Arrow's Second-Quarter Net Income Up 14.1%, Asset Quality Remains Strong

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-- Second-quarter net income rose $781 thousand, or 14.1%, year over year. -- Diluted earnings per share (EPS) rose $0.06, or 13.6%, from the prior-year quarter. -- Record high period-end loan portfolio balances - growth of $135.5 million, or 10.1%, year over year. -- Continued strong ratios for asset quality and capital.

July 21, 2015 10:56 AM EDT

GLENS FALLS, N.Y., July 21, 2015 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three- and six-month periods ended June 30, 2015. Net income for the second quarter of 2015 was $6.31 million, an increase of $781 thousand, or 14.1%, from net income of $5.52 million for the second quarter of 2014. Diluted earnings per share (EPS) for the quarter were $0.50, a 13.6% increase from the comparable 2014 quarter, when diluted EPS was $0.44. Return on average assets was 1.09%, and return on average equity was 12.23% for the 2015 second quarter, representing increases of 7.9% and 8.4%, respectively, from the prior-year second quarter.

Arrow President and CEO Thomas J. Murphy stated, "We are pleased to report a double-digit increase in net income for the second quarter, driven in part by continued strong loan growth. Our lending team has experienced increased activity and opportunities, especially in our southern market, producing results across all major loan segments: commercial, consumer, and residential real estate. At the same time, we have continued to maintain strong ratios for asset quality and capital. I am very proud of our team for achieving these excellent results."

The following list expands upon our second-quarter results:

Net Interest Income and Margin: In the second quarter of 2015, on a tax-equivalent basis, our net interest income increased $976 thousand, or 6.0%, compared to the second quarter of 2014. Our tax-equivalent net interest margin decreased by 2 basis points, from 3.17% in the second quarter of 2014 to 3.15% for the second quarter of 2015. The decrease in net interest margin reflected the fact that the average yield on our loan portfolio decreased more rapidly than the average cost of our interest-bearing liabilities.

Trust Assets and Related Noninterest Income: Assets under trust administration and investment management at June 30, 2015, were $1.25 billion, an increase of $32.0 million, or 2.6%, from the June 30, 2014, balance of $1.21 billion. The growth in asset balances was generally attributable to a rise in the equity markets between the periods and the addition of new accounts. Income from fiduciary activities increased by $205 thousand, or 5.4%, from $3.78 million for the first six months of 2014, to $3.98 million for the first six months of 2015.

Loan Growth: Over the six-month period ended June 30, 2015, our total loans increased by $66.4 million, or 4.7%, with increases in all three of our major loan segments: commercial, consumer, and residential real estate. At June 30, 2015, our total loan balance was up 10.1% as compared to June 30, 2014.

During the second quarter of 2015, our residential real estate loan portfolio grew $21.0 million, or 3.8%. We originated approximately $34 million of residential real estate loans during the quarter, nearly $6 million more than our originations in the comparable quarter of 2014. We also experienced continuing growth during the quarter in our consumer loan portfolio, reaching a record-high balance at period-end of $454.9 million, exceeding the June 30, 2014 balance, by $37.7 million, or 9.0%. This was primarily a result of our indirect automobile lending program. In the second quarter, we extended $52.7 million in new loans for new and used automobiles. Total outstanding commercial loans continued to grow, reaching a balance of $449.1 million on June 30, 2015, an increase of $15.9 million, or 3.7% from June 30, 2014.

Asset Quality and Loan Loss Provision: Asset quality remained strong at June 30, 2015, as measured by our comparatively low levels of nonperforming assets and net charge-offs. Nonperforming assets at June 30, 2015 were $9.1 million, an increase of $819 thousand, or 9.9%, from the prior year level. However, our nonperforming assets represented only 0.39% of total assets at period-end, versus 0.38% at June 30, 2014. Net loan losses expressed as an annualized percentage of average loans outstanding, were just 0.03% for the three-month period ended June 30, 2015, unchanged from the 2014 three-month period.

Our allowance for loan losses was $15.6 million at June 30, 2015, which represented 1.05% of loans outstanding, seven basis points below our ratio one year earlier and five basis points below our ratio at December 31, 2014. Our provision for loan losses for the second quarter of 2015 was $70 thousand, down by $435 thousand from the provision for the comparable 2014 quarter. The decreased size of our provision and reduction in our coverage ratio reflect the strong quality of our loan portfolio.

