2014

Arrow Reports 7% Increase in Quarterly Net Income and Strong Asset Quality Ratios

GLENS FALLS, N.Y., Oct. 17, 2012 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three- and nine- month periods ended September 30, 2012.  Net income for the third quarter of 2012 was $5.7 million, an increase of $376 thousand or 7.0% from net income of $5.4 million for the third quarter of 2011. Diluted earnings per share (EPS) for the quarter was $0.48, an increase of 6.7% from the comparable 2011 quarter, when diluted EPS was $0.45. Diluted EPS in the 2012 third quarter increased 2.1% from the $.47 diluted EPS for the second quarter of 2012. For the nine-month period ended September 30, 2012, net income was $16.6 million as compared to net income of $16.5 million for the same period in 2011, while diluted EPS was unchanged at $1.38 for the nine-month periods ended September 30, 2012 and 2011.  Return on average assets for the third quarter of 2012 was 1.16%, up from 1.11% for the same period last year, and return on average equity for the 2012 third quarter was 13.14%, up from 12.80% for the 2011 third quarter.

Thomas L. Hoy, Chairman and CEO, stated, "Our 2012 earnings results included increases in all categories of noninterest income for the third quarter other than securities gains, reflecting primarily growth in insurance commissions and net gains on the sale of loans. We experienced modest growth in both loan and deposit balances since year-end 2011. More importantly, our key asset quality measurements continue to be excellent and shareholders' equity grew to a record high. We are pleased with these results during this extended and challenging low interest rate environment."

The following list presents highlights of our third-quarter and year-to-date periods:

  • Cash and Stock Dividends: In September 2012 we distributed a 2% stock dividend.  All prior period share and per share data have been adjusted accordingly.  The cash dividend paid to shareholders in the third quarter of 2012 was $.245 per share, or 3% higher than the cash dividend paid in the third quarter of 2011.
  • Insurance Agencies Operations:  Insurance commission income rose from $2.0 million in the third quarter of 2011 to over $2.2 million in the comparable 2012 quarter. For the nine-month periods, insurance commission income rose $944 thousand, or 17.9%, from $5.3 million in 2011 to over $6.2 million in 2012.  This growth is primarily attributable to our expansion of insurance agency business. Our most recent acquisition was on August 1, 2011, when we acquired the McPhillips Insurance Agencies, two longstanding property and casualty insurance agencies located in our service area.
  • Asset Quality:  Asset quality remained strong at September 30, 2012, as measured by our low level of nonperforming assets and very low level of charge-offs. Nonperforming assets of $7.6 million represented only 0.37% of period-end assets, far below industry averages, although up from our 0.31% of assets ratio as of September 30, 2011.  Net loan losses for the third quarter of 2012, expressed as an annualized percentage of average loans outstanding, were 0.04%, an increase of one basis point from the 2011 comparable period.  These asset quality ratios continue to significantly outperform recently reported industry averages.

Overall loan delinquency rates remain very low and, unlike many of our peers, we have not and do not expect to incur significant losses in our existing residential real estate portfolio, even though some borrowers may be experiencing stress due to the continuing weakness in the regional economy. Our allowance for loan losses amounted to $15.2 million at September 30, 2012, which represented 1.32% of loans outstanding, a decrease of one basis point from our ratio one year earlier and at December 31, 2011.

