Market Overview

Arrow Reports Net Income of $5.9 Million, Strong Loan Growth for Third Quarter

Share:

- Net income for the first nine months of 2015 increased 6.5% year over year to $18.1 million.

- Period-end loan portfolio balances hit a record high, up $155.5 million or 11.3% year over year.

- Record highs also recorded for period-end total assets, total deposits and total equity.

- Continued strong ratios for asset quality, profitability and capital.

- Distributed a 2% stock dividend in the third quarter of 2015.

GLENS FALLS, N.Y., Oct. 20, 2015 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three- and nine-month periods ended September 30, 2015. Net income for the third quarter of 2015 was $5.93 million, down $214 thousand, or 3.5%, from net income of $6.15 million for the third quarter of 2014. The slight decline is attributable in part to the sale of investment securities during last year's third quarter, which generated a gain of $82 thousand, net of tax. Net income for the first nine months of 2015 was up $1.1 million, or 6.5%, from the prior-year period to $18.1 million. Our key profitability ratios continue to remain strong: return on average equity (ROE) was 11.24% and return on average assets (ROA) was 1.00% for the third quarter. For the nine-month period, ROE was 11.73%, up from 11.55% from the prior year and ROA was unchanged at 1.05%.

Diluted earnings per share (EPS) for the third quarter was $0.46, a 4.2% decrease from the 2014 comparable quarter when EPS was $0.48. Diluted EPS for the nine-month period increased $0.08, or 6.1%, to $1.40 from $1.32 for the 2014 comparable period. Historical share and per share amounts have been restated to reflect our 2% stock dividend distributed in September 2015.

Arrow President and CEO Thomas J. Murphy stated, "Our overall performance remains strong with $5.9 million in profit for the third quarter and a 6.5% increase in net income for the nine-month period as compared to last year. We continue to grow, as measured by record highs for period-end loans, assets, deposits and equity. This growth is driven in part by expansion in our southern market, including a new Saratoga National Bank and Trust Company office in Troy, which opened in mid-September."

The following list expands upon our third-quarter results:

Net Interest Income and Margin:  In the third quarter of 2015, on a tax-equivalent basis, our net interest income increased by $1.2 million, or 7.5%, compared to the third quarter of 2014, even though our tax-equivalent net interest margin decreased between the two quarters by 7 basis points, from 3.21% in the 2014 quarter to 3.14% in the 2015 quarter. Net interest income for the 2015 nine-month period increased $3.3 million, or 6.9% from the prior year period. The general decrease in net interest margin in recent periods reflected the fact that the average yield on our loan portfolio decreased more rapidly than the average cost of our interest-bearing liabilities.

Loan Growth:  Over the nine-month period ended September 30, 2015, total loans increased by $123.7 million, or 8.7%, with increases in all three of our major loan segments: commercial, consumer, and residential real estate. At September 30, 2015, our total loan balance was up 11.3% as compared to September 30, 2014.

During the third quarter of 2015, our residential real estate loan portfolio grew $25.8 million, or 4.5%. We originated approximately $48 million of residential real estate loans during the quarter, nearly $5 million more than our originations in the comparable quarter of 2014. We also experienced a 0.8% increase in our consumer loan portfolio during the quarter, which reached a record-high balance at period-end of $459 million, exceeding the September 30, 2014 balance by $31.0 million, or 7.5%. This increase was primarily a result of our growth in our indirect automobile lending program. In the third quarter, we extended $55.2 million in new loans for new and used automobiles. Additionally, total outstanding commercial loans increased by 6.1% during the quarter, reaching a balance of $476.6 million on September 30, 2015, an increase of $39.1 million, or 8.9%, from September 30, 2014.

Asset Quality and Loan Loss Provision:  Asset quality remained strong at September 30, 2015, as measured by our comparatively low levels of nonperforming assets and net charge-offs. Nonperforming assets at September 30, 2015, were $10.0 million, an increase of $1.6 million from the prior year level. However, our nonperforming assets represented only 0.41% of total assets at period-end, versus 0.38% at September 30, 2014. Net loan losses expressed as an annualized percentage of average loans outstanding, were just 0.09% for the three-month period ended September 30, 2015, compared to 0.05% for the 2014 three-month period.

