Arrow Q1 net income $8.6M, down 32% YoY; deposits up $48M QoQ

ARROW FINANCIAL CORP

2023-Q2 EPS reported $0.88

Net income $8.6M ($0.52 diluted EPS) vs $12.6M in Q1 2022; revenue $34.8M.
Net interest margin 2.96% (up from 2.90% YoY, down from 3.08% in Q4 2022).
Total loans hit record $3.0B (+$22.1M from Dec); deposits grew $48M QoQ to $3.5B.
Nonperforming assets fell to $11.3M (0.27% of assets); net charge-offs 0.10%.
David S. DeMarco appointed President and CEO effective May 13, 2023; $0.27 quarterly dividend.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ARROW FINANCIAL CORP reported the three-month period ended March 31, 2023 results: revenue $34.8 million, net income $8.6 million, EPS $0.52.

Period: the three-month period ended March 31, 2023
Revenue: $34.8 million
Net income: $8.6 million
EPS: $0.52
Result: reported results

Exact text from the filing

represented 0.27% of period-end assets. • Net charge-offs to average loans for the first quarter of 2023 were 0.10% as compared to 0.09% for the previous quarter. • Revenue was $34.8 million. • Net income was $8.6 million. • Non-interest expenses of $22.3 million included $1.0 million in incremental expenses related to the delayed filing of the Annual Report on Form

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

ARROW FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0000717538-23-000138

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