  • Trust Assets and Related Noninterest Income:  Assets under trust administration and investment management at September 30, 2012, rose to $1.1 billion, an increase of $125.5 million, or 13.6%, from the September 30, 2011 balance of $925.7 million.  The growth in balances was generally attributable to a favorable movement within the financial markets between the periods. Income from fiduciary activities rose by $164 thousand, or 3.5%, for the first nine months of 2012, as compared to the 2011 period.
  • Securities Transactions:  Securities gains had a much smaller impact on earnings in the 2012 periods than in the 2011 periods. Included in the 2012 results of operations were net securities gains of $39 thousand for the third quarter and $428 thousand for the nine-month period, net of tax, which represented less than $.01 and $.04 per share for the respective periods. Included in the 2011 results of operations were net securities gains of $1.1 million for the second quarter and $1.7 million for the nine-month period, net of tax, which represented $.09 and $.14 per share for the respective periods.
  • FHLB Debt:  In the third quarter of last year, we deleveraged our balance sheet by prepaying four of our long-term Federal Home Loan Bank (FHLB) advances totaling $40 million.  The prepayment penalties for these higher-costing advances amounted to $989 thousand, net of tax, which is reported as a component of noninterest expense, and represented $.08 per share.  No prepayment penalties were incurred during the comparable period in 2012. 
  • Balance Sheet Changes:  Total assets at September 30, 2012, reached $2.041 billion, an increase of $87.5 million, or 4.5%, from the $1.953 billion balance at September 30, 2011. Our loan portfolio was $1.153 billion, up $32.3 million, or 2.9%, from the September 30, 2011 level, and $21.5 million, or 1.9%, above the level at December 31, 2011. During the first nine months of 2012, we originated over $76.6 million of residential real estate loans. However, for interest rate risk management purposes, we continued to follow the practice we have adopted in recent years of selling most of the residential real estate loans we originate to the secondary market, primarily to a government-sponsored entity, the Federal Home Loan Mortgage Corporation. Therefore, the outstanding balance for our residential real estate loan portfolio at September 30, 2012 is actually lower than our balance at September 30, 2011. We continue to retain servicing rights on the mortgages we sold, generating servicing fee income on these loans.  As long-term interest rates continued to decline during 2012, we sold loans during the nine-month period at significantly higher gains than the comparable 2011 period. We experienced an increase in the volume of new automobile loans in the first nine months of 2012.  We also experienced modest growth in our commercial loan portfolio which, combined with the increase in automobile loans, more than offset the decrease in our residential real estate loan portfolio.
  • Net Interest Income:  Similar to most institutions within the banking industry, the Company has experienced decreases in its net interest margin in recent periods as a result of operating in this historically low interest rate environment. On a tax-equivalent basis, our net interest income in the third quarter of 2012, as compared to the third quarter of 2011, decreased  $14 thousand, or 0.1%.  Our tax-equivalent net interest margin fell from 3.43% in the third quarter of 2011 to 3.33% for the third quarter of 2012, although net interest margin for the third quarter of 2012 increased 7 basis points from the 3.26% margin for the second quarter of 2012. Both our yield on earning assets and the cost of our interest-bearing liabilities decreased significantly from the third quarter of 2011 to the third quarter of 2012.  Likewise, our cost of funds in the third quarter of 2012 fell by 46 basis points  from 1.16% in the third quarter of 2011 to .70%, while our yield on earning assets in the third quarter of 2012 decreased by 49 basis points from 4.39% in the third quarter of 2011 to 3.90%.
  • Capital:  Total shareholders' equity reached a record high level of $176.3 million at period-end, an increase of $7.7 million, or 4.6%, above the September 30, 2011 balance. Arrow's capital ratios, which were strong at the beginning of 2011, strengthened further during 2011 and through September 30, 2012.  At third quarter-end, the Tier 1 leverage ratio at the holding company level was 9.41% and total risk-based capital ratio was 16.45%, up from 9.10% and 16.31%, respectively, at September 30, 2011. The capital ratios of the Company and its subsidiary banks continue to significantly exceed the "well capitalized" regulatory standard, which is the highest category.
  • Peer Group:  Many of our key operating ratios have consistently compared very favorably to our peer group, which we define as all U.S. bank holding companies having $1.0 to $3.0 billion in total assets, as identified in the Federal Reserve Bank's "Bank Holding Company Performance Report" (FRB Report). The most current peer data available in the FRB Report is for the six-month period ended June 30, 2012, in which our return on average equity (ROE) was 12.88%, as compared to 7.83% for our peer group.  Our ratio of loans 90 days past due and accruing, plus nonaccrual loans to total loans was 0.64% as of June 30, 2012, as compared to 2.76% for our peer group, while our annualized net loan losses of 0.05% for the quarter ending June 30, 2012 were well below the peer result of 0.58%.  Our operating results and asset quality ratios have withstood the economic stress of recent years much better than most banks in our national peer group.

