Arrow Reports $8.1 million in Q1 Net Income and Year-Over-Year Loan Growth of 8.0%

GLENS FALLS, N.Y., April 24, 2020 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended March 31, 2020. Net income for the first quarter of 2020 was $8.1 million, compared to $8.7 million in the first quarter of 2019. Steady loan growth continued in the first quarter of 2020, as total loans grew by $28.1 million from December 31, 2019 to $2.4 billion. Net interest income increased to $23.0 million in the first quarter of 2020, compared to $21.1 million for the comparable quarter of 2019.

In February 2020, Arrow's Business Continuity Task Force deployed its pandemic plan for the impending arrival of the novel coronavirus (COVID-19) to Upstate New York. Since then, a team of more than 25 members, representing leadership from across our organization and chaired by our Chief Operating Officer, has overseen a robust and expansive effort to protect our employees, customers and communities while continuing to deliver essential banking services. Our efforts have included limiting access to our facilities, the incorporation of social distancing and remote work for a large portion of our personnel.

Arrow remains fully engaged in its COVID-19 response, with a growing focus on hardship assistance and relief programs.

"While the full impact of COVID-19 remains to be seen, we remain committed in our mission to connect meaningfully with our customers and deliver essential financial services during this pandemic," said Thomas J. Murphy, President and CEO. "Throughout our history, in periods of planned growth and unexpected adversity, our Company has remained true to its community banking roots. In these uncertain times, we return to those core values and enter this crisis with a strong financial position from which we will manage our response."

The following expands on our COVID-19 response:

COVID-19 Safety Measures: In mid-March, Arrow limited access at all facilities to appointment-only, encouraging customers to use no-contact alternatives such as digital banking, drive-ins and ATMs. Also in March, Arrow expanded remote work arrangements for a large portion of its employee base, discontinued employee travel, minimized in-person meetings, and implemented social distancing for essential employees who remained on-site. In addition, we have increased cleaning and sanitizing of our locations. We believe these measures have helped to keep our workforce healthy and aided in community efforts to slow the spread of the COVID-19 virus.

COVID-19 Customer Support: Another significant and growing aspect of Arrow's COVID-19 response has been support for customers experiencing financial hardship due to the mandated closure of non-essential businesses in New York State and resulting rise in unemployment. As of the date of this press release, we continue to work with individuals and businesses seeking temporary financial assistance.

Demand for the Small Business Administration's Paycheck Protection Program has been significant. Both of our subsidiary banks are proudly participating in the program as a way to deliver relief for small businesses in our markets. The effort involves the processing of a large volume of Paycheck Protection Program applications in a narrow window of time. As a result, we have reinforced our lending team with resources and support from across the Company in order to rapidly deliver funding for our customers.

COVID-19 Operational Impact: While COVID-19 did not have a material adverse effect on our first quarter 2020 financial results, we are actively monitoring the impact of the pandemic on our business and results of operations. Currently, all of our locations, including our subsidiary banks' branches, remain open and capable of meeting our customer needs. However, the Company expects with the slowing economy and deteriorating economic outlook, increased unemployment and decreased consumer and commercial spending, that there may be adverse effects on, among other things, our customer deposits, the ability of our borrowers to satisfy their obligations, a decline in the demand for loans and our other financial products and services which may negatively impact the Company. Although the Company has, and will continue to take steps to mitigate against the impact of the pandemic on its operations, it cannot provide any assurance that these actions will be successful.

The following expands upon our first-quarter results:

Cash and Stock Dividends: On March 13, 2020, the Company distributed a cash dividend of $0.26 per share. The cash dividend was 3% higher than the cash dividend paid by the Company in the first quarter of 2019 when adjusted for the 3% stock dividend distributed on September 27, 2019.

Loan Growth: Total loans reached $2.4 billion as of March 31, 2020, which represents an increase of $179.0 million, or 8.0% from March 31, 2019. The consumer loan portfolio grew by $77.9 million, or 10.4%, as compared to March 31, 2019, primarily within the indirect automobile lending program. Total outstanding residential real estate loans increased $54.5 million, or 6.3%, as compared to March 31, 2019. Total outstanding commercial loans increased $46.6 million, or 7.4%, as compared to March 31, 2019.

