GLENS
FALLS, N.Y., Oct. 24,
2023 /PRNewswire/ -- Arrow Financial Corporation
(NasdaqGS® – AROW) ("Arrow") announced financial results
for the three-month period ended September 30, 2023. Net
income for the third quarter of 2023 was $7.7 million and fully diluted earnings per share
was $0.46. Nonperforming assets
decreased $0.2 million in the third
quarter to 0.16% of assets, with the allowance for credit losses
reaching 491% of nonperforming loans.
Arrow President and CEO David S.
DeMarco:
"This quarter, we continued to experience substantial loan
growth with asset and deposit balances at or near record highs. We
also continued our pattern of issuing cash and stock dividends,
underscoring our dedication to creating value for our shareholders.
As we move ahead, Arrow expects to restart our Dividend
Reinvestment Plan.
We were proud to officially open our renovated downtown
Glens Falls campus and Main Office
branch this summer. Glens Falls
has been our home for much of our 172-year history, and we are
excited about the positive impact this will have on all our
stakeholders. As always, we are focused on enhancing the customer
experience and optimizing our operations while supporting our
exceptional team."
This Earnings Release and related commentary should be read in
conjunction with our October 24, 2023 Form 8-K and related
Third Quarter 2023 Investor Presentation, which can also be found
on our website:
arrowfinancial.com/investor-presentations.
Third-Quarter Highlights and Key Metrics
- Record high loans of $3.1
billion, growing at an annualized rate of 9%, or
$68.7 million
- Nonperforming assets decreased to $6.9
million, representing 0.16% of period-end assets
- Net charge-offs to average loans were 0.05% as compared to
0.07% for the previous quarter
- Allowance for credit losses to nonperforming loans
coverage of 491%
- Deposit balances increased to $3.7
billion, growing $164.3
million, or 4.7%
- Loan-to-deposit ratio was 86%
- Net interest margin was 2.53%
- Arrow entered into two pay-fixed portfolio layer method fair
value swaps, with total notional amounts of $250 million and $50
million, respectively. The transactions are accretive to net
interest income, adding more than $2
million annually in the current "higher for longer" rate
environment
- Strong on-balance sheet liquidity of $334 million, or 8% of total assets
- Liquidity and available borrowing capacity provide two times
coverage of uninsured deposits
- Non-interest expenses included $1.1
million in incremental expenses related to the delay in
filing the 2022 Form 10-K and the first quarter Form 10-Q
- Return on average assets (ROA) was 0.75%; incremental expenses
related to the delayed filings depressed ROA by 9 basis points
- Return on average equity (ROE) was 8.47%; incremental expenses
related to the delayed filings impacted ROE by almost 100 basis
points
Income Statement
- Net Income: Net income for the third quarter of
2023 was $7.7 million, increasing
from $6.0 million in the second
quarter of 2023, and decreasing from $12.2
million in the third quarter of 2022. The increase from the
second quarter of 2023 was primarily due to an increase in interest
and dividend income of $2.1 million,
an increase of $1.1 million in
non-interest income and a decrease in non-interest expense of
$0.6 million, partially offset by an
increase of $2.5 million in interest
expense. The decline from the same period in the prior year was
primarily due to an increase of $13.5
million in interest expense partially offset by an increase
in interest and dividend income of $7.9
million.
- Net Interest Income: Net interest income for the
third quarter of 2023 was $25.4
million, decreasing 1.6% from $25.8
million in the second quarter of 2023 and 18.0% from
$30.9 million in the comparable
quarter of 2022. Total interest and dividend income was
$42.1 million for the third quarter
of 2023, an increase from $40.0
million in the second quarter of 2023 and from $34.2 million for the third quarter of 2022.
These increases were primarily driven by loan growth and higher
loan rates. Interest expense for the third quarter of 2023 was
$16.8 million, an increase from
$14.2 million for the second quarter
of 2023 and from $3.3 million for the
comparable quarter ended 2022. The increases for both
comparison periods were driven primarily by higher deposit rates
and changes in deposit composition.
- Net Interest Margin: Net interest margin was 2.53%
for the third quarter of 2023, compared to 2.61% for the second
quarter of 2023 and 3.14% for the third quarter of 2022. The
decrease in net interest margin compared to the second quarter in
2023 as well as the third quarter of 2022 was primarily the result
of the cost of interest-bearing liabilities increasing at a faster
pace than the yield on average earning assets. In addition,
deposits have continued to migrate to higher costs products, such
as money market savings and time deposits.
|
Three Months
Ended
|
|
(Dollars in
Thousands)
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
Interest and Dividend
Income
|
$
42,117
|
|
$
40,013
|
|
$
34,207
|
|
Interest
Expense
|
16,764
|
|
14,241
|
|
3,306
|
|
Net Interest
Income
|
25,353
|
|
25,772
|
|
30,901
|
|
Average Earning
Assets(1)
|
3,973,747
|
|
3,953,642
|
|
3,902,119
|
|
Average
Interest-Bearing Liabilities
|
2,920,518
|
|
2,924,743
|
|
2,781,985
|
|
|
|
|
|
|
|
Yield on Earning
Assets(1)
|
4.20 %
|
|
4.06 %
|
|
3.48 %
|
|
Cost of
Interest-Bearing Liabilities
|
2.28
|
|
1.95
|
|
0.47
|
|
Net Interest
Spread
|
1.92
|
|
2.11
|
|
3.01
|
|
Net Interest
Margin
|
2.53
|
|
2.61
|
|
3.14
|
|
|
|
|
|
|
|
Income Earned on PPP
Loans included in Net Interest Income
|
$
—
|
|
$
—
|
|
$
70
|
|
Net Interest Income
excluding PPP loans
|
25,353
|
|
25,772
|
|
30,831
|
|
Net Interest Margin
excluding PPP loans
|
2.53 %
|
|
2.61 %
|
|
3.14 %
|
|
|
|
|
|
|
|
(1) Includes
Nonaccrual Loans.
|
|
|
|
|
|
|
|
|
|
|
|
- Provision for Credit Losses: For the third quarter of
2023, the provision for credit losses was $354 thousand compared to $948 thousand in the second quarter of 2023 and
$1.7 million in the prior-year
quarter. The key drivers for the provision for credit losses in the
third quarter of 2023 were loan growth and charge-offs, partially
offset by changes to the economic forecast factors embedded in the
credit loss allowance model. The provision was favorably impacted
by the qualitative factors related to the residential loan
portfolio, which continue to indicate local market conditions
performing well above the Case-Shiller U.S. National Home Price
Index, which is utilized in the economic forecast.
