GLENS FALLS, N.Y., Feb 1, 2024 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® ? AROW) ("Arrow") reported net income of $7.7 million, and fully diluted earnings per share ("EPS") of $0.46 per share for the fourth quarter of 2023, versus $12.1 million and EPS of $0.71, for the same period in 2022. For the year ended 2023, net income totaled $30.1 million, with EPS of $1.77, versus $48.8 million, and EPS of $2.86, for the same period in 2022.
The Board of Directors of Arrow declared a quarterly cash dividend of $0.27 per share payable February 23, 2024 to shareholders of record as of February 12, 2024. This marks the 43rd consecutive quarterly cash dividend declared by Arrow.
This Earnings Release and related commentary should be read in conjunction with our February 1, 2024 Form 8-K and related Fourth Quarter 2023 Investor Presentation, which can also be found on our website: arrowfinancial.com/documents/investor-presentations.
Arrow President and CEO David S. DeMarco:
"As we reflect on a challenging year, I want to thank our employees who continued to diligently serve the needs of our customers, communities and shareholders. Arrow finished the year with robust loan growth, posting record high loan balances while maintaining strong credit, capital and liquidity positions. We also expanded our existing stock repurchase program by $5 million and reinstated our dividend reinvestment program. Our solid finish to the year is directly attributable to the hard work and dedication of our exceptional team."
Highlights and Key Metrics
1 Excludes $5.8 million Fair Value hedge adjustment
Please see below for further quarter- and year-end detail.
Income Statement
Twelve Months Ended (dollars in thousands) | |||
December 31, | December 31, | ||
Interest and Dividend Income | $ 162,564 | $ 129,651 | |
Interest Expense | 57,732 | 11,308 | |
Net Interest Income | 104,832 | 118,343 | |
Average Earning Assets(1) | 3,948,708 | 3,902,077 | |
Average Interest-Bearing Liabilities | 2,903,925 | 2,834,266 | |
Yield on Earning Assets(1) | 4.12 % | 3.32 % | |
Cost of Interest-Bearing Liabilities | 1.99 | 0.40 | |
Net Interest Spread | 2.13 | 2.92 | |
Net Interest Margin | 2.65 | 3.03 | |
Income Earned on PPP Loans included in Net Interest Income | $ ? | $ 1,589 | |
Net Interest Income excluding PPP loans | 104,832 | 116,754 | |
Net Interest Margin excluding PPP loans | 2.65 % | 3.00 % | |
(1) Includes Nonaccrual Loans. | |||
Balance Sheet
2 Excludes $5.8 million Fair Value hedge adjustment
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. Arrow is the parent of GFNB and SNB. 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 Arrow from time to time are useful in evaluating Arrow'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. Arrow 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 Arrow's 2022 Form 10-K, and other filings with the SEC.
