Le Lézard
Classified in: Business
Subject: ERN

Arrow Reports $48.8 million in Net Income, Record Loan Growth of $315 million in 2022


GLENS FALLS, N.Y., Jan. 30, 2023 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® ? AROW) reported net income for fiscal year 2022 of $48.8 million, a decrease of $1.1 million, or 2.1%, compared to fiscal year 2021. Diluted earnings per share was $2.95 for the year ended December 31, 2022, as compared to $3.01 for the year ended December 31, 2021, a decrease of 2.0%.  For the fourth quarter of 2022, net income was $12.1 million, an increase of $1.8 million, or 17.2%, from the fourth quarter of 2021. Diluted EPS was $0.73 for the fourth quarter of 2022, an increase of 17.7% from $0.62 from the comparable 2021 quarter.

2022 Annual Highlights

Earnings:

Balance Sheet:

Additional Items:

Net income for 2022 was $48.8 million, down from $49.9 million for 2021. The decrease from the prior year was primarily the result of an increase in net interest income of $8.0 million, offset by a $4.5 million increase in the provision for credit loss, a decrease in Paycheck Protection Program (PPP) revenue earned of $6.2 million and a $2.3 million decrease in the gain on the sale of loans.

"Arrow Financial Corporation delivered another year of strong performance in 2022, with record loan growth, excellent earnings and sustained profitability. During 2022, we made key investments in our technology and our Team, with the upgrade of our core banking system and the payment of a special employee bonus for outstanding performance, respectively," said Arrow President and CEO Thomas J. Murphy. "With the economic headwinds anticipated for 2023, we will continue to focus on what we do best: organic growth, expense management, and deepening and growing relationships. Thank you to the Arrow Team for their continued commitment to our customers and the communities we serve."

The 2022 system upgrade reflects our strategic focus on a strong technology foundation and this investment paves the way for customer-facing enhancements and more efficient and improved internal operations as we continue to work toward fully leveraging the capabilities of our new bank core system.

Additionally in 2022, Arrow further optimized its branch network with the December consolidation of Glens Falls National Bank's Aviation Road Office into nearby Queensbury locations. Meanwhile, construction on our downtown Glens Falls headquarters advanced; once completed later this year, the energy-efficient space will improve both the employee and customer experience.

Please see below for further quarter- and year-end detail.

Income Statement


Twelve Months Ended


December 31, 2022


December 31, 2021

Interest and Dividend Income

$          129,651


$          115,550

Interest Expense

11,308


5,195

Net Interest Income

118,343


110,355

Average Earning Assets(1)

3,902,077


3,716,856

Average Interest-Bearing Liabilities

2,834,266


2,727,441





Yield on Earning Assets(1)

3.32 %


3.11 %

Cost of Interest-Bearing Liabilities

0.40


0.19

Net Interest Spread

2.92


2.92

Net Interest Margin

3.03


2.97





Income Earned on PPP Loans included in Net Interest Income

$              1,589


$              7,811

Net Interest Income excluding PPP loans

116,754


102,544

Net Interest Margin excluding PPP loans

3.00 %


2.84 %





(1) Includes Nonaccrual Loans.








 

Balance Sheet

Additional Commentary

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About Arrow:  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. and Upstate Agency, LLC.

Non-GAAP Financial Measures Reconciliation:  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. 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 "Selected Quarterly Information."

Safe Harbor Statement:  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, 2021, and 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,


2022


2021


2022


2021

INTEREST AND DIVIDEND INCOME








Interest and Fees on Loans

$     30,719


$     25,631


$   112,982


$   104,985

Interest on Deposits at Banks

1,274


214


3,100


565

Interest and Dividends on Investment Securities:








Fully Taxable

3,121


1,678


10,357


6,487

Exempt from Federal Taxes

790


831


3,212


3,513

Total Interest and Dividend Income

35,904


28,354


129,651


115,550

INTEREST EXPENSE








Interest-Bearing Checking Accounts

344


165


973


731

Savings Deposits

4,101


412


7,879


1,904

Time Deposits over $250,000

226


33


369


261

Other Time Deposits

234


123


604


632

Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

?


