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Arrow Reports $8.6 million in Q1 2023 Net Income and Grew Deposits by $48.0 Million
GLENS FALLS, N.Y., July 24, 2023 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced financial results for the three-month period ended
About this update from Arrow Financial Corporation
[{"type":"text","content":"GLENS FALLS, N.Y., July 24, 2023 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced financial results for the three-month period ended March 31, 2023. Net income for the first quarter of 2023 was $8.6 million and diluted earnings per share was $0.52.\nFirst-Quarter Highlights and Key Metrics\nTotal assets were $4.1 billion.Total deposits were $3.5 billion.Total loans reached a record high of $3.0 billion as of March 31, 2023, an increase of $22.1 million from December 31, 2022.Loan-to-deposit ratio was 85%.Tangible book value per share was $20.55, an increase of $0.60, or 3.01% compared to December 31, 2022.On-balance sheet liquidity of $409 million, or 10%, of total assets; 5% cash and 5% unencumbered readily marketable securities.Additional $1.3 billion of immediately available liquidity with FHLB, FRB and other bank lines.Immediately available liquidity provides in excess of 150% coverage of uninsured deposits.Nonperforming assets decreased to $11.3 million at March 31, 2023, represented 0.27% of period-end assets.Net charge-offs to average loans for the first quarter of 2023 were 0.10% as compared to 0.09% for the previous quarter.Revenue was $34.8 million.Net income was $8.6 million.Non-interest expenses of $22.3 million included $1.0 million in incremental expenses related to the delayed filing of the Annual Report on Form 10-K for the year ended December 31, 2022 (the \"2022 Form 10-K\").Net interest margin was 2.96%.Return on average assets (ROA) was 0.87%.Return on average equity (ROE) was 9.66%.\"In the face of a challenging banking environment, Arrow continued to add to its deposit base and maintained a strong liquidity position while meeting the credit needs of our customers and communities,\" said Arrow President and CEO David S. DeMarco. \"We remain committed to our long-term strategic initiatives of investing in our technology and our team so we can continue to enhance the customer experience and optimize operations. We look forward to continuing to focus on our customers and communities.\"\nArrow remains dedicated to developing its team and recently celebrated graduates from Arrow Leadership Academy and Upskill University, internal courses designed to support our culture of collaboration and continuous improvement. Our banks are working toward realizing operational efficiencies and customer-...