Deposit Growth: At March 31, 2020, deposit balances reached $2.8 billion, up $320.9 million, or 12.9%, from the prior-year level. Noninterest-bearing deposits represented 17.4% of total deposits at March 31, 2020, compared to 18.2% of total deposits on March 31, 2019. At March 31, 2020, other time deposits were $245.9 million, a decrease of $17.1 million compared to the prior year. Municipal deposits increased $174.7 million, or 28.1% from March 31, 2019. Total combined Federal Home Loan Bank Overnight and Term Advances declined $110.0 million from December 31, 2019.

Net Interest Income: First quarter 2020 net interest income increased to $23.0 million, up 8.9% from $21.1 million in the comparable quarter of 2019. The net interest margin was 3.05% for the quarter, compared to 3.01% for the first quarter of 2019. The increase in net interest margin from the prior year was primarily the result of the increase in the deposit balances as described above, combined with the decrease in market rates. The yield on earning assets has been consistent between years, with increased loan yields offset by declining yields on investments.

Noninterest Income: Noninterest income for the three months ended March 31, 2020 was $7.7 million, compared to $6.9 million in the comparable 2019 quarter. For the first quarter of 2020, the fair value of equity securities at March 31, 2020 decreased $374 thousand. In addition, income of $866 thousand related to commercial loan originations was recorded in the first quarter of 2020.

Noninterest Expense: Noninterest expense for the first quarter of 2020 increased 6.6% to $17.8 million, from $16.7 million for the first quarter of 2019. Salaries and benefits increased $1.1 million, which was primarily the result of increased cost of health insurance benefits.

Provision for Income Taxes: The provision for income taxes was $2.0 million for the first quarter of 2020, compared to $2.2 million for the same quarter of 2019. The effective income tax rates for the three-month periods ended March 31, 2020 and 2019 were 20.1% and 19.8%, respectively.

Asset Quality: Asset quality remained strong at March 31, 2020, with continued low levels of nonperforming loans and net charge-offs. Nonperforming loans at March 31, 2020, were $5.5 million, up $168 thousand from the level at March 31, 2019. Net charge-offs, expressed as an annualized percentage of average loans outstanding, were 0.05% for the three-month period ended March 31, 2020, consistent with March 31, 2019. The allowance for loan losses was $23.6 million at March 31, 2020, which represented 0.98% of loans outstanding, as compared to 0.91% at March 31, 2019. Loan loss provision expense for the first quarter of 2020 was $2.8 million, up $2.3 million from the provision for loan losses for the comparable 2019 quarter. Although credit quality remains very strong, the increase in loss provision for loan losses reflects the uncertainty resulting from the COVID-19 pandemic. As permitted by the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, Arrow has elected to defer the adoption of the Current Expected Credit Losses ("CECL") methodology in determining credit losses.

Liquidity: At March 31, 2020, Arrow's liquidity position was strong, and provides flexibility to address unexpected near-term disruptions that may develop as a result of the COVID-19 pandemic, such as: reduced cash-flows from the investment and loan portfolios and aggressive funding of programs associated with response efforts, including the Small Business Administration's Paycheck Protection Program.  Interest-bearing cash balances at March 31, 2020 were $106.0 million compared to $25.0 million at March 31, 2019.  Contingent collateralized lines of credit are established and available through the FHLBNY and FRB, totaling $1.2 billion.  Arrow also has additional liquidity options available to it including unsecured lines of credit, such as Fed Funds and brokered markets.

Capital: Total stockholders' equity was $309.4 million at March 31, 2020, up $32.8 million, or 11.9%, from the comparable quarter of 2019. Arrow's capital reserves are well positioned to address the uncertainties related to the COVID-19 pandemic. Arrow's consistent earnings and measured dividend practices have created strong capital reserves. Since Arrow adopted the Community Bank Leverage Ratio (CBLR) framework for the first quarter of 2020 and Arrow's CBLR ratio of 9.87% exceeded the 9.0% regulatory minimum rate, Arrow is no longer required to compute or report any other capital ratios. Because the Company and both its subsidiary banks report a CBLR in excess of 9.0%, it is considered to have met the "well capitalized" regulatory standard.