- Non-Interest Income: Non-interest income for the three
months ended September 30, 2023, was $8.1 million, compared to $6.9 million in the second quarter of 2023 and
$7.8 million in the third quarter of
2022. Income from fiduciary activities, which includes Wealth
Management services, was fairly consistent to the comparable
prior-year quarter. Fees and other services to customers were
consistent with the linked quarter, however declined compared to
the third quarter of 2022, primarily due to lower interchange fees.
Other income increased from both the second quarter and the
previous year, primarily as a result of bank-owned life insurance
proceeds.
- Non-Interest Expense: Non-interest expense for the third
quarter of 2023 was $23.5 million, a
decrease from $24.1 million in
the second quarter of 2023 and an increase from $21.4 million for the third quarter of 2022. The
increase from the prior year was in large part related to
$1.1 million of additional legal and
professional fees incurred in the third quarter of 2023 associated
with the delay in the filing of the 2022 Form 10-K and the First
Quarter Form 10-Q, as well as an increase in costs related to
technology and FDIC insurance. Total year-to-date expenses related
to the delayed filings were $4.1
million.
- Provision for Income Taxes: The provision for
income taxes was $1.8 million for the
third quarter of 2023, $1.6
million for the second quarter of 2023 and $3.4 million for the third quarter of 2022.
The year-to-date effective tax rate as of September 30, 2023
was 20.6%.
Balance Sheet
- Total Assets: Total assets were $4.3 billion at September 30, 2023, an
increase of $169.3 million, or 4.1%.
as compared to June 30, 2023 and an increase of $303.4 million, or 7.6%, as compared to
December 31, 2022. For the third quarter 2023, overall
balance sheet growth is in line with growth in the loan portfolio
and higher cash balances.
- Investments: Total investments were $666.9 million as of September 30, 2023, a
decrease of $27.1 million, or 3.9%,
compared to June 30, 2023 and a decrease of $90.2 million, or 11.9%, compared to
December 31, 2022. The decrease for both periods was driven
primarily by paydowns and maturities (net of purchases) of
$19.0 million and $83.9 million, respectively. The proceeds were
primarily used to fund loan growth and for general corporate
purposes. There were no credit quality issues related to the
investment portfolio. The rising rate environment led to unrealized
losses of $7.8 million within the
available-for-sale portfolio in the third quarter of 2023.
- Loans: Total loans reached a record high of
$3.1 billion as of September 30,
2023. Loan growth for the third quarter of 2023 was $68.7 million, and was $155.4 million year-to-date. Loan growth was
spread across all segments. Please see the loan detail
included in the consolidated financial information table on page
11.
- Balance Sheet Management: In September 2023, Arrow entered into two pay-fixed
portfolio layer method fair value swaps, with total notional
amounts of $250 million and $50 million, respectively.
The transactions are accretive to interest income, adding more than
$2 million annually. Going forward,
rising interest rates will increase the net interest income
benefit, while falling rates will reduce the net interest income
benefit.
- Allowance for Credit Losses: The allowance for
credit losses was $31.1 million as of
September 30, 2023, which represented 0.99% of loans
outstanding, as compared to $31.2
million, or 1.02%, at June 30, 2023 and $30.0 million, or 1.00%, at December 31,
2022. Asset quality improved at September 30, 2023. Net
charge-offs, expressed as an annualized percentage of average loans
outstanding, were 0.05% for the three-month period ended
September 30, 2023, as compared to 0.07% for the three-month
period ended June 30, 2023 and 0.09% for the three-month
period ended December 31, 2022. Nonperforming assets decreased
to $6.9 million as of
September 30, 2023, representing 0.16% of period-end assets,
compared to $7.1 million, or 0.17%,
at June 30, 2023 and $12.6
million, or 0.32%, at December 31, 2022.
- Deposits: At September 30, 2023, deposit
balances were $3.7 billion, an
increase of $164.3 million from
June 30, 2023 and $168.1 million
from December 31, 2022. Overall in 2023, the deposit mix has
continued to shift from non-interest bearing accounts to higher
cost money market and time deposit accounts. Seasonal municipal
deposits helped drive an increase in demand deposits of
$38.9 million in the third quarter.
Please refer to page 6 for further details related to
deposits.
- Capital: Total stockholders' equity was
$360.0 million at September 30,
2023, a decrease of $1.4 million, or
0.4%, from the June 30, 2023 level of $361.4 million, and an increase of $6.5 million, or 1.8%, from December 31,
2022. Arrow's regulatory capital ratios remained strong. As of
September 30, 2023, Arrow's Common Equity Tier 1 Capital Ratio
was 13.17% and Total Risk-Based Capital Ratio was 14.94%. The
capital ratios of Arrow and both its subsidiary banks, Glens Falls
National Bank and Trust Company and Saratoga National Bank and
Trust Company, continued to exceed the "well capitalized"
regulatory standards.
Additional Commentary
- Cash and Stock Dividends: On September 15, 2023, Arrow distributed a cash
dividend of $0.27 per share.
Additionally, on September 26, 2023,
Arrow distributed a 3% stock dividend. This is the 15th consecutive
year Arrow has declared a stock dividend.
- Bauer Financial Ratings: Both Glens Falls National Bank
and Trust Company and Saratoga National Bank and Trust Company
continued to maintain their 5-Star Exceptional Performance ratings
from Bauer Financial, for the 66th and 58th quarters,
respectively.
About Arrow
Arrow Financial Corporation is a multi-bank holding company
headquartered in Glens Falls, New
York, serving the financial needs of northeastern
New York. Arrow is the parent of
Glens Falls National Bank and Trust Company and Saratoga National
Bank and Trust Company. Other subsidiaries include Upstate Agency,
LLC and North Country Investment Advisers, Inc.
