Business
Arrow Reports 1st Quarter Net Income of $7.7 Million, or $0.45 per Share, Declares Dividend of $0.27 per Share
GLENS FALLS, N.Y., April 30, 2024 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) ("Arrow" or "the Company") announced financial results for
About this update from Arrow Financial Corporation
[{"type":"text","content":"GLENS FALLS, N.Y., April 30, 2024 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) (\"Arrow\" or \"the Company\") announced financial results for the three-month period ended March 31, 2024. Net income for the first quarter of 2024 was $7.7 million and fully diluted earnings per share (\"EPS\") was $0.45, versus $8.6 million and EPS of $0.50, for the same period in 2023.\n\n \n \n \n \n \n \n\n \nThe Board of Directors of Arrow declared a quarterly cash dividend of $0.27 per share payable May 24, 2024 to shareholders of record as of May 13, 2024. This is Arrow's 44th consecutive quarterly cash dividend.\nThis Earnings Release and related commentary should be read in conjunction with the Company's April 30, 2024 Form 8-K and related First Quarter 2024 Investor Presentation, which can also be found on Arrow's website: arrowfinancial.com/documents/investor-presentations. \nArrow President and CEO David S. DeMarco: \n\"Arrow delivered a solid quarter with healthy loan growth and strong credit performance in a challenging interest rate and overall unsettled economic environment. I am very excited about our growth prospects in the Capital Region of New York, having recently added several experienced loan and deposit team members in the region. This comes on the heels of our recently announced branch acquisition in Whitehall, NY which we hope to finalize in the third quarter pending regulatory approval. I would also like to note that we returned approximately $6.0 million to our shareholders in the form of share repurchases in addition to our normal quarterly dividend.\"\nFirst-Quarter Highlights and Key Metrics\nGross loans grew $50.5 million1 or 6.1% on an annualized basis.Deposit balances increased to $3.8 billion, growing $91.5 million, or 2.5%Net charge-offs to average loans were 0.04% as compared to 0.05% for the previous quarterNet interest margin improved to 2.60% (2.62% on a FTE2 basis), up from 2.53% (2.55% on a FTE basis) from the prior quarterLoan-to-deposit ratio of approximately 86%Strong on-balance sheet liquidity of $450 million, or 10.4% of total assetsRepurchased 244,387 shares for $6.0 million during the first quarterOn March 4, Arrow announced the acquisition of a branch in Whitehall, NY with approximately $40 million in deposits; transaction expected to close in 3Q24, subject to regulatory approval \n...