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Arrow Reports 4th Quarter Net Income of $4.5 Million or $0.27 per Share and $29.7 Million or $1.77 per Share for 2024. Declares first quarter dividend of $0.28 per share.

Arrow Financial Corporation (PRNewsfoto/Arrow Financial Corporation)

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Arrow Financial Corporation

Jan 30, 2025, 08:00 ET

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GLENS FALLS, N.Y., Jan. 30, 2025 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) ("Arrow") reported net income of $4.5 million, and fully diluted earnings per share ("EPS") of $0.27 for the fourth quarter of 2024, versus $7.7 million and EPS of $0.46, for the same period in 2023. For the year ended 2024, net income totaled $29.7 million, with EPS of $1.77, versus $30.1 million, and EPS of $1.77, for the same period in 2023.

The Board of Directors of Arrow declared a quarterly cash dividend of $0.28 per share payable February 24, 2025 to shareholders of record as of February 10, 2025.

The reported results included several non-core items that impacted the fourth quarter and the 2024 full year results. As previously disclosed in our Form 8-K filed December 26, 2024, the fourth quarter included the following pre-tax non-core items:

  • $3.0 million, or $0.15 per share, loss on sale of repositioning of the securities portfolio
  • $0.7 million, or $0.03 per share, write-off related to legacy branding items
  • $0.5 million, or $0.02 per share, in expenses (legal, consulting, compliance) related to the unification of our two bank subsidiaries into Arrow Bank National Association ("Arrow Bank")

Prior to the fourth quarter, Arrow recognized the following pre-tax non-core/non-recurring items:

  • $0.4 million, or $0.02 per share, in expenses related to the acquisition of the Whitehall branch and the assets of A&B Agency, Inc. completed during the third quarter
  • $1.2 million, or $0.06 per share, in residual expenses related to the 2022 Form 10-K filing delay

This Earnings Release and related commentary should be read in conjunction with our Form 8-K filed January 30, 2025 and related Fourth Quarter 2024 Investor Presentation, which can also be found on our website: arrowfinancial.com/documents/investor-presentations. 

Arrow President and CEO David S. DeMarco: 

"Arrow just completed a transformational year. We completed the unification of our two subsidiary banks under one brand, Arrow Bank. Our exceptional team continues to serve our customers and communities in the same way they have come to expect from us. In addition, we also acquired a bank branch in Whitehall, New York as well the assets of a local insurance agency. We made significant contributions to the communities we serve, both financially and through volunteer efforts, continuing our commitment to giving back. In 2024, we delivered for our shareholders, growing loans by mid-single digits, expanding our net interest margin and actively managing our balance sheet, positioning the Bank for increased profitability in 2025."

Fourth-Quarter Highlights and Key Metrics

  • Reported Net Income of $4.5 million or $0.27 EPS
  • Core Net Income of $7.8 million or $0.47 EPS
  • Results included approximately $4.2 million of non-core charges and expenses related to the repositioning of the securities portfolio and efforts related to bank unification
  • Net Interest Margin improved to 2.83% (2.85% FTE1) versus 2.78% (2.79% FTE) in the prior quarter
  • Loan growth of $59 million2 (7.0% annualized) for the quarter
  • Record loan balances — reaching $3.4 billion
  • Provision for Credit Losses was $2.9 million on strong loan growth and changes in portfolio composition
  • Net Charge-Offs remained low at 0.06% (annualized) for the quarter
  • Tangible Book Value improved to $22.40, an increase from $21.06 from the prior year
  • Return on Average Assets 0.41% impacted by 31bps from non-core items as well as 21bps from the provision for credit losses
  • Other Comprehensive Income improved $5.3 million, or 20%, from the prior-quarter, excluding realized loss on the repositioning of the investment portfolio
  • Legal bank unification of our bank subsidiaries completed
  • Increased quarterly dividend by 3.7% to $0.28 per share

Select 2024 Highlights and Key Metrics

  • Reported Net Income of $29.7 million or $1.77 EPS
  • Core Net Income of $34.4 million or $2.05 EPS
  • Results included approximately $5.8 million of pre-tax non-core charges and expenses related to the repositioning of the securities portfolio, bank unification, acquisition of the Whitehall branch and A&B Agency, Inc. as well as residual costs related to 2022 Form 10-K filing delay
  • Loan growth of $185 million3, or 5.8%.
  • Net Interest Margin improved to 2.72% (2.74% FTE4), up from 2.65% (2.67% FTE) in the prior year
  • Return on Average Assets of 0.70% reduced by 11bps from non-core items and the provision for credit losses
  • Net Charge-Offs were 0.09% for the year
  • Whitehall branch and A&B Agency, Inc. acquisitions in 3Q24
  • Enhanced shareholder value via share repurchases and increased cash dividend
  • Named to the prestigious Piper Sandler Sm-All Stars: Class of 2024 list

