PR Newswire
GLENS FALLS, N.Y., Feb 1, 2024
GLENS FALLS, N.Y., Feb 1, 2024 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) ("Arrow") reported net income of $7.7 million, and fully diluted earnings per share ("EPS") of $0.46 per share for the fourth quarter of 2023, versus $12.1 million and EPS of $0.71, for the same period in 2022. For the year ended 2023, net income totaled $30.1 million, with EPS of $1.77, versus $48.8 million, and EPS of $2.86, for the same period in 2022.
The Board of Directors of Arrow declared a quarterly cash dividend of $0.27 per share payable February 23, 2024 to shareholders of record as of February 12, 2024. This marks the 43rd consecutive quarterly cash dividend declared by Arrow.
This Earnings Release and related commentary should be read in conjunction with our February 1, 2024 Form 8-K and related Fourth Quarter 2023 Investor Presentation, which can also be found on our website: arrowfinancial.com/documents/investor-presentations.
Arrow President and CEO David S. DeMarco:
"As we reflect on a challenging year, I want to thank our employees who continued to diligently serve the needs of our customers, communities and shareholders. Arrow finished the year with robust loan growth, posting record high loan balances while maintaining strong credit, capital and liquidity positions. We also expanded our existing stock repurchase program by $5 million and reinstated our dividend reinvestment program. Our solid finish to the year is directly attributable to the hard work and dedication of our exceptional team."
Highlights and Key Metrics
1 Excludes $5.8 million Fair Value hedge adjustment
Please see below for further quarter- and year-end detail.
Income Statement
| Twelve Months Ended (dollars in thousands) | ||
| December 31, | | December 31, |
Interest and Dividend Income | $ 162,564 | | $ 129,651 |
Interest Expense | 57,732 | | 11,308 |
Net Interest Income | 104,832 | | 118,343 |
Average Earning Assets(1) | 3,948,708 | | 3,902,077 |
Average Interest-Bearing Liabilities | 2,903,925 | | 2,834,266 |
| | | |
Yield on Earning Assets(1) | 4.12 % | | 3.32 % |
Cost of Interest-Bearing Liabilities | 1.99 | | 0.40 |
Net Interest Spread | 2.13 | | 2.92 |
Net Interest Margin | 2.65 | | 3.03 |
| | | |
Income Earned on PPP Loans included in Net Interest Income | $ — | | $ 1,589 |
Net Interest Income excluding PPP loans | 104,832 | | 116,754 |
Net Interest Margin excluding PPP loans | 2.65 % | | 3.00 % |
| | | |
(1) Includes Nonaccrual Loans. | | | |
| | | |
Balance Sheet
2 Excludes $5.8 million Fair Value hedge adjustment
Additional Commentary
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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. Arrow is the parent of GFNB and SNB. 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 Arrow from time to time are useful in evaluating Arrow'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. Arrow 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 Arrow's 2022 Form 10-K, and other filings with the SEC.
ARROW FINANCIAL CORPORATION AND SUBSIDIARIES | |||||||
| |||||||
| Three Months Ended | | Twelve Months Ended | ||||
| December 31, | | December 31, | ||||
| 2023 | | 2022 | | 2023 | | 2022 |
INTEREST AND DIVIDEND INCOME | | | | | | | |
Interest and Fees on Loans | $ 38,813 | | $ 30,719 | | $ 142,016 | | $ 112,982 |
Interest on Deposits at Banks | 1,873 | | 1,274 | | 5,831 | | 3,100 |
Interest and Dividends on Investment Securities: | | | | | | | |
Fully Taxable | 2,941 | | 3,121 | | 11,764 | | 10,357 |
Exempt from Federal Taxes | 697 | | 790 | | 2,953 | | 3,212 |
Total Interest and Dividend Income | 44,324 | | 35,904 | | 162,564 | | 129,651 |
INTEREST EXPENSE | | | | | | | |
Interest-Bearing Checking Accounts | 1,317 Werbung Mehr Nachrichten zur Arrow Financial Aktie kostenlos abonnieren
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