Arrow Financial reports Q2 net income $6.0M, EPS $0.36; loans hit record $3.1B

ARROW FINANCIAL CORP

2023-Q2 EPS reported $0.88

Net income $6.0M vs $8.6M Q1 2023 and $12.0M Q2 2022; diluted EPS $0.36.
Total loans reached record $3.1B, up 2.1% from Q1; loan-to-deposit ratio 88%.
Net interest margin compressed to 2.61% from 2.96% Q1 and 3.02% Q2 2022, as interest expense surged.
Nonperforming assets fell to $7.1M (0.17% of assets) from $11.3M; allowance coverage 477% of NPLs.
Back in full compliance with NASDAQ filing requirements; $0.27 quarterly dividend declared, unchanged.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ARROW FINANCIAL CORP reported the second quarter of 2023 results: net income $6.0 million, EPS $0.36.

Period: the second quarter of 2023
Net income: $6.0 million
EPS: $0.36
Result: reported results

Exact text from the filing

Net Income: Net income for the second quarter of 2023 was $6.0 million, decreasing from $8.6 million and $12.0 million in the first quarter of 2023 and the second quarter of 2022, respectively.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ARROW FINANCIAL CORP reported the three-month period ended June 30, 2023 results: net income $6.0 million, EPS $0.36.

Period: the three-month period ended June 30, 2023
Net income: $6.0 million
EPS: $0.36
Result: reported results

Exact text from the filing

Arrow Reports $6.0 million in Q2 2023 Net Income, Loans Reach Record High of $3.1 Billion GLENS FALLS, N.Y. (August 8, 2023) – Arrow Financial Corporation (NasdaqGS ® – AROW) ("Arrow") announced financial results for the three-month period ended June 30, 2023. Net income for the second quarter of 2023 was $6.0 million and fully diluted earnings per share was $0.36.

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Source: SEC EDGAR

accession 0000717538-23-000165

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