Mr. Hoy further added, "We continue to believe that our conservative business model which emphasizes a strong capital position, high loan quality, knowledge of our market and responsiveness to our customers has positioned us well for the future. Nonetheless, we, like all banks, face challenges, particularly the threat to earnings posed by the Federal Reserve's determination to maintain interest rates at historically low levels for an extended period of time.

In practically any endeavor, the real test of success is not how one performs in the short-term, but whether results are consistently delivered over time.  The total return performance of Arrow common stock has been superior to those of our peers for the past five- and ten-year periods."

In addition, Arrow's commitment to excellence has been acknowledged by four of the most respected organizations in the financial services industry:

  • Bank Director Magazine recognized Arrow Financial Corporation in its third quarter edition as one of the leading financial institutions in the nation based on its profitability, capitalization and asset quality.  "Going for Gold: 2012 Bank Performance Scorecard" is available online at bankdirector.com.
  • American Banker Magazine this year ranked Arrow Financial Corporation 11th among a peer group of more than 1,000 institutions.  Arrow's three-year average return on equity of 14.75% was more than three times the peer group average return on equity of 4.44%.  The article, titled "Simply the Best," can be viewed at americanbanker.com/magazine.
  • Bauer Financial, Inc. has awarded our banks its 5-Star Rating, touting us as "Superior" in regard to capital, asset quality, profitability and other measures of success in the banking industry.
  • And finally, the highly respected independent investment and research firm Stern, Agee & Leach, Inc., reported on October 4, 2012, "The company (Arrow) remains among the Best of Breed in the Northeast due to its ability to generate consistently high returns while maintaining strong credit quality and offering a solid and sustainable yield."

"We believe that teams matter more than individuals," said Mr. Hoy.  "Our directors and senior management are very proud of the accomplishments of our dedicated staff, which is a direct result of the service we provide to customers.  I want to personally thank our employees, as well as our shareholders, for their loyalty and confidence in our ability to deliver superior performance."

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.

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, 2011, 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,


2012


2011


2012


2011

INTEREST AND DIVIDEND INCOME








Interest and Fees on Loans

$

13,569


 

$

14,548


 

$

41,155


$

44,277

Interest on Deposits at Banks

23


 

22


 

80


66

Interest and Dividends on Investment Securities:








Fully Taxable

2,191


3,034


7,309


9,707

Exempt from Federal Taxes

1,385


1,393


4,095


4,394

Total Interest and Dividend Income

17,168


18,997


52,639


58,444

INTEREST EXPENSE








NOW Accounts

675


1,071


2,710


3,763

Savings Deposits

319


483


1,005


1,489

Time Deposits of $100,000 or More

459


659


1,636


1,990

Other Time Deposits

855


1,274


3,075


3,918

Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

6


18


17


65

Federal Home Loan Bank Advances

174


696


543


2,998

Junior Subordinated Obligations Issued to

  Unconsolidated Subsidiary Trusts

155


 

144


 