Non-GAAP Financial Measures Reconciliation
In addition to presenting information in conformity with
accounting principles generally accepted in the United States of America (GAAP), this news
release contains financial information determined by methods other
than GAAP (non-GAAP). Some measures used in this release, which are
commonly utilized by financial institutions, have not been
specifically exempted by the Securities and Exchange Commission
("SEC") and may constitute "non-GAAP financial measures" within the
meaning of the SEC's rules. These non-GAAP financial measures
include: tangible equity, return on tangible equity, tax-equivalent
adjustment and related net interest income, tax-equivalent, the
efficiency ratio and net interest margin. Management believes that
the non-GAAP financial measures disclosed by Arrow are useful in
evaluating Arrow's performance and that such information should be
considered as supplemental in nature and not as a substitute for,
or superior to, the related financial information prepared in
accordance with GAAP. Non-GAAP financial measures may
differ from similar measures presented by other companies. See the
reconciliation of GAAP to non-GAAP measures in the section
"Selected Quarterly Information."
Safe Harbor Statement
The information in this document may contain statements based on
management's beliefs, assumptions, expectations, estimates and
projections about the future. Such "forward-looking statements," as
defined in Section 21E of the Securities Exchange Act of 1934, as
amended, involve a degree of uncertainty and attendant risk. Actual
outcomes and results may differ, explicitly or by implication. We
are not obligated to revise or update these statements to reflect
unanticipated events. This document should be read in conjunction
with Arrow's 2022 Form 10-K and other filings with the SEC.
|
ARROW FINANCIAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME
(In Thousands, Except Per Share Amounts -
Unaudited)
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
INTEREST AND
DIVIDEND INCOME
|
|
|
|
|
|
|
|
|
|
Interest and Fees on
Loans
|
|
$
36,699
|
|
$ 29,618
|
|
$ 103,203
|
|
$
82,263
|
|
Interest on Deposits at
Banks
|
|
1,805
|
|
1,201
|
|
3,958
|
|
1,826
|
|
Interest and Dividends
on Investment Securities:
|
|
|
|
|
|
|
|
|
|
Fully
Taxable
|
|
2,924
|
|
2,603
|
|
8,823
|
|
7,236
|
|
Exempt from Federal
Taxes
|
|
689
|
|
785
|
|
2,256
|
|
2,422
|
|
Total Interest and
Dividend Income
|
|
42,117
|
|
34,207
|
|
118,240
|
|
93,747
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Checking Accounts
|
|
1,156
|
|
267
|
|
2,346
|
|
629
|
|
Savings
Deposits
|
|
9,729
|
|
2,469
|
|
23,830
|
|
3,778
|
|
Time Deposits over
$250,000
|
|
1,466
|
|
89
|
|
3,159
|
|
143
|
|
Other Time
Deposits
|
|
2,051
|
|
150
|
|
3,721
|
|
370
|
|
Borrowings
|
|
2,143
|
|
110
|
|
5,309
|
|
405
|
|
Junior Subordinated
Obligations Issued to
Unconsolidated
Subsidiary Trusts
|
|
173
|
|
173
|
|
513
|
|
513
|
|
Interest on Financing
Leases
|
|
46
|
|
48
|
|
143
|
|
145
|
|
Total Interest
Expense
|
|
16,764
|
|
3,306
|
|
39,021
|
|
5,983
|
|
NET INTEREST
INCOME
|
|
25,353
|
|
30,901
|
|
79,219
|
|
87,764
|
|
Provision for Credit
Losses
|
|
354
|
|
1,715
|
|
2,856
|
|
3,389
|
|
NET INTEREST INCOME
AFTER PROVISION FOR CREDIT LOSSES
|
|
24,999
|
|
29,186
|
|
76,363
|
|
84,375
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
Income From Fiduciary
Activities
|
|
2,378
|
|
2,341
|
|
7,081
|
|
7,454
|
|
Fees for Other Services
to Customers
|
|
2,761
|
|
3,071
|
|
8,073
|
|
8,916
|
|
Insurance
Commissions
|
|
1,695
|
|
1,650
|
|
4,775
|
|
4,783
|
|
Net Gain (Loss) on
Securities
|
|
71
|
|
95
|
|
(214)
|
|
379
|
|
Net Gain on Sales of
Loans
|
|
21
|
|
18
|
|
25
|
|
80
|
|
Other Operating
Income
|
|
1,124
|
|
652
|
|
1,893
|
|
2,121
|
|
Total Non-Interest
Income
|
|
8,050
|
|
7,827
|
|
21,633
|
|
23,733
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Salaries and Employee
Benefits
|
|
11,988
|
|
12,427
|
|
35,974
|
|
35,400
|
|
Occupancy Expenses,
Net
|
|
1,517
|
|
1,521
|
|
4,728
|
|
4,721
|
|
Technology and
Equipment Expense
|
|
4,371
|
|
4,049
|
|
13,150
|
|
11,802
|
|
FDIC
Assessments
|
|
515
|
|
295
|
|
1,478
|
|
893
|
|
Other Operating
Expense
|
|
5,088
|
|
3,156
|
|
14,528
|
|
7,922
|
|
Total Non-Interest
Expense
|
|
23,479
|
|
21,448
|
|
69,858
|
|
60,738
|
|
INCOME BEFORE
PROVISION FOR INCOME TAXES
|
|
9,570
|
|
15,565
|
|
28,138
|
|
47,370
|
|
Provision for Income
Taxes
|
|
1,827
|
|
3,402
|
|
5,786
|
|
10,658
|
|
NET
INCOME
|
|
$
7,743
|
|
$ 12,163
|
|
$
22,352
|
|
$
36,712
|
|
Average Shares
Outstanding 1:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
17,050
|
|
17,007
|
|
17,049
|
|
17,001
|
|
Diluted
|
|
17,050
|
|
17,054
|
|
17,049
|
|
17,050
|
|
Per Common
Share:
|
|
|
|
|
|
|
|
|
|
Basic
Earnings
|
|
$
0.46
|
|
$
0.72
|
|
$
1.31
|
|
$
2.16
|
|
Diluted
Earnings
|
|
0.46
|
|
0.72
|
|
1.31
|
|
2.15
|
|
|
1 Share and
Per Share Amounts have been restated for the September 26,
2023, 3% stock dividend.
