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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 Corporation (AROW) reported a net income of $13.0 million for Q3 2021, up from $11.0 million in Q3 2020, with net interest income rising to $28.6 million. Year-to-date figures show net income of $39.5 million, a significant increase from $28.3 million in 2020. Asset growth exceeded $4 billion, reflecting strong profitability ratios with ROE at 14.34% and ROA at 1.32%. Notable developments include the consolidation of branches and advancements in technology platforms, along with continued support for customers amid COVID-19.
Arrow Financial Corporation (NasdaqGS – AROW) has been recognized as part of the Piper Sandler Sm-All Stars Class of 2021, highlighting its status among the top 35 small-cap banks and thrifts in the U.S. This prestigious accolade comes after evaluating 386 institutions based on growth, profitability, credit quality, and capital strength. Notably, Arrow is one of only five New York institutions to receive this honor, underscoring its impressive performance metrics which surpass industry averages. President and CEO Thomas J. Murphy attributed this achievement to the dedication of the Arrow team.
On August 25, 2021, Arrow Financial Corporation (AROW) declared a 3% stock dividend for shareholders of record on September 17, 2021. This dividend will result in recipients receiving three additional shares for every 100 shares owned, with cash equivalents provided for fractional shares. The distribution date is set for September 24, 2021. As a multi-bank holding company based in Glens Falls, NY, Arrow Financial operates several subsidiaries, providing various financial services in northeastern New York.
Arrow Financial Corporation (NasdaqGS - AROW) announced a quarterly cash dividend of $0.26 per share, representing a 3% increase over the previous year. This dividend will be payable on September 15, 2021, to shareholders of record as of September 3, 2021. The firm operates through several subsidiaries, including Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, focusing on the financial needs of northeastern New York.
Arrow Financial Corporation (NasdaqGS – AROW) reported strong operating results for Q2 2021, with net income of $13.3 million, up from $9.2 million in Q2 2020. Net interest income rose to $28.4 million, a 14.2% increase year-over-year. Key profitability ratios remained robust, with a return on equity (ROE) of 15.21% and return on assets (ROA) of 1.38%. Total loans grew by $82.2 million year-over-year, while deposits increased by 12.0%. The company also introduced digital enhancements, including a mobile app for business customers.
Arrow Financial Corporation (NasdaqGS: AROW) announces a significant renovation of its headquarters in Glens Falls, NY, set to begin in the coming months. The project focuses on enhancing both exterior and interior aspects, replacing outdated systems with energy-efficient alternatives, and creating a new customer transaction lobby. This renovation aims to accommodate anticipated growth and improve operational efficiency. The completion is projected for early 2023, marking a substantial investment in the company's future and its ability to serve customers effectively.
Arrow Financial Corporation (NasdaqGS - AROW) has declared a quarterly cash dividend of $0.26 per share on April 28, 2021, payable on June 15, 2021. This dividend marks a 3% increase from the previous year, following a 3% stock dividend distributed on September 25, 2020. The company, based in Glens Falls, New York, is a multi-bank holding entity overseeing several banking and investment subsidiaries.
Arrow Financial Corporation (AROW) reported a robust first quarter of 2021, with net income rising to $13.3 million from $8.1 million in Q1 2020. Net interest income grew by 13.7% to $26.2 million, supported by strong loan growth of $44.2 million. The company's return on average equity reached 15.81% and return on assets was 1.45%, up from the previous year. Arrow also originated over $212.8 million in PPP loans and saw total deposits increase to $3.5 billion, a 22.9% rise year-over-year. Overall, Arrow is well-positioned moving forward amidst ongoing economic recovery.
Arrow Financial Corporation (NASDAQ: AROW) announced a quarterly cash dividend of $0.26 per share, reflecting a 3% increase from the previous year. The dividend will be payable on March 15, 2021, to shareholders of record on March 2, 2021. Additionally, the company approved a new stock repurchase program allowing the buyback of up to $5 million of its common stock through December 31, 2021. This program replaces earlier authorizations and aims to enhance shareholder value.
Arrow Financial Corporation (NASDAQ: AROW) reported a strong performance in 2020, achieving record net income of $40.8 million, a rise of 8.9% from 2019. Q4 net income reached $12.5 million, up 28.3% year-over-year. Diluted EPS rose to $2.64 for the year, an increase of 8.5%. Total loan balances increased by $209 million (8.8%), and deposits grew by $618.7 million (23.6%). Despite a slight decline in profitability ratios, the company's asset quality remained strong with nonperforming assets at just 0.18%. Arrow also issued a cash dividend of $0.26 per share, up 3% from the previous year.
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