– Total loans grew by $45.1 million in the second quarter of 2019.

– Second quarter net income was $8.9 million.

– Second quarter diluted earnings per share (EPS) of $0.62.

– Second quarter net interest income increased 3.6% over the prior-year comparable quarter.

– Continued strong profitability, asset quality and capital ratios.

GLENS FALLS, N.Y., July 22, 2019 /PRNewswire/ — Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended June 30, 2019. Net income for the second quarter of 2019 was $8.9 million, compared to $9.7 million in the second quarter of 2018. Steady loan growth continued in the second quarter of 2019, as total loans grew by $45.1 million from March 31, 2019 to $2.3 billion. Driven primarily by this growth, net interest income increased to $21.7 million in the second quarter of 2019, compared to $21.0 million for the comparable quarter of 2018.

Annualized key profitability ratios remained strong, as measured by a return on average equity of 12.79% and a return on average assets of 1.20% for the second quarter, compared to 15.22% and 1.38%, respectively, a year earlier.

“Thanks to the efforts of our team, Arrow continued its solid performance with steady loan growth and strong asset quality through the second quarter of the year,” said President and CEO Thomas J. Murphy. “Our Company is well-positioned to adapt to the continuing changes in a complex rate environment. Additionally, we are making strategic lending decisions within our communities that will help our region thrive, and we are making important investments that will help us provide an enhanced customer experience.”

The Company continued its forward momentum and expansion in the Capital Region with the opening of a new Saratoga National Bank and Trust Company office in Rotterdam, New York in the second quarter. Additionally, the company announced plans for the opening of its 12th Saratoga National Bank office, in Latham, New York, anticipated in early 2020.

The following expands on our second-quarter results:

Cash Dividend: On June 14, 2019, the Company distributed a cash dividend of $0.26 per share. The June 14, 2019 cash dividend was 7.1% higher than the $0.25 cash dividend paid by the Company in the second quarter of 2018, when adjusted for the 3% stock dividend distributed on September 27, 2018. The 2018 increase from $0.25 per share to $0.26 per share was the first increase in per share dividend amount since 2008.

Loan Growth: Total loans reached $2.3 billion as of June 30, 2019, which represents an increase of $222.4 million, or 10.8% as compared to June 30, 2018. The consumer loan portfolio grew by $117.1 million, or 17.7%, as compared to June 30, 2018, primarily within the indirect automobile lending program. The total residential real estate loan portfolio increased $60.0 million, or 7.4%, as compared to June 30, 2018. Total outstanding commercial loans increased $45.3 million, or 7.8%, as compared to June 30, 2018.

Deposit Growth: At June 30, 2019, deposit balances reached $2.5 billion, up $199.0 million, or 8.6%, from the prior-year level. Noninterest-bearing deposits represented 18.7% of total deposits at June 30, 2019. At June 30, 2019, other time deposits were $289.3 million, an increase of $119.7 million compared to the prior year. Time deposits include brokered deposits acquired to diversify source of funds to more favorable rates as compared to other borrowings.

Net Interest Income: Driven by strong loan growth, second quarter 2019 net interest income increased to $21.7 million, up 3.6% from $21.0 million in the comparable quarter of 2018. The net interest margin was 3.04% for the quarter, compared to 3.11% for the second quarter of 2018. The decrease in net interest margin from the prior year was the result of the migration to higher yielding deposit accounts due to rise in short-term market rates.

Noninterest Income: Noninterest income for the three months ended June 30, 2019, was $6.9 million, compared to $7.9 million in the comparable 2018 quarter. Despite the decline from the prior year, total noninterest income represented 24.1% of total revenues in the second quarter of 2019.

Noninterest Expense: Noninterest expense for the second quarter of 2019 increased 4.4% to $16.9 million, from $16.2 million for the second quarter of 2018. Technology and equipment expense increased $394 thousand, and other operating expense increased $409 thousand from the comparable quarter in 2018.

Provision for Income Taxes: The provision for income taxes was $2.3 million for the second quarter of both 2019 and 2018. The effective income tax rates for the three-month periods ended June 30, 2019 and 2018 were 20.5% and 19.3%, respectively.