Income Statement

  • Net Income: Net income for the fourth quarter of 2024 was $4.5 million, decreasing from $9.0 million in the third quarter of 2024. Net income for 2024 was $29.7 million, down from $30.1 million for 2023.
    • Compared to the prior quarter, net income benefited from an increase of $1.2 million in net interest income, offset by an increase in non-interest expense of $1.7 million, a decrease in non-interest income of $3.9 million and an increase in the provision for credit losses of $1.9 million. The remaining change was related to the tax impact.
    • Compared to the prior year, the decrease in net income was primarily the result of an increase in net interest income of $6.9 million offset by an increase of non-interest expense of $4.2 million and a $1.8 million increase in the provision for credit losses. The remaining change was related to the tax impact.

  • Net Interest Income: Net interest income for the fourth quarter of 2024 was $29.7 million, an increase of $1.2 million compared to the third quarter of 2024. Net interest income for the year ended December 31, 2024 was $111.7 million, an increase of $6.9 million, or 6.6%, from the prior year.
    • Compared to the prior quarter, interest income increased $1.5 million while interest expense increased by only $0.2 million as a result of reduced deposits and continued pricing discipline.
    • Compared to the prior year, the increase was primarily due to interest income outpacing growth in interest expense. Interest and fees on loans were $171.3 million for the year ended December 31, 2024, an increase of 20.6% from the $142.0 million for the year ended December 31, 2023. The increase was primarily driven by loan growth and higher loan rates. Interest expense for the year ended December 31, 2024 was $83.3 million. This represents an increase of $25.5 million, or 44.2%, from the $57.7 million in interest expense for the prior-year period. The increase in the interest expense was driven primarily by higher deposit rates and changes in deposit composition.

  • Net Interest Margin: Net interest margin was 2.72% (2.74% FTE5) for the year ended December 31, 2024, as compared to 2.65% (2.67% FTE) for the year ended December 31, 2023. In the fourth quarter of 2024, the net interest margin was 2.83% (2.85% FTE), as compared to 2.53% (2.55% FTE) for the fourth quarter of 2023. The increase in net interest margin compared to the third quarter of 2024 was primarily the result of continued yield expansion on earning assets combined with the moderating cost of interest-bearing liabilities. The increase in net interest margin from the previous year was primarily the result of yield on average earning assets increasing at a faster pace than costs of interest-bearing liabilities. Net interest margin was affected by deposits migrating to higher costing products, such as money market savings and time deposits.

Twelve Months Ended

(dollars in thousands)


December 31,
2024


December 31,
2023

Interest and Dividend Income

$          194,993


$          162,564

Interest Expense

83,261


57,732

Net Interest Income

111,732


104,832

Average Earning Assets(1)

4,102,954


3,948,708

Average Interest-Bearing Liabilities

3,126,495


2,903,925





Yield on Earning Assets(1)

4.75 %


4.12 %

Cost of Interest-Bearing Liabilities

2.66


1.99

Net Interest Spread

2.09


2.13

Net Interest Margin

2.72


2.65

FTE Net Interest Margin

2.74


2.67





(1) Includes Nonaccrual Loans.








  • Provision for Credit Losses: For the year ended December 31, 2024, the provision for credit losses related to the loan portfolio was $5.2 million, compared to $3.4 million in the prior year. The key drivers for the provision for credit losses in 2024 were loan growth, charge-offs, and changes to the portfolio mix/age, due to fourth-quarter commercial loan growth, partially offset by changes to the economic forecast factors embedded in the credit loss allowance model, as well as qualitative factors relating to local and Arrow-specific conditions.

  • Non-Interest Income: Non-interest income was $4.2 million for the fourth quarter of 2024, a decrease from $8.1 million for the previous quarter. Non-interest income was $28.1 million for the year ended December 31, 2024, a decrease of 3.6%, as compared to $29.1 million for the year ended December 31, 2023. The decreases were primarily attributable to the $3.0 million pre-tax loss related to the investment portfolio repositioning as well as the $0.7 million pre-tax charge related to legacy branding, both recognized in the fourth quarter of 2024. Revenue from fee businesses, including wealth management and insurance, both increased compared to the prior year.

  • Non-Interest Expense: Non-interest expense for the year ended December 31, 2024 increased by $4.2 million, or 4.5%, to $97.3 million, as compared to $93.0 million in 2023. The largest component of non-interest expense is salaries and benefits paid to our employees, which totaled $52.7 million in 2024 and increased $5.0 million, or 10.6%, from the prior year. The increase was related to headcount increases to support additional control and compliance initiatives and our growing organization. Salaries and benefits were also impacted by inflation-driven wage increases and rising benefit costs.