Cash and Stock Dividends: We distributed a cash dividend of $0.25 per share to stockholders in the second quarter of 2015. The cash dividend was 2% higher than the cash dividend paid in the second quarter of 2014, as adjusted for our 2% stock dividend distributed in September 2014.

Insurance Agency Operations: Insurance commission income increased from $2.3 million for the second quarter of 2014 to $2.4 million for the second quarter of 2015, or 4.3%.

Capital: Total stockholders' equity was a record $206.9 million at period-end, an increase of $9.3 million, or 4.7%, above the June 30, 2014, amount. Effective January 1, 2015, the new bank regulatory capital standards for U.S. banking organizations revised the risk weighting of certain assets and added a new risk-weighted capital measure Common Equity Tier 1 (CET1). These new regulatory standards did not have a material impact on our capital ratios, which remained strong at quarter-end. We estimate that Arrow's regulatory capital ratios at June 30, 2015, calculated under the new standards were as follows: Tier 1 leverage ratio 9.41%; CET1 ratio 13.12%; Tier 1 risk-based capital ratio 14.46%; and total risk-based capital ratio 15.51%. All of our regulatory capital ratios, at the holding company and subsidiary bank levels, as calculated under the new standards, continue to significantly exceed the new regulatory thresholds for "well capitalized" institutions, which is the highest current regulatory category.

Industry Recognition: The Company was recently included on American Banker's "Midtier Performers" list, ranking 31st out of almost 200 financial institutions based on three-year return on average equity (ROAE). Arrow had a three-year ROAE of 12.26% and was the only New York State Capital Region bank to appear in the top 40. The list included 191 public and private financial institutions with assets between $2 billion and $10 billion.

In addition, Arrow's two banking subsidiaries were each recognized again as a 5-Star Superior Bank by BauerFinancial, Inc., a national bank rating and research firm, based on March 31, 2015, financial data. Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company have each earned this designation for the past 33 and 25 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.; three property and casualty insurance agencies: Loomis & LaPann, Inc., Upstate Agency, LLC, and McPhillips Insurance Agency, a division of Glens Falls National Insurance Agencies, LLC; and Capital Financial Group, Inc., an insurance agency specializing in the sale and servicing of group health plans. www.arrowfinancial.com

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. Our 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 "Select 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, 2014, and our 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 June 30,

Six Months Ended June 30,

2015

2014

2015

2014

INTEREST AND DIVIDEND INCOME

Interest and Fees on Loans

$

13,939

$

13,202

$

27,589

$

25,976

Interest on Deposits at Banks

26

16

47

29

Interest and Dividends on Investment Securities:

Fully Taxable

2,013

2,041

3,957

4,049

Exempt from Federal Taxes

1,429

1,436

2,804

2,907

Total Interest and Dividend Income

17,407

16,695

34,397

32,961

INTEREST EXPENSE

NOW Accounts

338

495

668

959

Savings Deposits

182

226

349

445

Time Deposits of $100,000 or More

88

201

178

431

Other Time Deposits

185

359

387

750

Federal Funds Purchased and

Securities Sold Under Agreements to Repurchase

5

5

10

9

Federal Home Loan Bank Advances

301

127

451

272

Junior Subordinated Obligations Issued to

Unconsolidated Subsidiary Trusts

144

142

286

283

Total Interest Expense

1,243

1,555

2,329

3,149

NET INTEREST INCOME

16,164

15,140

32,068

29,812

Provision for Loan Losses

70

505

345

963

NET INTEREST INCOME AFTER PROVISION FOR

LOAN LOSSES

16,094

14,635

31,723

28,849

NONINTEREST INCOME

Income From Fiduciary Activities

2,051

1,906

3,984

3,779

Fees for Other Services to Customers

2,334

2,377

4,573

4,571

Insurance Commissions

2,367

2,293

4,506

4,737

Net Gain (loss) on Securities Transactions

16

(27)

106

(27)

Net Gain on Sales of Loans

120

166

252

289

Other Operating Income

556

304

879

556

Total Noninterest Income

7,444

7,019

14,300

13,905

NONINTEREST EXPENSE

Salaries and Employee Benefits

8,186

7,880

15,878

15,522

Occupancy Expenses, Net

2,344

2,316

4,831

4,657

FDIC Assessments

296

282

576

555

Other Operating Expense

3,557

3,259

7,053

6,469

Total Noninterest Expense

14,383

13,737

28,338

27,203

INCOME BEFORE PROVISION FOR INCOME TAXES

9,155

7,917

17,685

15,551

Provision for Income Taxes

2,850

2,393

5,525

4,707

NET INCOME

$

6,305

$

5,524

$

12,160

$

10,844

Average Shares Outstanding 1:

Basic

12,633

12,595

12,633

12,599

Diluted

12,669

12,616

12,670

12,621

Per Common Share:

Basic Earnings

$

0.50

$

0.44

$

0.96

$

0.86

Diluted Earnings

0.50

0.44

0.96

0.86

1 Share and per share data have been restated for the September 29, 2014, 2% stock dividend.

 

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

June 30, 2015

December 31, 2014

June 30, 2014

ASSETS

Cash and Due From Banks

$

31,438

$

35,081

$

35,351

Interest-Bearing Deposits at Banks

13,699

11,214

16,459

Investment Securities:

Available-for-Sale

391,817

366,139

366,848

Held-to-Maturity (Approximate Fair Value of $328,361 at June 30, 2015; $308,566 at December 31, 2014; and $304,259 at June 30, 2014)

324,116

302,024

297,437

Other Investments

6,470

4,851

4,583

Loans

1,479,670

1,413,268

1,344,124

Allowance for Loan Losses

(15,574)

(15,570)

(15,036)

Net Loans

1,464,096

1,397,698

1,329,088

Premises and Equipment, Net

28,570

28,488

28,465

Goodwill

22,003

22,003

22,003

Other Intangible Assets, Net

3,369

3,625

3,865

Other Assets

47,793

46,297

48,952

Total Assets

$

2,333,371

$

2,217,420

$

2,153,051

LIABILITIES

Noninterest-Bearing Deposits

$

325,046

$

300,786

$

286,735

NOW Accounts

904,893

871,671

820,589

Savings Deposits

547,706

524,648

523,626

Time Deposits of $100,000 or More

58,284

61,797

70,600

Other Time Deposits

136,555

144,046

159,116

Total Deposits

1,972,484

1,902,948

1,860,666

Federal Funds Purchased and

Securities Sold Under Agreements to Repurchase

24,273

19,421

16,896

Federal Home Loan Bank Overnight Advances

29,500

41,000

24,000

Federal Home Loan Bank Term Advances

55,000

10,000

10,000

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000

20,000

20,000

Other Liabilities

25,167

23,125

23,873

Total Liabilities

2,126,424

2,016,494

1,955,435

STOCKHOLDERS' EQUITY

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

Common Stock, $1 Par Value; 20,000,000 Shares Authorized (17,079,376 Shares Issued at June 30, 2015 and at December 31, 2014 and 16,744,486 Shares Issued June 30, 2014)

17,079

17,079

16,744

Additional Paid-in Capital

240,243

239,721

230,131

Retained Earnings

35,303

29,458

32,132

Unallocated ESOP Shares (58,606 Shares at June 30, 2015; 71,748 Shares at December 31, 2014; and 74,845 Shares at June 30, 2014)

(1,200)

(1,450)

(1,550)

Accumulated Other Comprehensive Loss

(7,171)

(7,166)

(3,489)

Treasury Stock, at Cost (4,397,740 Shares at June 30, 2015; 4,386,001 Shares at December 31, 2014; and 4,319,587 Shares at June 30, 2014)

(77,307)

(76,716)

(76,352)

Total Stockholders' Equity

206,947

200,926

197,616

Total Liabilities and Stockholders' Equity

$

2,333,371

$

2,217,420

$

2,153,051

 

 

Arrow Financial Corporation

Selected Quarterly Information

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

Quarter Ended

6/30/2015

3/31/2015

12/31/2014

9/30/2014

6/30/2014

Net Income

$

6,305

$

5,855

$

6,369

$

6,147

$

5,524

Transactions Recorded in Net Income (Net of Tax):

Net Gain (Loss) on Securities Transactions

10

55

—

83

(16)

Share and Per Share Data:1

Period End Shares Outstanding

12,623

12,635

12,622

12,605

12,597

Basic Average Shares Outstanding

12,633

12,633

12,614

12,606

12,595

Diluted Average Shares Outstanding

12,669

12,671

12,655

12,621

12,616

Basic Earnings Per Share

$

0.50

$

0.46

$

0.50

$

0.49

$

0.44

Diluted Earnings Per Share

0.50

0.46

0.50

0.49

0.44

Cash Dividend Per Share

0.25

0.25

0.25

0.25

0.25

Selected Quarterly Average Balances:

  Interest-Bearing Deposits at Banks

37,303

30,562

58,048

15,041

22,486

  Investment Securities

701,329

673,753

664,334

653,702

712,088

  Loans

1,456,534

1,422,005

1,401,601

1,361,347

1,328,639

  Deposits

1,983,647

1,949,776

1,962,698

1,861,115

1,900,399

  Other Borrowed Funds

99,994

69,034

56,185

67,291

60,900

  Shareholders' Equity

206,831

202,552

202,603

199,518

196,478

  Total Assets

2,316,427

2,248,054

2,247,576

2,154,307

2,183,611

Return on Average Assets, annualized

1.09

%

1.06

%

1.12

%

1.13

%

1.01

%

Return on Average Equity, annualized

12.23

%

11.72

%

12.47

%

12.22

%

11.28

%

Return on Tangible Equity, annualized 2

13.94

%

13.42

%

14.28

%

14.04

%

12.99

%

Average Earning Assets

$

2,195,166

$

2,126,320

$

2,123,983

$

2,030,090

$

2,063,213

Average Paying Liabilities

1,770,023

1,713,253

1,716,699

1,626,327

1,680,149

Interest Income, Tax-Equivalent3

18,501

18,073

18,213

17,834

17,837

Interest Expense

1,243

1,086

1,219

1,399

1,555

Net Interest Income, Tax-Equivalent3

17,258

16,987

16,994

16,435

16,282

Tax-Equivalent Adjustment3

1,094

1,083

1,073

1,074

1,142

Net Interest Margin, annualized 3

3.15

%

3.24

%

3.17

%

3.21

%

3.17

%

Efficiency Ratio Calculation: 4

Noninterest Expense

$

14,383

$

13,955

$

13,299

$

13,526

$

13,737

Less: Intangible Asset Amortization

(80)

(91)

(94)

(94)

(94)

Net Noninterest Expense

$

14,303

$

13,864

$

13,205

$

13,432

$

13,643

Net Interest Income, Tax-Equivalent

$

17,258

$

16,987

$

16,994

$

16,435

$

16,282

Noninterest Income

7,444

6,856

7,060

7,351

7,019

Less: Net Securities (Gain) Loss

(16)

(90)

—

(137)

27

Net Gross Income

$

24,686

$

23,753

$

24,054

$

23,649

$

23,328

Efficiency Ratio

57.94

%

58.37

%

54.90

%

56.80

%

58.48

%

Period-End Capital Information:

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

$

206,947

$

204,965

$

200,926

$

200,089

$

197,616

Book Value per Share

16.39

16.22

15.92

15.87

15.69

Goodwill and Other Intangible Assets, net

25,372

25,492

25,628

25,747

25,868

Tangible Book Value per Share 2

14.38

14.20

13.89

13.83

13.63

Capital Ratios:5

Tier 1 Leverage Ratio

9.41

%

9.57

%

9.44

%

9.68

%

9.39

%

Common Equity Tier 1 Capital Ratio 

13.12

%

13.27

%

N/A

N/A

N/A

Tier 1 Risk-Based Capital Ratio

14.46

%

14.65

%

14.47

%

14.41

%

14.49

%

Total Risk-Based Capital Ratio

15.51

%

15.73

%

15.54

%

15.48

%

15.57

%

Assets Under Trust Administration

and Investment Management

$

1,246,849

$

1,254,823

$

1,227,179

$

1,199,930

$

1,214,841

 

 

Arrow Financial CorporationSelected Quarterly Information - Continued(Dollars In Thousands, Except Per Share Amounts - Unaudited)

Footnotes:

1.

Share and Per Share Data have been restated for the September 29, 2014, 2% 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.

6/30/2015

3/31/2015

12/31/2014

9/30/2014

6/30/2014

Total Stockholders' Equity (GAAP)

$

206,947

$

204,965

$

200,926

$

200,089

$

197,616

Less: Goodwill and Other Intangible assets, net

25,372

25,492

25,628

25,747

25,868

Tangible Equity (Non-GAAP)

$

181,575

$

179,473

$

175,298

$

174,342

$

171,748

Period End Shares Outstanding

12,623

12,635

12,622

12,605

12,597

Tangible Book Value per Share (Non-GAAP)

$

14.38

$

14.20

$

13.89

$

13.83

$

13.63

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.

