Business
Arrow Reports $6.0 million in Q2 2023 Net Income, Loans Reach Record High of $3.1 Billion
GLENS FALLS, N.Y., Aug. 8, 2023 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) ("Arrow") announced financial results for the three-month
About this update from Arrow Financial Corporation
[{"type":"text","content":"GLENS FALLS, N.Y., Aug. 8, 2023 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) (\"Arrow\") announced financial results for the three-month period ended June 30, 2023. Net income for the second quarter of 2023 was $6.0 million and fully diluted earnings per share was $0.36. Nonperforming assets decreased $4.2 million in the second quarter, with the allowance for credit losses reaching 477% of nonperforming loans.\nArrow President and CEO David S. DeMarco: \n\"I am pleased to announce that we are back in full compliance with our NASDAQ® filing requirements. While this is an important step, it did not distract us from growing the business to a new record high for loans while maintaining sound credit quality. As always, our team is dedicated to serving our communities and our customers throughout our eight-county footprint. We remain focused on further enhancing the customer experience and optimizing our operations.\" \n\"Now that the Arrow team has returned to our fully renovated headquarters in downtown Glens Falls, New York, we are opening our Main Office branch and lending areas to customers. The renovated campus offers a collaborative and modern space for both customers and our team. This investment is a key part of the revitalization of downtown Glens Falls and represents Arrow's approach to community banking, based on long-lasting and meaningful relationships with our shareholders, customers, communities and employees.\"\nThis Earnings Release and related commentary should be read in conjunction with our August 8, 2023 Form 8-K and related Second Quarter 2023 Investor Presentation, which can be found on our website: arrowfinancial.com/investor-presentations. \nSecond-Quarter Highlights and Key Metrics\nTotal loans reached a record high of $3.1 billion as of June 30, 2023, growing at an annualized rate of 8.6%, or $64.5 million, for the quarter.Strong on-balance sheet liquidity of $376 million, or 9% of total assets; 4% cash and 5% unencumbered readily marketable securities.Additional $1.3 billion of immediately available liquidity with FHLB, FRB and other bank lines.Replaced FHLB advances with $150 million of flexible term and lower cost advances from the FRB of NY Bank Term Funding Program (BTFP).Immediately available liquidity provides in excess of 200% coverage of uninsured deposits which are less than 30% ...