Business
Arrow Reports Year-Over-Year Loan Growth of 10.8% and $8.9 million in Q2 Net Income
GLENS FALLS, N.Y., July 22, 2019 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended
About this update from Arrow Financial Corporation
[{"type":"text","content":"GLENS FALLS, N.Y., July 22, 2019 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended June 30, 2019. Net income for the second quarter of 2019 was $8.9 million, compared to $9.7 million in the second quarter of 2018. Steady loan growth continued in the second quarter of 2019, as total loans grew by $45.1 million from March 31, 2019 to $2.3 billion. Driven primarily by this growth, net interest income increased to $21.7 million in the second quarter of 2019, compared to $21.0 million for the comparable quarter of 2018.\nAnnualized key profitability ratios remained strong, as measured by a return on average equity of 12.79% and a return on average assets of 1.20% for the second quarter, compared to 15.22% and 1.38%, respectively, a year earlier.\n\"Thanks to the efforts of our team, Arrow continued its solid performance with steady loan growth and strong asset quality through the second quarter of the year,\" said President and CEO Thomas J. Murphy. \"Our Company is well-positioned to adapt to the continuing changes in a complex rate environment. Additionally, we are making strategic lending decisions within our communities that will help our region thrive, and we are making important investments that will help us provide an enhanced customer experience.\"\nThe Company continued its forward momentum and expansion in the Capital Region with the opening of a new Saratoga National Bank and Trust Company office in Rotterdam, New York in the second quarter. Additionally, the company announced plans for the opening of its 12th Saratoga National Bank office, in Latham, New York, anticipated in early 2020.\nThe following expands on our second-quarter results:\nCash Dividend: On June 14, 2019, the Company distributed a cash dividend of $0.26 per share. The June 14, 2019 cash dividend was 7.1% higher than the $0.25 cash dividend paid by the Company in the second quarter of 2018, when adjusted for the 3% stock dividend distributed on September 27, 2018. The 2018 increase from $0.25 per share to $0.26 per share was the first increase in per share dividend amount since 2008.\nLoan Growth: Total loans reached $2.3 billion as of June 30, 2019, which represents an increase of $222.4 million, or 10.8% as compared to June 30, 2018. The consumer loan portfolio grew by $117.1 mill...