|
|
ARROW FINANCIAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In Thousands, Except Share and Per Share Amounts -
Unaudited)
|
|
|
September
30,
2023
|
|
December 31,
2022
|
|
September
30,
2022
|
|
ASSETS
|
|
|
|
|
|
|
Cash and Due From
Banks
|
$
39,778
|
|
$
31,886
|
|
$
44,872
|
|
Interest-Bearing
Deposits at Banks
|
254,961
|
|
32,774
|
|
328,557
|
|
Investment
Securities:
|
|
|
|
|
|
|
Available-for-Sale at
Fair Value
|
519,240
|
|
573,495
|
|
575,054
|
|
Held-to-Maturity (Fair
Value of $134,811 at September 30,
2023; $171,623 at December 31, 2022; and $175,800 at
September 30, 2022)
|
140,577
|
|
175,364
|
|
182,178
|
|
Equity
Securities
|
1,960
|
|
2,174
|
|
2,126
|
|
FHLB and Federal
Reserve Bank Stock
|
5,110
|
|
6,064
|
|
4,720
|
|
Loans
|
3,138,617
|
|
2,983,207
|
|
2,924,794
|
|
Allowance for Credit
Losses
|
(31,112)
|
|
(29,952)
|
|
(29,232)
|
|
Net Loans
|
3,107,505
|
|
2,953,255
|
|
2,895,562
|
|
Premises and Equipment,
Net
|
60,311
|
|
56,491
|
|
54,015
|
|
Goodwill
|
21,873
|
|
21,873
|
|
21,873
|
|
Other Intangible
Assets, Net
|
1,205
|
|
1,500
|
|
1,604
|
|
Other Assets
|
120,391
|
|
114,633
|
|
122,217
|
|
Total
Assets
|
$
4,272,911
|
|
$
3,969,509
|
|
$
4,232,778
|
|
LIABILITIES
|
|
|
|
|
|
|
Noninterest-Bearing
Deposits
|
798,392
|
|
836,871
|
|
910,221
|
|
Interest-Bearing
Checking Accounts
|
920,250
|
|
997,694
|
|
1,113,850
|
|
Savings
Deposits
|
1,496,193
|
|
1,454,364
|
|
1,584,373
|
|
Time Deposits over
$250,000
|
167,614
|
|
76,224
|
|
59,059
|
|
Other Time
Deposits
|
284,036
|
|
133,211
|
|
127,602
|
|
Total
Deposits
|
3,666,485
|
|
3,498,364
|
|
3,795,105
|
|
Borrowings
|
174,300
|
|
54,800
|
|
25,000
|
|
Junior Subordinated
Obligations Issued to Unconsolidated
Subsidiary
Trusts
|
20,000
|
|
20,000
|
|
20,000
|
|
Finance
Leases
|
5,080
|
|
5,119
|
|
5,131
|
|
Other
Liabilities
|
47,032
|
|
37,688
|
|
41,992
|
|
Total
Liabilities
|
3,912,897
|
|
3,615,971
|
|
3,887,228
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
Preferred Stock, $1 Par
Value and 1,000,000 Shares
Authorized at September 30, 2023, December 31,
2022 and September 30, 2022
|
—
|
|
—
|
|
—
|
|
Common Stock, $1 Par
Value; 30,000,000 Shares
Authorized (22,066,559 Shares Issued at September
30, 2023 and 21,423,992 Shares Issued at December
31, 2022 and September 30, 2022)
|
22,067
|
|
21,424
|
|
21,424
|
|
Additional Paid-in
Capital
|
412,397
|
|
400,270
|
|
399,461
|
|
Retained
Earnings
|
62,647
|
|
65,401
|
|
57,778
|
|
Accumulated Other
Comprehensive Loss
|
(52,584)
|
|
(49,655)
|
|
(49,070)
|
|
Treasury Stock, at Cost
(5,017,063 Shares at September 30,
2023; 4,872,355 Shares at December 31, 2022 and 4,900,975
Shares at September 30, 2022)
|
(84,513)
|
|
(83,902)
|
|
(84,043)
|
|
Total Stockholders'
Equity
|
360,014
|
|
353,538
|
|
345,550
|
|
Total Liabilities and
Stockholders' Equity
|
$
4,272,911
|
|
$
3,969,509
|
|
$
4,232,778
|
|
Arrow Financial
Corporation
Selected Quarterly Information
(Dollars In Thousands, Except
Per Share Amounts - Unaudited)
|
|
|
Quarter
Ended
|
9/30/2023
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
Net Income
|
$
7,743
|
|
$
6,047
|
|
$
8,562
|
|
$ 12,087
|
|
$ 12,163
|
|
Transactions in Net
Income (Net of Tax):
|
|
|
|
|
|
|
|
|
|
|
Net Changes in Fair
Value of Equity Investments
|
52
|
|
(133)
|
|
(76)
|
|
35
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
Share and Per Share
Data:1
|
|
|
|
|
|
|
|
|
|
|
Period End Shares
Outstanding
|
17,049
|
|
17,050
|
|
17,050
|
|
17,048
|
|
17,019
|
|
Basic Average Shares
Outstanding
|
17,050
|
|
17,050
|
|
17,048
|
|
17,031
|
|
17,007
|
|
Diluted Average Shares
Outstanding
|
17,050
|
|
17,050
|
|
17,060
|
|
17,087
|
|
17,054
|
|
Basic Earnings Per
Share
|
$
0.46
|
|
$
0.35
|
|
$
0.50
|
|
$
0.71
|
|
$
0.72
|
|
Diluted Earnings Per
Share
|
0.46
|
|
0.35
|
|
0.50
|
|
0.71
|
|
0.72
|
|
Cash Dividend Per
Share
|
0.262
|
|
0.262
|
|
0.262
|
|
0.262
|
|
0.255
|
|
|
|
|
|
|
|
|
|
|
|
Selected Quarterly
