Business
Arrow Reports $8.1 million in Q1 Net Income and Year-Over-Year Loan Growth of 8.0%
- Total loans grew by $28.1 million in the first quarter of 2020. - First quarter net income was $8.1 million. - First quarter provision for loan losses was
About this update from Arrow Financial Corporation
[{"type":"text","content":"- Total loans grew by $28.1 million in the first quarter of 2020.\n - First quarter net income was $8.1 million.\n - First quarter provision for loan losses was $2.8 million reflecting the uncertainty of the COVID-19 pandemic.\n - First quarter diluted earnings per share (EPS) of $0.54.\n - First quarter net interest income increased 8.9% over the prior-year comparable quarter.\n - COVID-19 response and update.\n\n\nGLENS FALLS, N.Y., April 24, 2020 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended March 31, 2020. Net income for the first quarter of 2020 was $8.1 million, compared to $8.7 million in the first quarter of 2019. Steady loan growth continued in the first quarter of 2020, as total loans grew by $28.1 million from December 31, 2019 to $2.4 billion. Net interest income increased to $23.0 million in the first quarter of 2020, compared to $21.1 million for the comparable quarter of 2019.\nIn February 2020, Arrow's Business Continuity Task Force deployed its pandemic plan for the impending arrival of the novel coronavirus (COVID-19) to Upstate New York. Since then, a team of more than 25 members, representing leadership from across our organization and chaired by our Chief Operating Officer, has overseen a robust and expansive effort to protect our employees, customers and communities while continuing to deliver essential banking services. Our efforts have included limiting access to our facilities, the incorporation of social distancing and remote work for a large portion of our personnel.\nArrow remains fully engaged in its COVID-19 response, with a growing focus on hardship assistance and relief programs. \n\"While the full impact of COVID-19 remains to be seen, we remain committed in our mission to connect meaningfully with our customers and deliver essential financial services during this pandemic,\" said Thomas J. Murphy, President and CEO. \"Throughout our history, in periods of planned growth and unexpected adversity, our Company has remained true to its community banking roots. In these uncertain times, we return to those core values and enter this crisis with a strong financial position from which we will manage our response.\"\nThe following expands on our COVID-19 response: \nCOVID-19 Safety Measures: In mid-March, Arrow limited access a...