Arrow Reports Record Annual Net Income of $37.5 million and 8.6% Loan Growth for 2019

GLENS FALLS, N.Y., Jan. 28, 2020 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three- and twelve-month periods ended December 31, 2019. For the fourth quarter of 2019, net income was $9.7 million, an increase of $1.0 million, or 11.2%, from the fourth quarter of 2018. For the year ended December 31, 2019, net income was a record $37.5 million, up 3.3% over net income of $36.3 million for 2018. Diluted EPS was $0.65 for the fourth quarter, up 10.2% from $0.59 from the comparable 2018 quarter, and $2.50 for 2019, up 2.9% from $2.43 in 2018.

Profitability ratios also remained solid in 2019, as return on average equity (ROE) and return on average assets (ROA) were 13.17% and 1.24%, respectively, for the year, as compared to 13.96% and 1.27%, respectively, for 2018. Return on average equity was 13.05% for the fourth quarter, up from 12.94% from the fourth quarter of 2018. Return of average assets was 1.24% for the fourth quarter, which represents an increase from 1.18% for the comparable 2018 quarter.

"Arrow delivered another year of strong performance in 2019, as demonstrated by record earnings, steady growth, sustained profitability and excellent credit quality," said Arrow President and CEO Thomas J. Murphy. "We surpassed $3 billion in assets, enhanced and expanded our branch network, and invested in technology to drive efficiency and deepen customer relationships. I am proud of our team, which remains focused on long-term planning and responsible growth."

Arrow continued its expansion into the Capital Region of New York with the opening of a Saratoga National Bank location in Rotterdam and a location in Latham to follow in 2020. Arrow continued to execute on its strategy to optimize its existing branch network. In 2019, relocations and renovations occurred for the branches in the Plattsburgh market and the Exit 18 Office in Queensbury in addition to the Upstate Agency, LLC operations center. Significant technology upgrades were implemented in the last year for online loan payments and business banking, all part of the strategy to enhance the customer experience.

The following expands on fourth quarter and 2019 results:

Cash and Stock Dividends: On December 13, 2019, the Company distributed a cash dividend of $0.26 per share. Additionally, a 3% stock dividend was distributed on September 27, 2019. This is the 11th consecutive year the Company declared a stock dividend. All prior-period per-share data have been adjusted to reflect the September 27, 2019 stock dividend.

Loan Growth: At December 31, 2019, total loan balances reached a record high of $2.4 billion, up $189.9 million, or 8.6%, from the prior-year level. The growth was spread across all three of our major loan categories: consumer, residential real estate and commercial. The consumer loan portfolio grew by $91.7 million, or 12.7%, over the balance at December 31, 2018, primarily as a result of continued strength in the indirect automobile lending program. The residential real estate loan portfolio increased $58.5 million, or 6.8%, while commercial loans, including commercial real estate, increased $39.7 million, or 6.4%, over the balances at December 31, 2018.

Deposit Growth: At December 31, 2019, total deposit balances reached $2.6 billion, up by $270.5 million, or 11.5%, from the prior-year level. Noninterest-bearing deposits grew by $12.2 million, or 2.6%, during 2019, and represented 18.5% of total deposits at year-end as compared to the prior-year level of 20.2%.

Net Interest Income: Net interest income for the year ending December 31, 2019 was $88.0 million, an increase of $4.0 million, or 4.8%, from the prior year. Continued loan growth generated $95.5 million in interest and fees on loans, an increase of 16.9% from the $81.6 million in interest and fees on loans for the year ending December 31, 2018. Interest expense for the year ending December 31, 2019 was $21.7 million. This is an increase of $9.2 million, or 73.9%, from the $12.5 million in expense for the year ending December 31, 2018. The net interest margin (NIM) was 3.05% for the year ending December 31, 2019, as compared to 3.07% for the year ended December 31, 2018. In the fourth quarter of 2019, net interest margin (NIM) was 3.06%, as compared to 3.03% for the fourth quarter of 2018.

Noninterest Income: Noninterest income was $28.6 million for the year ending December 31, 2019, a decrease of 1.4% when compared to $28.9 million for the year ending December 31, 2018. Income generated from fiduciary activities decreased by $446 thousand in 2019, or 4.8% year-over-year, yet reported a record $1.5 billion in assets under management. Insurance revenue decreased by $706 thousand from the prior year. Other noninterest income in 2019 was positively impacted by a $487 thousand increase in the gain on the sale of loans. Noninterest income represented 24.5% of total revenues in 2019 as compared to 25.6% for the year ending December 31, 2018.

