Business
Arrow Reports $13.0 million in Q3 Net Income, Surpasses $4 Billion in Total Assets
-- Net income was $13.0 million and diluted earnings per share (EPS) was $0.81 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 $13.0 million and diluted earnings per share (EPS) was $0.81 for the third quarter.\n -- Key profitability ratios were strong in the third quarter with return on average assets (ROA) of 1.32% and return on average equity (ROE) of 14.34%.\n -- Third-quarter revenue increased $2.7 million, or 8.1%, over the prior-year comparative quarter.\n -- Over $56 million of Small Business Administration Paycheck Protection Program (PPP) loans were forgiven in the third quarter of 2021.\n -- Arrow continues to focus on optimization of digital and physical delivery channels to meet changing customer needs.\n\n\nGLENS FALLS, N.Y., Oct. 26, 2021 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three- and nine-month periods ended September 30, 2021. Net income for the third quarter of 2021 was $13.0 million, compared to $11.0 million in the third quarter of 2020. Net interest income increased to $28.6 million in the third quarter of 2021, compared to $24.9 million for the comparable quarter of 2020. For the nine months ended September 30, 2021, net interest income and net income were $83.2 million and $39.5 million, respectively, as compared to $72.7 million and $28.3 million for the nine months ended September 30, 2020.\nAnnualized key profitability ratios remained strong, as measured by a return on average equity (ROE) of 14.34% and a return on average assets (ROA) of 1.32% for the third quarter, compared to 13.55% and 1.23%, respectively, for the prior-year quarter.\n\"Arrow delivered another quarter of solid earnings, strong profitability ratios, and asset growth to a new record of more than $4 billion,\" said Arrow President and CEO Thomas J. Murphy. \"I commend our team members for their dedication to continuous improvement and exceptional service for our customers during these challenging times. I am thankful for and humbled by their unwavering commitment to achieve our mission.\"\nIn the third quarter, Arrow advanced its focus on technology and digital experience with the launch of a new mortgage application platform and upgrades to our Business Online Banking platform. Additionally, branch network enhancement plans continued. Glens Falls National Bank announced the consolidation of two branches in Fort Edward located less than a mile apart before year-end, with the remai...