Arrow Third-Quarter Net Income Up 10.1%; Double-Digit Loan Growth Continues

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-- Third-quarter net income increased 10.1% year over year to $7.4 million. -- Third-quarter diluted earnings per share (EPS) rose 10.4% to $0.53. -- Period-end total loans reached a record high of $1.9 billion, up 11.8% year over year. -- New record highs for total assets, total deposits, total equity and assets under administration. -- Ongoing strong ratios for profitability, asset quality and capital.

October 23, 2017 9:17 AM EDT

GLENS FALLS, N.Y., Oct. 23, 2017 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS: AROW) announced operating results for the three and nine-month periods ended September 30, 2017. Net income for the third quarter of 2017 was $7.4 million, an increase of $678 thousand, or 10.1%, from net income of $6.7 million a year earlier. Diluted earnings per share (EPS) for the third quarter was $0.53, an increase of 10.4% from diluted EPS of $0.48 during the comparable 2016 quarter.

Annualized key profitability ratios continue to remain strong, as measured by a return on average equity (ROE) of 12.07% and a return on average assets (ROA) of 1.08% for the third quarter, compared to 11.75% and 1.06% a year earlier.

Arrow President and CEO Thomas J. Murphy stated, "Our solid performance on the lending side, as well as our strategic expansion into new markets, contributed again to new records for total assets, total deposits, total loans, total equity and assets under trust administration, all while maintaining healthy profitability and asset quality ratios. I am proud of the entire team for their contributions toward our success."

During the third quarter, Arrow subsidiary Saratoga National Bank and Trust Company completed the final steps toward establishing its 10th branch, located in Schenectady. The new office opened October 10, 2017 and expands the brand's presence in the Capital District. Also in the third quarter, Arrow's lead subsidiary, Glens Falls National Bank and Trust Company, legally merged its two property and casualty insurance agencies; they are now operating as one unified business line as Upstate Agency LLC.

The following expands upon third-quarter results:

Net Interest Income: In the third quarter of 2017, net interest income on a GAAP basis increased to $19.7 million, up 9.9% over the $17.9 million total in the comparable quarter of 2016. On a tax-equivalent (non-GAAP) basis, net interest income increased by 9.6%, compared to the third quarter of 2016. Net interest margin, measured on a tax-equivalent (non-GAAP) basis, increased slightly to 3.15% from 3.12% in the prior-year quarter.

Loan Growth: Over the 12 months ended September 30, 2017, total loans increased to a record high of $1.9 billion, up $201.6 million, or 11.8%, from the September 30, 2016 level. Over the nine-month period ended September 30, 2017, total loans grew $155.5 million, or 8.9%. During the third quarter of 2017, total loans grew by $30.2 million, or 1.6% as compared to the second quarter of 2017. There was growth in all three major loan segments: commercial, consumer and residential real estate.

During the third quarter of 2017, the consumer loan portfolio grew $13.3 million, or 2.3%, to $592 million at period-end. This balance exceeded the prior year's by $68.3 million, or 13.0%. The increase was primarily a result of growth in the indirect automobile lending program. Total outstanding commercial loans decreased 0.4% during the third quarter to $566.1 million on September 30, 2017, but was up $34.0 million, or 6.4%, from September 30, 2016. The residential real estate loan portfolio increased $18.9 million, or 2.6%, during the third quarter of 2017 to $750.7 million, up $99.2 million, or 15.2%, over the balance at September 30, 2016.

Deposit Growth: At September 30, 2017, deposit balances reached $2.3 billion, up $93.9 million, or 4.2%, from the prior-year level. Deposit growth was spread across both personal and business accounts. Noninterest-bearing demand deposits increased $66.8 million, or 17.5%, from the prior-year level, which had a positive impact on net interest margin. Noninterest-bearing demand deposits represented 19.4% of total deposits at September 30, 2017, compared to 17.2% at the 2016 quarter-end.

