15,959 | ) | | | 1,158 | | | | 1,131 | | | | (13,670 | ) |
| Balance at December 31, 2013 | | $ | (2,706 | ) | | $ | 1,158 | | | $ | (1,427 | ) | | $ | (2,975 | ) |
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| Balance at December 31, 2011 | | $ | 10,321 | | | $ | - | | | $ | (2,605 | ) | | $ | 7,716 | |
| Current-period other comprehensive income | | | 2,932 | | | | - | | | | 47 | | | | 2,979 | |
| Balance at December 31, 2012 | | $ | 13,253 | | | $ | - | | | $ | (2,558 | ) | | $ | 10,695 | |
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| With regard to defined benefit plans, actuarial loss in the amount of $117,000 is expected to be recognized as a component of net periodic pension cost for the year ending December 31, 2014. Amortization of transition asset in the amount of $12,000 is expected to be recognized as a component of net periodic pension cost for the year ending December 31, 2014. |
| Recent Accounting Pronouncements | ' |
| Recent Accounting Pronouncements |
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| In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This update requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. This ASU is effective for public entities for reporting periods beginning after December 15, 2012. The amendments in ASU 2013-02 did not have a significant impact on our consolidated financial statements. |
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| In January 2014, FASB issued ASU 2014-04- Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure.” This ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar agreement. In addition, the amendments require disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure in accordance with local requirements of the applicable jurisdiction. An entity can elect to adopt the amendments using either a modified retrospective method or a prospective transition method. The amendments are effective for annual and interim periods beginning after December 15, 2014. We do not expect the application of this guidance to have a material impact on our consolidated financial statements. |
