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30.01.2018 16:55:00

Arrow Reports Record Net Income for 2017; Continues Double-Digit Loan Growth

GLENS FALLS, N.Y., Jan. 30, 2018 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three- and twelve-month periods ended December 31, 2017. For the year ended December 31, 2017, net income was a record $29.3 million, up 10.5% over net income of $26.5 million for 2016. Diluted EPS was a record $2.10 up 9.9% from $1.91 in 2016 while return on average equity (ROE) and return on average assets (ROA) were 12.14% and 1.09%, respectively, for the year, as compared to 11.79% and 1.06%, respectively, for 2016. Excluding the one-time benefit resulting from the Tax Act, net income increased $1.7 million, up 6.3% year-over-year with diluted EPS of $2.02.

Net income for the fourth quarter of 2017 was $8.1 million, an increase of $1.5 million, or 22.3%, from the fourth quarter of 2016, with diluted EPS of $0.58 for the quarter, an increase of 23.4% from the comparable 2016 quarter. Excluding the one-time benefit resulting from the Tax Act, quarterly net income was $7.0 million, an increase of 5.4% from the fourth quarter of 2016 and quarterly diluted EPS was $0.50, a 6.4% increase from the comparable 2016 quarter.

"Arrow has continued its steady growth, with solid performance in 2017," said Arrow President and CEO Tom Murphy. "The Company was able to achieve record net income for the fourth consecutive year. On top of that, the favorable one-time adjustment to the valuation of the deferred tax liability resulting from the Tax Act further increased our net income. Overall, our success can be attributed to our talented and hard-working team whose efforts led to another year of double-digit loan growth and the ability to maintain our strong asset quality.

"In addition to the one-time tax benefit realized in the fourth quarter, we expect that tax reform will have an ongoing positive impact on our Company," Murphy continued. "This is a unique opportunity, so we are carefully evaluating how to strategically utilize the expected tax savings to deliver value to our customers, employees, communities and shareholders."

The following list expands on our fourth quarter and year-to-date results:

Tax Reform: The Tax Act enacted on December 22, 2017, reduced the corporate Federal income tax rate from 35% to 21%, effective January 1, 2018.  Generally Accepted Accounting Principles (GAAP) requires that the impact of the provisions of the Tax Act be accounted for in the period of enactment. As a result of revaluing the net deferred tax liability to the lower statutory tax rate of 21%, Arrow's provision for income taxes for the fourth quarter and full year 2017 reflects a $1.1 million benefit, representing $0.08 of diluted earnings per share.

Net Interest Income: Net interest income, on a tax-equivalent basis (a non-GAAP financial measure), increased by $1.3 million, or 7.0%, in the fourth quarter of 2017, as compared to the fourth quarter of 2016, due to an increase of $179.1 million, or 7.5%, in the level of average earning assets between the periods and an increase in tax-equivalent net interest margin, (also a non-GAAP measure) to 3.23% for the fourth quarter of 2017, up significantly from 3.14% for the fourth quarter of 2016. Continued strong loan growth was the primary driver of the increase in average earning assets, while the increase in non-interest bearing demand deposits and low deposit rate betas allowed us to maintain a relatively low cost of funds.

Loan Growth: At December 31, 2017, total loan balances reached a record high of $1.95 billion, up $197.5 million, or 11.3%, from the prior-year level. The Company experienced growth in all three major segments: commercial, consumer, and residential real estate. This represents the fourth consecutive year of double-digit loan growth.

Residential real estate loans increased $95.3 million, or 14.0%, to $774.4 million, at year-end compared to the prior year-end. During 2017, Arrow originated $178.9 million of residential real estate loans, up 16.5% from the $153.6 million of originations in 2016. Consumer loans increased $65.5 million, or 12.2% during 2017 to $602.8 million, mainly due to an increase in indirect loan originations. Commercial and commercial real estate loan growth remained strong throughout 2017 with the portfolio increasing by $36.7 million, or 6.8%, to $573.5 million.

Deposit Growth: At December 31, 2017, total deposit balances reached $2.2 billion, up by $128.6 million, or 6.1%, from the prior-year level. Noninterest-bearing deposits grew by $54.7 million or 14.1% during 2017, and represented 19.7% of total deposits at year-end, up from the prior-year level of 18.3%. Higher levels of noninterest-bearing deposits positively impacted net interest margin.

Assets Under Management and Related Noninterest Income: Assets under trust administration and investment management at December 31, 2017, rose to a record $1.5 billion, an increase of 11.6%, from the December 31, 2016, balance of $1.3 billion. The growth in balances was primarily due to the performance of the equity markets. For the 2017 fourth quarter, income from fiduciary activities was $2.1 million, up 11% from the same period in 2016.

