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Arrow Financial Corporation (NasdaqGS: AROW) is a multi-bank holding company headquartered in Glens Falls, New York. Serving the financial needs of northeastern New York, Arrow Financial Corporation operates through several subsidiaries, including Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. The company provides a comprehensive range of commercial and consumer banking products and services.
Arrow Financial Corporation's product portfolio includes demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other timed deposit products. Its lending services cover a broad spectrum, ranging from commercial loans, real estate loans, and consumer installment loans to personal lines of credit, overdraft protection, and automobile loans. Additionally, the company offers residential real estate loans and home equity lines of credit, making it a versatile player in the banking sector.
In recent achievements, Arrow Financial Corporation filed its Annual Report on Form 10-K for the year ended December 31, 2022. The company showcased its resilience with a net income of $8.6 million for the first quarter of 2023, despite a challenging banking environment. Highlights include maintaining strong liquidity, adding to its deposit base, and completing a comprehensive renovation of its headquarters. These efforts underscore Arrow's commitment to enhancing customer experience and operational efficiency.
The company also declared regular quarterly cash dividends, reflecting its strong financial health and commitment to returning value to shareholders. Recent dividends include $0.27 per share, marking the 43rd consecutive quarterly cash dividend. Moreover, Arrow Financial Corporation expanded its stock repurchase program by $5 million, highlighting its strategic focus on long-term shareholder value.
In a strategic move, Arrow's subsidiary, Glens Falls National Bank, entered a definitive agreement to acquire a branch office from Berkshire Bank, expanding its market presence and enhancing its services in the region. This acquisition is expected to be completed by the end of the third quarter of 2024.
Arrow Financial Corporation remains dedicated to its communities and has invested significantly in technology and team development. The company recently celebrated graduates from its internal leadership and development programs, reinforcing its culture of continuous improvement and collaboration.
Arrow Financial Corporation continues to deliver strong performance metrics, with recent quarterly results showing robust loan growth, strong credit performance, and healthy liquidity and capital positions. The company’s diversified revenue streams, primarily from interest income, fees, and commissions, support its stable financial foundation.
For more detailed financial information and latest updates, shareholders and interested parties are encouraged to review Arrow’s filings with the Securities and Exchange Commission (SEC), including its quarterly and annual reports.
Arrow Financial (AROW) has appointed four new members to its Board of Directors, effective November 5, 2024. The new appointees are: James M. Dawsey, President of MLB Construction Services with 45 years of construction management experience; Dr. Kristine D. Duffy, President of SUNY Adirondack with 35 years of higher education experience; Philip Morris, CEO of Proctors Collaborative with expertise in cultural facilities development; and Daniel J. White, former Managing Partner at KPMG LLP with 37 years in community bank auditing.
Each director brings unique expertise: Dawsey in financial operations, Duffy in strategic planning and fundraising, Morris in project management and community engagement, and White in banking and accounting.
Arrow Financial (AROW) has announced that its banking subsidiaries, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, have joined the Allpoint ATM Network. This partnership provides customers with access to over 50,000 ATMs worldwide, including locations in popular retail stores and pharmacy chains. Customers can make surcharge-free withdrawals and cash deposits up to $200 at select Allpoint ATMs without any additional registration required. The move aims to enhance customer convenience by expanding ATM accessibility beyond traditional bank branches.
Arrow Financial reported net income of $9.0 million and EPS of $0.53 for Q3 2024, up from $7.7 million and $0.46 in Q3 2023. Key highlights include improved net interest margin to 2.78%, total deposits of $3.8 billion, and year-to-date loan growth of $126.3 million (5.2% annualized). The company completed two acquisitions: A&B Agency assets and a Whitehall branch. Arrow plans to unify its banking subsidiaries into Arrow Bank National Association by December 31, 2024. The company was named to Piper Sandler's Sm-All Stars: Class of 2024, among 30 top-performing small-cap banks.
Arrow Financial (NasdaqGS® – AROW) has been named to the Piper Sandler Sm-All Stars: Class of 2024, a prestigious list of 30 top-performing small-cap banks and thrifts in the country. To qualify, institutions needed a market cap below $2.5 billion and had to outperform industry medians in earnings per share growth, loan growth, deposit growth, and return on average equity, while meeting specific benchmarks for nonperforming assets, net charge-offs, and tangible common equity ratio.