Our allowance for loan losses was $15.8 million at September 30, 2015, which represented 1.03% of loans outstanding, eight basis points below our ratio one year earlier and seven basis points below our ratio at December 31, 2014. Our provision for loan losses for the third quarter of 2015 was $537 thousand, an increase of $93 thousand from the provision for the comparable 2014 quarter. The increased size of our provision resulted from a combination of strong loan growth and a modest increase in net charge-offs between the periods. Our coverage ratio at period-end continued to reflect the strong quality of our loan portfolio.

Cash and Stock Dividends:  We distributed a cash dividend of $0.245 per share to shareholders in the third quarter of 2015. The cash dividend was 2% higher than the cash dividend paid in the third quarter of 2014 when adjusted for our 2% stock dividend distributed in September 2015.

Trust Assets and Related Noninterest Income:  Income from fiduciary activities increased by $62 thousand, or 3.3%, between the 2014 third quarter and the 2015 third quarter, despite a small decrease in assets under trust administration and investment management between the respective periods. The slight decrease in asset balances was generally attributable to a decline in the equity markets offset, in part, by the addition of new accounts. Income from fiduciary activities between the respective 9-month periods increased by $267 thousand, or 4.7%, from $5.64 million in 2014 to $5.91 million in 2015.

Insurance Agency Operations:  Insurance commission income was down 4.4% from $2.5 million for the third quarter of 2014 to $2.3 million for the third quarter of 2015. The slight decrease was primarily attributable to a reduction in the level of annual contingent commission income accrued for 2015 as compared to 2014.

Noninterest Expense:  Total noninterest expenses in the 2015 third quarter increased by $1.3 million, or 9.8%, over the comparable 2014 quarter, from $13.5 million to $14.9 million. This increase was primarily attributable to hiring additional staff to achieve strategic growth objectives and as a result, salaries and benefits rose $918 thousand, or 11.8%, between the two periods. As we expand our franchise, we continually invest in our people, technology and communities to enhance operational efficiencies and maintain our commitment to provide a superior level of quality customer service.

Capital:  Total stockholders' equity was a record $211.1 million at period-end, an increase of $11.1 million, or 5.5%, above the September 30, 2014, amount. Our regulatory capital ratios at period-end, measured under the recently revised bank regulatory capital standards effective January 1, 2015 remain strong. The Company's regulatory capital ratios at September 30, 2015, were as follows: Tier 1 leverage ratio 9.40%; CET1 ratio 12.66%; Tier 1 risk-based capital ratio 13.93%; and total risk-based capital ratio 14.94%. All of our regulatory capital ratios at the holding company and subsidiary bank levels, as calculated under the recently revised standards, continue to significantly exceed the regulatory thresholds for "well capitalized" institutions, which is the highest current regulatory category.

Industry Recognition:  The Company was recognized by Forbes as one of "America's 50 Most Trustworthy Financial Companies" for its accounting and governance practices for the fourth consecutive year. To create the list, over 700 publicly traded North American companies with a market cap of $250 million or more were evaluated based on high-risk events, revenue and expense recognition methods, Securities and Exchange Commission actions and bankruptcy risk. The Company was also named in the third quarter to Bank Director magazine's "Scorecard" list of top-performers based on profitability, capitalization and asset quality metrics.

In addition, the Company's two banking subsidiaries were each recognized as a 5-Star Superior Bank by BauerFinancial, Inc., a national bank rating and research firm, based on June 30, 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 34 and 26 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.

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
September 30,


Nine Months Ended
September 30,


2015


2014


2015


2014

INTEREST AND DIVIDEND INCOME








Interest and Fees on Loans

$

14,364



$

13,460



$

41,953



$

39,436


Interest on Deposits at Banks

13



12



60



41


Interest and Dividends on Investment Securities:








Fully Taxable

1,979



1,919



5,936



5,968


Exempt from Federal Taxes

1,475



1,369



4,279



4,276


Total Interest and Dividend Income

17,831



16,760



52,228



49,721


INTEREST EXPENSE








NOW Accounts

292



386



960



1,345


Savings Deposits

189



218



538



663


Time Deposits of $100,000 or More

89



195



267



626


Other Time Deposits

179



335



566



1,085


Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

5



6



15



15


Federal Home Loan Bank Advances

353



115



804



387


Junior Subordinated Obligations Issued to

  Unconsolidated Subsidiary Trusts

146



144



432



427


Total Interest Expense

1,253



1,399



3,582



4,548


NET INTEREST INCOME

16,578



15,361



48,646



45,173


Provision for Loan Losses

537



444



882



1,407


NET INTEREST INCOME AFTER PROVISION FOR

   LOAN LOSSES

16,041



14,917



47,764



43,766


NONINTEREST INCOME








Income From Fiduciary Activities

1,923



1,861



5,907



5,640


Fees for Other Services to Customers

2,331



2,353



6,904



6,924


Insurance Commissions

2,343



2,451



6,849



7,188


Net Gain on Securities Transactions



137



106



110


Net Gain on Sales of Loans

236



213



488



502


Other Operating Income

304



336



1,183



892


Total Noninterest Income

7,137



7,351



21,437



21,256


NONINTEREST EXPENSE








Salaries and Employee Benefits

8,699



7,781



24,577



23,303


Occupancy Expenses, Net

2,275



2,266



7,106



6,923


FDIC Assessments

297



273



873



828


Other Operating Expense

3,579



3,206



10,632



9,675


Total Noninterest Expense

14,850



13,526



43,188



40,729


INCOME BEFORE PROVISION FOR INCOME TAXES

8,328



8,742



26,013



24,293


Provision for Income Taxes

2,395



2,595



7,920



7,302


NET INCOME

$

5,933



$

6,147



$

18,093



$

16,991


Average Shares Outstanding 1:








Basic

12,888



12,858



12,886



12,853


Diluted

12,929



12,874



12,926



12,865


Per Common Share:








Basic Earnings

$

0.46



$

0.48



$

1.40



$

1.32


Diluted Earnings

0.46



0.48



1.40



1.32


1 Share and per share data have been restated for the September 28, 2015, 2% stock dividend.

 

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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














September 30,
2015


December 31,
2014


September 30,
2014

ASSETS






Cash and Due From Banks

$

43,870



$

35,081



$

46,771


Interest-Bearing Deposits at Banks

25,821



11,214



17,893


Investment Securities:






Available-for-Sale

397,559



366,139



374,335


Held-to-Maturity (Approximate Fair Value of $324,009 at September 30, 2015; $308,566 at December 31, 2014; and $302,567 at September 30, 2014)

317,480



302,024



296,522


Other Investments

5,143



4,851



3,001


Loans

1,536,925



1,413,268



1,381,440


Allowance for Loan Losses

(15,774)



(15,570)



(15,293)


Net Loans

1,521,151



1,397,698



1,366,147


Premises and Equipment, Net

28,186



28,488



28,206


Goodwill

22,003



22,003



22,003


Other Intangible Assets, Net

3,263



3,625



3,744


Other Assets

55,075



46,297



50,123


Total Assets

$

2,419,551



$

2,217,420



$

2,208,745


LIABILITIES






Noninterest-Bearing Deposits

$

347,963



$

300,786



$

296,384


NOW Accounts

971,252



871,671



887,865


Savings Deposits

568,022



524,648



524,906


Time Deposits of $100,000 or More

60,978



61,797



69,797


Other Time Deposits

133,836



144,046



156,404


Total Deposits

2,082,051



1,902,948



1,935,356


Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

24,414



19,421



19,654


Federal Home Loan Bank Overnight Advances



41,000




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

26,944



23,125



23,646


Total Liabilities

2,208,409



2,016,494



2,008,656


STOCKHOLDERS' EQUITY






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








Common Stock, $1 Par Value; 20,000,000 Shares Authorized (17,420,776 Shares Issued at September 30, 2015, and 17,079,376 Shares Issued at December 31, 2014 and September 30, 2014)

17,421



17,079



17,079


Additional Paid-in Capital

249,931



239,721



239,247


Retained Earnings

28,791



29,458



26,240


Unallocated ESOP Shares (55,185 Shares at September 30, 2015; 71,748 Shares at December 31, 2014; and 71,740 Shares at September 30, 2014)

(1,100)



(1,450)



(1,450)


Accumulated Other Comprehensive Loss

(6,520)



(7,166)



(4,284)


Treasury Stock, at Cost (4,460,654 Shares at September 30, 2015; 4,386,001 Shares at December 31, 2014; and 4,402,932 Shares at September 30, 2014)

(77,381)



(76,716)



(76,743)


Total Stockholders' Equity

211,142



200,926



200,089


Total Liabilities and Stockholders' Equity

$

2,419,551



$

2,217,420



$

2,208,745


 

 

Arrow Financial Corporation

Selected Quarterly Information

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





















Quarter Ended

9/30/2015


6/30/2015


3/31/2015


12/31/2014


9/30/2014

Net Income

$

5,933



$

6,305



$

5,855



$

6,369



$

6,147


Transactions Recorded in Net Income (Net of Tax):










