Westbank Corporation Reports 1st Quarter 2001 Earnings

Apr 18, 2001, 01:00 ET from Westbank Corporation

    WEST SPRINGFIELD, Mass., April 18 /PRNewswire/ -- Westbank Corporation
 (Nasdaq:   WBKC) today reported net income for the quarter ended March 31, 2001
 of $920,000, representing $.22 per share (diluted), compared to $901,000 or
 $.21 per share (diluted) for the quarter ended March 31, 2000.  On a cash
 basis (excluding amortization of goodwill), earnings per share for the quarter
 ended March 31, 2001 represented $.24.
     At the end of March 2001, assets totaled $566 million, while investments
 grew to $98 million and loans were at $428 million.  The Corporation's
 allowance for loan losses totaled $3.9 million, with non-performing loans at
 $2.8 million.  During the quarter, the Corporation provided $227 thousand to
 the allowance for loan losses.
     The Corporation's net interest margin continued to improve during the most
 recent quarter, growing to 3.71%.  Management continues to closely monitor
 interest rates and the overall cost of funds.
     As of March 31, 2001, deposits totaled $476 million and the Corporation's
 stockholders' equity increased to $36.1 million, representing a book value of
 $8.53 per share.
     Residential real estate refinancing is very strong, with more than $26
 million in closings scheduled for the next couple of months.  In addition, the
 Corporation introduced a home equity telemarketing program during March that
 generated over $3.3 million in activity in a very short period of time.
     The Board of Directors recently declared a quarterly dividend of $.10 per
 share to its common shareholders; the dividend is payable on April 20, 2001.
     Westbank Corporation is the holding company for Park West Bank and Trust
 Company, West Springfield, Massachusetts, and Cargill Bank, Danielson,
 Connecticut.  The Corporation operates a total of 17 banking offices in
 western Massachusetts and northeastern Connecticut.
 
     Condensed Consolidated Balance Sheets
     Westbank Corporation and Subsidiaries
 
     March 31 (Unaudited)
     (Dollar amounts in thousands)         2001                       2000
 
     Assets
     Cash and due from banks
      Non-interest bearing                $15,476                    $14,762
      Interest bearing                        249                      1,032
     Federal Funds Sold                     1,415                        129
     Investment securities                  6,954                     11,716
     Investment securities
      available for sale                   90,847                     81,122
     Loans                 $432,429                   $440,321
      (Less) Allowance
       for loan loss          3,936                      3,820
     Net Loans                            428,493                    436,501
     Bank premises and
      equipment                             7,060                      7,650
     Other real estate
      owned - net                             135                        512
     Intangible assets                      9,350                      9,856
     Other assets                           5,850                      7,067
     Total Assets                        $565,829                   $570,347
 
     Liabilities and Equity
     Deposits
      Non-interest bearing                $61,712                    $58,851
      Interest bearing                    414,352                    419,893
     Total Deposits                       476,064                    478,744
     Funds borrowed                        33,990                     41,227
     Other Liabilities                      2,630                      1,940
      Total Liabilities                   512,684                    521,911
     Mandatory redeemable preferred stock  17,000                     17,000
     Stockholders' Equity
      Common stock                          8,567                      8,567
      Additional paid in capital           11,587                     11,640
      Retained earnings                    15,904                     13,789
      Treasury stock                        (379)                      (448)
      Accumulated other comprehensive
     income (loss)                            466                    (2,112)
     Total Stockholders' Equity            36,145                     31,436
     Total Liabilities and Equity        $565,829                   $570,347
 
 
     Condensed Consolidated Statements of Income
     Westbank Corporation and Subsidiaries
 
                                                            Quarter and
     March 31 (Unaudited)                               Three Months Ended
     (Dollar amounts in thousands,
       except per share data)                          2001            2000
     Income:
      Interest and fees on loans                       $8,507         $8,692
      Interest on securities                            1,588          1,523
      Interest on federal funds sold                       52             68
                                                      $10,147         10,283
     Interest expense                                   5,298          5,295
     Net interest income                                4,849          4,988
     Provision for loan losses                            227             65
     Net interest income after provision                4,622          4,923
     Investment security gain                              31
     Other non-interest income                            729            578
     Total non-interest income                            760            578
     Operating Expenses:
      Salaries and benefits                             2,043          2,042
      Other operating expenses                          1,559          1,680
      Occupancy - net                                     389            354
     Total operating expenses                           3,991          4,076
     Income before income taxes                         1,391          1,425
     Income taxes                                         471            524
     Net Income                                         $ 920           $901
 
     Earnings per share
      - Basic                                           $0.22          $0.21
      - Diluted                                         $0.22          $0.21
     Weighted average shares outstanding
      - Basic                                       4,234,848      4,272,683
      - Diluted                                     4,272,117      4,330,710
 