Arrow is one of only three New York financial institutions on the list and the sole bank from Upstate New York. Piper Sandler, an independent investment bank and research firm, evaluated over 300 institutions trading on major exchanges to select the top 30. President and CEO Dave DeMarco expressed pride in the recognition, attributing it to the team's hard work and dedication.
Arrow Financial (NasdaqGS® - AROW) has declared a quarterly cash dividend of $0.28 per share, payable on October 29, 2024, to shareholders of record on October 15, 2024. This represents a 3.7% increase to the quarterly dividend and replaces the 3% stock dividend previously declared in recent years. The announcement marks Arrow's 46th consecutive quarterly cash dividend.
CEO David S. DeMarco highlighted that Arrow has returned over $6.4 million of capital to shareholders through share repurchases this year, in addition to $13.6 million in regular quarterly cash dividends paid to date in 2024. The company's continued success enables it to offer increased returns to shareholders.
Arrow Financial (NasdaqGS® - AROW) has completed the acquisition of the Whitehall, New York branch from Berkshire Bank. The transaction, which closed on August 2, 2024, included:
- Deposit accounts with an approximate balance of $37.5 million
- Loans with an approximate balance of $3 million
- The branch premises and substantially all related property and equipment
This strategic move expands Glens Falls National Bank's presence in Washington County to nine branches. All on-site employees of the Whitehall branch have been retained. The acquisition aligns with Arrow's commitment to broadening its presence, enhancing offerings, and increasing shareholder value.
Arrow Financial (NasdaqGS: AROW) reported Q2 2024 net income of $8.6 million, with an EPS of $0.52, up from $6.0 million and $0.35 EPS in Q2 2023. The Board declared a quarterly dividend of $0.27 per share, payable on August 23, 2024, to shareholders of record on August 12, 2024.
Key highlights: Gross loans grew by $57.6 million, net interest margin improved to 2.67%, and the average loan yield increased to 5.17%. Deposits were $3.7 billion, while tangible book value rose to $21.54. ROA improved to 0.82%.
Recent developments include regulatory approval to combine its banking subsidiaries into Arrow Bank and an acquisition of a branch in Whitehall, NY. The company also expanded its insurance business by acquiring assets from A&B Agency, Inc.
Arrow Financial (NasdaqGS® - AROW) has announced plans to unify its banking subsidiaries, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, into a single entity named Arrow Bank National Association. This decision follows regulatory approval and aims to enhance strategic growth opportunities and customer experience. Key points include:
- Arrow Bank will remain part of Arrow Financial
- Leadership team and staffing will remain unchanged
- 37 branches will continue to operate in northeastern New York
- Current asset size is approximately $4.2 billion
- Over 550 employees
The unification process will include a gradual rollout of new branding while maintaining the bank's commitment to community-based banking and charitable contributions.
On June 6, 2024, Arrow Financial (NasdaqGS® - AROW) announced the appointment of Tenée R. Casaccio as the new Chair of its Board of Directors, effective June 5, 2024. Casaccio succeeds William L. Owens, Esq., who retired upon reaching the mandatory retirement age.
Casaccio has been a director of Arrow since January 2014 and has served on the boards of its banking subsidiaries and chaired the Wealth Management Committee. She is also the President of JMZ Architects and Planners. As the first woman to chair the Arrow Board, Casaccio brings extensive executive experience and strong ties to the New York business community.
David S. DeMarco, Arrow's President and CEO, praised Casaccio's leadership skills and her capacity to guide Arrow towards future growth.
Arrow Financial reported a net income of $7.7 million and EPS of $0.45 for the first quarter of 2024. They also declared a $0.27 per share dividend, marking their 44th consecutive quarterly dividend. Arrow showed growth in loans, deposits, and net interest margin, with strong liquidity and a focus on the Capital Region of New York. They repurchased shares and announced an acquisition. The company reached a settlement in a class action complaint without a material impact on financial results.
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