Business
Arrow Reports Annual Net Income of $49.9 million and Total Assets Over $4 Billion
- Net income for 2021 was $49.9 million, up 22.1% year over year. - Diluted Earnings Per Share (EPS) grew to $3.10 for the year. - Return on average equity
About this update from Arrow Financial Corporation
[{"type":"text","content":"- Net income for 2021 was $49.9 million, up 22.1% year over year.\n - Diluted Earnings Per Share (EPS) grew to $3.10 for the year.\n - Return on average equity (ROE) was 14.09% and return on average assets (ROA) was 1.28%.\n - Record highs were achieved at year-end for total assets, equity and assets under management by Arrow's Wealth Management Division.\n\n\nGLENS FALLS, N.Y., Jan. 27, 2022 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) reported for the year ended December 31, 2021, that net income reached a record $49.9 million, up 22.1% over net income of $40.8 million for 2020. For 2021, revenue increased by $10.9 million and the provision for credit losses decreased by $9.0 million, which was partially offset by higher operating expenses and income taxes. For the fourth quarter of 2021, net income was $10.3 million, a decrease of $2.2 million, or 17.5%, from the fourth quarter of 2020. Diluted EPS was $3.10 for 2021, up 21.2% from $2.56 in 2020, and $0.63 for the fourth quarter of 2021, down 19.2% from $0.78 from the comparable 2020 quarter.\nReturn on average equity (ROE) and return on average assets (ROA) were 14.09% and 1.28%, respectively, as compared to 12.77% and 1.17%, respectively, for 2020. ROE was 11.22% for the fourth quarter, down from 14.98% from the fourth quarter of 2020. ROA was 1.01% for the fourth quarter, which represents a decrease from 1.34% for the comparable 2020 quarter. \n\"Arrow Financial Corporation delivered another year of strong financial results in 2021, with exceptional earnings, strong profitability ratios and asset growth to a record $4 billion, all while weathering a second year of pandemic-related issues,\" said Arrow President and CEO Thomas J. Murphy. \"In addition to driving shareholder value in 2021, I am proud to say we advanced many continuous improvement initiatives with key investments in our Team, our branch network and our technology to position us for the future. Arrow also gave back to the communities it serves through increased charitable support to meet increasing and evolving needs. I commend the Arrow Team for their stellar performance, commitment and dedication to our company, our customers and our communities.\"\nIn the fourth quarter, Arrow continued its branch optimization initiative. In November, Saratoga National Bank consolidated two smaller branche...