Securities Transactions: As part of the Company's balance sheet management process, the Company executed securities transactions, primarily late in the fourth quarter, pursuant to which the Company sold U.S. Treasury Notes, U.S. Agency debentures and U.S. Agency issued mortgage-backed securities from its available-for-sale portfolio, realizing a $458 thousand net loss on sale. Utilizing the sale proceeds, Arrow purchased U.S. Agency issued mortgage-backed securities and U.S. Agency collateralized mortgage obligations with fixed rate and floating rate coupon structures, which were allocated to the available-for-sale portfolio.

Asset Quality: Asset quality remained strong, as evidenced by low levels of nonperforming assets and charge-offs. Net loan losses for the fourth quarter of 2017, expressed as an annualized percentage of average loans outstanding, were 0.05%. Net loan losses for the full year 2017 were 0.06% of average loans outstanding, unchanged from the 2016 ratio. Nonperforming assets of $7.8 million at December 31, 2017, represented only 0.28% of period-end assets, unchanged from the 2016 year-end ratio.

The Company's allowance for loan losses was $18.6 million at December 31, 2017, which represented 0.95% of loans outstanding, a decrease of two basis points from the ratio of 0.97% at year-end 2016. This decrease was primarily driven by continued strong asset quality indicators. However, the year-over-year provision for loan losses increased by $703 thousand, primarily driven by strong double-digit loan growth.

Cash and Stock Dividends: The cash dividend of $0.25 per share paid to shareholders in the 2017 fourth quarter represented a 3% increase in the cash dividend paid by us in the 2016 quarter, as adjusted for (and reflecting) the 3% stock dividend distributed by us on September 28, 2017. This was the Company's 24th consecutive year of increased cash dividends. All prior-period per share data have been adjusted to reflect the September 28, 2017 stock dividend.

Capital: Total shareholders' equity grew to a record of $249.6 million at period-end, an increase of $16.8 million, or 7.2%, above the year-end 2016 balance. This rate of increase exceeded the rate of growth in total assets for the year. The Company's regulatory capital ratios remained strong in 2017. At December 31, 2017, the Company's Common Equity Tier 1 Capital Ratio was 12.89% and total risk-based capital ratio was 14.98%. The capital ratios of the Company and both its subsidiary banks continued to significantly exceed the "well capitalized" regulatory standards, the highest category.

Peer Group: Many of the Company's key operating ratios have consistently compared favorably to its peer group, defined 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 as of and for the period ended September 30, 2017. For that period, the peer group's return on average equity (ROE) was 9.19% compared to the Company's ROE of 12.07% for the fourth quarter of 2017.

As of December 31, 2017, the Company's ratio of loans 90 days past due and accruing plus nonaccrual loans to total loans was 0.31%, as compared to the 0.73% ratio achieved by the peer group as of September 30, 2017 (as identified in the most recent FRB Report), while net loan losses of 0.06% for the year ended December 31, 2017, were slightly below the peer result for the period ended September 30, 2017 (as identified in the most recent FRB Report), of 0.08% (annualized).

Industry Recognition: In 2017 Arrow received various industry recognitions. The Company was named one of "America's 50 Most Trustworthy Financial Companies" by Forbes for the sixth consecutive year. Arrow also appeared in Bank Director Magazine's annual "Bank Performance Scorecard" as one of the top-performing banks in the country for the third year in a row.

Finally, both of the Company's banking subsidiaries maintained their 5-Star Superior Bank Rating by BauerFinancial, Inc. Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company have each earned this designation for the past 43 and 35 quarters, respectively.

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.; Upstate Agency, LLC, specializing in property and casualty insurance; and Capital Financial Group, Inc., an insurance agency specializing in the sale and servicing of group health plans.

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 equity, return on tangible equity, tax-equivalent adjustment and related net interest income - tax equivalent, and the efficiency ratio. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company'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. Our 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 "Select Quarterly Information."