Assets Under Management: Assets under trust administration and investment management reached a record high of $1.4 billion at September 30, 2017. Assets under trust administration increased by $127.6 million, or 9.9%, from the balance at September 30, 2016, primarily due to the performance of the equity markets.

Asset Quality: Asset quality remained strong at September 30, 2017, as measured by continuing comparatively low levels of nonperforming assets and net charge-offs. Nonperforming assets at September 30, 2017, were $9.0 million, up $1.2 million, or 15.6%, from the prior-year level. Net charge-offs, expressed as an annualized percentage of average loans outstanding, were 0.11% for the three-month period ended September 30, 2017, up slightly from the prior-year quarter level of 0.07%.

Allowance for loan losses was $17.7 million at September 30, 2017, which represented 0.93% of loans outstanding. The provision for loan losses for the third quarter of 2017 was $800 thousand, up $320 thousand from the provision for the comparable 2016 quarter. The provision for loan losses for the year-to-date was $1.58 million, up $29.0 thousand from the prior year amount of $1.55 million.

Noninterest Income: Noninterest income for the three-month period ended September 30, 2017, increased 0.4% from the comparable 2016 quarter. Income from fiduciary activities increased during the quarter by $193 thousand, or 10.0%, over the amount for the third quarter of 2016. Income from fiduciary activities year to date increased $430 thousand, or 7.3%, over the year-to-date amount for September 30, 2016.

Noninterest Expense: Salaries and employee benefits increased in the third quarter of 2017 by $558 thousand, or 6.4%, over the same 2016 quarter. This increase was driven primarily by a $376 thousand, or 5.8%, increase in the salary expense, due in part to staffing expansion as well as normal increases for existing employees. Employee benefit expenses increased by $184 thousand, or 10.2%, primarily due to increases in medical costs.

Cash and Stock Dividends: On September 15, 2017, we distributed a cash dividend to shareholders of $0.250 which was subsequently restated to $0.243 per share adjusting for the 3% stock dividend distributed on September 28, 2017. The cash dividend was 3% higher than the cash dividend paid in the third quarter of 2016 when adjusted for the 3% stock dividend.

Capital: Total stockholders' equity was a record $244.6 million at period-end, up $15.4 million, or 6.7%, from the prior-year. This increase exceeded the 6.4% increase in total assets over the same period. Overall regulatory capital ratios also remained strong in 2017. At September 30, 2017, the Company's Common Equity Tier 1 Ratio was estimated to be 12.70% and the Total Risk-Based Capital Ratio was estimated to be 14.77%. These capital levels at the Company and both its subsidiary banks continue to significantly exceed the "well capitalized" regulatory standard.

Provision for Income Taxes: The effective income tax rates for the nine-month periods ended September 30, 2017 and 2016 were 29.1% and 30.0%, respectively. The decrease in the 2017 period relates primarily to current accounting standards for equity compensation under which income tax benefits from stock options exercised in the period reduced the effective tax rate from the prior year period. Under the previous accounting standards, the tax benefits would have impacted equity directly. The year-to-date impact on earnings per share was less than $0.01.

Industry Recognition: Both of the Company's two banking subsidiaries maintained their BauerFinancial, Inc. 5-Star Superior Bank rating. Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company have continued to earn this designation for the last 43 and 35 quarters, respectively.

——————

Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc.; Upstate Agency, LLC, specializing in property and casualty insurance; and Capital Financial Group, Inc., specializing in the sale and servicing of group health plans.

In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. Certain non-GAAP financial measures include: tangible equity, return on tangible equity, tax-equivalent adjustment and related net interest income - tax equivalent, and the efficiency ratio. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Non-GAAP financial measures may differ from similar measures presented by other companies. See the reconciliation of GAAP to non-GAAP measures in the section "Selected Quarterly Information."

The information contained in this news release may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2016, and other filings with the Securities and Exchange Commission.

