Westfield Bank and Danversbank have decided not to participate in the U.S. Treasury’s Capital Purchase Program, which is part of the broader Troubled Asset Relief Program (TARP). Both institutions reported positive net income in the third quarter, although in each case, net income was less than that reported during the same period last year.

 “Westfield Financial is a strong, well capitalized institution,” said Donald A. Williams, chairman and chief executive officer. “We felt that the costs and restrictions associated with the TARP Capital Purchase Program outweighed the potential benefits,” added Williams.

Danversbank did not participate in subprime lending, nor did it own preferred shares of Fannie Mae and Freddie Mac — two actions that proved detrimental for those institutions that did, the bank said.

“We raised significant amounts of capital from our depositors in our initial public offering in January, and remain very well-capitalized,” said Kevin T. Bottomley, president and chief executive officer of Danversbank.