Industry Recognition: Both of the Company's banking subsidiaries, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, continue to hold BauerFinancial, Inc. 5-Star Superior Bank rating.

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 Upstate Agency, LLC and North Country Investment Advisers, Inc.

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, including, in particular, statements regarding the uncertainty surrounding the COVID-19 pandemic. 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, 2019, 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 March 31,



2020


2019

INTEREST AND DIVIDEND INCOME





Interest and Fees on Loans


$

24,874



$

22,403


Interest on Deposits at Banks


124



195


Interest and Dividends on Investment Securities:





Fully Taxable


2,193



2,369


Exempt from Federal Taxes


1,035



1,246


Total Interest and Dividend Income


28,226



26,213


INTEREST EXPENSE





Interest-Bearing Checking Accounts


487



482


Savings Deposits


2,471



1,601


Time Deposits over $250,000


533



396


Other Time Deposits


1,000



713


Federal Funds Purchased and
Securities Sold Under Agreements to Repurchase


22



22


Federal Home Loan Bank Advances


429



1,594


Junior Subordinated Obligations Issued to
Unconsolidated Subsidiary Trusts


228



269


Interest on Financing Leases


50



15


Total Interest Expense


5,220



5,092


NET INTEREST INCOME


23,006



21,121


Provision for Loan Losses


2,772



472


NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES


20,234



20,649


NONINTEREST INCOME





Income From Fiduciary Activities


2,213



2,107


Fees for Other Services to Customers


2,451



2,402


Insurance Commissions


1,632



1,719


Net (Loss) Gain on Securities Transactions


(374)



76


Net Gain on Sales of Loans


213



104


Other Operating Income


1,559



479


Total Noninterest Income


7,694



6,887


NONINTEREST EXPENSE





Salaries and Employee Benefits


10,383



9,319


Occupancy Expenses, Net


1,449



1,420


Technology and Equipment Expense


3,352



3,141


FDIC Assessments


219



212


Other Operating Expense


2,351



2,560


Total Noninterest Expense


17,754



16,652


INCOME BEFORE PROVISION FOR INCOME TAXES


10,174



10,884


Provision for Income Taxes


2,047



2,150


NET INCOME


$

8,127



$

8,734


Average Shares Outstanding 1:





Basic


14,996



14,903


Diluted


15,026



14,956


Per Common Share:





Basic Earnings


$

0.54



$

0.59


Diluted Earnings


0.54



0.58


1 2019 Share and Per Share Amounts 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)
















March 31, 2020


December 31, 2019


March 31, 2019

ASSETS






Cash and Due From Banks

$

32,525



$

47,035



$

36,198


Interest-Bearing Deposits at Banks

106,004



23,186



25,031


Investment Securities:






Available-for-Sale at Fair Value

378,186



357,334



298,812


Held-to-Maturity (Approximate Fair Value of $242,804 at March 31, 2020; $249,618 at December 31, 2019; and $280,414 at March 31, 2019)

238,520



245,065



279,400


Equity Securities

1,689



2,063



1,850


FHLB and Federal Reserve Bank Stock

5,379



10,317



7,878


Loans

2,414,193



2,386,120



2,235,208


Allowance for Loan Losses

(23,637)



(21,187)



(20,373)


