Business Context and Reporting Period
This Form 8-K is a current report filed by Westfield Financial, Inc. (the holding company for Westfield Bank) on June 24, 2015. The filing discloses a corporate action regarding the renewal of the company's stock repurchase program.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the mechanics of a share repurchase agreement.
Material Changes and Events
- Stock Repurchase Renewal: On June 24, 2015, the Company entered into a renewed 10b5-1 Plan with Griffin Financial Group, LLC.
- Share Authorization: The renewed plan authorizes the repurchase of up to 711,733 shares of common stock ($0.01 par value).
- Program Timeline: Purchases under the new plan may begin on July 24, 2015, and the plan expires on January 22, 2016.
- Previous Program Status: The prior 10b5-1 Plan, which authorized 1,970,000 shares, had expired. As of June 23, 2015, 1,258,267 shares had been repurchased under that previous program.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on financial performance, or discussion of risks and contingencies beyond the execution of the repurchase plan.
Key Facts for Investor Verification
- Verify the total number of shares repurchased under the expired plan (1,258,267) against the authorized amount (1,970,000).
- Confirm the start date (July 24, 2015) and expiration date (January 22, 2016) of the new repurchase window.
- Monitor future filings for the actual number of shares purchased and the average price paid under the renewed 711,733 share authorization.