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts - Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2017

2016

2017

2016

INTEREST AND DIVIDEND INCOME

Interest and Fees on Loans

$

17,996

$

15,833

$

51,693

$

46,565

Interest on Deposits at Banks

104

34

242

100

Interest and Dividends on Investment Securities:

Fully Taxable

1,924

1,889

5,927

5,994

Exempt from Federal Taxes

1,575

1,526

4,660

4,486

Total Interest and Dividend Income

21,599

19,282

62,522

57,145

INTEREST EXPENSE

Interest-Bearing Checking Accounts

376

320

1,088

941

Savings Deposits

356

231

963

677

Time Deposits over $250,000

66

61

187

133

Other Time Deposits

241

231

702

677

Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

13

9

29

24

Federal Home Loan Bank Advances

700

390

1,651

1,013

Junior Subordinated Obligations Issued to

  Unconsolidated Subsidiary Trusts

197

163

564

487

Total Interest Expense

1,949

1,405

5,184

3,952

NET INTEREST INCOME

19,650

17,877

57,338

53,193

Provision for Loan Losses

800

480

1,580

1,550

NET INTEREST INCOME AFTER PROVISION FORLOAN LOSSES

18,850

17,397

55,758

51,643

NONINTEREST INCOME

Income From Fiduciary Activities

2,116

1,923

6,284

5,854

Fees for Other Services to Customers

2,453

2,491

7,122

7,144

Insurance Commissions

2,113

2,127

6,426

6,468

Net Gain on Securities Transactions

10

—

10

144

Net Gain on Sales of Loans

182

310

431

649

Other Operating Income

267

263

620

925

Total Noninterest Income

7,141

7,114

20,893

21,184

NONINTEREST EXPENSE

Salaries and Employee Benefits

9,251

8,693

27,343

25,223

Occupancy Expenses, Net

2,371

2,425

7,410

7,223

FDIC Assessments

225

217

679

844

Other Operating Expense

3,701

3,747

11,229

11,047

Total Noninterest Expense

15,548

15,082

46,661

44,337

INCOME BEFORE PROVISION FOR INCOME TAXES

10,443

9,429

29,990

28,490

Provision for Income Taxes

3,027

2,691

8,735

8,556

NET INCOME

$

7,416

$

6,738

$

21,255

$

19,934

Average Shares Outstanding 1:

Basic

13,889

13,810

13,889

13,775

Diluted

13,966

13,901

13,981

13,842

Per Common Share:

Basic Earnings

$

0.53

$

0.49

$

1.53

$

1.45

Diluted Earnings

0.53

0.48

1.52

1.44

1 Share and per share data have been restated for the September 28, 2017, 3% stock dividend.

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts - Unaudited)

September 30, 2017

December 31, 2016

September 30, 2016

ASSETS

Cash and Due From Banks

$

55,683

$

43,024

$

66,556

Interest-Bearing Deposits at Banks

24,983

14,331

35,503

Investment Securities:

Available-for-Sale

315,459

346,996

339,190

Held-to-Maturity (Approximate Fair Value of $343,899 at September 30, 2017; $343,751 at December 31, 2016; and $347,441 at September 30, 2016)

341,526

345,427

338,238

Other Investments

6,704

10,912

5,371

Loans

1,908,799

1,753,268

1,707,216

Allowance for Loan Losses

(17,695)

(17,012)

(16,975)