Net Loans

2,390,556



2,364,933



2,214,835


Premises and Equipment, Net

40,987



40,629



34,949


Goodwill

21,873



21,873



21,873


Other Intangible Assets, Net

1,640



1,661



1,777


Other Assets

73,973



70,179



62,280


Total Assets

$

3,291,332



$

3,184,275



$

2,984,883


LIABILITIES






Noninterest-Bearing Deposits

$

489,151



$

484,944



$

453,089


Interest-Bearing Checking Accounts

793,425



689,221



823,301


Savings Deposits

1,146,683



1,046,568



866,861


Time Deposits over $250,000

135,854



123,968



83,834


Other Time Deposits

245,892



271,353



263,012


Total Deposits

2,811,005



2,616,054



2,490,097


Federal Funds Purchased and

 Securities Sold Under Agreements to Repurchase

57,909



51,099



58,407


Federal Home Loan Bank Overnight Advances



130,000



74,500


Federal Home Loan Bank Term Advances

50,000



30,000



35,000


Junior Subordinated Obligations Issued to Unconsolidated
Subsidiary Trusts

20,000



20,000



20,000


Finance Leases

5,249



5,254



2,946


Other Liabilities

37,771



30,140



27,324


Total Liabilities

2,981,934



2,882,547



2,708,274


STOCKHOLDERS' EQUITY






Preferred Stock, $1 Par Value and 1,000,000 Shares Authorized at March 31, 2020 and December 31, 2019; $5 Par Value and 1,000,000 Shares Authorized at March 31, 2019






Common Stock, $1 Par Value; 30,000,000 Shares Authorized at March 31, 2020 and December 31, 2019 and 20,000,000 Shares Authorized at March 31, 2019 (19,606,449 Shares Issued at March 31, 2020 and December 31, 2019 and 19,035,565 at March 31, 2019)

19,606



19,606



19,035


Additional Paid-in Capital

336,021



335,355



315,262


Retained Earnings

37,441



33,218



34,231


Unallocated ESOP Shares (None at March 31, 2020 and December 31, 2019 and 5,501 Shares at March 31, 2019)





(100)


Accumulated Other Comprehensive Loss

(2,412)



(6,357)



(11,567)


Treasury Stock, at Cost (4,624,348 Shares at March 31, 2020; 4,608,258 Shares at December 31, 2019 and 4,556,083 Shares at March 31, 2019)

(81,258)



(80,094)



(80,252)


Total Stockholders' Equity

309,398



301,728



276,609


Total Liabilities and Stockholders' Equity

$

3,291,332



$

3,184,275



$

2,984,883


 

 

Arrow Financial Corporation

Selected Quarterly Information

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





















Quarter Ended

3/31/2020


12/31/2019


9/30/2019


6/30/2019


3/31/2019

Net Income

$

8,127



$

9,740



$

10,067



$

8,934



$

8,734


Transactions in Net Income (Net of Tax):










Net Changes in Fair Value of Equity Investments

(279)



50



109





57












Share and Per Share Data:1










Period End Shares Outstanding

14,982



14,998



14,969



14,949



14,909


Basic Average Shares Outstanding

14,996



14,978



14,955



14,922



14,903


Diluted Average Shares Outstanding

15,026



15,026



14,991



14,963



14,956


Basic Earnings Per Share

$

0.54



$

0.65



$

0.67



$

0.60



$

0.59


Diluted Earnings Per Share

0.54



0.65



0.67



0.60



0.58


Cash Dividend Per Share

0.260



0.260



0.252



0.252



0.252












Selected Quarterly Average Balances:










 Interest-Bearing Deposits at Banks

$

32,787



$

28,880



$

27,083



$

25,107



$

26,163


 Investment Securities

603,748



582,982



545,073



584,679



611,161


 Loans

2,394,346



2,358,110



2,308,879



2,255,299



2,210,642


 Deposits

2,670,009



2,607,421



2,472,528



2,436,290



2,347,985


 Other Borrowed Funds

170,987



177,877



231,291



250,283



327,138


 Shareholders' Equity

306,527



296,124



289,016



280,247



272,864


 Total Assets

3,180,857



3,113,114



3,023,043



2,997,458



2,977,056


Return on Average Assets, annualized

1.03

%


1.24

%


1.32

%


1.20

%


1.19

%

Return on Average Equity, annualized

10.66

%


13.05

%


13.82

%


12.79

%


12.98

%

Return on Average Tangible Equity, annualized 2

11.55

%


14.18

%


15.05

%


13.96

%


14.22

%

Average Earning Assets

$

3,030,881



$

2,969,972



$

2,881,035



$

2,865,085



$

2,847,966


Average Paying Liabilities

2,362,515



2,293,804



2,213,642



2,235,462



2,224,403


Interest Income

28,226



28,367



27,952



27,227



26,213


Tax-Equivalent Adjustment 3

288



321



344



376



373


Interest Income, Tax-Equivalent 3

28,514



28,688



28,296



27,603



26,586


Interest Expense

5,220



5,449



5,649



5,520



5,092


Net Interest Income

23,006



22,918



22,303



21,707



21,121


Net Interest Income, Tax-Equivalent 3

23,294



23,239



22,647



22,083



21,494


Net Interest Margin, annualized

3.05

%


3.06

%


3.07

%


3.04

%


3.01

%

Net Interest Margin, Tax-Equivalent, annualized 3

3.09

%


3.10

%


3.12

%


3.09

%


3.06

%











Efficiency Ratio Calculation: 4










Noninterest Expense

$

17,754



$

17,099



$

16,791



$

16,908



$

16,652


Less: Intangible Asset Amortization

58



60



61



44



79


Net Noninterest Expense

$

17,696



$

17,039



$

16,730



$

16,864



$

16,573


Net Interest Income, Tax-Equivalent

$

23,294



$

23,238



$

22,647



$

22,083



$

21,494


Noninterest Income

7,694



7,081



7,691



6,896



6,887


Less: Net Changes in Fair Value of Equity Invest.

(374)



67



146





76


Net Gross Income

$

31,362



$

30,252



$

30,192



$

28,979



$

28,305


Efficiency Ratio

56.42

%


56.32

%


55.41

%


58.19

%


58.55

%











Period-End Capital Information:










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

$

309,398



$

301,728



$

292,228



$

284,649



$

276,609


Book Value per Share 1

20.65



20.12



19.52



19.04



18.55


Goodwill and Other Intangible Assets, net

23,513



23,534



23,586



23,603



23,650


Tangible Book Value per Share 1,2

19.08



18.55



17.95



17.46



16.97












Capital Ratios:5










Community Bank Leverage Ratio

9.87

%









Tier 1 Leverage Ratio



9.98

%


10.04

%


9.88

%


9.73

%

Common Equity Tier 1 Capital Ratio 



12.94

%


12.93

%


12.99

%


12.98

%

Tier 1 Risk-Based Capital Ratio



13.83

%


13.85

%


13.93

%


13.95

%

Total Risk-Based Capital Ratio



14.78

%


14.81

%


14.91

%


14.93

%











Assets Under Trust Admin. & Investment Mgmt.

$

1,342,531



$

1,543,653



$

1,485,116



$

1,496,966



$

1,483,259


 






















Footnotes:




















1.

Share and Per Share Data have been restated for the September 27, 2019, 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 Arrow believes provides investors with information that is useful in understanding its financial performance.



3/31/2020


12/31/2019


9/30/2019


6/30/2019


3/31/2019


Total Stockholders' Equity (GAAP)

$

309,398



$

301,728



$

292,228



$

284,649



$

276,609



Less: Goodwill and Other Intangible assets, net

23,513



23,534



23,586



23,603



23,650



Tangible Equity (Non-GAAP)

$

285,885



$

278,194



$

268,642



$

261,046



$

252,959














Period End Shares Outstanding

14,982



14,998



14,969



14,949



14,909



Tangible Book Value per Share (Non-GAAP)

$

19.08



$

18.55



$

17.95



$

17.46



$

16.97



Net Income

8,127



9,740



10,067



8,934



8,734



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

11.55

%


14.18

%


15.05

%


13.96

%


14.22

%












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 Arrow believes provides investors with information that is useful in understanding its financial performance.