Net Gain (Loss) on Securities Transactions



10



55





82












Share and Per Share Data:1










Period End Shares Outstanding

12,905



12,875



12,880



12,874



12,857


Basic Average Shares Outstanding

12,888



12,886



12,886



12,867



12,858


Diluted Average Shares Outstanding

12,929



12,922



12,924



12,908



12,874


Basic Earnings Per Share

$

0.46



$

0.49



$

0.45



$

0.49



$

0.48


Diluted Earnings Per Share

0.46



0.49



0.45



0.49



0.48


Cash Dividend Per Share

0.245



0.245



0.245



0.245



0.240












Selected Quarterly Average Balances:










  Interest-Bearing Deposits at Banks

17,788



37,303



30,562



58,048



15,041


  Investment Securities

711,830



701,329



673,753



664,334



653,702


  Loans

1,502,620



1,456,534



1,422,005



1,401,601



1,361,347


  Deposits

1,970,738



1,983,647



1,949,776



1,962,698



1,861,115


  Other Borrowed Funds

148,887



99,994



69,034



56,185



67,291


  Shareholders' Equity

209,334



206,831



202,552



202,603



199,518


  Total Assets

2,356,121



2,316,427



2,248,054



2,247,576



2,154,307


Return on Average Assets, annualized

1.00

%


1.09

%


1.06

%


1.12

%


1.13

%

Return on Average Equity, annualized

11.24

%


12.23

%


11.72

%


12.47

%


12.22

%

Return on Tangible Equity, annualized 2

12.79

%


13.94

%


13.42

%


14.28

%


14.04

%

Average Earning Assets

$

2,232,238



$

2,195,166



$

2,126,320



$

2,123,983



$

2,030,090


Average Paying Liabilities

1,772,156



1,770,023



1,713,253



1,716,699



1,626,327


Interest Income, Tax-Equivalent3

18,924



18,501



18,073



18,213



17,834


Interest Expense

1,253



1,243



1,086



1,219



1,399


Net Interest Income, Tax-Equivalent3

17,671



17,258



16,987



16,994



16,435


Tax-Equivalent Adjustment3

1,093



1,094



1,083



1,073



1,074


Net Interest Margin, annualized 3

3.14

%


3.15

%


3.24

%


3.17

%


3.21

%











Efficiency Ratio Calculation: 4










Noninterest Expense

$

14,850



$

14,383



$

13,955



$

13,299



$

13,526


Less: Intangible Asset Amortization

(79)



(80)



(91)



(94)



(94)


Net Noninterest Expense

$

14,771



$

14,303



$

13,864



$

13,205



$

13,432


Net Interest Income, Tax-Equivalent

$

17,671



$

17,258



$

16,987



$

16,994



$

16,435


Noninterest Income

7,137



7,444



6,856



7,060



7,351


Less: Net Securities (Gain) Loss



(16)



(90)





(137)


Net Gross Income

$

24,808



$

24,686



$

23,753



$

24,054



$

23,649


Efficiency Ratio

59.54

%


57.94

%


58.37

%


54.90

%


56.80

%











Period-End Capital Information:










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

$

211,142



$

206,947



$

204,965



$

200,926



$

200,089


Book Value per Share 1

16.36



16.07



15.91



15.61



15.56


Goodwill and Other Intangible Assets, net

25,266



25,372



25,492



25,628



25,747


Tangible Book Value per Share 1,2

14.40



14.10



13.93



13.62



13.56












Capital Ratios:5










Tier 1 Leverage Ratio

9.40

%


9.41

%


9.57

%


9.44

%


9.68

%

Common Equity Tier 1 Capital Ratio 

12.66

%


12.92

%


13.27

%


N/A



N/A


Tier 1 Risk-Based Capital Ratio

13.93

%


14.24

%


14.65

%


14.47

%


14.41

%

Total Risk-Based Capital Ratio

14.94

%


15.28

%


15.73

%


15.54

%


15.48

%











Assets Under Trust Administration

  and Investment Management

$

1,195,629



$

1,246,849



$

1,254,823



$

1,227,179



$

1,199,930


 

 

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 28, 2015, 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.