  • Provision for Income Taxes: The provision for income taxes for 2024 was $7.6 million, compared to $7.4 million for 2023. The effective income tax rates for 2024 and 2023 were 20.5% and 19.8%, respectively. The increase in the effective tax rate was primarily the result of reduced tax exempt income in 2024.

Balance Sheet

  • Total Assets: Total assets were $4.3 billion at December 31, 2024, an increase of $136.5 million, or 3.3%, compared to December 31, 2023 and a decrease of $105.1 million, or 2.4%, from September 30, 2024. The increase over the prior year was primarily driven by loan growth. The decrease in the fourth quarter was primary driven by decreases in municipal cash balances due to seasonality.

  • Investments: Total investments were $570.8 million at December 31, 2024, a decrease of $65.4 million, or 10.3%, compared to December 31, 2023. The decrease was driven primarily by paydowns and maturities, the proceeds of which were used to fund loan growth in 2024. The repositioning of the investment portfolio in the fourth quarter did not materially impact the overall investment balance. There were no credit quality issues related to the investment portfolio.

  • Loans6: At December 31, 2024, total loan balances reached $3.4 billion. Loan growth for the fourth quarter was $59 million. Loan growth for the year was $185 million or 5.8%. Loan growth was spread across all loan products. Please see the loan detail included in the Consolidated Financial Information table on page 14.

  • Allowance for Credit Losses: The allowance for credit losses was $33.6 million at December 31, 2024, an increase of $2.3 million from December 31, 2023. The allowance for credit losses at year-end 2024 represented 0.99% of loans outstanding, an increase from 0.97% at year-end 2023. Asset quality remained solid at December 31, 2024. Net loan charge-offs, expressed as an annualized percentage of average loans outstanding, were 0.09% for the year ended December 31, 2024, as compared to 0.07% for the prior year. Nonperforming assets of $21.5 million at December 31, 2024, represented 0.50% of period-end assets, compared to $21.5 million or 0.51% at December 31, 2023.

  • Deposits: At December 31, 2024, total deposit balances were $3.8 billion, an increase of $140.4 million, or 3.8%, from the prior-year level. Deposits decreased in the fourth quarter by $9.5 million. In the fourth quarter, $95 million of borrowings were replaced with callable brokered CDs with a lower cost of funds. The increase was offset in part by the seasonal behavior of municipal deposits. Non-municipal deposits, excluding brokered CDs, decreased by $57.6 million and municipal deposits decreased by $12.2 million, each as compared to December 31, 2023. Non-interest bearing deposits decreased by $55.4 million, or 7.3%, during 2024, and represented 18.4% of total deposits at year-end, as compared to the prior-year level of 20.6%. At December 31, 2024, total time deposits, excluding brokered CDs, increased $36.0 million from the prior-year level. The change in composition of deposits was primarily due to pressure from competitive rate pricing and the migration from low to higher costing products.

  • Capital: Total shareholders' equity was $400.9 million at December 31, 2024, an increase of $21.1 million, or 5.6%, from December 31, 2023 and an increase of $7.6 million in the fourth quarter. The increase from the third quarter was primarily attributable to net income of $4.5 million, other comprehensive income of $7.5 million and various capital items of $0.3 million, partially offset by dividends of $4.7 million. The increase in stockholders' equity from December 31, 2023 was primarily attributable to net income of $29.7 million, other comprehensive income of $15.0 million and various capital items of $1.5 million partially offset by dividends of $18.3 million and stock repurchases of $6.8 million. The changes to other comprehensive income stem primarily from fair value adjustments relating to the Company's cash flow hedges as well as its available for sale investment portfolio. Arrow's regulatory capital ratios remained strong in 2024. At December 31, 2024, Arrow's Common Equity Tier 1 Capital Ratio was 12.71% and Total Risk-Based Capital Ratio was 14.47%. The capital ratios of Arrow and its subsidiary bank, Arrow Bank, continued to significantly exceed the "well capitalized" regulatory standards.

Additional Commentary

  • Piper Sandler Sm-All Stars: In 2024, Arrow was named to the prestigious Piper Sandler Sm-All Stars: Class of 2024, a list of 30 top-performing small-cap banks and thrifts in the country. Arrow is one of just three New York financial institutions on the list and the only bank in Upstate New York. Piper Sandler, an independent investment bank and research firm, evaluated more than 300 institutions that trade on a major exchange, narrowing the field to the top 30.

