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Westfield Financial, Inc. Reports Results For The Quarter And Year Ended December 31, 2011 And Declares Regular Dividend

Westfield Financial, Inc. (the “Company”) (NasdaqGS:WFD), the holding company for Westfield Bank (the “Bank”), reported net income of $1.5 million, or $0.06 per diluted share, for the quarter ended December 31, 2011, compared to $1.3 million or $0.05 per diluted share, for the same period in 2010. For the year ended December 31, 2011, net income was $5.9 million, or $0.22 per diluted share, compared to $3.0 million, or $0.11 per diluted share, for the same period in 2010.

The increase in earnings for the year ended December 31, 2011 was the result of a $7.7 million decrease in the provision for loan losses to $1.2 million, compared to $8.9 million for the same period in 2010, partially offset by a decrease of $3.6 million in noninterest income and a $1.2 million increase in noninterest expense. The decrease in the provision for loan losses occurred because the 2010 period included the reserve for and subsequent charge-off of $7.2 million on a single commercial real estate loan.

Net interest income increased $626,000 to $7.5 million for the quarter ended December 31, 2011, compared to $6.9 million for the same period in 2010. The net interest margin, on a tax-equivalent basis, was 2.60% for the quarter ended December 31, 2011, compared to 2.40% for the same period in 2010. For the year ended December 31, 2011, net interest income increased $1.1 million to $30.5 million, compared to $29.4 million for the same period in 2010. The net interest margin, on a tax-equivalent basis, was 2.67% and 2.64% for the years ended December 31, 2011 and 2010, respectively. Net interest income was favorably impacted by an increase in loans, which generally have higher yields than investments, along with a decrease in the cost of funds due to the lower interest rate environment.

Noninterest income increased $128,000 to $1.1 million for the quarter ended December 31, 2011, compared to $982,000 for the same period in 2010. The increase for the quarter ended December 31, 2011 was primarily the result of an increase in net gains on the sale of securities of $60,000. For the year ended December 31, 2011, noninterest income decreased $3.6 million to $3.8 million, compared to $7.4 million for the same period in 2010, primarily the result of a decrease in net gains on the sale of securities of $3.6 million.

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