Average Balances:
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits at Banks
|
$ 131,814
|
|
$
130,057
|
|
$
40,436
|
|
$
143,499
|
|
$
209,001
|
|
Investment
Securities
|
745,693
|
|
787,175
|
|
813,461
|
|
845,859
|
|
821,052
|
|
Loans
|
3,096,240
|
|
3,036,410
|
|
2,991,928
|
|
2,951,547
|
|
2,872,066
|
|
Deposits
|
3,491,028
|
|
3,460,711
|
|
3,480,279
|
|
3,614,945
|
|
3,598,519
|
|
Other Borrowed
Funds
|
208,527
|
|
220,616
|
|
100,596
|
|
63,304
|
|
50,125
|
|
Shareholders'
Equity
|
362,701
|
|
365,070
|
|
359,556
|
|
351,402
|
|
361,675
|
|
Total
Assets
|
4,109,995
|
|
4,087,653
|
|
3,978,851
|
|
4,074,028
|
|
4,047,738
|
|
Return on Average
Assets, annualized
|
0.75 %
|
|
0.59 %
|
|
0.87 %
|
|
1.18 %
|
|
1.19 %
|
|
Return on Average
Equity, annualized
|
8.47 %
|
|
6.64 %
|
|
9.66 %
|
|
13.65 %
|
|
13.34 %
|
|
Return on Average
Tangible Equity, annualized 2
|
9.05 %
|
|
7.10 %
|
|
10.33 %
|
|
14.62 %
|
|
14.27 %
|
|
Average Earning
Assets
|
$ 3,973,747
|
|
$ 3,953,642
|
|
$ 3,845,825
|
|
$ 3,940,905
|
|
$ 3,902,119
|
|
Average Paying
Liabilities
|
2,920,518
|
|
2,924,743
|
|
2,782,299
|
|
2,891,092
|
|
2,781,985
|
|
Interest
Income
|
42,117
|
|
40,013
|
|
36,110
|
|
35,904
|
|
34,207
|
|
Tax-Equivalent
Adjustment 3
|
183
|
|
196
|
|
202
|
|
279
|
|
268
|
|
Interest Income,
Tax-Equivalent 3
|
42,300
|
|
40,209
|
|
36,312
|
|
36,183
|
|
34,475
|
|
Interest
Expense
|
16,764
|
|
14,241
|
|
8,016
|
|
5,325
|
|
3,306
|
|
Net Interest
Income
|
25,353
|
|
25,772
|
|
28,094
|
|
30,579
|
|
30,901
|
|
Net Interest Income,
Tax-Equivalent 3
|
25,536
|
|
25,968
|
|
28,296
|
|
30,858
|
|
31,169
|
|
Net Interest Margin,
annualized
|
2.53 %
|
|
2.61 %
|
|
2.96 %
|
|
3.08 %
|
|
3.14 %
|
|
Net Interest Margin,
Tax-Equivalent, annualized 3
|
2.55 %
|
|
2.63 %
|
|
2.98 %
|
|
3.11 %
|
|
3.17 %
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
Calculation: 4
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Expense
|
$
23,479
|
|
$ 24,083
|
|
$
22,296
|
|
$ 20,792
|
|
$ 21,448
|
|
Less: Intangible Asset
Amortization
|
43
|
|
44
|
|
45
|
|
47
|
|
48
|
|
Net Non-Interest
Expense
|
$
23,436
|
|
$ 24,039
|
|
$
22,251
|
|
$ 20,745
|
|
$ 21,400
|
|
Net Interest Income,
Tax-Equivalent
|
$
25,536
|
|
$ 25,968
|
|
$
28,296
|
|
$ 30,858
|
|
$ 31,169
|
|
Non-Interest
Income
|
8,050
|
|
6,906
|
|
6,677
|
|
7,165
|
|
7,827
|
|
Less: Net Gain (Loss)
on Securities
|
71
|
|
(181)
|
|
(104)
|
|
48
|
|
95
|
|
Net Gross
Income
|
$
33,515
|
|
$ 33,055
|
|
$
35,077
|
|
$ 37,975
|
|
$ 38,901
|
|
Efficiency
Ratio
|
69.93 %
|
|
72.72 %
|
|
63.43 %
|
|
54.63 %
|
|
55.01 %
|
|
|
|
|
|
|
|
|
|
|
|
Period-End Capital
Information:
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity (i.e. Book Value)
|
$ 360,014
|
|
$
361,443
|
|
$ 363,371
|
|
$
353,538
|
|
$
345,550
|
|
Book Value per Share
1
|
21.12
|
|
21.20
|
|
21.31
|
|
20.74
|
|
20.30
|
|
Goodwill and Other
Intangible Assets, net
|
23,078
|
|
23,175
|
|
23,273
|
|
23,373
|
|
23,477
|
|
Tangible Book Value per
Share 1,2
|
19.76
|
|
19.84
|
|
19.95
|
|
19.37
|
|
18.92
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios:5
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage
Ratio
|
9.94 %
|
|
9.92 %
|
|
10.13 %
|
|
9.80 %
|
|
9.71 %
|
|
Common Equity Tier 1
Capital Ratio
|
13.17 %
|
|
13.27 %
|
|
13.34 %
|
|
13.32 %
|
|
13.14 %
|
|
Tier 1 Risk-Based
Capital Ratio
|
13.84 %
|
|
13.96 %
|
|
14.03 %
|
|
14.01 %
|
|
13.85 %
|
|
Total Risk-Based
Capital Ratio
|
14.94 %
|
|
15.08 %
|
|
15.15 %
|
|
15.11 %
|
|
14.93 %
|
|
|
|
|
|
|
|
|
|
|
|
Assets Under Trust
Admin. & Investment Mgmt.
|
$ 1,627,522
|
|
$ 1,711,460
|
|
$ 1,672,117
|
|
$ 1,606,132
|
|
$ 1,515,994
|
|
Arrow Financial
Corporation
Selected Quarterly Information - Continued
(Dollars In
Thousands, Except Per Share Amounts - Unaudited)
|
|
Footnotes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
Share and Per Share
Data have been restated for the September 26, 2023, 3% stock
dividend.
