Business
Arrow Reports $48.8 million in Net Income, Record Loan Growth of $315 million in 2022
GLENS FALLS, N.Y., Jan. 30, 2023 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) reported net income for fiscal year 2022 of $48.8 million, a
About this update from Arrow Financial Corporation
[{"type":"text","content":"GLENS FALLS, N.Y., Jan. 30, 2023 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) reported net income for fiscal year 2022 of $48.8 million, a decrease of $1.1 million, or 2.1%, compared to fiscal year 2021. Diluted earnings per share was $2.95 for the year ended December 31, 2022, as compared to $3.01 for the year ended December 31, 2021, a decrease of 2.0%. For the fourth quarter of 2022, net income was $12.1 million, an increase of $1.8 million, or 17.2%, from the fourth quarter of 2021. Diluted EPS was $0.73 for the fourth quarter of 2022, an increase of 17.7% from $0.62 from the comparable 2021 quarter.\n2022 Annual Highlights\nEarnings:\nDiluted earnings per Share (EPS) was $2.95.Net income was $48.8 million.Revenue for 2022 was $149.2 million.Return on average assets (ROA) was 1.21%.Return on average equity (ROE) was 13.55%.Net interest margin was 3.03%.Balance Sheet:\nTotal assets were $3.97 billion as of December 31, 2022.Total cash and cash equivalents were $64.7 million as of December 31, 2022.Total loans were $2.98 billion as of December 31, 2022.Total deposits were $3.50 billion as of December 31, 2022.Total borrowings were $74.8 million as of December 31, 2022.Loans to deposits and borrowings as of December 31, 2022 was 83.49%.Additional Items:\nBook value per share was $21.36, down 4.9% from the prior-year level, primarily as a result of unrealized losses within the available-for-sale investment portfolio due to higher interest rates.Nonperforming assets of $12.6 million at December 31, 2022, represented 0.32% of period-end assets, an increase from 0.29% at December 31, 2021.Net income for 2022 was $48.8 million, down from $49.9 million for 2021. The decrease from the prior year was primarily the result of an increase in net interest income of $8.0 million, offset by a $4.5 million increase in the provision for credit loss, a decrease in Paycheck Protection Program (PPP) revenue earned of $6.2 million and a $2.3 million decrease in the gain on the sale of loans.\n\"Arrow Financial Corporation delivered another year of strong performance in 2022, with record loan growth, excellent earnings and sustained profitability. During 2022, we made key investments in our technology and our Team, with the upgrade of our core banking system and the payment of a special employee bonus for outstanding performance, ...