Company Notebook

Westfield Financial Posts Solid Second Quarter

WESTFIELD — Westfield Financial Inc., the holding company for Westfield Bank, reported net income of $1.4 million, or $0.08 per diluted share, for the quarter ended June 30, compared to $1.3 million, or $0.07 per diluted share, for the quarter ended June 30, 2014. For the six months ended June 30, 2015, net income was $2.7 million, or $0.15 per diluted share, compared to $3.0 million, or $0.16 per diluted share, for the same period in 2014. Among other selected financial highlights for second quarter of 2015:
• Total loans increased $73.3 million, or 10.7%, to $759.4 million at June 30, 2015 compared to $686.1 million at June 30, 2014. This was primarily due to increases in residential loans of $47.3 million, commercial and industrial loans of $23.4 million, and commercial real-estate loans of $2.1 million.
• Securities increased $20.7 million, or 4.2%, to $516.7 million at June 30, 2015, compared to $496.0 million at June 30, 2014. On a sequential-quarter basis, securities were relatively flat at June 30, 2015, compared to $515.2 million at March 31, 2015.
• Net interest and dividend income increased $78,000 to $7.8 million for the quarter ended June 30, 2015 compared to $7.7 million for the comparable 2014 period. On a sequential-quarter basis, net interest and dividend income increased $189,000 for the quarter ended June 30, 2015, compared to the quarter ended March 31, 2015.
• The bank prepaid $10 million in Federal Home Loan Bank borrowings with a weighted average rate of 2.77% and incurred a pre-payment expense of $278,000 in the second quarter of 2015 in order to eliminate a higher-cost liability. Net gains on the sales of securities of $276,000 were used to partially offset the pre-payment expense.
• Non-interest expense increased $334,000 to $6.9 million for the quarter ended June 30, 2015 compared to the second quarter of 2014. On a sequential-quarter basis, non-interest expense increased by $154,000 for the quarter ended June 30, 2015, compared to $6.7 million for the quarter ended March 31, 2015. The efficiency ratio, excluding non-core items, was 76.1% for the second quarter of 2015, compared to 78.1% for the quarter ended March 31, 2015.
“Over the past twelve months, we have seen significant momentum in our efforts to grow both the loan portfolio and our deposit base. With loans increasing 10.7% year over year, we are demonstrating our commitment to growing our core customer franchise,” said President and CEO James Hagan. “We are also pleased to announce that Christopher Fager, assistant vice president, Commercial Lending, has recently joined Westfield Bank’s commercial team. Christopher brings more than six years of banking experience and is based in our commercial-lending office in downtown Springfield, which was established in August 2014.” Finally, Hagan noted, “we continue to see success in Westfield Bank’s recent market expansion into Northern Connecticut. Our two Connecticut offices now have over $36.6 million in deposits. The Granby, Connecticut office has been open just over two years, and Enfield, Connecticut opened in November 2014. The customer base in the Connecticut market is very receptive to our brand of banking, and our objective is to continue to develop loan and deposit relationships.”

Fallon Health Expands Services in Region

WORCESTER — Fallon Health, a not-for-profit healthcare-services organization, announced it is strengthening its commitment to the people it serves in Western Mass. Members of its NaviCare program — a Medicare Advantage Special Needs Plan and Senior Care Options program — now have access to Baycare Health Partners, a physician-hospital organization serving five Baystate Health hospitals and more than 200 medical practices in the Pioneer Valley. Fallon members enrolled in the plan’s NaviCare program are able to access Baycare’s participating facilities and physicians including Baystate Medical Center, Baystate Mary Lane Hospital, Baystate Franklin Medical Center, Baystate Noble Hospital, and Baystate Wing Hospital. “Fallon has a high regard for Baycare Health Partners’ commitment to improving the quality, safety, efficiency, and sustainability of healthcare in the community,” said Patrick Hughes, president and CEO of Fallon Health. “We’re pleased to partner with them to increase accessibility to high-quality healthcare for one of the most vulnerable populations we serve — frail elders with complex care needs.” NaviCare is a unique product for adults age 65 and over. It combines in one package all Medicare and Medicaid benefits, plus additional benefits and services designed to promote independence and quality of life. NaviCare is available to those ages 65 and over who are enrolled in MassHealth Standard. For those who qualify, NaviCare is available at a $0 premium with $0 co-payments. All healthcare is coordinated by a team of doctors, specialists, nurses, and social workers who develop a plan of care specific to each member. “For more than 25 years, Fallon has remained committed to helping older adults with complex care needs to live as independently as possible in the communities in which they are comfortable,” said Richard Burke, president of Senior Care Services and Government Programs. “Each time we expand our NaviCare network, we’re able to provide more options that can have a positive impact on the health and well-being of older adults and their families.” In addition to NaviCare, Fallon offers other products and programs for Medicare beneficiaries in Western Mass. and throughout the state, including a variety of plan choices for its Medicare Advantage product, called Fallon Senior Plan. Fallon also offers a Program of all-inclusive care for the elderly, called Summit ElderCare.