Noninterest Expense: Noninterest expense for the year ending December 31, 2019 increased by $2.4 million, or 3.7%, to $67.5 million compared to $65.1 million in 2018. The largest component of noninterest expense is salaries and benefits paid to our employees, which totaled $38.4 million in 2019. Noninterest expense for the three-month period ended December 31, 2019 increased $218 thousand, or 1.3%, as compared to the fourth quarter of 2018.

Provision for Income Taxes: The provision for income taxes for 2019 was $9.6 million compared to $9.0 million for 2018. The effective income tax rates for 2019 and 2018 were 20.4% and 19.9%, respectively.

Asset Quality: Asset quality remained strong in 2019, as evidenced by low levels of nonperforming assets and charge-offs. Net loan losses for the fourth quarter of 2019, expressed as an annualized percentage of average loans outstanding, were 0.06%. Net loan losses for the full year 2019 were 0.05% of average loans outstanding, consistent with the 2018 ratio. Nonperforming assets of $5.7 million at December 31, 2019, represented 0.18% of period-end assets, down from 0.23% at December 31, 2018.

The Company's allowance for loan losses was $21.2 million at December 31, 2019, which represented 0.89% of loans outstanding, a decrease of three basis points from the ratio of 0.92% at year-end 2018. This decrease was primarily driven by continued strong asset quality. When expressed as a percentage of nonperforming loans, the allowance for loan loss coverage ratio grew to 481.4% at year-end 2019, compared to 365.7% at year-end 2018.

Capital: Total shareholders' equity grew to a record of $301.7 million at period-end, an increase of $32.1 million, or 11.9%, above the year-end 2018 balance. The Company's regulatory capital ratios remained strong in 2019. At December 31, 2019, the Company's Common Equity Tier 1 Capital Ratio was 12.94% and Total Risk-Based Capital Ratio was 14.78%. The capital ratios of the Company and both its subsidiary banks continued to significantly exceed the "well capitalized" regulatory standards.

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 51 and 43 quarters, respectively. Saratoga National Bank and Trust Company was named "Top Small Community Lender" by the U.S. Small Business Administration for the Capital Region of New York for the sixth consecutive year.

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.

 

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts - Unaudited)

 


















Three Months Ended


Twelve Months Ended


December 31,


December 31,


2019


2018


2019


2018

INTEREST AND DIVIDEND INCOME








Interest and Fees on Loans

$

24,924



$

22,041



$

95,467



$

81,647


Interest on Deposits at Banks

150



237



722



711


Interest and Dividends on Investment Securities:








Fully Taxable

2,212



2,454



8,883



8,582


Exempt from Federal Taxes

1,081



1,268



4,687



5,563


Total Interest and Dividend Income

28,367



26,000



109,759



96,503


INTEREST EXPENSE








Interest-Bearing Checking Accounts

550



453



1,985



1,618


Savings Deposits

2,473



1,323



8,399



3,457


Time Deposits over $250,000

570



350



1,932



1,183


Other Time Deposits

1,125



509



4,224



1,420


Federal Funds Purchased and
  Securities Sold Under Agreements to Repurchase

25



15



100



62


Federal Home Loan Bank Advances

439



1,439



3,952



3,779


Junior Subordinated Obligations Issued to
  Unconsolidated Subsidiary Trusts

239



254



1,019



966


Interest on Financing Leases

28





99




Total Interest Expense

5,449



4,343



21,710



12,485


NET INTEREST INCOME

22,918



21,657



88,049



84,018


Provision for Loan Losses

634



646



2,079



2,607


NET INTEREST INCOME AFTER PROVISION FOR
  LOAN LOSSES

22,284



21,011



85,970



81,411


NONINTEREST INCOME








Income From Fiduciary Activities

2,238



2,149



8,809



9,255


Fees for Other Services to Customers

2,606



2,579



10,176



10,134


Insurance Commissions

1,592



1,769



7,182



7,888


Net Gain (Loss) on Securities

67



(142)



