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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.
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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