?


?


3

Federal Home Loan Bank Advances

200


197


605


783

Junior Subordinated Obligations Issued to

  Unconsolidated Subsidiary Trusts

172


173


685


686

Interest on Financing Leases

48


49


193


195

Total Interest Expense

5,325


1,152


11,308


5,195

NET INTEREST INCOME

30,579


27,202


118,343


110,355

Provision for Credit Losses

1,409


558


4,798


272

NET INTEREST INCOME AFTER PROVISION FOR

   CREDIT LOSSES

29,170


26,644


113,545


110,083

NONINTEREST INCOME








Income From Fiduciary Activities

2,257


2,604


9,711


10,142

Fees for Other Services to Customers

2,710


2,968


11,626


11,462

Insurance Commissions

1,680


1,645


6,463


6,487

Net Gain (Loss) on Securities

48


(139)


427


111

Net Gain on Sales of Loans

3


142


83


2,393

Other Operating Income

467


369


2,588


1,774

Total Noninterest Income

7,165


7,589


30,898


32,369

NONINTEREST EXPENSE








Salaries and Employee Benefits

11,603


11,438


47,003


44,798

Occupancy Expenses, Net

1,481


1,334


6,202


5,814

Technology and Equipment Expense

4,316


3,868


16,118


14,870

FDIC Assessments

283


278


1,176


1,042

Other Operating Expense

3,109


3,942


11,031


11,524

Total Noninterest Expense

20,792


20,860


81,530


78,048

INCOME BEFORE PROVISION FOR INCOME TAXES

15,543


13,373


62,913


64,404

Provision for Income Taxes

3,456


3,064


14,114


14,547

NET INCOME

$     12,087


$     10,309


$     48,799


$     49,857

Average Shares Outstanding1:








Basic

16,535


16,509


16,513


16,499

Diluted

16,589


16,574


16,562


16,555

Per Common Share:








Basic Earnings

$         0.73


$         0.62


$         2.95


$         3.02

Diluted Earnings

0.73


0.62


2.95


3.01





1 Share and per share data have been restated for the September 23, 2022, 3% stock dividend.




 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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



December 31, 2022


December 31, 2021

ASSETS




Cash and Due From Banks

$              31,886


$              26,978

Interest-Bearing Deposits at Banks

32,774


430,718

Investment Securities:




Available-for-Sale

573,495


559,316

Held-to-Maturity (Approximate Fair Value of $171,623 at

  December 31, 2022, and $201,292 at December 31, 2021)

175,364


196,566

Equity Securities

2,174


1,747

Other Investments

6,064


5,380

Loans

2,983,207


2,667,941

Allowance for Credit Losses

(29,952)


(27,281)

Net Loans

2,953,255


2,640,660

Premises and Equipment, Net

56,491


46,217

Goodwill

21,873


21,873

Other Intangible Assets, Net

1,500


1,918

Other Assets

114,633


96,579

Total Assets

$        3,969,509


$        4,027,952

LIABILITIES




Noninterest-Bearing Deposits

$           836,871


$           810,274

Interest-Bearing Checking Accounts

997,694


994,391

Savings Deposits

1,454,364


1,531,287

Time Deposits over $250,000

76,224


82,811

Other Time Deposits

133,211


131,734

Total Deposits

3,498,364


3,550,497

Federal Home Loan Bank Overnight Advances

27,000


?

Federal Home Loan Bank Term Advances

27,800


45,000

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000


20,000

Finance Leases

5,119


5,169

Other Liabilities

37,688


36,100

Total Liabilities

3,615,971


3,656,766

STOCKHOLDERS' EQUITY




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

?


?