ARROW FINANCIAL CORPORATION AND SUBSIDIARIES | |||||||
Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
INTEREST AND DIVIDEND INCOME | |||||||
Interest and Fees on Loans | $ 38,813 | $ 30,719 | $ 142,016 | $ 112,982 | |||
Interest on Deposits at Banks | 1,873 | 1,274 | 5,831 | 3,100 | |||
Interest and Dividends on Investment Securities: | |||||||
Fully Taxable | 2,941 | 3,121 | 11,764 | 10,357 | |||
Exempt from Federal Taxes | 697 | 790 | 2,953 | 3,212 | |||
Total Interest and Dividend Income | 44,324 | 35,904 | 162,564 | 129,651 | |||
INTEREST EXPENSE | |||||||
Interest-Bearing Checking Accounts | 1,317 | 344 | 3,663 | 973 | |||
Savings Deposits | 10,513 | 4,101 | 34,343 | 7,879 | |||
Time Deposits over $250,000 | 1,807 | 226 | 4,966 | 369 | |||
Other Time Deposits | 3,406 | 234 | 7,127 | 604 | |||
Borrowings | 1,447 | 200 | 6,756 | 605 | |||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 173 | 172 | 686 | 685 | |||
Interest on Financing Leases | 48 | 48 | 191 | 193 | |||
Total Interest Expense | 18,711 | 5,325 | 57,732 | 11,308 | |||
NET INTEREST INCOME | 25,613 | 30,579 | 104,832 | 118,343 | |||
Provision for Credit Losses | 525 | 1,409 | 3,381 | 4,798 | |||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 25,088 | 29,170 | 101,451 | 113,545 | |||
NONINTEREST INCOME | |||||||
Income From Fiduciary Activities | 2,363 | 2,257 | 9,444 | 9,711 | |||
Fees for Other Services to Customers | 2,725 | 2,710 | 10,798 | 11,626 | |||
Insurance Commissions | 1,723 | 1,680 | 6,498 | 6,463 | |||
Net Gain (Loss) on Securities | 122 | 48 | (92) | 427 | |||
Net Gain on Sales of Loans | 7 | 3 | 32 | 83 | |||
Other Operating Income | 544 | 467 | 2,437 | 2,588 | |||
Total Noninterest Income | 7,484 | 7,165 | 29,117 | 30,898 | |||
NONINTEREST EXPENSE | |||||||
Salaries and Employee Benefits | 11,693 | 11,603 | 47,667 | 47,003 | |||
Occupancy Expenses, Net | 1,826 | 1,481 | 6,554 | 6,202 | |||
Technology and Equipment Expense | 4,458 | 4,316 | 17,608 | 16,118 | |||
FDIC Assessments | 572 | 283 | 2,050 | 1,176 | |||
Other Operating Expense | 4,641 | 3,109 | 19,169 | 11,031 | |||
Total Noninterest Expense | 23,190 | 20,792 | 93,048 | 81,530 | |||
INCOME BEFORE PROVISION FOR INCOME TAXES | 9,382 | 15,543 | 37,520 | 62,913 | |||
Provision for Income Taxes | 1,659 | 3,456 | 7,445 | 14,114 | |||
NET INCOME | $ 7,723 | $ 12,087 | $ 30,075 | $ 48,799 | |||
Average Shares Outstanding1: | |||||||
Basic | 17,002 | 17,031 | 17,037 | 17,008 | |||
Diluted | 17,004 | 17,087 | 17,037 | 17,059 | |||
Per Common Share: | |||||||
Basic Earnings | $ 0.46 | $ 0.70 | $ 1.77 | $ 2.86 | |||
Diluted Earnings | 0.46 | 0.71 | 1.77 | 2.86 | |||
1 Share and per share data have been restated for the September 26, 2023, 3% stock dividend. |
ARROW FINANCIAL CORPORATION AND SUBSIDIARIES | |||
December 31, | December 31, | ||
ASSETS | |||
Cash and Due From Banks | $ 36,755 | $ 31,886 | |
Interest-Bearing Deposits at Banks | 105,781 | 32,774 | |
Investment Securities: | |||
Available-for-Sale | 497,769 | 573,495 | |
Held-to-Maturity (Approximate Fair Value of $128,837 at December 31, 2023, and $171,623 at December 31, 2022) | 131,395 | 175,364 | |
Equity Securities | 1,925 | 2,174 | |
Other Investments | 5,049 | 6,064 | |
Loans | 3,212,908 | 2,983,207 | |
Allowance for Credit Losses | (31,265) | (29,952) | |