289



213


Net Gain on Sales of Loans

121



20



622



135


Other Operating Income

457



424



1,477



1,324


Total Noninterest Income

7,081



6,799



28,555



28,949


NONINTEREST EXPENSE








Salaries and Employee Benefits

9,341



9,836



38,402



38,788


Occupancy Expenses, Net

1,384



1,284



5,407



5,026


Technology and Equipment Expense

3,365



2,978



13,054



11,284


FDIC Assessments

213



223



157



881


Other Operating Expense

2,796



2,560



10,430



9,076


Total Noninterest Expense

17,099



16,881



67,450



65,055


INCOME BEFORE PROVISION FOR INCOME TAXES

12,266



10,929



47,075



45,305


Provision for Income Taxes

2,526



2,171



9,600



9,026


NET INCOME

$

9,740



$

8,758



$

37,475



$

36,279


Average Shares Outstanding1:








Basic

14,978



14,885



14,940



14,840


Diluted

15,026



14,949



14,983



14,922


Per Common Share:








Basic Earnings

$

0.65



$

0.59



$

2.51



$

2.44


Diluted Earnings

0.65



0.59



2.50



2.43


1 Share and per share data have been restated for the September 27, 2019, 3% stock dividend.




 

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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










December 31, 2019


December 31, 2018

ASSETS




Cash and Due From Banks

$

47,035



$

56,529


Interest-Bearing Deposits at Banks

23,186



27,710


Investment Securities:




Available-for-Sale

357,334



317,535


Held-to-Maturity (Approximate Fair Value of $249,618 at
  December 31, 2019, and $280,338 at December 31, 2018)

245,065



283,476


Equity Securities

2,063



1,774


Other Investments

10,317



15,506


Loans

2,386,120



2,196,215


Allowance for Loan Losses

(21,187)



(20,196)


Net Loans

2,364,933



2,176,019


Premises and Equipment, Net

40,629



30,446


Goodwill

21,873



21,873


Other Intangible Assets, Net

1,661



1,852


Other Assets

70,179



55,614


Total Assets

$

3,184,275



$

2,988,334


LIABILITIES




Noninterest-Bearing Deposits

$

484,944



$

472,768


Interest-Bearing Checking Accounts

689,221



790,781


Savings Deposits

1,046,568



818,048


Time Deposits over $250,000

123,968



73,583


Other Time Deposits

271,353



190,404


Total Deposits

2,616,054



2,345,584


Federal Funds Purchased and
  Securities Sold Under Agreements to Repurchase

51,099



54,659


Federal Home Loan Bank Overnight Advances

130,000



234,000


Federal Home Loan Bank Term Advances

30,000



45,000


Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000



20,000


Finance Leases

5,254




Other Liabilities

30,140



19,507


Total Liabilities

2,882,547



2,718,750


STOCKHOLDERS' EQUITY




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




Common Stock, $1 Par Value; 20,000,000 Shares Authorized (19,606,449 Shares Issued at December 31, 2019, and 19,035,565 Shares Issued at December 31, 2018)

19,606



19,035


Additional Paid-in Capital

335,355



314,533


Retained Earnings

33,218



29,257


Unallocated ESOP Shares (None at December 31, 2019, and
  5,001 Shares at December 31, 2018)



(100)


Accumulated Other Comprehensive Loss

(6,357)



(13,810)


Treasury Stock, at Cost (4,608,258 Shares at December 31, 2019, and 4,558,207 Shares at December 31, 2018)

(80,094)



(79,331)


Total Stockholders' Equity

301,728



269,584


Total Liabilities and Stockholders' Equity

$

3,184,275



$

2,988,334


 

 

Arrow Financial Corporation

Selected Quarterly Information

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





















Quarter Ended

12/31/2019



9/30/2019



6/30/2019



3/31/2019



12/31/2018


Net Income

$

9,740



$

10,067



$

8,934



$

8,734



$

8,758


Transactions Recorded in Net Income (Net of Tax):










Net Changes in Fair Value of Equity Investments

50



109





57



(106)












Share and Per Share Data:1










Period End Shares Outstanding

14,998



14,969



14,949



14,909



14,907


Basic Average Shares Outstanding

14,978



14,955



14,922



14,903



14,885


Diluted Average Shares Outstanding

15,026



14,991



14,963



14,956



14,949


Basic Earnings Per Share

$

0.65



$

0.67



$

0.60



$

0.59



$

0.59


Diluted Earnings Per Share

0.65



0.67



0.60



0.58



0.59


Cash Dividend Per Share

0.260



0.252



0.252



0.252



0.252












Selected Quarterly Average Balances:















 Interest-Bearing Deposits at Banks

$

28,880



$

27,083



$

25,107



$

26,163



$

34,782


 Investment Securities

582,982



545,073



584,679



611,161



637,341


 Loans

2,358,110



2,308,879



2,255,299



2,210,642



2,160,435


 Deposits

2,607,421



2,472,528



2,436,290



2,347,985



2,347,231


 Other Borrowed Funds

177,877



231,291



250,283



327,138



315,172


 Shareholders' Equity

296,124



289,016



280,247



272,864



268,503


 Total Assets

3,113,114



3,023,043



2,997,458



2,977,056



2,954,031


Return on Average Assets, annualized

1.24

%


1.32

%


1.20

%


1.19

%


1.18

%

Return on Average Equity, annualized

13.05

%


13.82

%


12.79

%


12.98

%


12.94

%

Return on Average Tangible Equity, annualized 2

14.18

%


15.05

%


13.96

%


14.22

%


14.20

%

Average Earning Assets

2,969,972



2,881,035



2,865,085



2,847,966



2,832,558


Average Paying Liabilities

2,293,804



2,213,642



2,235,462



2,224,403



2,189,233


Interest Income

28,367



27,952



27,227



26,213



26,000


Tax-Equivalent Adjustment 3

321



344



376



373



376


Interest Income, Tax-Equivalent 3

28,688



28,296



27,603



26,586



26,376


Interest Expense

5,449



5,649



5,520



5,092



4,343


Net Interest Income

22,918



22,303



21,707



21,121



21,657


Net Interest Income, Tax-Equivalent 3

23,239



22,647



22,083



21,494



22,033


Net Interest Margin, annualized

3.06

%


3.07

%


3.04

%


3.01

%


3.03

%

Net Interest Margin, Tax-Equivalent, annualized 3

3.10

%


3.12

%


3.09

%


3.06

%


3.09

%











Efficiency Ratio Calculation: 4










Noninterest Expense

$

17,099



$

16,791



$

16,908



$

16,652



$

16,881


Less: Intangible Asset Amortization

60



61



44



79



65


Net Noninterest Expense

$

17,039



$

16,730



$

16,864



$

16,573



$

16,816


Net Interest Income, Tax-Equivalent

$

23,238



$

22,647



$

22,083



$

21,494



$

22,033


Noninterest Income

7,081



7,691



6,896



6,887



6,799


Less: Net Changes in Fair Value of Equity Investments

$

67



146





76



(142)


Net Gross Income

$

30,252



$

30,192



$

28,979



$

28,305



$

28,974


Efficiency Ratio

56.32

%


55.41

%


58.19

%


58.55

%


58.04

%











Period-End Capital Information:










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

$

301,728



$

292,228



$

284,649



$

276,609



$

269,584


Book Value per Share 1

20.12



19.52



19.04



18.55



18.08


Goodwill and Other Intangible Assets, net

23,534



23,586



23,603



23,650



23,725


Tangible Book Value per Share 1,2

18.55



17.95



17.46



16.97



16.49












Capital Ratios:5










Tier 1 Leverage Ratio

9.98

%


10.04

%


9.88

%


9.73

%


9.61

%

Common Equity Tier 1 Capital Ratio 

12.94

%


12.93

%


12.99

%


12.98

%


12.89

%

Tier 1 Risk-Based Capital Ratio

13.83

%


13.85

%


13.93

%


13.95

%


13.87

%

Total Risk-Based Capital Ratio

14.78

%


14.81

%


14.91

%


14.93

%


14.86

%











Assets Under Trust Administration & Investment Mgmt

$

1,543,653



$

1,485,116



$

1,496,966



$

1,483,259



$

1,385,752


 

 

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, 2019, 3% stock dividend.



2.

Non-GAAP Financial Measure Reconciliation: Tangible Book Value, Tangible Equity, and Return on 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.



12/31/2019


9/30/2019


6/30/2019


3/31/2019


12/31/2018


Total Stockholders' Equity (GAAP)

$

301,728



$

292,228



$

284,649



$

276,609



$

269,584



Less: Goodwill and Other Intangible assets, net

23,534



23,586



23,603



23,650



23,725



Tangible Equity (Non-GAAP)

$

278,194



$

268,642



$

261,046



$

252,959



$

245,859














Period End Shares Outstanding

14,998



14,969



14,949



14,909



14,907



Tangible Book Value per Share (Non-GAAP)

$

18.55



$

17.95



$

17.46



$

16.97



$

16.49



Net Income

9,740



10,067



8,934



8,734



8,758



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

14.18

%


15.05

%


13.96

%


14.22

%


14.20

%












3.