6/30/2015

3/31/2015

12/31/2014

9/30/2014

6/30/2014

Net Interest Income (GAAP)

$

16,164

$

15,904

$

15,921

$

15,361

$

15,140

Add: Tax-Equivalent adjustment (Non-GAAP)

1,094

1,083

1,073

1,074

1,142

Net Interest Income - Tax Equivalent (Non-GAAP)

$

17,258

$

16,987

$

16,994

$

16,435

$

16,282

Average Earning Assets

2,195,166

2,126,320

2,123,983

2,030,090

2,063,213

Net Interest Margin (Non-GAAP)*

3.15

%

3.24

%

3.17

%

3.21

%

3.17

%

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.

Common Equity Tier 1 Capital Ratio (CET1) is a new regulatory capital measure applicable to financial institutions, effective January 1, 2015. 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, these new bank regulatory capital rules. All prior quarters reflect actual results. The June 30, 2015 CET1 ratio listed in the tables (i.e., 13.12%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).

6/30/2015

3/31/2015

12/31/2014

9/30/2014

6/30/2014

Total Risk Weighted Assets

$

1,492,284

$

1,452,975

N/A

N/A

N/A

Common Equity Tier 1 Capital

$

195,800

$

192,865

N/A

N/A

N/A

Common Equity Tier 1 Ratio

13.12

%

13.27

%

N/A

N/A

N/A

 

* Quarterly ratios have been annualized

 

 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)

Quarter Ended:

6/30/2015

12/31/2014

6/30/2014

Loan Portfolio

Commercial Loans

$

112,022

$

118,326

$

123,592

Commercial Real Estate Loans

337,106

321,297

309,646

Subtotal Commercial Loan Portfolio

449,128

439,623

433,238

Consumer Loans

454,879

437,041

417,164

Residential Real Estate Loans

575,663

536,604

493,722

Total Loans

$

1,479,670

$

1,413,268

$

1,344,124

Allowance for Loan Losses

Allowance for Loan Losses, Beginning of Quarter

$

15,625

$

15,293

$

14,636

Loans Charged-off

165

251

168

Less Recoveries of Loans Previously Charged-off

44

87

63

Net Loans Charged-off

121

164

105

Provision for Loan Losses

70

441

505

Allowance for Loan Losses, End of Quarter

$

15,574

$

15,570

$

15,036

Nonperforming Assets

Nonaccrual Loans

$

6,931

$

6,899

$

6,185

Loans Past Due 90 or More Days and Accruing

1,570

537

1,325

Loans Restructured and in Compliance with Modified Terms

283

333

398

Total Nonperforming Loans

8,784

7,769

7,908

Repossessed Assets

75

81

40

Other Real Estate Owned

234

312

326

Total Nonperforming Assets

$

9,093

$

8,162

$

8,274

Key Asset Quality Ratios

Net Loans Charged-off to Average Loans,

Quarter-to-date Annualized

0.03

%

0.05

%

0.03

%

Provision for Loan Losses to Average Loans,

Quarter-to-date Annualized

0.02

%

0.12

%

0.15

%

Allowance for Loan Losses to Period-End Loans

1.05

%

1.10

%

1.12

%

Allowance for Loan Losses to Period-End Nonperforming Loans

177.30

%

200.41

%

190.14

%

Nonperforming Loans to Period-End Loans

0.59

%

0.55

%

0.59

%

Nonperforming Assets to Period-End Assets

0.39

%

0.37

%

0.38

%

Six-Month Period Ended:

Allowance for Loan Losses

Allowance for Loan Losses, Beginning of Year

$

15,570

$

14,434

Loans Charged-off

455

504

Less Recoveries of Loans Previously Charged-off

114

143

Net Loans Charged-off

341

361

Provision for Loan Losses

345

963

Allowance for Loan Losses, End of Period

$

15,574

$

15,036

Key Asset Quality Ratios

Net Loans Charged-off to Average Loans, Annualized

0.05

%

0.06

%

Provision for Loan Losses to Average Loans, Annualized

0.05

%

0.15

%

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/arrows-second-quarter-net-income-up-141-asset-quality-remains-strong-300116330.html

SOURCE Arrow Financial Corporation


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