Arrow Financial Corporation (AROW) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a net income of $29.7 million for 2024, compared to $30.1 million in 2023. The company's diluted earnings per share remained at $1.77 for both years.
Arrow reported a net interest income of $111.7 million for 2024, an increase from $104.8 million in 2023. This was primarily due to higher interest income outpacing the growth in interest expense.
The provision for credit losses was $5.2 million in 2024, up from $3.4 million in 2023, driven by loan growth and changes in the portfolio mix.
Non-interest income decreased by 3.6% to $28.1 million in 2024, with a notable net loss on securities of $2.9 million compared to a loss of $92 thousand in 2023.
Non-interest expense increased by 4.5% to $97.3 million in 2024, largely due to higher salaries and employee benefits.
Arrow's total assets were $4.3 billion at the end of 2024, an increase of 3.3% from the previous year, driven by loan growth.
The company's total loan balances reached $3.4 billion, with a loan growth of 5.8% for the year.
Arrow's total deposits were $3.8 billion at the end of 2024, reflecting a 3.8% increase from 2023.
Arrow's total shareholders’ equity was $400.9 million at year-end 2024, up 5.6% from the previous year, with a book value per share increase of 6.8%.
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 annual 10-K report dated March 14, 2025. To report an error, please email [email protected].