BCC, Elms Create Unique Weekend Program

Berkshire Community College (BCC) and Elms College in Chicopee have signed a memorandum of understanding allowing qualified BCC human services graduates, as well as graduates with associate degrees from other accredited institutions, to complete Elms College’s bachelor’s-degree program in social work at BCC’s main campus on West Street in Pittsfield. BCC President Ellen Kennedy and Elms College President Mary Reap originally signed an agreement regarding the off-campus program for social work in May 2013. Classes previously offered in Lee will shift to BCC’s main campus starting next month. Students will work with BCC advisors as they complete their associate degrees at BCC and then with Elms advisors as they transition into the bachelor’s-degree completion programs. “We know that students are the most successful when they have the flexibility to balance studies with work and personal commitments,” Kennedy said. “Having top-notch educators from Elms College at our campus offering weekend classes will most certainly benefit students interested in earning a bachelor’s degree in social work close to home.” Added Reap, “social work is a growing, vitally important field with expanding job opportunities for Western Massachusetts. We’re pleased to partner with Berkshire Community College to set students on the path to bachelor’s degrees leading to rewarding careers, empowering them to change lives for the better in the Berkshire community.” In addition to social work, Elms will also offer two online degree-completion programs as part of the memorandum of understanding, including a bachelor’s degree in speech language pathology assistant and a bachelor’s degree in healthcare management. Classes taught by Elms College faculty will be held at BCC on Saturdays from 8:30 a.m. to 12:30 p.m. and 1 to 5 p.m. Students who complete coursework in 10 eight-week sessions over a 20-month period will be awarded a bachelor of science degree in social work. Two cohorts, consisting of new and returning students, will begin classes Aug. 29. To qualify for transfer to Elms or enrollment into the off-campus program, BCC students must have earned an associate degree and have a minimum grade-point average of 2.5. The two institutions originally signed an articulation agreement for social work majors in 2004. The first off-campus social work cohort launched in August 2013 and graduated this past May. BCC currently has approximately 50 transfer-articulation agreements with colleges and universities throughout the country, including Clarkson University, Colorado State University, Union College, Rensselaer Polytechnic Institute, Russell Sage College, Southern Vermont College, the University at Albany, the College of Saint Rose, and Worcester Polytechnic Institute. BCC also has MassTransfer agreements with all Massachusetts state colleges and universities, including UMass Amherst and Massachusetts College of Liberal Arts. In addition to BCC, Elms College has a number off-campus agreements with institutions — including Greenfield Community College, Holyoke Community College, Mount Wachusett Community College, Quinsigamond Community College, and Springfield Technical Community College — in dozens of programs, including early care and education, management and marketing, social work, nursing, accounting, and psychology. For more information about BCC’s human-services program, visit www.berkshirecc.edu/humanservices or e-mail Audrey Ringer at [email protected]. For information about Elms College’s social work program, e-mail Maureen Holland at [email protected]. For information about Elms College’s social work degree-completion program, contact Wanda Banks at [email protected] or (413) 313-4287.

Baystate Noble Cited for Financial Improvement

WESTFIELD — Baystate Noble Hospital recently accepted the 2014 Financial Improvement Performance award at the 2015 MedAssets Healthcare Business Summit. Every year, this award is presented to a healthcare organization that achieved significant financial improvement and realized substantial cash acceleration in 2014. MedAssets is a performance-improving company that focuses on helping providers understand financial and operational gains so they can effectively serve the needs of their community. Its main focus is the healthcare industry and its core values include compassion, character, confidence, and commitment. MedAssets values people who are committed to supporting their clients in upholding their cherished healthcare missions. They have a passion to improve healthcare and find it essential to value relationships with organizations such as Baystate Noble Hospital. “This award helps to validate all the hard work we have put into it and that we are on the right track,” said Cristina Fialho, revenue coordinator at Baystate Noble Hospital.

PVRR Among Railroads to Receive Grants

WESTFIELD — MassDOT recently announced the awarding of five grants totaling more than $2 million for industrial rail projects as part of the 2015 Industrial Rail Access Program (IRAP). Among the grants awarded is $175,045 to Pioneer Valley Railroad for installation of new rail siding at Railroad Distribution Services facility in Westfield. The IRAP funding for the five projects is being matched by more than $1.7 million in private-sector funds for a total $3.7 million investment in freight-rail improvements in the third year of the IRAP program. Created as part of the 2012 Transportation Bond Bill, IRAP provides grants to railroads, rail shippers, and municipalities that identify a public benefit gained through improved rail transportation usage or economic growth that would be realized through improved access to rail assets. The five 2015 IRAP recipients represent a variety of projects meeting the program objective of improving the rail network while boosting economic growth.