Business
Arrow Reports $10.1 million in Q3 Net Income and Year-Over-Year Loan Growth of 9.9%
GLENS FALLS, N.Y., Oct. 22, 2019 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended
About this update from Arrow Financial Corporation
[{"type":"text","content":"GLENS FALLS, N.Y., Oct. 22, 2019 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended September 30, 2019. Net income for the third quarter of 2019 was $10.1 million, compared to $9.3 million in the third quarter of 2018. Steady loan growth continued in the third quarter of 2019, as total loans grew by $55.3 million from June 30, 2019 to $2.3 billion. Driven primarily by this growth, net interest income increased to $22.3 million in the third quarter of 2019, compared to $21.0 million for the comparable quarter of 2018.\nAnnualized key profitability ratios remained strong, as measured by a return on average equity of 13.82% and a return on average assets of 1.32% for the third quarter, compared to 13.96% and 1.28%, respectively, a year earlier.\n\"Arrow delivered another strong quarter, demonstrated by $55.3 million of loan growth in the quarter, total assets above $3.0 billion and continued stable asset quality,\" said President and CEO Thomas J. Murphy. \"Alongside organic growth, we remain focused on the customer experience through strategic investments in technology as well as our branch network. I am proud of our team and these results.\"\nIn the third quarter, Glens Falls National Bank completed a yearlong optimization of its three-branch Plattsburgh presence, which included relocations, renovations and the debut of a newly built facility at Smithfield Boulevard in September. In addition, Glens Falls National Bank reopened its fully renovated Exit 18 Office in Queensbury, and Saratoga National Bank is targeting to open its 12th branch in Latham in early 2020.\nThe following expands on our third-quarter results:\nCash and Stock Dividends: On September 13, 2019, the Company distributed a cash dividend of $0.26 per share. The cash dividend was 3% higher than the cash dividend paid by the Company in the third quarter of 2018 when adjusted for the 3% stock dividend distributed on September 27, 2018. Additionally, a 3% stock dividend was distributed on September 27, 2019. This is the 11th consecutive year the Company declared a stock dividend.\nLoan Growth: Total loans reached $2.3 billion as of September 30, 2019, which represents an increase of $209.5 million, or 9.9% as compared to September 30, 2018. The consumer loan portfolio grew by $111.6 million, or 1...