9/30/2015


6/30/2015


3/31/2015


12/31/2014


9/30/2014


Total Stockholders' Equity (GAAP)

$

211,142



$

206,947



$

204,965



$

200,926



$

200,089



Less: Goodwill and Other Intangible assets, net

25,266



25,372



25,492



25,628



25,747



Tangible Equity (Non-GAAP)

$

185,876



$

181,575



$

179,473



$

175,298



$

174,342














Period End Shares Outstanding

12,905



12,875



12,880



12,874



12,857



Tangible Book Value per Share (Non-GAAP)

$

14.40



$

14.10



$

13.93



$

13.62



$

13.56













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.



9/30/2015


6/30/2015


3/31/2015


12/31/2014


9/30/2014


Net Interest Income (GAAP)

$

16,578



$

16,164



$

15,904



$

15,921



$

15,361



Add: Tax-Equivalent adjustment (Non-GAAP)

1,093



1,094



1,083



1,073



1,074



Net Interest Income - Tax Equivalent (Non-GAAP)

$

17,671



$

17,258



$

16,987



$

16,994



$

16,435



Average Earning Assets

2,232,238



2,195,166



2,126,320



2,123,983



2,030,090



Net Interest Margin (Non-GAAP)*

3.14

%


3.15

%


3.24

%


3.17

%


3.21

%












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 September 30, 2015 CET1 ratio listed in the tables (i.e., 12.66%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).



9/30/2015


6/30/2015


3/31/2015


12/31/2014


9/30/2014


Total Risk Weighted Assets

1,574,704



$

1,515,416



$

1,452,975



N/A



N/A



Common Equity Tier 1 Capital

199,377



$

195,800



$

192,865



N/A



N/A



Common Equity Tier 1 Ratio

12.66

%


12.92

%


13.27

%


N/A



N/A




          * Quarterly ratios have been annualized

                  

 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)













Quarter Ended:

9/30/2015


12/31/2014


9/30/2014

Loan Portfolio






Commercial Loans

$

102,889



$

99,511



$

96,846


Commercial Real Estate Loans

373,672



340,112



340,608


  Subtotal Commercial Loan Portfolio

476,561



439,623



437,454


Consumer Loans

458,920



437,041



426,966


Residential Real Estate Loans

601,444



536,604



517,020


Total Loans

$

1,536,925



$

1,413,268



$

1,381,440


Allowance for Loan Losses






Allowance for Loan Losses, Beginning of Quarter

$

15,574



$

15,293



$

15,036


Loans Charged-off

380



251



265


Less Recoveries of Loans Previously Charged-off

43



87



78


Net Loans Charged-off

337



164



187


Provision for Loan Losses

537



441



444


Allowance for Loan Losses, End of Quarter

$

15,774



$

15,570



$

15,293


Nonperforming Assets






Nonaccrual Loans

$

7,791



$

6,899



$

7,048


Loans Past Due 90 or More Days and Accruing

963



537



571


Loans Restructured and in Compliance with Modified Terms

307



333



346


Total Nonperforming Loans

9,061



7,769



7,965


Repossessed Assets

61



81



66


Other Real Estate Owned

841



312



326


Total Nonperforming Assets

$

9,963



$

8,162



$

8,357


Key Asset Quality Ratios






Net Loans Charged-off to Average Loans,

   Quarter-to-date Annualized

0.09

%


0.05

%


0.05

%

Provision for Loan Losses to Average Loans,

  Quarter-to-date Annualized

0.14

%


0.12

%


0.13

%

Allowance for Loan Losses to Period-End Loans

1.03

%


1.10

%


1.11

%

Allowance for Loan Losses to Period-End Nonperforming Loans

174.09

%


200.41

%


192.00

%

Nonperforming Loans to Period-End Loans

0.59

%


0.55

%


0.58

%

Nonperforming Assets to Period-End Assets

0.41

%


0.37

%


0.38

%

Nine-Month Period Ended:






Allowance for Loan Losses






Allowance for Loan Losses, Beginning of Year

$

15,570





$

14,434


Loans Charged-off

835





769


Less Recoveries of Loans Previously Charged-off

157





221


Net Loans Charged-off

678





548


Provision for Loan Losses

882





1,407


Allowance for Loan Losses, End of Period

$

15,774





$

15,293


Key Asset Quality Ratios






Net Loans Charged-off to Average Loans, Annualized

0.06

%




0.06

%

Provision for Loan Losses to Average Loans, Annualized

0.08

%




0.14

%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/arrow-reports-net-income-of-59-million-strong-loan-growth-for-third-quarter-300162901.html

SOURCE Arrow Financial Corporation

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