  • Bauer Financial Ratings: Prior to unification, Arrow's subsidiary banks, continued to maintain their 5-Star Exceptional Performance ratings from Bauer Financial for the 70th and 62nd quarters.

_______________________________

1

FTE (fully taxable equivalent basis) net interest margin is a non-GAAP measure. See reconciliation on Note 3 to the Selected Quarterly Information.

2

Excludes both $2.2 million fair value hedge adjustment at December 31, 2024 and $6.5 million fair value hedge adjustment at September 30, 2024.

3

Excludes both $2.2 million fair value hedge adjustment at December 31, 2024 and $5.8 million fair value hedge adjustment at December 31, 2023.

4

FTE Net interest margin is a non-GAAP measure. See reconciliation on Note 3 to the Selected Quarterly Information.

5

FTE net interest margin is a non-GAAP measure. See reconciliation on Note 3 to the Selected Quarterly Information.

6

Excludes both $2.2 million fair value hedge adjustment at December 31, 2024, $6.5 million fair value hedge adjustment at September 30, 2024 and $5.8 million fair value hedge adjustment at December 31, 2023.

——————

About Arrow:  Arrow Financial Corporation is a holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Arrow Bank National Association, a full-service commercial bank, and Upstate Agency, LLC, a comprehensive insurance agency. Other subsidiaries include 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 book value, tangible equity, return on tangible equity, tax-equivalent adjustment and related net interest income, tax-equivalent net interest margin 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 Annual Report on Form 10-K for the year ended December 31, 2023, and other filings with the SEC.

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,


2024


2023


2024


2023

INTEREST AND DIVIDEND INCOME








Interest and Fees on Loans

$     44,703


$     38,813


$   171,342


$   142,016

Interest on Deposits at Banks

2,880


1,873


9,615


5,831

Interest and Dividends on Investment Securities:








Fully Taxable

2,728


2,941


11,579


11,764

Exempt from Federal Taxes

590


697


2,457


2,953

Total Interest and Dividend Income

50,901


44,324


194,993


162,564

INTEREST EXPENSE








Interest-Bearing Checking Accounts

1,932


1,317


7,442


3,663

Savings Deposits

11,144


10,513


42,850


34,343

Time Deposits over $250,000

1,815


1,807


7,460


4,966

Other Time Deposits

5,906


3,406


20,997


7,127

Borrowings

198


1,447


3,637


6,756

Junior Subordinated Obligations Issued to

  Unconsolidated Subsidiary Trusts

172


173


686


686

Interest on Financing Leases

47


48


189


191

Total Interest Expense

21,214


18,711


83,261


57,732

NET INTEREST INCOME

29,687


25,613


111,732


104,832

Provision for Credit Losses

2,854


525


5,180


3,381

NET INTEREST INCOME AFTER PROVISION FOR

   CREDIT LOSSES

26,833


25,088


106,552


101,451

NONINTEREST INCOME








Income From Fiduciary Activities

2,615


2,363


9,952


9,444

Fees for Other Services to Customers

2,762


2,725


10,892


10,798

Insurance Commissions

1,848


1,723


7,147


6,498

Net (Loss) Gain on Securities

(3,072)


122


(2,907)


(92)

Net Gain on Sales of Loans

74


7


209


32

Other Operating Income

—


544


2,781


2,437

Total Noninterest Income

4,227


7,484


28,074


29,117

NONINTEREST EXPENSE








Salaries and Employee Benefits

13,332


11,693


52,707


47,667

Occupancy Expenses, Net

1,870


1,826


7,169


6,554

Technology and Equipment Expense

5,119


4,458


19,365


17,608

FDIC Assessments

664


572


2,775


2,050

Other Operating Expense

4,853


4,641


15,252


19,169

Total Noninterest Expense

25,838


23,190


97,268


93,048

INCOME BEFORE PROVISION FOR INCOME TAXES

5,222


9,382


37,358


37,520

Provision for Income Taxes

752


1,659


7,649


7,445

NET INCOME

$       4,470


$       7,723


$     29,709


$     30,075

Average Shares Outstanding:








Basic

16,718


17,002


16,739


17,037

Diluted

16,739


17,004


16,745


17,037

Per Common Share:








Basic Earnings

$         0.27


$         0.46


$         1.78


$         1.77

Diluted Earnings

0.27


0.46


1.77


1.77

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

 


December 31,
2024


December 31,
2023

ASSETS




Cash and Due From Banks

$              27,422


$              36,755

Interest-Bearing Deposits at Banks

127,124


105,781

Investment Securities:




Available-for-Sale

463,111


497,769

Held-to-Maturity (Approximate Fair Value of $96,586 at

 December 31, 2024, and $128,837 at December 31, 2023)