Net Loans

1,891,104

1,736,256

1,690,241

Premises and Equipment, Net

26,432

26,938

26,718

Goodwill

21,873

21,873

21,873

Other Intangible Assets, Net

2,395

2,696

2,802

Other Assets

58,303

56,789

53,993

Total Assets

$

2,744,462

$

2,605,242

$

2,580,485

LIABILITIES

Noninterest-Bearing Deposits

$

448,515

$

387,280

$

381,760

Interest-Bearing Checking Accounts

967,250

877,988

993,221

Savings Deposits

696,805

651,965

629,201

Time Deposits over $250,000

28,464

32,878

45,237

Other Time Deposits

166,082

166,435

163,768

Total Deposits

2,307,116

2,116,546

2,213,187

Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

61,419

35,836

38,589

Federal Home Loan Bank Overnight Advances

33,000

123,000

—

Federal Home Loan Bank Term Advances

55,000

55,000

55,000

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000

20,000

20,000

Other Liabilities

23,279

22,008

24,501

Total Liabilities

2,499,814

2,372,390

2,351,277

STOCKHOLDERS' EQUITY

Preferred Stock, $5 Par Value; 1,000,000 Shares Authorized

—

—

—

Common Stock, $1 Par Value; 20,000,000 Shares Authorized (18,481,301 Shares Issued and Outstanding at September 30, 2017; 17,943,201 at December 31, 2016 and 17,943,201 at September 30, 2016)

18,481

17,943

17,943

Additional Paid-in Capital

289,294

270,880

269,680

Retained Earnings

22,581

28,644

25,400

Unallocated ESOP Shares (20,050 Shares at September 30, 2017; 19,466 Shares at December 31, 2016 and 38,396 Shares at September 30, 2016)

(400)

(400)

(750)

Accumulated Other Comprehensive Loss

(6,135)

(6,834)

(5,442)

Treasury Stock, at Cost (4,570,291 Shares at September 30, 2017; 4,441,093 Shares at December 31, 2016 and 4,479,257 Shares at September 30, 2016)

(79,173)

(77,381)

(77,623)

Total Stockholders' Equity

244,648

232,852

229,208

Total Liabilities and Stockholders' Equity

$

2,744,462

$

2,605,242

$

2,580,485

 

Arrow Financial Corporation

Selected Quarterly Information

(Dollars In Thousands, Except Per Share Amounts - Unaudited)

Quarter Ended

9/30/2017

6/30/2017

3/31/2017

12/31/2016

9/30/2016

Net Income

7,416

7,208

6,631

6,600

6,738

Transactions Recorded in Net Income (Net of Tax):

Net (Loss) Gain on Securities Transactions

6

—

—

(101)

—

Share and Per Share Data:1

Period End Shares Outstanding

13,891

13,900

13,886

13,887

13,828

Basic Average Shares Outstanding

13,889

13,890

13,889

13,844

13,810

Diluted Average Shares Outstanding

13,966

13,975

14,001

13,972

13,901

Basic Earnings Per Share

$

0.53

$

0.52

$

0.48

$

0.48

$

0.49

Diluted Earnings Per Share

0.53

0.52

0.47

0.47

0.48

Cash Dividend Per Share

0.243

0.243

0.243

0.243

0.236

Selected Quarterly Average Balances:

  Interest-Bearing Deposits at Banks

27,143

24,480

23,565

34,731

21,635

  Investment Securities

677,368

684,570

695,615

684,906

696,712

  Loans

1,892,766

1,842,543

1,781,113

1,726,738

1,680,850

  Deposits

2,193,778

2,206,365

2,161,798

2,160,156

2,063,832

  Other Borrowed Funds

262,864

207,270

205,436

157,044

209,946

  Shareholders' Equity

243,801

239,396

235,257

230,198

228,048

  Total Assets

2,725,653

2,677,843

2,626,470

2,572,425

2,528,124

Return on Average Assets, annualized

1.08

%

1.08

%

1.02

%

1.02

%

1.06

%

Return on Average Equity, annualized

12.07

%

12.08

%

11.43

%

11.41

%

11.75

%

Return on Average Tangible Equity, annualized

13.40

%

13.45

%

12.76

%

12.77

%

13.18

%

Average Earning Assets

2,597,277

2,551,593

2,500,293

2,446,375

2,399,197

Average Paying Liabilities

2,012,802

2,005,421

1,977,628

1,933,974

1,892,583

Interest Income, Tax-Equivalent3

22,565

21,875

20,945

20,709

20,222

Interest Expense

1,949

1,699

1,536

1,404

1,405

Net Interest Income, Tax-Equivalent3

20,616

20,176

19,409

19,305

18,817

Tax-Equivalent Adjustment3

966

949

948

939

940

Net Interest Margin, annualized 3

3.15

%

3.17

%

3.15

%

3.14

%

3.12

%

Efficiency Ratio Calculation: 4

Noninterest Expense

15,548

15,637

15,475

15,272

15,082

Less: Intangible Asset Amortization

69

70

71

73

74

Net Noninterest Expense

15,479

15,567

15,404

15,199

15,008

Net Interest Income, Tax-Equivalent

20,616

20,176

19,409

19,305

18,817

Noninterest Income

7,141

7,057

6,695

6,648

7,114

Less: Net Securities (Loss) Gain

10

—

—

(166)

—

Net Gross Income

27,747

27,233

26,104

26,119

25,931

Efficiency Ratio

55.79

%

57.16

%

59.01

%

58.19

%

57.88

%

Period-End Capital Information:

Total Stockholders' Equity (i.e. Book Value)

244,648

240,752

236,111

232,852

229,208

Book Value per Share 1

17.61

17.32

17.00

16.77

16.58

Goodwill and Other Intangible Assets, net

24,268

24,355

24,448

24,569

24,675

Tangible Book Value per Share 1,2

15.86

15.57

15.24

15.00

14.79

Capital Ratios:5

Tier 1 Leverage Ratio

9.33

%

9.35

%

9.37

%

9.47

%

9.44

%

Common Equity Tier 1 Capital Ratio 

12.70

%

12.68

%

12.84

%

12.97

%

12.80

%

Tier 1 Risk-Based Capital Ratio

13.79

%

13.79

%

13.99

%

14.14

%

13.98

%

Total Risk-Based Capital Ratio

14.77

%

14.77

%

14.98

%

15.15

%

14.99

%

Assets Under Trust Administration

  and Investment Management

$

1,411,608

$

1,356,262

$

1,333,690

$

1,301,408

$

1,284,051

 

Arrow Financial Corporation

Selected Quarterly Information - Continued

(Dollars In Thousands, Except Per Share Amounts - Unaudited)

Footnotes:

1.

Share and Per Share Data have been restated for the September 28, 2017, 3% stock dividend.

2.

Tangible Book Value and Tangible Equity exclude goodwill and other intangible assets, net from total equity.  These are non-GAAP financial measures which we believe provide investors with information that is useful in understanding our financial performance.

9/30/2017

6/30/2017

3/31/2017

12/31/2016

9/30/2016

Total Stockholders' Equity (GAAP)

244,648

240,752

236,111

232,852

229,208

Less: Goodwill and Other Intangible assets, net

24,268

24,355

24,448

24,569

24,675

Tangible Equity (Non-GAAP)

$

220,380

$

216,397

$

211,663

$

208,283

$

204,533

Period End Shares Outstanding

13,891

13,900

13,886

13,887

13,828

Tangible Book Value per Share (Non-GAAP)

$

15.86

$

15.57

$

15.24

$

15.00

$

14.79

3.

Net Interest Margin is the ratio of our annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure which we believe provides investors with information that is useful in understanding our financial performance.

9/30/2017

6/30/2017

3/31/2017

12/31/2016

9/30/2016

Net Interest Income (GAAP)

19,650

19,227

18,461

18,366

17,877

Add: Tax-Equivalent adjustment (Non-GAAP)

966

949

948

939

940

Net Interest Income - Tax Equivalent (Non-GAAP)

$

20,616

$

20,176

$

19,409

$

19,305

$

18,817

Average Earning Assets

2,597,277

2,551,593

2,500,293

2,446,375

2,399,197

Net Interest Margin (Non-GAAP)*

3.15

%

3.17

%

3.15

%

3.14

%

3.12

%

4.