Non-GAAP Financial Measure Reconciliation: 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.



12/31/2019


9/30/2019


6/30/2019


3/31/2019


12/31/2018


Interest Income (GAAP)

$

28,367



$

27,952



$

27,227



$

26,213



$

26,000



Add: Tax Equivalent Adjustment (Non-GAAP)

321



344



376



373



376



Interest Income - Tax Equivalent (Non-GAAP)

$

28,688



$

28,296



$

27,603



$

26,586



$

26,376














Net Interest Income (GAAP)

$

22,918



$

22,303



$

21,707



$

21,121



$

21,657



Add: Tax-Equivalent adjustment (Non-GAAP)

321



344



376



373



376



Net Interest Income - Tax Equivalent (Non-GAAP)

$

23,239



$

22,647



$

22,083



$

21,494



$

22,033



Average Earning Assets

2,969,972



2,881,035



2,865,085



2,847,966



2,832,558



Net Interest Margin (Non-GAAP)*

3.10

%


3.12

%


3.09

%


3.06

%


3.09

%












4.

Non-GAAP Financial Measure Reconciliation: 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 December 31, 2019 CET1 ratio listed in the tables (i.e., 12.94%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).



12/31/2019


9/30/2019


6/30/2019


3/31/2019


12/31/2018


Total Risk Weighted Assets

2,237,127



2,184,214



2,121,541



2,075,115



2,046,495



Common Equity Tier 1 Capital

289,409



282,485



275,528



269,363



263,863



Common Equity Tier 1 Ratio

12.94

%


12.93

%


12.99

%


12.98

%


12.89

%

















* Quarterly ratios have been annualized





 

 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)









Quarter Ended:

12/31/2019


12/31/2018

Loan Portfolio




Commercial Loans

$

150,660



$

136,890


Commercial Real Estate Loans

510,541



484,562


 Subtotal Commercial Loan Portfolio

661,201



621,452


Consumer Loans

811,198



719,510


Residential Real Estate Loans

913,721



855,253


Total Loans

$

2,386,120



$

2,196,215


Allowance for Loan Losses




Allowance for Loan Losses, Beginning of Quarter

$

20,931



$

20,003


Loans Charged-off

(503)



(573)


Recoveries of Loans Previously Charged-off

125



120


Net Loans Charged-off

(378)



(453)


Provision for Loan Losses

634



646


Allowance for Loan Losses, End of Quarter

$

21,187



$

20,196


Nonperforming Assets




Nonaccrual Loans

$

4,005



$

4,159


Loans Past Due 90 or More Days and Accruing

253



1,225


Loans Restructured and in Compliance with Modified Terms

143



138


Total Nonperforming Loans

4,401



5,522


Repossessed Assets

139



130


Other Real Estate Owned

1,122



1,130


Total Nonperforming Assets

$

5,662



$

6,782


Key Asset Quality Ratios




Net Loans Charged-off to Average Loans, Quarter-to-date

 Annualized

0.06

%


0.08

%

Provision for Loan Losses to Average Loans, Quarter-to-date

 Annualized

0.11

%


0.12

%

Allowance for Loan Losses to Period-End Loans

0.89

%


0.92

%

Allowance for Loan Losses to Period-End Nonperforming Loans

481.41

%


365.74

%

Nonperforming Loans to Period-End Loans

0.18

%


0.25

%

Nonperforming Assets to Period-End Assets

0.18

%


0.23

%

Twelve-Month Period Ended:




Allowance for Loan Losses




Allowance for Loan Losses, Beginning of Year

$

20,196



$

18,586


Loans Charged-off

(1,735)



(1,532)


Recoveries of Loans Previously Charged-off

647



535


Net Loans Charged-off

(1,088)



(997)


Provision for Loan Losses

2,079



2,607


Allowance for Loan Losses, End of Year

$

21,187



$

20,196


Key Asset Quality Ratios




Net Loans Charged-off to Average Loans

0.05

%


0.05

%

Provision for Loan Losses to Average Loans

0.09

%


0.13

%

 

 

Cision View original content:http://www.prnewswire.com/news-releases/arrow-reports-record-annual-net-income-of-37-5-million-and-8-6-loan-growth-for-2019--300994369.html

SOURCE Arrow Financial Corporation

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