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, 2016, 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


Twelve Months Ended


December 31,


December 31,


2017


2016


2017


2016

INTEREST AND DIVIDEND INCOME








Interest and Fees on Loans

$

18,509



$

16,258



$

70,202



$

62,823


Interest on Deposits at Banks

106



52



348



152


Interest and Dividends on Investment Securities:








Fully Taxable

1,957



1,940



7,884



7,934


Exempt from Federal Taxes

1,563



1,520



6,223



6,006


Total Interest and Dividend Income

22,135



19,770



84,657



76,915


INTEREST EXPENSE








Interest-Bearing Checking Accounts

422



339



1,510



1,280


Savings Deposits

408



255



1,371



932


Time Deposits over $250,000

95



54



282



187


Other Time Deposits

248



247



950



924


Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

15



9



44



33


Federal Home Loan Bank Advances

433



327



2,083



1,340


Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

200



173



766



660


Total Interest Expense

1,821



1,404



7,006



5,356


NET INTEREST INCOME

20,314



18,366



77,651



71,559


Provision for Loan Losses

1,157



483



2,736



2,033


NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

19,157



17,883



74,915



69,526


NONINTEREST INCOME








Income From Fiduciary Activities

2,133



1,929



8,417



7,783


Fees for Other Services to Customers

2,469



2,325



9,591



9,469


Net (Loss) on Securities Transactions

(458)



(166)



(448)



(22)


Insurance Commissions

2,186



2,200



8,612



8,668


Net Gain on Sales of Loans

115



172



546



821


Other Operating Income

307



188



927



1,113


Total Noninterest Income

6,752



6,648



27,645



27,832


NONINTEREST EXPENSE








Salaries and Employee Benefits

9,823



9,107



37,166



34,330


Occupancy Expenses, Net

2,150



2,179



9,560



9,402


FDIC Assessments

212



232



891



1,076


Other Operating Expense

3,858



3,754



15,088



14,801


Total Noninterest Expense

16,043



15,272



62,705



59,609


INCOME BEFORE PROVISION FOR INCOME TAXES

9,866



9,259



39,855



37,749


Provision for Income Taxes

1,795



2,659



10,529



11,215


NET INCOME

$

8,071



$

6,600



$

29,326



$

26,534


Average Shares Outstanding1:








Basic

13,905



13,844



13,893



13,792


Diluted

14,006



13,972



13,986



13,880


Per Common Share:








Basic Earnings

$

0.58



$

0.48



$

2.11



$

1.92


Diluted Earnings

0.58



0.47



2.10



1.91


1 Share and per share data have been restated for the September 28, 2017, 3% stock dividend.

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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










December 31,
2017


December 31,
2016

ASSETS




Cash and Due From Banks

$

42,562



$

43,024


Interest-Bearing Deposits at Banks

30,276



14,331


Investment Securities:




Available-for-Sale

300,200



346,996


Held-to-Maturity (Approximate Fair Value of $335,901 at
December 31, 2017, and $343,751 at December 31, 2016)

335,907



345,427


Other Investments

9,949



10,912


Loans

1,950,770



1,753,268


Allowance for Loan Losses

(18,586)



(17,012)


Net Loans

1,932,184



1,736,256


Premises and Equipment, Net

27,619



26,938


Goodwill

21,873



21,873


Other Intangible Assets, Net

2,289



2,696


Other Assets

57,606



56,789


Total Assets

$

2,760,465



$

2,605,242


LIABILITIES




Noninterest-Bearing Deposits

$

441,945



$

387,280


Interest-Bearing Checking Accounts

907,315



877,988


Savings Deposits

694,573



651,965


Time Deposits over $250,000

38,147



32,878


Other Time Deposits

163,136



166,435


Total Deposits

2,245,116



2,116,546


Federal Funds Purchased and
Securities Sold Under Agreements to Repurchase

64,966



35,836


Federal Home Loan Bank Overnight Advances

105,000



123,000


Federal Home Loan Bank Term Advances

55,000



55,000


Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000



20,000


Other Liabilities

20,780



22,008


Total Liabilities

2,510,862



2,372,390


STOCKHOLDERS' EQUITY




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




Common Stock, $1 Par Value; 20,000,000 Shares Authorized (18,481,301 Shares Issued at December 31, 2017, and
17,943,201 Shares Issued at December 31, 2016)

18,481



17,943


Additional Paid-in Capital

290,220



270,880


Retained Earnings & Accumulated Other Comprehensive (Loss)

20,303



21,810


Unallocated ESOP Shares (9,643 Shares at December 31, 2017, and 19,466 Shares at December 31, 2016)

(200)



(400)


Treasury Stock, at Cost (4,541,524 Shares at December 31, 2017, and 4,441,093 Shares at December 31, 2016)

(79,201)



(77,381)


Total Stockholders' Equity

249,603



232,852


Total Liabilities and Stockholders' Equity

$

2,760,465



$

2,605,242


 

Arrow Financial Corporation

Selected Quarterly Information

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





















Quarter Ended

12/31/2017



9/30/2017



6/30/2017



3/31/2017



12/31/2016


Net Income

$

8,071



$

7,416



$

7,208



$

6,631



$

6,600


Transactions Recorded in Net Income (Net of Tax):