|
|
|
|
2.
|
Non-GAAP Financial
Measure Reconciliation: Tangible Book Value, Tangible Equity, and
Return on Tangible Equity
exclude goodwill and other intangible assets, net from total
equity. These are non-GAAP financial measures which
Arrow believes provides investors with information that is useful
in understanding its financial performance.
|
|
|
9/30/2023
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
Total Stockholders'
Equity (GAAP)
|
$
360,014
|
|
$
361,443
|
|
$
363,371
|
|
$
353,538
|
|
$
345,550
|
|
Less: Goodwill
and Other Intangible assets, net
|
23,078
|
|
23,175
|
|
23,273
|
|
23,373
|
|
23,477
|
|
Tangible Equity
(Non-GAAP)
|
$
336,936
|
|
$
338,268
|
|
$
340,098
|
|
$
330,165
|
|
$
322,073
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Shares
Outstanding
|
17,049
|
|
17,050
|
|
17,050
|
|
17,048
|
|
17,019
|
|
Tangible Book Value per
Share (Non-GAAP)
|
$
19.76
|
|
$
19.84
|
|
$
19.95
|
|
$
19.37
|
|
$
18.92
|
|
Net Income
|
7,743
|
|
6,047
|
|
8,562
|
|
12,087
|
|
12,163
|
|
Return on Average
Tangible Equity (Net Income/Tangible Equity -
Annualized)
|
9.05 %
|
|
7.10 %
|
|
10.33 %
|
|
14.62 %
|
|
14.27 %
|
|
|
|
|
|
|
|
|
|
|
|
|
3.
|
Non-GAAP Financial
Measure Reconciliation: Net Interest Margin is the ratio of
annualized tax-equivalent net
interest income to average earning assets. This is also a
non-GAAP financial measure which Arrow believes
provides investors with information that is useful in understanding
its financial performance.
|
|
|
9/30/2023
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
Interest Income
(GAAP)
|
$ 42,117
|
|
$ 40,013
|
|
$ 36,110
|
|
$ 35,904
|
|
$ 34,207
|
|
Add:
Tax-Equivalent adjustment
(Non-GAAP)
|
183
|
|
196
|
|
202
|
|
279
|
|
268
|
|
Interest Income - Tax
Equivalent
(Non-GAAP)
|
$ 42,300
|
|
$ 40,209
|
|
$ 36,312
|
|
$ 36,183
|
|
$ 34,475
|
|
Net Interest Income
(GAAP)
|
$ 25,353
|
|
$ 25,772
|
|
$ 28,094
|
|
$ 30,579
|
|
$ 30,901
|
|
Add:
Tax-Equivalent adjustment
(Non-GAAP)
|
183
|
|
196
|
|
202
|
|
279
|
|
268
|
|
Net Interest Income -
Tax Equivalent
(Non-GAAP)
|
$ 25,536
|
|
$ 25,968
|
|
$ 28,296
|
|
$ 30,858
|
|
$ 31,169
|
|
Average Earning
Assets
|
$
3,973,747
|
|
$
3,953,642
|
|
$
3,845,825
|
|
$
3,940,905
|
|
$
3,902,119
|
|
Net Interest Margin
(Non-GAAP)*
|
2.55 %
|
|
2.63 %
|
|
2.98 %
|
|
3.11 %
|
|
3.17 %
|
|
|
|
|
|
|
|
|
|
|
|
|
4.
|
Non-GAAP Financial
Measure Reconciliation: Financial Institutions often use the
"efficiency ratio", a non-GAAP
ratio, as a measure of expense control. Arrow believes the
efficiency ratio provides investors with information
that is useful in understanding its financial performance.
Arrow defines efficiency ratio as the ratio of non-interest
expense to net gross income (which equals tax-equivalent net
interest income plus non-interest income, as adjusted).
|
|
|
|
|
|
|
|
|
|
|
|
|
5.
|
For the current
quarter, all of the regulatory capital ratios as well as the Total
Risk-Weighted Assets are calculated
in accordance with bank regulatory capital rules. The
September 30, 2023 CET1 ratio listed in the tables (i.e.,
13.17%)
exceeds the sum of the required minimum CET1 ratio plus the fully
phased-in Capital Conservation Buffer (i.e., 7.00%).
|
|
|
9/30/2023
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
Total Risk Weighted
Assets
|
$
2,988,438
|
|
$
2,937,837
|
|
$
2,909,610
|
|
$
2,883,902
|
|
$
2,856,224
|
|
Common Equity Tier 1
Capital
|
393,541
|
|
389,966
|
|
388,228
|
|
384,003
|
|
375,394
|
|
Common Equity Tier 1
Ratio
|
13.17 %
|
|
13.27 %
|
|
13.34 %
|
|
13.32 %
|
|
13.14 %
|
|
|
|
|
|
|
|
|
|
|
|
|
* Quarterly ratios have
been annualized.