3/31/2020


12/31/2019


9/30/2019


6/30/2019


3/31/2019


Interest Income (GAAP)

$

28,226



$

28,367



$

27,952



$

27,227



$

26,213



Add: Tax-Equivalent adjustment
(Non-GAAP)

288



321



344



376



373



Interest Income - Tax Equivalent
(Non-GAAP)

$

28,514



$

28,688



$

28,296



$

27,603



$

26,586



Net Interest Income (GAAP)

$

23,006



$

22,918



$

22,303



$

21,707



$

21,121



Add: Tax-Equivalent adjustment
(Non-GAAP)

288



321



344



376



373



Net Interest Income - Tax Equivalent
(Non-GAAP)

$

23,294



$

23,239



$

22,647



$

22,083



$

21,494



Average Earning Assets

$

3,030,881



$

2,969,972



$

2,881,035



$

2,865,085



$

2,847,966



Net Interest Margin (Non-GAAP)*

3.09

%


3.10

%


3.12

%


3.09

%


3.06

%












4.

Non-GAAP Financial Measures: Financial Institutions often use the "efficiency ratio", a non-GAAP ratio, as a measure of expense control. Arrow believes the efficiency ratio provides investors with information that is useful in understanding its financial performance. Arrow defines efficiency ratio as the ratio of noninterest expense to net gross income (which equals tax-equivalent net interest income plus noninterest income, as adjusted).












5.

For the current quarter, the CBLR in the table above is an estimation. The previous Total Risk-Weighted Assets and Common Equity Tier 1 Capital amounts listed in the table below reflect actual results. The CBLR at March 31, 2020 listed above (i.e., 9.87%) exceeds the required minimum CBLR (i.e., 9.00%).



3/31/2020


12/31/2019


9/30/2019


6/30/2019


3/31/2019


Community Bank Leverage Ratio

9.87

%










Total Risk Weighted Assets



$

2,237,127



$

2,184,214



$

2,121,541



$

2,075,115



Common Equity Tier 1 Capital



289,409



282,485



275,528



269,363



Common Equity Tier 1 Ratio



12.94

%


12.93

%


12.99

%


12.98

%
















* Quarterly ratios have been annualized












 

 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)













Quarter Ended:

3/31/2020


12/31/2019


3/31/2019

Loan Portfolio






Commercial Loans

$

147,100



$

150,660



$

133,276


Commercial Real Estate Loans

526,130



510,541



493,387


 Subtotal Commercial Loan Portfolio

673,230



661,201



626,663


Consumer Loans

824,709



811,198



746,799


Residential Real Estate Loans

916,254



913,721



861,746


Total Loans

$

2,414,193



$

2,386,120



$

2,235,208


Allowance for Loan Losses






Allowance for Loan Losses, Beginning of Quarter

$

21,187



$

20,931



$

20,196


Loans Charged-off

(481)



(503)



(462)


Less Recoveries of Loans Previously Charged-off

159



125



167


Net Loans Charged-off

(322)



(378)



(295)


Provision for Loan Losses

2,772



634



472


Allowance for Loan Losses, End of Quarter

$

23,637



$

21,187



$

20,373


Nonperforming Assets






Nonaccrual Loans

$

4,943



$

4,005



$

5,143


Loans Past Due 90 or More Days and Accruing

437



253



64


Loans Restructured and in Compliance with Modified Terms

136



143



141


Total Nonperforming Loans

5,516



4,401



5,348


Repossessed Assets

160



139



123


Other Real Estate Owned

782



1,122



1,321


Total Nonperforming Assets

$

6,458



$

5,662



$

6,792


Key Asset Quality Ratios






Net Loans Charged-off to Average Loans,

 Quarter-to-date Annualized

0.05

%


0.06

%


0.05

%

Provision for Loan Losses to Average Loans,

 Quarter-to-date Annualized

0.47

%


0.11

%


0.09

%

Allowance for Loan Losses to Period-End Loans

0.98

%


0.89

%


0.91

%

Allowance for Loan Losses to Period-End Nonperforming Loans

428.52

%


481.41

%


380.95

%

Nonperforming Loans to Period-End Loans

0.23

%


0.18

%


0.24

%

Nonperforming Assets to Period-End Assets

0.20

%


0.18

%


0.23

%


Website: arrowfinancial.com

Cision View original content:http://www.prnewswire.com/news-releases/arrow-reports-8-1-million-in-q1-net-income-and-year-over-year-loan-growth-of-8-0-301046754.html

SOURCE Arrow Financial Corporation

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