Financial Institutions often use the "efficiency ratio", a non-GAAP ratio, as a measure of expense control. We believe the efficiency ratio provides investors with information that is useful in understanding our financial performance. We define our efficiency ratio as the ratio of our noninterest expense to our net gross income (which equals our tax-equivalent net interest income plus noninterest income, as adjusted).

5.

For the current quarter, all of the regulatory capital ratios in the table above, as well as the Total Risk-Weighted Assets and Common Equity Tier 1 Capital amounts listed in the table below, are estimates based on, and calculated in accordance with, bank regulatory capital rules. All prior quarters reflect actual results. The September 30, 2017 CET1 ratio listed in the tables (i.e., 12.70%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).

 

9/30/2017

6/30/2017

3/31/2017

12/31/2016

9/30/2016

Total Risk Weighted Assets

1,830,730

1,802,455

1,747,318

1,707,829

1,690,646

Common Equity Tier 1 Capital

232,473

228,586

224,369

221,472

216,382

Common Equity Tier 1 Ratio

12.70

%

12.68

%

12.84

%

12.97

%

12.80

%

* Quarterly ratios have been annualized

         

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)

Quarter Ended:

09/30/2017

12/31/2016

9/30/2016

Loan Portfolio

Commercial Loans

$

125,360

$

105,155

$

103,054

Commercial Real Estate Loans

440,715

431,646

429,011

  Subtotal Commercial Loan Portfolio

566,075

536,801

532,065

Consumer Loans

592,029

537,361

523,703

Residential Real Estate Loans

750,695

679,106

651,448

Total Loans

$

1,908,799

$

1,753,268

$

1,707,216

Allowance for Loan Losses

Allowance for Loan Losses, Beginning of Quarter

$

17,442

$

16,975

$

16,798

Loans Charged-off

(622)

(486)

(367)

Less Recoveries of Loans Previously Charged-off

75

40

64

Net Loans Charged-off

(547)

(446)

(303)

Provision for Loan Losses

800

483

480

Allowance for Loan Losses, End of Quarter

$

17,695

$

17,012

$

16,975

Nonperforming Assets

Nonaccrual Loans

$

5,482

$

4,193

$

6,107

Loans Past Due 90 or More Days and Accruing

967

1,201

548

Loans Restructured and in Compliance with Modified Terms

828

106

107

Total Nonperforming Loans

7,277

5,500

6,762

Repossessed Assets

62

101

149

Other Real Estate Owned

1,651

1,585

868

Total Nonperforming Assets

$

8,990

$

7,186

$

7,779

Key Asset Quality Ratios

Net Loans Charged-off to Average Loans,

   Quarter-to-date Annualized

0.11

%

0.10

%

0.07

%

Provision for Loan Losses to Average Loans,

  Quarter-to-date Annualized

0.17

%

0.11

%

0.11

%

Allowance for Loan Losses to Period-End Loans

0.93

%

0.97

%

0.99

%

Allowance for Loan Losses to Period-End Nonperforming Loans

243.16

%

309.31

%

251.04

%

Nonperforming Loans to Period-End Loans

0.38

%

0.31

%

0.40

%

Nonperforming Assets to Period-End Assets

0.33

%

0.28

%

0.30

%

Nine-Month Period Ended:

Allowance for Loan Losses

Allowance for Loan Losses, Beginning of Year

$

17,012

$

16,038

Loans Charged-off

(1,196)

(784)

Less Recoveries of Loans Previously Charged-off

300

171

Net Loans Charged-off

(896)

(613)

Provision for Loan Losses

1,579

1,550

Allowance for Loan Losses, End of Period

$

17,695

$

16,975

Key Asset Quality Ratios

Net Loans Charged-off to Average Loans, Annualized

0.07

%

0.05

%

Provision for Loan Losses to Average Loans, Annualized

0.11

%

0.13

%

 

View original content:http://www.prnewswire.com/news-releases/arrow-third-quarter-net-income-up-101-double-digit-loan-growth-continues-300541090.html

SOURCE Arrow Financial Corporation


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