Annual Meeting of Shareholders May 22, 2008 Exhibit 99.1 |
FORWARD - LOOKING STATEMENTS Today’s presentation may contain “forward-looking statements” which may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition and results of operation and business that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to: general and local economic conditions; changes in interest rates, deposit flows, demand for mortgages and other loans, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products, and services. Any or all of our forward-looking statements in today’s presentation or in any other public statements we make may turn out to be wrong. They can be affected by inaccurate assumptions we might make or known or unknown risks and uncertainties. Consequently, no forward-looking statements can be guaranteed. We disclaim any obligation to subsequently revise any forward- looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events. |
C O M M U N I T Y B A N K I N G R E D E F I N E D James C. Hagan, President and Chief Operating Officer |
Overview • Headquartered in Westfield, MA • 11 branch offices located throughout Hampden County • Strategic Focus is Commercial & Industrial Relationships • Westfield Bank has not conducted any subprime lending programs |
2007 Milestones • Posted record earnings of $8.7 million. • Total assets exceeded $1 billion. • Commercial loan portfolio surpassed $300 million. • New branch opened in June 2007, which is open seven days a week. • Switched to NASDAQ stock exchange in August 2007. |
• Commercial and Industrial Relationships (C & I) • Non-Real Estate • Owner-Occupied Commercial Real Estate • $5 million - $15 million niche for “mid-sized businesses” • WB has developed the capital, expertise, culture, & reputation to support business development. Strategic Focus |
WESTFIELD FINANCIAL, INC. SELECTED FINANCIAL HIGHLIGHTS Leo R. Sagan Jr., Vice President and Controller |
Capital Management Possible uses of capital: • Pay dividends to shareholders • Repurchase shares of our common stock • Fund organic growth or leverage the balance sheet • Finance acquisitions of other financial institutions or other businesses related to banking |
Dividends Paid to Shareholders 2008 Regular Dividends $ 0.10 Special Dividends 0.15 Year-to-Date 2008 $ 0.25 2007 Regular Dividends $ 0.20 Special Dividends 0.20 Calendar Year 2007 $ 0.40 |
Stock Repurchase Plan On January 22, 2008 the Board of Directors approved a 10% stock repurchase plan. As of May 8, 2008 Westfield Financial had net repurchases of 252,453 shares. |
Total Assets 795 797 805 997 1,039 1,083 $700 $800 $900 $1,000 $1,100 $1,200 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Mar-08 |
Stockholders’ Equity / Total Assets Ratio |
Total Loan Portfolio March 2008 (dollars in millions) |
Commercial & Industrial Loans |
Commercial Real Estate Loans |
Nonperforming Loans 3.0 1.2 1.0 1.9 2.2 1.8 $0 $1 $2 $3 $4 $5 $6 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Mar-08 |
Total Deposits and Customer Repurchase Agreements |
Net Income |
Diluted Earnings Per Share 0.11 0.20 0.20 0.15 0.29 0.06 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Mar-08 |
Total Return Performance |
WESTFIELD FINANCIAL, INC Thank You |