468


434

Total Interest Expense

2,643


4,345


9,454


14,657

NET INTEREST INCOME

14,525


14,652


43,185


43,787

Provision for Loan Losses

150


175


670


565

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

14,375


14,477


42,515


43,222

NONINTEREST INCOME








Income From Fiduciary Activities

1,563


1,550


4,786


4,622

Fees for Other Services to Customers

2,097


2,092


6,111


6,065

Insurance Commissions

2,223


1,994


6,219


5,275

Net Gain on Securities Transactions

64


1,771


709


2,795

Net Gain on Sales of Loans

600


219


1,494


437

Other Operating Income

288


255


883


535

Total Noninterest Income

6,835


7,881


20,202


19,729

NONINTEREST EXPENSE








Salaries and Employee Benefits

7,964


7,927


23,661


22,362

Occupancy Expenses, Net

1,779


1,859


5,773


5,671

FDIC Assessments

255


260


766


1,040

Prepayment Penalty on FHLB Advances


1,638



1,638

Other Operating Expense

2,924


2,919


8,519


8,382

Total Noninterest Expense

12,922


14,603


38,719


39,093

INCOME BEFORE PROVISION FOR INCOME TAXES

8,288


7,755


23,998


23,858

Provision for Income Taxes

2,540


2,383


7,368


7,356

NET INCOME

$

5,748


 

$

5,372


 

$

16,630


$

16,502

Average Shares Outstanding 1:








Basic

12,012


11,989


12,004


11,954

Diluted

12,032


12,011


12,022


11,982

Per Common Share:








Basic Earnings

$

0.48


$

0.45


$

1.39


$

1.38

Diluted Earnings

0.48


0.45


1.38


1.38

1 Share and per share data have been restated for the September 27, 2012 2% stock dividend.

 


 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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


September 30, 2012


 

December 31,
2011


 

September 30, 2011

ASSETS






Cash and Due From Banks

$

43,990


$

29,598


$

43,631


Interest-Bearing Deposits at Banks

92,428


14,138


94,159


Investment Securities:





Available-for-Sale

425,416


556,538


472,340


Held-to-Maturity (Approximate Fair Value of $254,936 at September 30, 2012, $159,059 at December 31, 2011, and $153,131 at September 30, 2011)

244,949


150,688


146,416


Other Investments

4,487


6,722


4,760


Loans

1,152,951


1,131,457


1,120,691


Allowance for Loan Losses

(15,247)


(15,003)


(14,920)


Net Loans

1,137,704


1,116,454


1,105,771


Premises and Equipment, Net

26,645


22,629


20,725


Other Real Estate and Repossessed Assets, Net

834


516


321


Goodwill

22,003


22,003


21,960


Other Intangible Assets, Net

4,543


4,749


4,828


Accrued Interest Receivable

6,510


6,082


6,508


Other Assets

31,006


32,567


31,559


Total Assets

$

2,040,515


$

1,962,684


$

1,952,978


LIABILITIES






Noninterest-Bearing Deposits

$

259,943


$

232,038


$

232,044


NOW Accounts

769,107


642,521


633,857


Savings Deposits

443,053


416,829


419,470


Time Deposits of $100,000 or More

98,215


123,668


128,080


Other Time Deposits

201,143


228,990


235,888


Total Deposits

1,771,461


1,644,046


1,649,339


Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

18,042


26,293


47,644


Other Short-Term Borrowings



2,023


Federal Home Loan Bank Overnight Advances


42,000



Federal Home Loan Bank Term Advances

30,000


40,000


40,000


Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000


20,000


20,000


Accrued Interest Payable

676


1,147


1,210


Other Liabilities

24,022


22,813


24,138


Total Liabilities

1,864,201


1,796,299


1,784,354


STOCKHOLDERS' EQUITY





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




Common Stock, $1 Par Value; 20,000,000 Shares Authorized (16,416,163 Shares Issued at September 30, 2012 and 16,094,277 Shares Issued at December 31, 2011 and  September 30, 2011)

16,416


16,094


16,094


Additional Paid-in Capital

217,756


207,600


206,880


Retained Earnings

23,697


23,947


21,452


Unallocated ESOP Shares (107,315 Shares at September 30, 2012, and 117,502 shares at December 31, 2011 and at September 30, 2011)

(2,150)


(2,500)


(2,500)


Accumulated Other Comprehensive Loss

(5,693)