Common Stock, $1 Par Value; 30,000,000 Shares Authorized

(21,423,992 Shares Issued at December 31, 2022, and 20,800,144

Shares Issued at December 31, 2021)

21,424


20,800

Additional Paid-in Capital

400,270


377,996

Retained Earnings

65,401


54,078

Accumulated Other Comprehensive (Loss) Income

(49,655)


347

Treasury Stock, at Cost (4,872,355 Shares at December 31, 2022,

and 4,759,414 Shares at December 31, 2021)

(83,902)


(82,035)

Total Stockholders' Equity

353,538


371,186

Total Liabilities and Stockholders' Equity

$        3,969,509


$        4,027,952

 

Arrow Financial Corporation

Selected Quarterly Information

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

 


Quarter Ended

12/31/2022


9/30/2022


6/30/2022


3/31/2022


12/31/2021

Net Income

$   12,087


$   12,163


$   11,974


$   12,575


$   10,309

Transactions in Net Income (Net of Tax):










Net Changes in Fair Value of Equity Investments

35


70


114


96


(104)











Share and Per Share Data:1










Period End Shares Outstanding

16,552


16,523


16,503


16,493


16,522

Basic Average Shares Outstanding

16,535


16,512


16,494


16,511


16,509

Diluted Average Shares Outstanding

16,589


16,558


16,535


16,566


16,574

Basic Earnings Per Share

$        0.73


$        0.74


$        0.72


$        0.76


$        0.62

Diluted Earnings Per Share

0.73


0.74


0.72


0.76


0.62

Cash Dividend Per Share

0.270


0.262


0.262


0.262


0.252











Selected Quarterly Average Balances:










  Interest-Bearing Deposits at Banks

$  143,499


$  209,001


$  232,545


$  410,644


$  551,890

  Investment Securities

845,859


821,052


822,112


797,347


681,732

  Loans

2,951,547


2,872,066


2,804,180


2,678,796


2,660,665

  Deposits

3,614,945


3,598,519


3,569,754


3,582,256


3,590,766

  Other Borrowed Funds

63,304


50,125


50,140


68,596


70,162

  Shareholders' Equity

351,402


361,675


357,228


370,264


364,409

  Total Assets

4,074,028


4,047,738


4,012,999


4,054,943


4,060,540

Return on Average Assets, annualized

1.18 %


1.19 %


1.20 %


1.26 %


1.01 %

Return on Average Equity, annualized

13.65 %


13.34 %


13.44 %


13.77 %


11.22 %

Return on Average Tangible Equity, annualized 2

14.62 %


14.27 %


14.40 %


14.72 %


12.01 %

Average Earning Assets

3,940,905


3,902,119


3,858,837


3,886,787


3,894,287

Average Paying Liabilities

2,891,092


2,781,985


2,808,287


2,855,884


2,841,304

Interest Income

35,904


34,207


30,593


28,947


28,354

Tax-Equivalent Adjustment 3

279


268


269


270


285

Interest Income, Tax-Equivalent 3

36,183


34,475


30,862


29,217


28,639

Interest Expense

5,325


3,306


1,555


1,122


1,152

Net Interest Income

30,579


30,901


29,038


27,825


27,202

Net Interest Income, Tax-Equivalent 3

30,858


31,169


29,307


28,095


27,487

Net Interest Margin, annualized

3.08 %


3.14 %


3.02 %


2.90 %


2.77 %

Net Interest Margin, Tax-Equivalent, annualized 3

3.11 %


3.17 %


3.05 %


2.93 %


2.80 %











Efficiency Ratio Calculation: 4










Noninterest Expense

$   20,792


$   21,448


$   20,345


$   18,945


$   20,860

Less: Intangible Asset Amortization

47


48


48


49


52

Net Noninterest Expense

$   20,745


$   21,400


$   20,297


$   18,896


$   20,808

Net Interest Income, Tax-Equivalent

$   30,858


$   31,169


$   29,307


$   28,095


$   27,487

Noninterest Income

7,165


7,827


7,744


8,162


7,589

Less: Net Gain (Loss) on Securities

48


95


154


130


(139)

Net Gross Income

$   37,975


$   38,901


$   36,897


$   36,127


$   35,215

Efficiency Ratio

54.63 %


55.01 %


55.01 %


52.30 %


59.09 %











Period-End Capital Information:










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

$ 353,538


$ 345,550


$  56,498


$ 357,243


$  71,186

Book Value per Share 1

21.36


20.91


21.60


21.66


22.47

Goodwill and Other Intangible Assets, net

23,373


23,477


23,583


23,691


23,791

Tangible Book Value per Share 1,2

19.95


19.49


20.17


20.22


21.03











Capital Ratios:5










Tier 1 Leverage Ratio

9.80 %


9.71 %


9.60 %


9.37 %


9.20 %

Common Equity Tier 1 Capital Ratio 

13.32 %


13.14 %


13.14 %


13.48 %


13.77 %

Tier 1 Risk-Based Capital Ratio

14.01 %


13.85 %


13.86 %


14.23 %


14.55 %

Total Risk-Based Capital Ratio

15.11 %


14.93 %


14.93 %


15.33 %


15.69 %











Assets Under Trust Admin. & Investment Mgmt.

$  1,606,132


$  1,515,994


$  1,589,178


$  1,793,747


$  1,851,101

 

 

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 23, 2022, 3% stock dividend.

 



2.

Non-GAAP Financial Measure Reconciliation: 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.



12/31/2022


9/30/2022


6/30/2022


3/31/2022


12/31/2021


Total Stockholders' Equity (GAAP)

$   353,538


$   345,550


$   356,498


$   357,243


$   371,186


Less:  Goodwill and Other Intangible assets, net

23,373


23,477


23,583


23,691


23,791


Tangible Equity (Non-GAAP)

$   330,165


$   322,073


$   332,915


$   333,552


$   347,395













Period End Shares Outstanding

16,552


16,523


16,503


16,493


16,522


Tangible Book Value per Share (Non-GAAP)

$       19.95


$       19.49


$       20.17


$       20.22


$       21.03


Net Income

12,087


12,163


11,974


12,575


10,309


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

14.62 %


14.27 %


14.40 %


14.72 %


12.01 %












3.

Non-GAAP Financial Measure Reconciliation: 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.



12/31/2022


9/30/2022


6/30/2022


3/31/2022


12/31/2021


Interest Income (GAAP)

$     35,904


$     34,207


$     30,593


$     28,947


$     28,354


Add: Tax Equivalent Adjustment (Non-GAAP)

279


268


269


270


285


Interest Income - Tax Equivalent (Non-GAAP)

$     36,183


$     34,475


$     30,862


$     29,217


$     28,639













Net Interest Income (GAAP)

$     30,579


$     30,901


$     29,038


$     27,825


$     27,202


Add:  Tax-Equivalent adjustment (Non-GAAP)

279


268


269


270


285


Net Interest Income - Tax Equivalent (Non-GAAP)

$     30,858


$     31,169


$     29,307


$     28,095


$     27,487


Average Earning Assets

3,940,905


3,902,119


3,858,837


3,886,787


3,894,287


Net Interest Margin (Non-GAAP)*

3.11 %


3.17 %


3.05 %


2.93 %


2.80 %












4.

Non-GAAP Financial Measure Reconciliation: 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, 2022 CET1 ratio listed in the tables (i.e., 13.32%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in

Capital Conservation Buffer (i.e., 7.00%).



12/31/2022


9/30/2022


6/30/2022


3/31/2022


12/31/2021


Total Risk Weighted Assets

2,883,902


2,856,224


2,790,520


2,661,952


2,552,812


Common Equity Tier 1 Capital

384,003


375,394


366,798


358,738


351,497


Common Equity Tier 1 Ratio

13.32 %


13.14 %


13.14 %


13.48 %


13.77 %












 * Quarterly ratios have been annualized










 

Arrow Financial Corporation

Average Consolidated Balance Sheets and Net Interest Income Analysis

(Dollars in Thousands - Unaudited)

 


Years Ended December 31:

2022


2021




Interest


Rate




Interest


Rate


Average


Income/


Earned/


Average


Income/


Earned/


Balance


Expense


Paid


Balance


Expense


Paid

Interest-Bearing Deposits at Banks

$   252,835


$       3,100


1.23 %


$   418,488


565


0.14 %

 Investment Securities:












   Fully Taxable

648,540


10,357


1.60 %


470,133


6,487


1.38 %

   Exempt from Federal Taxes

173,184


3,212


1.85 %


185,072


3,513


1.90 %

Loans

2,827,518


112,982


4.00 %


2,643,163


104,985


3.97 %

 Total Earning Assets

3,902,077


129,651


3.32 %


3,716,856


115,550


3.11 %

Allowance for Credit Losses

(27,954)