98,261


131,395

Equity Securities

5,055


1,925

Other Investments

4,353


5,049

Loans

3,394,541


3,212,908

Allowance for Credit Losses

(33,598)


(31,265)

Net Loans

3,360,943


3,181,643

Premises and Equipment, Net

59,717


59,642

Goodwill

23,789


21,873

Other Intangible Assets, Net

2,058


1,110

Other Assets

134,515


126,926

Total Assets

$        4,306,348


$        4,169,868

LIABILITIES




Noninterest-Bearing Deposits

$           702,978


$           758,425

Interest-Bearing Checking Accounts

810,834


799,785

Savings Deposits

1,520,024


1,466,280

Time Deposits over $250,000

191,962


179,301

Other Time Deposits

602,132


483,775

Total Deposits

3,827,930


3,687,566

Borrowings

8,600


26,500

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000


20,000

Finance Leases

5,005


5,066

Other Liabilities

43,912


50,964

Total Liabilities

3,905,447


3,790,096

STOCKHOLDERS' EQUITY




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

—


—

Common Stock, $1 Par Value; 30,000,000 Shares Authorized (22,066,559 Shares Issued at December 31, 2024 and December 31, 2023)

22,067


22,067

Additional Paid-in Capital

413,476


412,551

Retained Earnings

77,215


65,792

Accumulated Other Comprehensive (Loss) Income

(18,453)


(33,416)

Treasury Stock, at Cost (5,323,638 Shares at December 31, 2024, and 5,124,073 Shares at December 31, 2023)

(93,404)


(87,222)

Total Stockholders' Equity

400,901


379,772

Total Liabilities and Stockholders' Equity

$        4,306,348


$        4,169,868

Arrow Financial Corporation

Selected Quarterly Information

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

 

Quarter Ended

12/31/2024


9/30/2024


6/30/2024


3/31/2024


12/31/2023

Net Income

$      4,470


$      8,975


$      8,604


$      7,660


$      7,723

Transactions in Net Income (Net of Tax):










Net Changes in Fair Value of Equity Investments

(26)


69


39


13


90











Share and Per Share Data:










Period End Shares Outstanding

16,743


16,734


16,723


16,710


16,942

Basic Average Shares Outstanding

16,718


16,710


16,685


16,865


17,002

Diluted Average Shares Outstanding

16,739


16,742


16,709


16,867


17,004

Basic Earnings Per Share

$        0.27


$        0.54


$        0.52


$        0.45


$        0.46

Diluted Earnings Per Share

0.27


0.53


0.52


0.45


0.46

Cash Dividend Per Share

0.280


0.270


0.270


0.270


0.270











Selected Quarterly Average Balances:










  Interest-Bearing Deposits at Banks

$ 233,469


$ 154,937


$ 159,336


$ 178,452


$ 136,026

  Investment Securities

579,107


590,352


644,192


671,105


713,144

  Loans

3,354,463


3,329,873


3,280,285


3,235,841


3,170,262

  Deposits

3,847,691


3,672,128


3,678,957


3,693,325


3,593,949

  Other Borrowed Funds

49,090


134,249


131,537


122,033


149,507

  Shareholders' Equity

393,696


387,904


378,256


379,446


363,753

  Total Assets

4,339,833


4,245,597


4,237,359


4,245,484


4,159,313

Return on Average Assets, annualized

0.41 %


0.84 %


0.82 %


0.73 %


0.74 %

Return on Average Equity, annualized

4.52 %


9.20 %


9.15 %


8.12 %


8.42 %

Return on Average Tangible Equity, annualized 1

4.84 %


9.79 %


9.74 %


8.64 %


8.99 %

Average Earning Assets

4,167,039


4,075,162


4,083,813


4,085,398


4,019,432

Average Paying Liabilities

3,185,215


3,085,066


3,127,417


3,108,093


2,985,717

Interest Income

50,901


49,443


47,972


46,677


44,324

Tax-Equivalent Adjustment 2

157


149


163


176


184

Interest Income, Tax-Equivalent 2

51,058


49,592


48,135


46,853


44,508

Interest Expense

21,214


21,005


20,820


20,222


18,711

Net Interest Income

29,687


28,438


27,152


26,455


25,613

Net Interest Income, Tax-Equivalent 2

29,844


28,587


27,315


26,631


25,797

Net Interest Margin, annualized

2.83 %


2.78 %


2.67 %


2.60 %


2.53 %

Net Interest Margin, Tax-Equivalent, annualized 2

2.85 %


2.79 %


2.69 %


2.62 %


2.55 %











Efficiency Ratio Calculation: 3










Noninterest Expense

$   25,838


$   24,100


$   23,318


$   24,012


$   23,190

Less: Intangible Asset Amortization

89


78


40


41


43

Net Noninterest Expense

$   25,749


$   24,022


$   23,278


$   23,971


$   23,147

Net Interest Income, Tax-Equivalent

$   29,844


$   28,587


$   27,315


$   26,631


$   25,797

Noninterest Income

4,227


8,133


7,856


7,858


7,484

Less: Net Gain (Loss) on Securities

(3,038)