Asset Quality: Asset quality remained strong at June 30, 2019, with continued low levels of nonperforming loans and net charge-offs. Nonperforming loans at June 30, 2019, were $5.5 million, up $26.0 thousand from the level at December 31, 2018. Net charge-offs, expressed as an annualized percentage of average loans outstanding, were 0.02% for the three-month period ended June 30, 2019, up from the prior-year comparable quarter of 0.01%. The allowance for loan losses was $20.7 million at June 30, 2019, which represented 0.91% of loans outstanding, as compared to 0.95% at June 30, 2018. The loss provision expense for the second quarter of 2019 was $455 thousand, down $174 thousand from the provision for the comparable 2018 quarter.

Capital: Total stockholders’ equity was a record $284.6 million at June 30, 2019, up $25.2 million, or 9.7%, from the comparable quarter of 2018. Overall regulatory capital ratios also remained strong in 2019, with the Company’s common equity tier 1 ratio estimated to be 12.99% and the total risk-based capital ratio estimated to be 14.91% at June 30, 2019. These capital levels at the Company and both its subsidiary banks continue to significantly exceed the “well capitalized” regulatory standard.

Industry Recognition: Both of the Company’s 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 49 and 41 quarters, respectively. In May, Seifried & Brew named Glens Falls National and Saratoga National to the top 15th percentile of Community Banks based on their performance in 2018.

About Arrow: 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. and Upstate Agency, LLC.

Non-GAAP Financial Measures Reconciliation: 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.”

Safe Harbor Statement: 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, 2018, and other filings with the Securities and Exchange Commission.

250 Glen Street
Glens Falls, NY 12801

NASDAQ® Symbol: “AROW”
Website: arrowfinancial.com

 

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,

2019

2018

2019

2018

INTEREST AND DIVIDEND INCOME

Interest and Fees on Loans

$

23,520

$

19,909

$

45,923

$

38,767

Interest on Deposits at Banks

195

158

390

292

Interest and Dividends on Investment Securities:

Fully Taxable

2,284

2,048

4,653

3,941

Exempt from Federal Taxes

1,228

1,475

2,474

3,008

Total Interest and Dividend Income

27,227

23,590

53,440

46,008

INTEREST EXPENSE

Interest-Bearing Checking Accounts

453

388

935

775

Savings Deposits

2,008

711

3,609

1,233

Time Deposits over $250,000

515

328

911

532

Other Time Deposits

1,131

282

1,844

541

Federal Funds Purchased and
Securities Sold Under Agreements to Repurchase

25

16

47

32

Federal Home Loan Bank Advances

1,099

656

2,693

1,070

Junior Subordinated Obligations Issued to
Unconsolidated Subsidiary Trusts

261

247

530

461

Interest on Financing Leases

28

43

Total Interest Expense

5,520

2,628

10,612

4,644

NET INTEREST INCOME

21,707

20,962

42,828

41,364

Provision for Loan Losses

455

629

927

1,375

NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES

21,252

20,333

41,901

39,989

NONINTEREST INCOME

Income From Fiduciary Activities

2,252

2,647

4,359

4,844

Fees for Other Services to Customers

2,545

2,570

4,947

4,950

Insurance Commissions

1,935

2,192

3,654

4,095

Net Gain on Securities Transactions

223

76

241

Net Gain on Sales of Loans

140

23

244

61

Other Operating Income

24

256

503

609

Total Noninterest Income

6,896

7,911

13,783

14,800

NONINTEREST EXPENSE

Salaries and Employee Benefits

9,727

9,812

19,046

19,181

Occupancy Expenses, Net

1,279

1,270

2,699

2,610

Technology and Equipment Expense

3,243

2,849

6,384

5,547

FDIC Assessments

212

223

424

440

Other Operating Expense

2,447

2,038

5,007

4,370

Total Noninterest Expense

16,908

16,192

33,560

32,148

INCOME BEFORE PROVISION FOR INCOME TAXES

11,240

12,052

22,124

22,641

Provision for Income Taxes

2,306

2,322

4,456

4,380

NET INCOME

$

8,934

$

9,730

$

17,668

$

18,261

Average Shares Outstanding 1:

Basic

14,487

14,394

14,478

14,374

Diluted

14,527

14,480

14,523

14,459

Per Common Share:

Basic Earnings

$

0.62

$

0.68

$

1.22

$

1.27

Diluted Earnings

0.62

0.67

1.22

1.26

1 2018 Share and Per Share Amounts have been restated for the September 27, 2018, 3% stock dividend.