 

SOURCE Westbank Corporation
    WEST SPRINGFIELD, Mass., April 18 /PRNewswire/ -- Westbank Corporation
 (Nasdaq:   WBKC) today reported net income for the quarter ended March 31, 2001
 of $920,000, representing $.22 per share (diluted), compared to $901,000 or
 $.21 per share (diluted) for the quarter ended March 31, 2000.  On a cash
 basis (excluding amortization of goodwill), earnings per share for the quarter
 ended March 31, 2001 represented $.24.
     At the end of March 2001, assets totaled $566 million, while investments
 grew to $98 million and loans were at $428 million.  The Corporation's
 allowance for loan losses totaled $3.9 million, with non-performing loans at
 $2.8 million.  During the quarter, the Corporation provided $227 thousand to
 the allowance for loan losses.
     The Corporation's net interest margin continued to improve during the most
 recent quarter, growing to 3.71%.  Management continues to closely monitor
 interest rates and the overall cost of funds.
     As of March 31, 2001, deposits totaled $476 million and the Corporation's
 stockholders' equity increased to $36.1 million, representing a book value of
 $8.53 per share.
     Residential real estate refinancing is very strong, with more than $26
 million in closings scheduled for the next couple of months.  In addition, the
 Corporation introduced a home equity telemarketing program during March that
 generated over $3.3 million in activity in a very short period of time.
     The Board of Directors recently declared a quarterly dividend of $.10 per
 share to its common shareholders; the dividend is payable on April 20, 2001.
     Westbank Corporation is the holding company for Park West Bank and Trust
 Company, West Springfield, Massachusetts, and Cargill Bank, Danielson,
 Connecticut.  The Corporation operates a total of 17 banking offices in
 western Massachusetts and northeastern Connecticut.
 
     Condensed Consolidated Balance Sheets
     Westbank Corporation and Subsidiaries
 
     March 31 (Unaudited)
     (Dollar amounts in thousands)         2001                       2000
 
     Assets
     Cash and due from banks
      Non-interest bearing                $15,476                    $14,762
      Interest bearing                        249                      1,032
     Federal Funds Sold                     1,415                        129
     Investment securities                  6,954                     11,716
     Investment securities
      available for sale                   90,847                     81,122
     Loans                 $432,429                   $440,321
      (Less) Allowance
       for loan loss          3,936                      3,820
     Net Loans                            428,493                    436,501
     Bank premises and
      equipment                             7,060                      7,650
     Other real estate
      owned - net                             135                        512
     Intangible assets                      9,350                      9,856
     Other assets                           5,850                      7,067
     Total Assets                        $565,829                   $570,347
 
     Liabilities and Equity
     Deposits
      Non-interest bearing                $61,712                    $58,851
      Interest bearing                    414,352                    419,893
     Total Deposits                       476,064                    478,744
     Funds borrowed                        33,990                     41,227
     Other Liabilities                      2,630                      1,940
      Total Liabilities                   512,684                    521,911
     Mandatory redeemable preferred stock  17,000                     17,000
     Stockholders' Equity
      Common stock                          8,567                      8,567
      Additional paid in capital           11,587                     11,640
      Retained earnings                    15,904                     13,789
      Treasury stock                        (379)                      (448)
      Accumulated other comprehensive
     income (loss)                            466                    (2,112)
     Total Stockholders' Equity            36,145                     31,436
     Total Liabilities and Equity        $565,829                   $570,347
 
 
     Condensed Consolidated Statements of Income
     Westbank Corporation and Subsidiaries
 
                                                            Quarter and
     March 31 (Unaudited)                               Three Months Ended
     (Dollar amounts in thousands,
       except per share data)                          2001            2000
     Income:
      Interest and fees on loans                       $8,507         $8,692
      Interest on securities                            1,588          1,523
      Interest on federal funds sold                       52             68
                                                      $10,147         10,283
     Interest expense                                   5,298          5,295
     Net interest income                                4,849          4,988
     Provision for loan losses                            227             65
     Net interest income after provision                4,622          4,923
     Investment security gain                              31
     Other non-interest income                            729            578
     Total non-interest income                            760            578
     Operating Expenses:
      Salaries and benefits                             2,043          2,042
      Other operating expenses                          1,559          1,680
      Occupancy - net                                     389            354
     Total operating expenses                           3,991          4,076
     Income before income taxes                         1,391          1,425
     Income taxes                                         471            524
     Net Income                                         $ 920           $901
 
     Earnings per share
      - Basic                                           $0.22          $0.21
      - Diluted                                         $0.22          $0.21
     Weighted average shares outstanding
      - Basic                                       4,234,848      4,272,683
      - Diluted                                     4,272,117      4,330,710
 
 SOURCE  Westbank Corporation