(6,695)


(2,805)


Treasury Stock, at Cost (4,274,972 Shares at September 30, 2012, 4,213,470 shares at December 31, 2011, and 4,180,557 shares at September 30, 2011)

(73,712)


(72,061)


(70,497)


Total Stockholders' Equity

176,314


166,385


168,624


Total Liabilities and Stockholders' Equity

$

2,040,515


$

1,962,684


$

1,952,978


 

 

Arrow Financial Corporation

Selected Quarterly Information

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


Quarter Ended

9/30/2012



6/30/2012



3/31/2012



12/31/2011



9/30/2011


Net Income

$

5,748



$

5,594



$

5,288



$

5,431



$

5,372


Transactions Recorded in Net Income (Net of Tax):

















Net Gain on Securities Transactions

39



86



303





1,069


Net Gain on Sales of Loans

362



324



216



259



132


Reversal of VISA Litigation Reserve



178








Prepayment Penalty on FHLB Advances









(989)


Share and Per Share Data:1










Period End Shares Outstanding

12,034



12,001



11,996



11,999



12,032


Basic Average Shares Outstanding

12,012



11,994



12,005



12,017



11,989


Diluted Average Shares Outstanding

12,032



12,009



12,031



12,024



12,011


Basic Earnings Per Share

$

0.48



$

0.47



$

0.44



$

0.45



$

0.45


Diluted Earnings Per Share

0.48



0.47



0.44



0.45



0.45


Cash Dividend Per Share

0.25



0.25



0.25



0.25



0.24


Selected Quarterly Average Balances:










Interest-Bearing Deposits at Banks

$

33,332



$

55,023



$

30,780



$

49,101



$

32,855


Investment Securities

670,328



682,589



678,474



674,338



646,542


Loans

1,148,771



1,143,666



1,136,322



1,126,452



1,119,384


Deposits

1,701,599



1,733,320



1,683,781



1,668,062



1,554,349


Other Borrowed Funds

68,667



66,022



83,055



101,997



164,850


Shareholders' Equity

174,069



170,199



167,849



168,293



166,514


Total Assets

1,971,215



1,994,883



1,959,741



1,963,915



1,911,853


Return on Average Assets

1.16

%


1.13

%


1.09

%


1.10

%


1.11

%

Return on Average Equity

13.14

%


13.22

%


12.67

%


12.80

%


12.80

%

Return on Tangible Equity2

15.50

%


15.67

%


15.07

%


15.22

%


15.19

%

Average Earning Assets

$

1,852,431



$

1,881,278



$

1,845,576



$

1,849,891



$

1,798,781


Average Paying Liabilities

1,511,634



1,565,692



1,545,098



1,547,071



1,487,923


Interest Income, Tax-Equivalent

18,168



18,508



18,810



19,179



19,884


Interest Expense

2,643



3,279



3,532



4,022



4,345


Net Interest Income, Tax-Equivalent

15,525



15,229



15,278



15,157



15,539


Tax-Equivalent Adjustment

1,000



975



872



832



887


Net Interest Margin 3

3.33

%


3.26

%


3.33

%


3.25

%


3.43

%

Efficiency Ratio Calculation:










Noninterest Expense

$

12,922



$

12,651



$

13,146



$

12,455



$

14,603


Less: Intangible Asset Amortization

(126)



(127)



(138)



(142)



(136)


Prepayment Penalty on FHLB Advances









(1,638)


Net Noninterest Expense

$

12,796



$

12,524



$

13,008



$

12,313



$

12,829


Net Interest Income, Tax-Equivalent

$

15,525



$

15,229



$

15,278



$

15,157



$

15,539


Noninterest Income

6,835



6,808



6,559



6,199



7,881


Less: Net Securities Gains

(64)



(143)



(502)





(1,771)


