Business
Arrow Reports 2nd Quarter Net Income of $8.6 Million, or $0.52 per Share, Declares Dividend of $0.27 per Share
GLENS FALLS, N.Y., July 25, 2024 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) ("Arrow" or "the Company") announced financial results for the
About this update from Arrow Financial Corporation
[{"type":"text","content":"GLENS FALLS, N.Y., July 25, 2024 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) (\"Arrow\" or \"the Company\") announced financial results for the three-month period ended June 30, 2024. Net income for the second quarter of 2024 was $8.6 million and fully diluted earnings per share (\"EPS\") was $0.52, versus $6.0 million and EPS of $0.35, 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 August 23, 2024 to shareholders of record as of August 12, 2024. This is Arrow's 45th consecutive quarterly cash dividend.\nThis Earnings Release and related commentary should be read in conjunction with the Company's July 25, 2024 Form 8-K and related Second 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\"We are pleased to report another quarter of solid performance, demonstrating the hard work and dedication of our team. We recently expanded our insurance business with the strategic acquisition of the assets of A&B Agency, Inc. We are also looking forward to the close of our branch acquisition in Whitehall, New York scheduled for early August.\nIn addition, on July 22nd, we received regulatory approval to combine our banking subsidiaries, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, into a single entity renamed Arrow Bank National Association, or Arrow Bank. This positions us to enhance our strategic growth while ensuring stability with the same dedicated leadership team, staff and branch locations. We are confident these initiatives will further strengthen our market position and drive long-term value for our shareholders.\"\nSecond-Quarter Highlights and Key Metrics\nGross loans grew $57.6 million1, or 7.1% on an annualized basis.Net interest margin improved to 2.67% (2.69% FTE2), up from 2.60% (2.62% FTE) in the prior quarterAverage loan yields increased to 5.17% for 2Q24, up from 5.02% in the prior quarterDeposit balances were $3.7 billionTangible Book Value increased to $21.54Return on Average Assets (ROA) improved to 0.82%, up from 0.73% in the previous quarterReceived regulatory approval to acquire a branch in Whitehall, New York with approximately...