Business
Arrow Reports $11.0 million in Q3 Net Income as COVID-19 Response Continues
- Net income was $11.0 million and diluted earnings per share (EPS) were $0.71 for the third quarter. - Key profitability ratios were strong in the third
About this update from Arrow Financial Corporation
[{"type":"text","content":"- Net income was $11.0 million and diluted earnings per share (EPS) were $0.71 for the third quarter.\n - Key profitability ratios were strong in the third quarter with return on average assets (ROA) of 1.23% and return on average equity (ROE) of 13.55%.\n - Third quarter revenue increased $3.6 million, or 11.9%, over the prior year comparative quarter.\n - Deposits were $3.3 billion at September 30, 2020, up $196.1 million from the previous quarter.\n - $142.7 million in Small Business Administration Paycheck Protection Program loans have been funded.\n -Provision for loan losses was $2.3 million in the third quarter, reflecting the continued uncertainty of the COVID-19 pandemic.\n\n\n GLENS FALLS, N.Y., Oct. 21, 2020 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three month and nine month periods ended September 30, 2020. Net income for the third quarter of 2020 was $11.0 million, compared to $10.1 million in the third quarter of 2019. Net interest income increased to $24.9 million in the third quarter of 2020, compared to $22.3 million for the comparable quarter of 2019.\nArrow continues to manage its COVID-19 response with health and safety concerns as a top priority. In the third quarter, our Business Continuity Task Force focused on maintaining protocols that have allowed us to keep our team and customers healthy and our branches open. We actively monitor developments, and if future restrictions are imposed, we are confident in our ability to continue to provide essential banking services and meet our customers' needs.\n\"Throughout this pandemic, Arrow has remained strong, and we delivered again for our shareholders in the third quarter with solid earnings, and both a cash and stock dividend,\" said Thomas J. Murphy, President and CEO. \"We continued to assist our customers and communities with temporary financial assistance, stimulus program support, and forgiveness assistance for our 1,400 Small Business Administration Paycheck Protection Program borrowers. As these challenging times continue, I thank our team for their commitment to safety while also demonstrating flexibility in adapting to the changing needs of our customers.\"\nIn the third quarter, Arrow opened a Saratoga National Bank Branch as well as a Capital Region Business Development Office in Latham, NY. B...