 

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

June 30, 2019

December 31, 2018

June 30, 2018

ASSETS

Cash and Due From Banks

$

34,650

$

56,529

$

38,552

Interest-Bearing Deposits at Banks

28,045

27,710

22,189

Investment Securities:

Available-for-Sale

285,878

317,535

325,387

Held-to-Maturity (Approximate Fair Value of $266,068 at June 30, 2019; $280,338 at December 31, 2018; and $292,605 at June 30, 2018)

262,541

283,476

297,885

Equity Securities

1,850

1,774

1,802

Other Investments

8,202

15,506

11,089

Loans

2,280,308

2,196,215

2,057,862

Allowance for Loan Losses

(20,695)

(20,196)

(19,640)

Net Loans

2,259,613

2,176,019

2,038,222

Premises and Equipment, Net

38,836

30,446

28,104

Goodwill

21,873

21,873

21,873

Other Intangible Assets, Net

1,730

1,852

2,060

Other Assets

62,532

55,614

58,008

Total Assets

$

3,005,750

$

2,988,334

$

2,845,171

LIABILITIES

Noninterest-Bearing Deposits

$

467,179

$

472,768

$

467,048

Interest-Bearing Checking Accounts

741,395

790,781

861,959

Savings Deposits

908,642

818,048

735,217

Time Deposits over $250,000

97,220

73,583

70,950

Other Time Deposits

289,317

190,404

169,607

Total Deposits

2,503,753

2,345,584

2,304,781

Federal Funds Purchased and

 Securities Sold Under Agreements to Repurchase

51,149

54,659

60,248

Federal Home Loan Bank Overnight Advances

83,000

234,000

136,000

Federal Home Loan Bank Term Advances

30,000

45,000

45,000

Junior Subordinated Obligations Issued to Unconsolidated
Subsidiary Trusts

20,000

20,000

20,000

Finance Leases

5,270

Other Liabilities

27,929

19,507

19,654

Total Liabilities

2,721,101

2,718,750

2,585,683

STOCKHOLDERS’ EQUITY

Preferred Stock, $1 Par Value and 1,000,000 Shares Authorized at June 30, 2019; $5 Par Value and 1,000,000 Shares Authorized at December 31, 2018 and June 30, 2018

Common Stock, $1 Par Value; 30,000,000 Shares Authorized at June 30, 2019 and 20,000,000 Shares Authorized at December 31, 2018 and June 30, 2018 (19,035,565 Shares Issued at June 30, 2019 and December 31, 2018 and 18,481,301 at June 30, 2018)

19,035

19,035

18,481

Additional Paid-in Capital

316,229

314,533

292,020

Retained Earnings

39,397

29,257

40,326

Unallocated ESOP Shares (5,001 Shares at June 30, 2019; 5,001 Shares at December 31, 2018 and 9,643 Shares at June 30, 2018)

(100)

(100)

(200)

Accumulated Other Comprehensive Loss

(9,647)

(13,810)

(11,804)

Treasury Stock, at Cost (4,517,412 Shares at June 30, 2019; 4,558,207 Shares at December 31, 2018 and 4,467,909 Shares at June 30, 2018)

(80,265)

(79,331)

(79,335)

Total Stockholders’ Equity

284,649

269,584

259,488

Total Liabilities and Stockholders’ Equity

$

3,005,750

$

2,988,334

$

2,845,171

 

 

Arrow Financial Corporation

Selected Quarterly Information

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

Quarter Ended

6/30/2019

3/31/2019

12/31/2018

9/30/2018

6/30/2018

Net Income

$

8,934

$

8,734

$

8,758

$

9,260

$

9,730

Transactions in Net Income (Net of Tax):

Net Changes in Fair Value of Equity Investments

57

(106)

85

166

Share and Per Share Data:1

Period End Shares Outstanding

14,513

14,474

14,472

14,441

14,424

Basic Average Shares Outstanding

14,487

14,469

14,451

14,431

14,394

Diluted Average Shares Outstanding

14,527

14,520

14,514

14,520

14,480

Basic Earnings Per Share

$

0.62

$

0.60

$

0.61

$

0.64

$

0.68

Diluted Earnings Per Share

0.62

0.60

0.60

0.64

0.67

Cash Dividend Per Share

0.260

0.260

0.260

0.252

0.243

Selected Quarterly Average Balances:

 Interest-Bearing Deposits at Banks

$

25,107

$

26,163

$

34,782

$

30,522

$

28,543

 Investment Securities

584,679

611,161

637,341

636,847

647,913

 Loans

2,255,299

2,210,642

2,160,435

2,089,651

2,026,598

 Deposits

2,436,290

2,347,985

2,347,231

2,279,709

2,325,202

 Other Borrowed Funds

250,283

327,138

315,172

314,304

219,737

 Shareholders’ Equity

280,247

272,864

268,503

263,139

256,358

 Total Assets

2,997,458

2,977,056

2,954,029

2,879,854

2,823,061

Return on Average Assets, annualized

1.20

%

1.19

%

1.18

%

1.28

%

1.38

%

Return on Average Equity, annualized

12.79

%

12.98

%

12.94

%

13.96

%

15.22

%

Return on Average Tangible Equity, annualized 2

13.96

%

14.22

%

14.20

%

15.36

%

16.80

%

Average Earning Assets

$

2,865,085

$

2,847,966

$

2,832,558

$

2,757,020

$

2,703,054

Average Paying Liabilities

2,235,462

2,224,403

2,189,233

2,110,924

2,100,085

Interest Income

27,227

26,213

26,000

24,495

23,590

Tax-Equivalent Adjustment 3

376

373

376

376

468

Interest Income, Tax-Equivalent 3

27,603

26,586

26,376

24,871

24,058

Interest Expense

5,520

5,092

4,343

3,498

2,628

Net Interest Income

21,707

21,121

21,657

20,997

20,962

Net Interest Income, Tax-Equivalent 3

22,083

21,494

22,033

21,373

21,430

Net Interest Margin, annualized

3.04

%

3.01

%

3.03

%

3.02

%

3.11

%

Net Interest Margin, Tax-Equivalent, annualized 3

3.09

%

3.06

%

3.09

%

3.08

%

3.18

%

Efficiency Ratio Calculation: 4

Noninterest Expense

$

16,908

$

16,652

$

16,881

$

16,026

$

16,192

Less: Intangible Asset Amortization

44

79

65

65

66

Net Noninterest Expense

$

16,864

$

16,573

$

16,816

$

15,961

$

16,126

Net Interest Income, Tax-Equivalent

$

22,083

$

21,494

$

22,033

$

21,373

$

21,430

Noninterest Income

6,896

6,887

6,799

7,350

7,911

Less: Net Changes in Fair Value of Equity Invest.

76

(142)

114

223

Net Gross Income

$

28,979

$

28,305

$

28,974

$

28,609

$

29,118

Efficiency Ratio

58.19

%

58.55

%

58.04

%

55.79

%

55.38

%

Period-End Capital Information:

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

$

284,649

$

276,609

$

269,584

$

264,810

$

259,488

Book Value per Share 1

19.61

19.11

18.63

18.34

17.99

Goodwill and Other Intangible Assets, net

23,603

23,650

23,725

23,827

23,933

Tangible Book Value per Share 1,2

17.99

17.48

16.99

16.69

16.33

Capital Ratios:5

Tier 1 Leverage Ratio

9.88

%

9.73

%

9.61

%

9.67

%

9.65

%

Common Equity Tier 1 Capital Ratio 

12.99

%

12.98

%

12.89

%

12.89

%

13.01

%

Tier 1 Risk-Based Capital Ratio

13.93

%

13.95

%

13.87

%

13.90

%

14.04

%

Total Risk-Based Capital Ratio

14.91

%

14.93

%

14.86

%

14.90

%

15.06

%

Assets Under Trust Admin. & Investment Mgmt.

$

1,496,966

$

1,483,259

$

1,385,752

$

1,551,289

$

1,479,753

 

 

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 27, 2018, 3% stock dividend.

2.

Non-GAAP Financial Measures Reconciliation: 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.

6/30/2019

3/31/2019

12/31/2018

9/30/2018

6/30/2018

Total Stockholders’ Equity (GAAP)

$

284,649

$

276,609

$

269,584

$

264,810

$

259,488

Less: Goodwill and Other Intangible assets, net

23,603

23,650

23,725

23,827

23,933

Tangible Equity (Non-GAAP)

$

261,046

$

252,959

$

245,859

$

240,983

$

235,555

Period End Shares Outstanding

14,513

14,474

14,472

14,441

14,424

Tangible Book Value per Share (Non-GAAP)

$

17.99

$

17.48

$

16.99

$

16.69

$

16.33

Net Income

8,934

8,734

8,758

9,260

9,730

Return on Tangible Equity (Net Income/Tangible Equity – Annualized)

13.96

%

14.22

%

14.20

%

15.36

%

16.80

%

3.

Non-GAAP Financial Measures Reconciliation: Net Interest Margin, Tax-Equivalent 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.