|
|
|
|
|
|
|
|
|
|
|
Arrow Financial
Corporation
Average Consolidated Balance Sheets and Net
Interest Income Analysis
(Dollars in Thousands -
Unaudited)
|
|
|
Quarter
Ended:
|
September 30,
2023
|
|
September 30,
2022
|
|
|
|
Interest
|
|
Rate
|
|
|
|
Interest
|
|
Rate
|
|
Average
|
|
Income/
|
|
Earned/
|
|
Average
|
|
Income/
|
|
Earned/
|
|
Balance
|
|
Expense
|
|
Paid
|
|
Balance
|
|
Expense
|
|
Paid
|
|
Interest-Bearing
Deposits at Banks
|
$
131,814
|
|
$
1,805
|
|
5.43 %
|
|
$
209,001
|
|
$
1,201
|
|
2.28 %
|
|
Investment
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully
Taxable
|
616,020
|
|
2,924
|
|
1.88
|
|
651,899
|
|
2,603
|
|
1.58
|
|
Exempt from Federal
Taxes
|
129,673
|
|
689
|
|
2.11
|
|
169,153
|
|
785
|
|
1.84
|
|
Loans
|
3,096,240
|
|
36,699
|
|
4.70
|
|
2,872,066
|
|
29,618
|
|
4.09
|
|
Total Earning
Assets
|
3,973,747
|
|
42,117
|
|
4.20
|
|
3,902,119
|
|
34,207
|
|
3.48
|
|
Allowance for Credit
Losses
|
(31,386)
|
|
|
|
|
|
(28,006)
|
|
|
|
|
|
Cash and Due From
Banks
|
32,874
|
|
|
|
|
|
32,475
|
|
|
|
|
|
Other Assets
|
134,760
|
|
|
|
|
|
141,150
|
|
|
|
|
|
Total
Assets
|
$
4,109,995
|
|
|
|
|
|
$
4,047,738
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Checking Accounts
|
$
795,627
|
|
1,156
|
|
0.58
|
|
$
996,116
|
|
267
|
|
0.11
|
|
Savings
Deposits
|
1,505,916
|
|
9,729
|
|
2.56
|
|
1,549,451
|
|
2,469
|
|
0.63
|
|
Time Deposits of
$250,000 or More
|
152,738
|
|
1,466
|
|
3.81
|
|
49,459
|
|
89
|
|
0.71
|
|
Other Time
Deposits
|
257,710
|
|
2,051
|
|
3.16
|
|
136,834
|
|
150
|
|
0.43
|
|
Total Interest-Bearing
Deposits
|
2,711,991
|
|
14,402
|
|
2.11
|
|
2,731,860
|
|
2,975
|
|
0.43
|
|
Borrowings
|
183,452
|
|
2,143
|
|
4.63
|
|
—
|
|
—
|
|
|
|
Junior Subordinated
Obligations Issued to
Unconsolidated Subsidiary Trusts
|
20,000
|
|
173
|
|
3.43
|
|
45,000
|
|
283
|
|
2.50
|
|
Finance
Leases
|
5,075
|
|
46
|
|
3.60
|
|
5,125
|
|
48
|
|
3.72
|
|
Total Interest-Bearing
Liabilities
|
2,920,518
|
|
16,764
|
|
2.28
|
|
2,781,985
|
|
3,306
|
|
0.47
|
|
Noninterest-Bearing
Deposits
|
779,037
|
|
|
|
|
|
866,659
|
|
|
|
|
|
Other
Liabilities
|
47,739
|
|
|
|
|
|
37,419
|
|
|
|
|
|
Total
Liabilities
|
3,747,294
|
|
|
|
|
|
3,686,063
|
|
|
|
|
|
Stockholders'
Equity
|
362,701
|
|
|
|
|
|
361,675
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
$
4,109,995
|
|
|
|
|
|
$
4,047,738
|
|
|
|
|
|
Net Interest
Income
|
|
|
$ 25,353
|
|
|
|
|
|
$ 30,901
|
|
|
|
Net Interest
Spread
|
|
|
|
|
1.92 %
|
|
|
|
|
|
3.01 %
|
|
Net Interest
Margin
|
|
|
|
|
2.53 %
|
|
|
|
|
|
3.14 %
|
|
Arrow Financial
Corporation
Average Consolidated Balance Sheets and Net
Interest Income Analysis
(Dollars in Thousands -
Unaudited)
|
|
|
Quarter
Ended:
|
September 30,
2023
|
|
June 30,
2023
|
|
|
|
Interest
|
|
Rate
|
|
|
|
Interest
|
|
Rate
|
|
Average
|
|
Income/
|
|
Earned/
|
|
Average
|
|
Income/
|
|
Earned/
|
|
Balance
|
|
Expense
|
|
Paid
|
|
Balance
|
|
Expense
|
|
Paid
|
|
Interest-Bearing
Deposits at Banks
|
$
131,814
|
|
$
1,805
|
|
5.43 %
|
|
$
130,057
|
|
$
1,674
|
|
5.16 %
|
|
Investment
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully
Taxable
|
616,020
|
|
2,924
|
|
1.88
|
|
637,018
|
|
2,951
|
|
1.86
|
|
Exempt from Federal
Taxes
|
129,673
|
|
689
|
|
2.11
|
|
150,157
|
|
770
|
|
2.06
|
|
Loans
|
3,096,240
|
|
36,699
|
|
4.70
|
|
3,036,410
|
|
34,618
|
|
4.57
|
|
Total Earning
Assets
|
3,973,747
|
|
42,117
|
|
4.20
|
|
3,953,642
|
|
40,013
|
|
4.06
|
|
Allowance for Credit
Losses
|
(31,386)
|
|
|
|
|
|
(30,577)
|
|
|
|
|
|
Cash and Due From
Banks
|
32,874
|
|
|
|
|
|
28,742
|
|
|
|
|
|
Other Assets
|
134,760
|
|
|
|
|
|
135,846
|
|
|
|
|
|
Total
Assets
|
$
4,109,995
|
|
|
|
|
|
$
4,087,653
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Checking Accounts
|
$
795,627
|
|
1,156
|
|
0.58
|
|
$
863,892
|
|
820
|
|
0.38
|
|
Savings
Deposits
|
1,505,916
|
|
9,729
|
|
2.56
|
|
1,504,412
|
|
8,514
|
|
2.27
|
|
Time Deposits of
$250,000 or More
|
152,738
|
|
1,466
|
|
3.81
|
|
133,897
|
|
1,119
|
|
3.35
|
|
Other Time
Deposits
|
257,710
|
|
2,051
|
|
3.16
|
|
201,926
|
|
1,196
|
|
2.38
|
|
Total Interest-Bearing
Deposits
|
2,711,991
