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Arrow Financial Corporation (AROW-0.10%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements showing an increase in net income to $8,975,000 for the quarter, compared to $7,743,000 in the same quarter the previous year. This increase is attributed to higher net interest income.
Net interest income for the quarter was $28,438,000, up from $25,353,000 in the previous year, driven by loan growth and higher loan yields.
Interest expense increased to $21,005,000 from $16,764,000 due to higher deposit rates and changes in deposit composition.
Arrow reported a provision for credit losses of $934,000 for the quarter, compared to $354,000 in the previous year, reflecting growth in loan balances and changes in economic forecast factors.
Non-interest income was $8,133,000, consistent with the previous year, with increases from loan sales and wealth management fees offset by a decrease in other income.
Non-interest expense increased slightly to $24,100,000 from $23,479,000, due to one-time expenses related to acquisitions.
Total assets increased to $4,411,449,000, up from $4,272,911,000 in the previous year, with growth in cash balances and the loan portfolio.
Total loans grew to $3,339,937,000, with increases across all loan products, while deposit balances rose to $3,837,457,000.
Arrow's allowance for credit losses was $31,262,000, representing 0.94% of loans, with nonperforming loans at 0.66% of total loans.
The filing also details the acquisition of the Whitehall Branch and the strategic acquisition of A&B Agency, Inc., as well as the planned unification of its subsidiary banks into Arrow Bank National Association.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Arrow Financial Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.