Arrow Financial sells Visa shares for $9.3M gain, repositions $100M securities portfolio

ARROW FINANCIAL CORP

Sold 27,771 Visa Class B shares for pre-tax gain of approximately $9.3 million.
Sold ~$100M lower-yielding securities for pre-tax loss of ~$9.2M; proceeds reinvested in higher-yielding assets.
Annual pre-tax earnings uplift of ~$3M expected from ~3% positive spread differential.
Transactions improve regulatory risk-based capital ratios and are accretive to book value per share.

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