6/30/2019

3/31/2019

12/31/2018

9/30/2018

6/30/2018

Interest Income (GAAP)

$

27,227

$

26,213

$

26,000

$

24,495

$

23,590

Add: Tax-Equivalent adjustment
(Non-GAAP)

376

373

376

376

468

Interest Income – Tax Equivalent
(Non-GAAP)

$

27,603

$

26,586

$

26,376

$

24,871

$

24,058

Net Interest Income (GAAP)

$

21,707

$

21,121

$

21,657

$

20,997

$

20,962

Add: Tax-Equivalent adjustment
(Non-GAAP)

376

373

376

376

468

Net Interest Income – Tax Equivalent
(Non-GAAP)

$

22,083

$

21,494

$

22,033

$

21,373

$

21,430

Average Earning Assets

$

2,865,085

$

2,847,966

$

2,832,558

$

2,757,020

$

2,703,054

Net Interest Margin (Non-GAAP)*

3.09

%

3.06

%

3.09

%

3.08

%

3.18

%

4.

Non-GAAP Financial Measures: 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 CET1 ratio at June 30, 2019 listed in the tables (i.e., 12.99%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).

6/30/2019

3/31/2019

12/31/2018

9/30/2018

6/30/2018

Total Risk Weighted Assets

$

2,121,541

$

2,075,115

$

2,046,495

$

1,999,849

$

1,934,890

Common Equity Tier 1 Capital

275,528

269,363

263,863

257,852

251,666

Common Equity Tier 1 Ratio

12.99

%

12.98

%

12.89

%

12.89

%

13.01

%

* Quarterly ratios have been annualized

 

 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands – Unaudited)

Quarter Ended:

6/30/2019

12/31/2018

6/30/2018

Loan Portfolio

Commercial Loans

$

138,331

$

136,890

$

118,881

Commercial Real Estate Loans

490,274

484,562

464,393

 Subtotal Commercial Loan Portfolio

628,605

621,452

583,274

Consumer Loans

779,024

719,510

661,908

Residential Real Estate Loans

872,679

855,253

812,680

Total Loans

$

2,280,308

$

2,196,215

$

2,057,862

Allowance for Loan Losses

Allowance for Loan Losses, Beginning of Quarter

$

20,373

$

20,003

$

19,057

Loans Charged-off

(368)

(573)

(264)

Less Recoveries of Loans Previously Charged-off

235

120

218

Net Loans Charged-off

(133)

(453)

(46)

Provision for Loan Losses

455

646

629

Allowance for Loan Losses, End of Quarter

$

20,695

$

20,196

$

19,640

Nonperforming Assets

Nonaccrual Loans

$

4,949

$

4,159

$

3,880

Loans Past Due 90 or More Days and Accruing

457

1,225

170

Loans Restructured and in Compliance with Modified Terms

142

138

106

Total Nonperforming Loans

5,548

5,522

4,156

Repossessed Assets

115

130

76

Other Real Estate Owned

1,258

1,130

1,412

Total Nonperforming Assets

$

6,921

$

6,782

$

5,644

Key Asset Quality Ratios

Net Loans Charged-off to Average Loans,

 Quarter-to-date Annualized

0.02

%

0.08

%

0.01

%

Provision for Loan Losses to Average Loans,

 Quarter-to-date Annualized

0.08

%

0.12

%

0.12

%

Allowance for Loan Losses to Period-End Loans

0.91

%

0.92

%

0.95

%

Allowance for Loan Losses to Period-End Nonperforming Loans

373.02

%

365.74

%

472.57

%

Nonperforming Loans to Period-End Loans

0.24

%

0.25

%

0.20

%

Nonperforming Assets to Period-End Assets

0.23

%

0.23

%

0.20

%

Six-Month Period Ended:

Allowance for Loan Losses

Allowance for Loan Losses, Beginning of Year

$

20,196

$

18,586

Loans Charged-off

(830)

(634)

Less Recoveries of Loans Previously Charged-off

402

313

Net Loans Charged-off

(428)

(321)

Provision for Loan Losses

927

1,375

Allowance for Loan Losses, End of Period

$

20,695

$

19,640

Key Asset Quality Ratios

Net Loans Charged-off to Average Loans, Annualized

0.04

%

0.03

%

Provision for Loan Losses to Average Loans, Annualized

0.08

%

0.14

%

 

View original content:http://www.prnewswire.com/news-releases/arrow-reports-year-over-year-loan-growth-of-10-8-and-8-9-million-in-q2-net-income-300888504.html



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