Net (Loss) Gain on Securities Transactions

(278)



6







(101)


Tax Benefit from Net Deferred Tax Liability Revaluation

1,116










Share and Per Share Data:1










Period End Shares Outstanding

13,930



13,891



13,900



13,886



13,887


Basic Average Shares Outstanding

13,905



13,889



13,890



13,889



13,844


Diluted Average Shares Outstanding

14,006



13,966



13,975



14,001



13,972


Basic Earnings Per Share

$

0.58



$

0.53



$

0.52



$

0.48



$

0.48


Diluted Earnings Per Share

0.58



0.53



0.52



0.47



0.47


Cash Dividend Per Share

0.250



0.243



0.243



0.243



0.243


Selected Quarterly Average Balances:















Interest-Bearing Deposits at Banks

$

27,047



$

27,143



$

24,480



$

23,565



$

34,731


Investment Securities

660,043



677,368



684,570



695,615



684,906


Loans

1,930,590



1,892,766



1,842,543



1,781,113



1,726,738


Deposits

2,284,206



2,193,778



2,206,365



2,161,798



2,160,156


Other Borrowed Funds

187,366



262,864



207,270



205,436



157,044


Shareholders' Equity

247,253



243,801



239,396



235,257



230,198


Total Assets

2,744,180



2,725,653



2,677,843



2,626,470



2,572,425


Return on Average Assets

1.17

%


1.08

%


1.08

%


1.02

%


1.02

%

Return on Average Equity

12.95

%


12.07

%


12.08

%


11.43

%


11.41

%

Return on Tangible Equity2

14.36

%


13.40

%


13.45

%


12.76

%


12.77

%

Average Earning Assets

2,617,680



2,597,277



2,551,593



2,500,293



2,446,375


Average Paying Liabilities

2,029,811



2,012,802



2,005,421



1,977,628



1,933,974


Interest Income, Tax-Equivalent

23,115



22,565



21,875



20,945



20,709


Interest Expense

1,821



1,949



1,699



1,536



1,404


Net Interest Income, Tax-Equivalent

21,294



20,616



20,176



19,409



19,305


Tax-Equivalent Adjustment

980



966



949



948



939


Net Interest Margin 3

3.23

%


3.15

%


3.17

%


3.15

%


3.14

%

Efficiency Ratio Calculation:










Noninterest Expense

$

16,043



$

15,548



$

15,637



$

15,475



$

15,272


Less: Intangible Asset Amortization

69



69



70



71



73


Net Noninterest Expense

$

15,974



$

15,479



$

15,567



$

15,404



$

15,199


Net Interest Income, Tax-Equivalent

$

21,294



$

20,616



$

20,176



$

19,409



$

19,305


Noninterest Income

6,752



7,141



7,057



6,695



6,648


Less: Net Securities (Losses) Gains

(458)



10







(166)


Net Gross Income

$

28,504



$

27,747



$

27,233



$

26,104



$

26,119


Efficiency Ratio

56.04

%


55.79

%


57.16

%


59.01

%


58.19

%

Period-End Capital Information:










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

$

249,603



$

244,648



$

240,752



$

236,111



$

232,852


Book Value per Share

17.92



17.61



17.32



17.00



16.77


Intangible Assets

24,162



24,268



24,355



24,448



24,569


Tangible Book Value per Share 2

16.18



15.86



15.57



15.24



15.00


Capital Ratios:










Tier 1 Leverage Ratio

9.49

%


9.30

%


9.35

%


9.37

%


9.47

%

Common Equity Tier 1 Capital Ratio

12.89

%


12.70

%


12.68

%


12.84

%


12.97

%

Tier 1 Risk-Based Capital Ratio

13.97

%


13.79

%


13.79

%


13.99

%


14.14

%

Total Risk-Based Capital Ratio

14.98

%


14.77

%


14.77

%


14.98

%


15.15

%

Assets Under Trust Administration and Investment Management

$

1,452,994



$

1,411,608



$

1,356,262



$

1,333,690



$

1,301,408



1Share and Per Share Data have been restated for the September 28, 2017, 3% 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

Selected Quarterly Information - Continued

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






















Footnotes:




















1.

Share and per share data have been restated for the September 28, 2017, 3% stock dividend.



2.

Tangible Book Value, Tangible Equity, and Return on 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.