|
|
14,402
|
|
2.11
|
|
2,704,127
|
|
11,649
|
|
1.73
|
|
Borrowings
|
183,452
|
|
2,143
|
|
4.63
|
|
195,527
|
|
2,373
|
|
4.87
|
|
Junior Subordinated
Obligations Issued to
Unconsolidated Subsidiary Trusts
|
20,000
|
|
173
|
|
3.43
|
|
20,000
|
|
171
|
|
3.43
|
|
Finance
Leases
|
5,075
|
|
46
|
|
3.60
|
|
5,089
|
|
48
|
|
3.78
|
|
Total Interest-Bearing
Liabilities
|
2,920,518
|
|
16,764
|
|
2.28
|
|
2,924,743
|
|
14,241
|
|
1.95
|
|
Noninterest-bearing
deposits
|
779,037
|
|
|
|
|
|
756,584
|
|
|
|
|
|
Other
Liabilities
|
47,739
|
|
|
|
|
|
41,256
|
|
|
|
|
|
Total
Liabilities
|
3,747,294
|
|
|
|
|
|
3,722,583
|
|
|
|
|
|
Stockholders'
Equity
|
362,701
|
|
|
|
|
|
365,070
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
$
4,109,995
|
|
|
|
|
|
$
4,087,653
|
|
|
|
|
|
Net Interest
Income
|
|
|
$ 25,353
|
|
|
|
|
|
$ 25,772
|
|
|
|
Net Interest
Spread
|
|
|
|
|
1.92 %
|
|
|
|
|
|
2.11 %
|
|
Net Interest
Margin
|
|
|
|
|
2.53 %
|
|
|
|
|
|
2.61 %
|
|
Arrow Financial
Corporation
Consolidated Financial Information
(Dollars in Thousands -
Unaudited)
|
|
|
Quarter
Ended:
|
9/30/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
Loan
Portfolio
|
|
|
|
|
|
|
Commercial
Loans
|
$
148,066
|
|
$
140,293
|
|
$
138,973
|
|
Commercial Real Estate
Loans
|
734,604
|
|
707,022
|
|
679,217
|
|
Subtotal
Commercial Loan Portfolio
|
882,670
|
|
847,315
|
|
818,190
|
|
Consumer
Loans
|
1,107,638
|
|
1,065,135
|
|
1,055,585
|
|
Residential Real Estate
Loans
|
1,148,309
|
|
1,070,757
|
|
1,051,019
|
|
Total Loans
|
$
3,138,617
|
|
$
2,983,207
|
|
$
2,924,794
|
|
Allowance for Credit
Losses
|
|
|
|
|
|
|
Allowance for Credit
Losses, Beginning of Quarter
|
$
31,170
|
|
$
29,232
|
|
$
28,090
|
|
Loans
Charged-off
|
(1,204)
|
|
(1,261)
|
|
(1,147)
|
|
Less Recoveries of
Loans Previously Charged-off
|
792
|
|
572
|
|
574
|
|
Net Loans
Charged-off
|
(412)
|
|
(689)
|
|
(573)
|
|
Provision for Credit
Losses
|
354
|
|
1,409
|
|
1,715
|
|
Allowance for Credit
Losses, End of Quarter
|
$
31,112
|
|
$
29,952
|
|
$
29,232
|
|
Nonperforming
Assets
|
|
|
|
|
|
|
Nonaccrual
Loans
|
$
6,023
|
|
$
10,757
|
|
$
8,812
|
|
Loans Past Due 90 or
More Days and Accruing
|
251
|
|
1,157
|
|
514
|
|
Loans Restructured and
in Compliance with Modified Terms
|
60
|
|
69
|
|
82
|
|
Total Nonperforming
Loans
|
6,334
|
|
11,983
|
|
9,408
|
|
Repossessed
Assets
|
344
|
|
593
|
|
604
|
|
Other Real Estate
Owned
|
182
|
|
—
|
|
—
|
|
Total Nonperforming
Assets
|
$
6,860
|
|
$
12,576
|
|
$
10,012
|
|
|
|
|
|
|
|
Key Asset Quality
Ratios
|
|
|
|
|
|
|
Net Loans Charged-off
to Average Loans,
Quarter-to-date Annualized
|
0.05 %
|
|
0.09 %
|
|
0.08 %
|
|
Provision for Credit
Losses to Average Loans,
Quarter-to-date Annualized
|
0.05 %
|
|
0.19 %
|
|
0.24 %
|
|
Allowance for Credit
Losses to Period-End Loans
|
0.99 %
|
|
1.00 %
|
|
1.00 %
|
|
Allowance for Credit
Losses to Period-End Nonperforming Loans
|
491.19 %
|
|
249.95 %
|
|
310.71 %
|
|
Nonperforming Loans to
Period-End Loans
|
0.20 %
|
|
0.40 %
|
|
0.32 %
|
|
Nonperforming Assets to
Period-End Assets
|
0.16 %
|
|
0.32 %
|
|
0.24 %
|
|
|
|
|
|
|
|
Year-to-Date Period
Ended:
|
9/30/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
Allowance for Credit
Losses
|
|
|
|
|
|
|
Allowance for Credit
Losses, Beginning of Year
|
$
29,952
|
|
$
27,281
|
|
$
27,281
|
|
Loans
Charged-off
|
(3,812)
|
|
(4,143)
|
|
(2,883)
|
|
Less Recoveries of
Loans Previously Charged-off
|
2,116
|
|
2,016
|
|
1,445
|
|
Net Loans
Charged-off
|
(1,696)
|
|
(2,127)
|
|
(1,438)
|
|
Provision for Credit
Losses
|
2,856
|
|
4,798
|
|
3,389
|
|
Allowance for Credit
Losses, End of Period
|
$
31,112
|
|
$
29,952
|
|
$
29,232
|
|
|
|
|
|
|
|
Key Asset Quality
Ratios
|
|
|
|
|
|
|
Net Loans Charged-off
to Average Loans, Annualized
|
0.07 %
|
|
0.08 %
|
|
0.07 %
|
|
Provision for Loan
Losses to Average Loans, Annualized
|
0.13 %
|
|
0.17 %
|
|
0.16 %
|
View original
content:https://www.prnewswire.com/news-releases/arrow-reports-q3-2023-net-income-of-7-7-million-and-earnings-per-share-of-0-46--loans-of-3-1-billion-on-9-annualized-loan-growth-301965769.html
SOURCE Arrow Financial Corporation