Net Gross Income

$

22,296



$

21,894



$

21,335



$

21,356



$

21,649


Efficiency Ratio

57.39

%


57.20

%


60.97

%


57.66

%


59.26

%

Period-End Capital Information:










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

$

176,314



$

171,940



$

168,466



$

166,385



$

168,624


Book Value per Share

14.65



14.33



14.04



13.87



14.01


Intangible Assets

26,546



26,611



26,653



26,752



26,788


Tangible Book Value per Share 2

12.45



12.11



11.82



11.64



11.79


Capital Ratios:










Tier 1 Leverage Ratio

9.41

%


9.09

%


9.10

%


8.95

%


9.10

%

Tier 1 Risk-Based Capital Ratio

15.20

%


15.08

%


14.84

%


14.71

%


15.06

%

Total Risk-Based Capital Ratio

16.45

%


16.34

%


16.10

%


15.96

%


16.31

%

Assets Under Trust Administration and Investment Management

$

1,051,176



$

1,019,702



$

1,038,186



$

973,551



$

925,671





























1Share and Per Share Data have been restated for the September 27, 2012 2% stock dividend.

2Tangible Book Value and Tangible Equity exclude intangible assets from total equity.  These are non-GAAP financial measures which we believe provide investors with information that is useful in understanding our financial performance.

3Net 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.

 


 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)

 

Quarter Ended:

9/30/2012


12/31/2011


9/30/2011

Loan Portfolio






Commercial Loans

$

100,423



$

99,791



$

97,031


Commercial Construction Loans

27,265



11,083



8,642


Commercial Real Estate Loans

235,181



232,149



228,608


Other Consumer Loans

6,857



6,318



6,080


Consumer Automobile Loans

343,230



322,375



315,225


Residential Real Estate Loans

439,995



459,741



465,105


Total Loans

$

1,152,951



$

1,131,457



$

1,120,691


Allowance for Loan Losses






Allowance for Loan Losses, Beginning of Quarter

$

15,211



$

14,920



$

14,820


Loans Charged-off

170



251



135


Less Recoveries of Loans Previously Charged-off

56



54



60


Net Loans Charged-off

114



197



75


Provision for Loan Losses

150



280



175


Allowance for Loan Losses, End of Quarter

$

15,247



$

15,003



$

14,920


Nonperforming Assets






Nonaccrual Loans

$

6,088



$

4,528



$

4,265


Loans Past Due 90 or More Days and Accruing

150



1,662



826


Loans Restructured and in Compliance with Modified Terms

518



1,422



601


Total Nonperforming Loans

6,756



7,612



5,692


Repossessed Assets

37



56



40


Other Real Estate Owned

797



460



281


Total Nonperforming Assets

$

7,590



$

8,128



$

6,013


Key Asset Quality Ratios






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

0.04

%


0.07

%


0.03

%

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

0.05

%


0.10

%


0.06

%

Allowance for Loan Losses to Period-End Loans

1.32

%


1.33

%


1.33

%

Allowance for Loan Losses to Period-End Nonperforming Loans

225.68

%


197.10

%


262.14

%

Nonperforming Loans to Period-End Loans

0.59

%


0.67

%


0.51

%

Nonperforming Assets to Period-End Assets

0.37

%


0.41

%


0.31

%

Nine-Month Period Ended:






Allowance for Loan Losses






Allowance for Loan Losses, Beginning of Year

$

15,003





$

14,689


Loans Charged-off

604





523


Less Recoveries of Loans Previously Charged-off

178





189


Net Loans Charged-off

426





334


Provision for Loan Losses

670





565


Allowance for Loan Losses, End of Year

$

15,247





$

14,920


Key Asset Quality Ratios






Net Loans Charged-off to Average Loans, Annualized

0.05

%




0.04

%

Provision for Loan Losses to Average Loans, Annualized

0.08

%




0.07

%

 

SOURCE Arrow Financial Corporation



RELATED LINKS
http://www.arrowfinancial.com

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