94


54


17


122

Net Gross Income

$   37,109


$   36,626


$   35,117


$   34,472


$   33,159

Efficiency Ratio

69.39 %


65.59 %


66.29 %


69.54 %


69.81 %











Period-End Capital Information:










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

$ 400,901


$ 393,311


$ 383,018


$ 377,986


$ 379,772

Book Value per Share 

23.94


23.50


22.90


22.62


22.42

Goodwill and Other Intangible Assets, net

25,847


25,979


22,800


22,891


22,983

Tangible Book Value per Share 1

22.40


21.95


21.54


21.25


21.06











Capital Ratios:4










Tier 1 Leverage Ratio

9.60 %


9.78 %


9.74 %


9.63 %


9.84 %

Common Equity Tier 1 Capital Ratio 

12.71 %


12.77 %


12.88 %


12.84 %


13.00 %

Tier 1 Risk-Based Capital Ratio

13.35 %


13.41 %


13.53 %


13.50 %


13.66 %

Total Risk-Based Capital Ratio

14.47 %


14.46 %


14.57 %


14.57 %


14.74 %











Assets Under Trust Admin. & Investment Mgmt.

$  2,036,393


$  1,944,239


$  1,848,349


$  1,829,266


$  1,763,194

Arrow Financial Corporation

Selected Quarterly Information - Continued

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

 

Footnotes:




















1.

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





12/31/2024


9/30/2024


6/30/2024


3/31/2024


12/31/2023


Total Stockholders' Equity (GAAP)

$   400,901


$   393,311


$   383,018


$   377,986


$   379,772


Less:  Goodwill and Other Intangible assets, net

25,847


25,979


22,800


22,891


22,983


Tangible Equity (Non-GAAP)

$   375,054


$   367,332


$   360,218


$   355,095


$   356,789













Period End Shares Outstanding

16,743


16,734


16,723


16,710


16,942


Tangible Book Value per Share (Non-GAAP)

$        22.40


$        21.95


$        21.54


$        21.25


$        21.06


Net Income

4,470


8,975


8,604


7,660


7,723


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

4.84 %


9.79 %


9.74 %


8.64 %


8.99 %












2.

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.





12/31/2024


9/30/2024


6/30/2024


3/31/2024


12/31/2023


Interest Income (GAAP)

$     50,901


$     49,443


$     47,972


$     46,677


$     44,324


Add: Tax Equivalent Adjustment (Non-GAAP)

157


149


163


176


184


Interest Income - Tax Equivalent (Non-GAAP)

$     51,058


$     49,592


$     48,135


$     46,853


$     44,508













Net Interest Income (GAAP)

$     29,687


$     28,438


$     27,152


$     26,455


$     25,613


Add:  Tax-Equivalent adjustment (Non-GAAP)

157


149


163


176


184


Net Interest Income - Tax Equivalent (Non-GAAP)

$     29,844


$     28,587


$     27,315


$     26,631


$     25,797


Average Earning Assets

4,167,039


4,075,162


4,083,813


4,085,398


4,019,432


Net Interest Margin (Non-GAAP)*

2.85 %


2.79 %


2.69 %


2.62 %


2.55 %












3.

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).












4.

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, 2024 CET1 ratio listed in the tables (i.e., 12.71%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).





12/31/2024


9/30/2024


6/30/2024


3/31/2024


12/31/2023


Total Risk Weighted Assets

3,126,362


3,110,178


3,072,922


3,049,525


3,032,188


Common Equity Tier 1 Capital

397,285


397,122


395,691


391,706


394,166


Common Equity Tier 1 Ratio

12.71 %


12.77 %


12.88 %


12.84 %


13.00 %












 * Quarterly ratios have been annualized










Arrow Financial Corporation

Average Consolidated Balance Sheets and Net Interest Income Analysis

(Dollars in Thousands - Unaudited)

 

Quarter Ended:

December 31, 2024


December 31, 2023




Interest


Rate




Interest


Rate


Average


Income/


Earned/


Average


Income/


Earned/


Balance


Expense


Paid


Balance


Expense


Paid

Interest-Bearing Deposits at Banks

$   233,469


$       2,880


4.91 %


$   136,026


1,873


5.46 %

Investment Securities:












Fully Taxable

484,860


2,728


2.24 %


586,227


2,941


1.99 %

Exempt from Federal Taxes

94,247


590


2.49 %


126,917


697


2.18 %

Loans (1)

3,354,463


44,703


5.30 %


3,170,262


38,813


4.86 %

Total Earning Assets (1)

4,167,039


50,901


4.86 %


4,019,432


44,324


4.38 %

Allowance for Credit Losses

(31,529)






(31,417)





Cash and Due From Banks

30,706






30,402





Other Assets

173,617






140,896





Total Assets

$  4,339,833






$  4,159,313





Deposits:












Interest-Bearing Checking Accounts

$   802,808


1,932


0.96 %


$   801,923


1,317


0.65 %

Savings Deposits

1,567,455


11,144


2.83 %


1,509,946


10,513


2.76 %

Time Deposits of $250,000 or More

183,325


1,815


3.94 %


169,854


1,807


4.22 %

Other Time Deposits

582,537


5,906


4.03 %


354,487


3,406


3.81 %

Total Interest-Bearing Deposits

3,136,125


20,797


2.64 %


2,836,210


17,043


2.38 %

Borrowings

24,089


198


3.27 %


124,445


1,447


4.61 %

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000


172


3.42 %


20,000


173


3.43 %

Finance Leases

5,001


47


3.74 %


5,062


48


3.76 %

Total Interest-Bearing Liabilities

3,185,215


21,214


2.65 %


2,985,717


18,711


2.49 %

Noninterest-Bearing Deposits

711,566






757,739





Other Liabilities

49,356






52,104





Total Liabilities

3,946,137






3,795,560





Stockholders' Equity

393,696






363,753





Total Liabilities and Stockholders' Equity

$  4,339,833






$  4,159,313





Net Interest Income



$     29,687






$     25,613



Net Interest Spread





2.21 %






1.89 %

Net Interest Margin





2.83 %






2.53 %

     (1) Includes Nonaccrual Loans












Arrow Financial Corporation

Average Consolidated Balance Sheets and Net Interest Income Analysis

(Dollars in Thousands - Unaudited)

 

Quarter Ended:

December 31, 2024


September 30, 2024




Interest


Rate




Interest


Rate


Average


Income/


Earned/


Average


Income/


Earned/


Balance


Expense


Paid


Balance


Expense


Paid

Interest-Bearing Deposits at Banks

$   233,469


$       2,880


4.91 %


$   154,937


2,103


5.40 %

Investment Securities:












Fully Taxable

484,860


2,728


2.24 %


497,450


2,656


2.12 %

Exempt from Federal Taxes

94,247


590


2.49 %


92,902


562


2.41 %

Loans (1)

3,354,463


44,703


5.30 %


3,329,873


44,122


5.27 %

Total Earning Assets (1)

4,167,039


50,901


4.86 %


4,075,162


49,443


4.83 %

Allowance for Credit Losses

(31,529)






(31,147)





Cash and Due From Banks

30,706






33,159





Other Assets

173,617






168,423





Total Assets

$  4,339,833






$  4,245,597





Deposits:












Interest-Bearing Checking Accounts

$   802,808


1,932


0.96 %


$   785,134


1,966


1.00 %

Savings Deposits

1,567,455


11,144


2.83 %


1,492,888


10,905


2.91 %

Time Deposits of $250,000 or More

183,325


1,815


3.94 %


174,028


1,803


4.12 %

Other Time Deposits

582,537


5,906


4.03 %


498,767


4,934


3.94 %

Total Interest-Bearing Deposits

3,136,125


20,797


2.64 %


2,950,817


19,608


2.64 %

Borrowings

24,089


198


3.27 %


109,230


1,177


4.29 %

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000


172


3.42 %


20,000


173


3.44 %

Finance Leases

5,001


47


3.74 %


5,019


47


3.73 %

Total Interest-Bearing Liabilities

3,185,215


21,214


2.65 %


3,085,066


21,005


2.71 %

Noninterest-Bearing Deposits

711,566






721,311





Other Liabilities

49,356






51,316





Total Liabilities

3,946,137






3,857,693





Stockholders' Equity

393,696






387,904





Total Liabilities and Stockholders' Equity

$  4,339,833






$  4,245,597





Net Interest Income



$     29,687






$     28,438



Net Interest Spread





2.21 %






2.12 %

Net Interest Margin





2.83 %






2.78 %

Arrow Financial Corporation

Average Consolidated Balance Sheets and Net Interest Income Analysis

(Dollars in Thousands - Unaudited)

