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Arrow Financial Corporation (AROW) in Glens Falls, N.Y., said Monday that its first-quarter earnings climbed nearly 3% from the same period last year, to $5.3 million, as its loan portfolio continued to expand and asset quality remained strong.
April 21 -
Thomas Hoy has led the Glen Falls, N.Y., company since 1997. Thomas Murphy, who will become the company's president next month, is set to succeed Hoy when he steps down.
June 1
Arrow Financial (AROW) in Glens Falls, N.Y., posted higher quarterly earnings because of loan growth and an improved net interest margin.
The $2.2 billion-asset company said in a press release Monday that its second-quarter profit rose 6% from a year earlier, to $5.5 million. Earnings per share of 45 cents missed the average estimate of analysts polled by Bloomberg by 2 cents.
Net interest income increased 11%, to $15.1 million, while the net interest margin expanded by 18 basis points, to 3.17%. The company's loan portfolio increased by 12%, to $1.3 billion.
Arrow's noninterest income held steady, at $7 million. Higher income from fiduciary activities and insurance commissions partially offset lower gains from loan sales and losses from selling securities.
Noninterest expenses rose nearly 4%, to $13.7 million, because of higher salary and employee benefits and an increase in occupancy costs.
Arrow reported a $505,000 loan-loss provision in the second quarter. That company's provision was $100,000 a year earlier..
