Arrow Financial Corporation ( (AROW) ) has released its Q3 earnings. Here is a breakdown of the information Arrow Financial Corporation presented to its investors.
Arrow Financial Corporation is a multi-bank holding company based in Glens Falls, New York, providing a range of financial services through its subsidiaries, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. It operates primarily in the financial sector, focusing on banking, trust, and investment services.
Arrow Financial Corporation reported a net income of $9.0 million for the third quarter of 2024, reflecting an increase from $7.7 million in the same quarter of the previous year. The corporation’s earnings per share also rose to $0.53 compared to $0.46 in the third quarter of 2023. This growth was supported by an expansion in net interest margin and core profitability improvements.
Key financial highlights for the quarter include a net interest margin increase to 2.79%, driven by higher loan yields and stabilizing funding costs. Additionally, Arrow completed two strategic acquisitions to expand its insurance business and branch network. The corporation’s total assets rose to $4.4 billion, with deposit balances reaching $3.8 billion, indicating a strong Loan-to-Deposit ratio of 87.0%.
The company is preparing to unify its two subsidiary banks into a single entity, Arrow Bank National Association, by the end of 2024. This strategic move aims to create operational efficiencies and enhance market position. Arrow also announced an increase in the fourth-quarter cash dividend, rewarding its shareholders.
Looking ahead, Arrow Financial Corporation’s management expects continued core operating leverage due to strategic acquisitions and unified banking operations. The company remains focused on maintaining strong credit metrics and disciplined expense management to support future growth.