 

Years Ended December 31:

2024


2023




Interest


Rate




Interest


Rate


Average


Income/


Earned/


Average


Income/


Earned/


Balance


Expense


Paid


Balance


Expense


Paid

Interest-Bearing Deposits at Banks

$   181,618


$       9,615


5.29 %


$   109,906


5,831


5.31 %

 Investment Securities:












   Fully Taxable

515,794


11,579


2.24 %


622,575


11,764


1.89 %

   Exempt from Federal Taxes

105,196


2,457


2.34 %


141,966


2,953


2.08 %

Loans

3,300,346


171,342


5.19 %


3,074,261


142,016


4.62 %

 Total Earning Assets

4,102,954


194,993


4.75 %


3,948,708


162,564


4.12 %

Allowance for Credit Losses

(31,387)






(30,799)





Cash and Due From Banks

30,577






30,640





Other Assets

164,577






135,970





 Total Assets

$  4,266,721






$  4,084,519





Deposits:












   Interest-Bearing Checking Accounts

$   812,634


7,442


0.92 %


$   855,931


3,663


0.43 %

  Savings Deposits

1,507,227


42,850


2.84 %


1,498,749


34,343


2.29 %

  Time Deposits of $250,000 or More

176,844


7,460


4.22 %


137,974


4,966


3.60 %

  Other Time Deposits

520,658


20,997


4.03 %


241,218


7,127


2.95 %

    Total Interest-Bearing Deposits

3,017,363


78,749


2.61 %


2,733,872


50,099


1.83 %

Borrowings

84,106


3,637


4.32 %


144,971


6,756


4.66 %

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000


686


3.43 %


20,000


686


3.43 %

Finance Leases

5,026


189


3.76 %


5,082


191


3.76 %

  Total Interest-Bearing Liabilities

3,126,495


83,261


2.66 %


2,903,925


57,732


1.99 %

Demand Deposits

705,863






772,889





Other Liabilities

49,505






44,924





 Total Liabilities

3,881,863






3,721,738





Stockholders' Equity

384,858






362,781





 Total Liabilities and Stockholders' Equity

$  4,266,721






$  4,084,519





Net Interest Income



$   111,732






$   104,832



Net Interest Spread





2.09 %






2.13 %

Net Interest Margin





2.72 %






2.65 %

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)

 

Quarter Ended:

12/31/2024


12/31/2023

Loan Portfolio




Commercial Loans

$      158,991


$      156,224

Commercial Real Estate Loans

796,365


745,487

  Subtotal Commercial Loan Portfolio

955,356


901,711

Consumer Loans

1,118,981


1,111,667

Residential Real Estate Loans

1,320,204


1,199,530

Total Loans

$   3,394,541


$   3,212,908

Allowance for Credit Losses




Allowance for Credit Losses, Beginning of Quarter

$        31,262


$        31,112

Loans Charged-off

(1,333)


(1,366)

Recoveries of Loans Previously Charged-off

815


994

Net Loans Charged-off

(518)


(372)

Provision for Credit Losses

2,854


525

Allowance for Credit Losses, End of Quarter

$        33,598


$        31,265

Nonperforming Assets




Nonaccrual Loans

$        20,621


$        20,645

Loans Past Due 90 or More Days and Accruing

398


452

Loans Restructured and in Compliance with Modified Terms

20


54

Total Nonperforming Loans

21,039


21,151

Repossessed Assets

382


312

Other Real Estate Owned

76


—

Total Nonperforming Assets

$        21,497


$        21,463

Key Asset Quality Ratios




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

  Annualized

0.06 %


0.05 %

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

  Annualized

0.34 %


0.07 %

Allowance for Credit Losses to Period-End Loans

0.99 %


0.97 %

Allowance for Credit Losses to Period-End Nonperforming Loans

159.69 %


147.82 %

Nonperforming Loans to Period-End Loans

0.62 %


0.66 %

Nonperforming Assets to Period-End Assets

0.50 %


0.51 %

Twelve-Month Period Ended:




Allowance for Credit Losses




Allowance for Credit Losses, Beginning of Year

31,265


29,952

Loans Charged-off

(5,895)


(5,177)

Recoveries of Loans Previously Charged-off

3,048


3,109

Net Loans Charged-off

(2,847)


(2,068)

Provision for Credit Losses

5,180


3,381

Allowance for Credit Losses, End of Year

$        33,598


$        31,265

Key Asset Quality Ratios




Net Loans Charged-off to Average Loans

0.09 %


0.07 %

Provision for Credit Losses to Average Loans

0.16 %


0.11 %

SOURCE Arrow Financial Corporation

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