(27,187)





Cash and Due From Banks

30,462






36,464





Other Assets

142,895






156,509





 Total Assets

$  4,047,480






$  3,882,642





Deposits:












   Interest-Bearing Checking Accounts

$  1,038,751


973


0.09 %


$   926,875


731


0.08 %

  Savings Deposits

1,549,278


7,879


0.51 %


1,496,906


1,904


0.13 %

  Time Deposits of $250,000 or More

55,690


369


0.66 %


87,033


261


0.30 %

  Other Time Deposits

132,541


604


0.46 %


141,677


632


0.45 %

    Total Interest-Bearing Deposits

2,776,260


9,825


0.35 %


2,652,491


3,528


0.13 %

Short-Term Borrowings

2,124


92


4.33 %


4,768


3


0.06 %

FHLBNY Term Advances and Other Long-Term Debt

50,750


1,198


2.36 %


65,000


1,469


2.26 %

Finance Leases

5,132


193


3.76 %


5,182


195


3.76 %

  Total Interest-Bearing Liabilities

2,834,266


11,308


0.40 %


2,727,441


5,195


0.19 %

Demand Deposits

815,218






767,671





Other Liabilities

37,901






33,773





 Total Liabilities

3,687,385






3,528,885





Stockholders' Equity

360,095






353,757





 Total Liabilities and Stockholders' Equity

$  4,047,480






$  3,882,642





Net Interest Income



$   118,343






$   110,355



Net Interest Spread





2.92 %






2.92 %

Net Interest Margin





3.03 %






2.97 %

 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)

 


Quarter Ended:

12/31/2022


12/31/2021

Loan Portfolio




Commercial Loans

$      140,293


$      172,518

Commercial Real Estate Loans

707,022


628,929

  Subtotal Commercial Loan Portfolio

847,315


801,447

Consumer Loans

1,065,135


920,556

Residential Real Estate Loans

1,070,757


945,938

Total Loans

$   2,983,207


$   2,667,941

Allowance for Credit Losses




Allowance for Credit Losses, Beginning of Quarter

$        29,232


$        26,956

Loans Charged-off

(1,261)


(719)

Recoveries of Loans Previously Charged-off

572


486

Net Loans Charged-off

(689)


(233)

Provision for Credit Losses

1,409


558

Allowance for Credit Losses, End of Quarter

$        29,952


$        27,281

Nonperforming Assets




Nonaccrual Loans

$        10,757


$        10,764

Loans Past Due 90 or More Days and Accruing

1,157


823

Loans Restructured and in Compliance with Modified Terms

69


77

Total Nonperforming Loans

11,983


11,664

Repossessed Assets

593


126

Other Real Estate Owned

?


?

Total Nonperforming Assets

$        12,576


$        11,790

Key Asset Quality Ratios




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

 Annualized

0.09 %


0.03 %

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

 Annualized

0.19 %


0.08 %

Allowance for Credit Losses to Period-End Loans

1.00 %


1.02 %

Allowance for Credit Losses to Period-End Nonperforming Loans

249.95 %


233.89 %

Nonperforming Loans to Period-End Loans

0.40 %


0.44 %

Nonperforming Assets to Period-End Assets

0.32 %


0.29 %

Twelve-Month Period Ended:




Allowance for Credit Losses




Allowance for Credit Losses, Beginning of Year

$        27,281


$        29,232

Impact of the Adoption of ASU 2016-13

?


(1,300)

Loans Charged-off

(4,143)


(2,239)

Recoveries of Loans Previously Charged-off

2,016


1,316

Net Loans Charged-off

(2,127)


(923)

Provision for Credit Losses

4,798


272

Allowance for Credit Losses, End of Year

$        29,952


$        27,281

Key Asset Quality Ratios




Net Loans Charged-off to Average Loans

0.08 %


0.03 %

Provision for Credit Losses to Average Loans

0.17 %


0.01 %

 

SOURCE Arrow Financial Corporation


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