Business
Arrow Reports 4th Quarter Net Income of $4.5 Million or $0.27 per Share and $29.7 Million or $1.77 per Share for 2024. Declares first quarter dividend of $0.28 per share.
GLENS FALLS, N.Y., Jan. 30, 2025 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) ("Arrow") reported net income of $4.5 million, and fully
About this update from Arrow Financial Corporation
[{"type":"text","content":"GLENS FALLS, N.Y., Jan. 30, 2025 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) (\"Arrow\") reported net income of $4.5 million, and fully diluted earnings per share (\"EPS\") of $0.27 for the fourth quarter of 2024, versus $7.7 million and EPS of $0.46, for the same period in 2023. For the year ended 2024, net income totaled $29.7 million, with EPS of $1.77, versus $30.1 million, and EPS of $1.77, 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 $0.28 per share payable February 24, 2025 to shareholders of record as of February 10, 2025.\nThe reported results included several non-core items that impacted the fourth quarter and the 2024 full year results. As previously disclosed in our Form 8-K filed December 26, 2024, the fourth quarter included the following pre-tax non-core items:\n$3.0 million, or $0.15 per share, loss on sale of repositioning of the securities portfolio$0.7 million, or $0.03 per share, write-off related to legacy branding items$0.5 million, or $0.02 per share, in expenses (legal, consulting, compliance) related to the unification of our two bank subsidiaries into Arrow Bank National Association (\"Arrow Bank\")Prior to the fourth quarter, Arrow recognized the following pre-tax non-core/non-recurring items:\n$0.4 million, or $0.02 per share, in expenses related to the acquisition of the Whitehall branch and the assets of A&B Agency, Inc. completed during the third quarter$1.2 million, or $0.06 per share, in residual expenses related to the 2022 Form 10-K filing delayThis Earnings Release and related commentary should be read in conjunction with our Form 8-K filed January 30, 2025 and related Fourth Quarter 2024 Investor Presentation, which can also be found on our website: arrowfinancial.com/documents/investor-presentations. \nArrow President and CEO David S. DeMarco: \n\"Arrow just completed a transformational year. We completed the unification of our two subsidiary banks under one brand, Arrow Bank. Our exceptional team continues to serve our customers and communities in the same way they have come to expect from us. In addition, we also acquired a bank branch in Whitehall, New York as well the assets of a local insurance agency. We made significant contributions to the communities we serve, both financially and thro...