12/31/2017


9/30/2017


6/30/2017


3/31/2017


12/31/2016


Total Stockholders' Equity (GAAP)

$

249,603



$

244,648



$

240,752



$

236,111



$

232,852



Less: Goodwill and Other Intangible assets, net

24,162



24,268



24,355



24,448



24,569



Tangible Equity (Non-GAAP)

$

225,441



$

220,380



$

216,397



$

211,663



$

208,283














Period End Shares Outstanding

13,930



13,891



13,900



13,886



13,887



Tangible Book Value per Share (Non-GAAP)

$

16.18



$

15.86



$

15.57



$

15.24



$

15.00



Net Income

8,071



7,416



7,208



6,631



6,600



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

14.36

%


13.40

%


13.45

%


12.76

%


12.77

%












3.

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.



12/31/2017


9/30/2017


6/30/2017


3/31/2017


12/31/2016


Interest Income (GAAP)

$

22,135



$

21,599



$

20,926



$

19,997



$

19,770



Add: Tax Equivalent Adjustment (Non-GAAP)

980



966



949



948



939



Interest Income - Tax Equivalent (Non-GAAP)

$

23,115



$

22,565



$

21,875



$

20,945



$

20,709














Net Interest Income (GAAP)

$

20,314



$

19,650



$

19,227



$

18,461



$

18,366



Add: Tax-Equivalent adjustment (Non-GAAP)

980



966



949



948



939



Net Interest Income - Tax Equivalent (Non-GAAP)

$

21,294



$

20,616



$

20,176



$

19,409



$

19,305



Average Earning Assets

2,617,680



2,597,277



2,551,593



2,500,293



2,446,375



Net Interest Margin (Non-GAAP)*

3.23

%


3.15

%


3.17

%


3.15

%


3.14

%












4.

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).












5.

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, 2017 CET1 ratio listed in the tables (i.e., 12.91%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).



12/31/2017


9/30/2017


6/30/2017


3/31/2017


12/31/2016


Total Risk Weighted Assets

1,856,954



1,830,730



1,802,455



1,747,318



1,707,829



Common Equity Tier 1 Capital

259,378



232,473



228,586



224,369



221,472



Common Equity Tier 1 Ratio

12.89

%


12.70

%


12.68

%


12.84

%


12.97

%





* Quarterly ratios have been annualized


 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)









Quarter Ended:

12/31/2017


12/31/2016

Loan Portfolio




Commercial Loans

$

129,249



$

105,155


Commercial Real Estate Loans

444,248



431,646


  Subtotal Commercial Loan Portfolio

573,497



536,801


Consumer Loans (Primarily Indirect Automobile Loans)

602,827



537,361


Residential Real Estate Loans

774,446



679,106


Total Loans

$

1,950,770



$

1,753,268


Allowance for Loan Losses




Allowance for Loan Losses, Beginning of Quarter

$

17,695



$

16,975


Loans Charged-off

(363)



(486)


Recoveries of Loans Previously Charged-off

97



40


Net Loans Charged-off

(266)



(446)


Provision for Loan Losses

1,157



483


Allowance for Loan Losses, End of Quarter

$

18,586



$

17,012


Nonperforming Assets




Nonaccrual Loans

$

5,526



$

4,193


Loans Past Due 90 or More Days and Accruing

319



1,201


Loans Restructured and in Compliance with Modified Terms

105



106


Total Nonperforming Loans

5,950



5,500


Repossessed Assets

109



101


Other Real Estate Owned

1,738



1,585


Total Nonperforming Assets

$

7,797



$

7,186


Key Asset Quality Ratios




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

  Annualized

0.05

%


0.10

%

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

  Annualized

0.24

%


0.11

%

Allowance for Loan Losses to Period-End Loans

0.95

%


0.97

%

Allowance for Loan Losses to Period-End Nonperforming Loans

312.37

%


309.31

%

Nonperforming Loans to Period-End Loans

0.31

%


0.31

%

Nonperforming Assets to Period-End Assets

0.28

%


0.28

%

Twelve-Month Period Ended:




Allowance for Loan Losses




Allowance for Loan Losses, Beginning of Year

$

17,012



$

16,038


Loans Charged-off

(1,559)



(1,270)


Recoveries of Loans Previously Charged-off

397



211


Net Loans Charged-off

(1,162)



(1,059)


Provision for Loan Losses

2,736



2,033


Allowance for Loan Losses, End of Year

$

18,586



$

17,012


Key Asset Quality Ratios




Net Loans Charged-off to Average Loans

0.06

%


0.06

%

Provision for Loan Losses to Average Loans

0.15

%


0.12

%

 

Cision View original content:http://www.prnewswire.com/news-releases/arrow-reports-record-net-income-for-2017-continues-double-digit-loan-growth-300590341.html

SOURCE Arrow Financial Corporation

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