Net Loans | 3,181,643 | 2,953,255 | |
Premises and Equipment, Net | 59,642 | 56,491 | |
Goodwill | 21,873 | 21,873 | |
Other Intangible Assets, Net | 1,110 | 1,500 | |
Other Assets | 126,926 | 114,633 | |
Total Assets | $ 4,169,868 | $ 3,969,509 | |
LIABILITIES | |||
Noninterest-Bearing Deposits | $ 758,425 | $ 836,871 | |
Interest-Bearing Checking Accounts | 799,785 | 997,694 | |
Savings Deposits | 1,466,280 | 1,454,364 | |
Time Deposits over $250,000 | 179,301 | 76,224 | |
Other Time Deposits | 483,775 | 133,211 | |
Total Deposits | 3,687,566 | 3,498,364 | |
Borrowings | 26,500 | 54,800 | |
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | |
Finance Leases | 5,066 | 5,119 | |
Other Liabilities | 50,964 | 37,688 | |
Total Liabilities | 3,790,096 | 3,615,971 | |
STOCKHOLDERS' EQUITY | |||
Preferred Stock, $1 Par Value, 1,000,000 Shares Authorized | ? | ? | |
Common Stock, $1 Par Value; 30,000,000 Shares Authorized (22,066,559 | 22,067 | 21,424 | |
Additional Paid-in Capital | 412,551 | 400,270 | |
Retained Earnings | 65,792 | 65,401 | |
Accumulated Other Comprehensive (Loss) Income | (33,416) | (49,655) | |
Treasury Stock, at Cost (5,124,073 Shares at December 31, 2023, and | (87,222) | (83,902) | |
Total Stockholders' Equity | 379,772 | 353,538 | |
Total Liabilities and Stockholders' Equity | $ 4,169,868 | $ 3,969,509 |
Arrow Financial Corporation | |||||||||
Quarter Ended | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||
Net Income | $ 7,723 | $ 7,743 | $ 6,047 | $ 8,562 | $ 12,087 | ||||
Transactions in Net Income (Net of Tax): | |||||||||
Net Changes in Fair Value of Equity Investments | 90 | 52 | (133) | (76) | 35 | ||||
Share and Per Share Data:1 | |||||||||
Period End Shares Outstanding | 16,942 | 17,049 | 17,050 | 17,050 | 17,048 | ||||
Basic Average Shares Outstanding | 17,002 | 17,050 | 17,050 | 17,048 | 17,031 | ||||
Diluted Average Shares Outstanding | 17,004 | 17,050 | 17,050 | 17,060 | 17,087 | ||||
Basic Earnings Per Share | $ 0.46 | $ 0.46 | $ 0.35 | $ 0.50 | $ 0.70 | ||||
Diluted Earnings Per Share | 0.46 | 0.46 | 0.35 | 0.50 | 0.71 | ||||
Cash Dividend Per Share | 0.270 | 0.262 | 0.262 | 0.262 | 0.262 | ||||
Selected Quarterly Average Balances: | |||||||||
Interest-Bearing Deposits at Banks | $ 136,026 | $ 131,814 | $ 130,057 | $ 40,436 | $ 143,499 | ||||
Investment Securities | 713,144 | 745,693 | 787,175 | 813,461 | 845,859 | ||||
Loans | 3,170,262 | 3,096,240 | 3,036,410 | 2,991,928 | 2,951,547 | ||||
Deposits | 3,593,949 | 3,491,028 | 3,460,711 | 3,480,279 | 3,614,945 | ||||
Other Borrowed Funds | 149,507 | 208,527 | 220,616 | 100,596 | 63,304 | ||||
Shareholders' Equity | 363,753 | 362,701 | 365,070 | 359,556 | 351,402 | ||||
Total Assets | 4,159,313 | 4,109,995 | 4,087,653 | 3,978,851 | 4,074,028 | ||||
Return on Average Assets, annualized | 0.74 % | 0.75 % | 0.59 % | 0.87 % | 1.18 % | ||||
Return on Average Equity, annualized | 8.42 % | 8.47 % | 6.64 % | 9.66 % | 13.65 % | ||||
Return on Average Tangible Equity, annualized 2 | 8.99 % | 9.05 % | 7.10 % | 10.33 % | 14.62 % | ||||
Average Earning Assets | 4,019,432 | 3,973,747 | 3,953,642 | 3,845,825 | 3,940,905 | ||||
Average Paying Liabilities | 2,985,717 | 2,920,518 | 2,924,743 | 2,782,299 | 2,891,092 | ||||
Interest Income | 44,324 | 42,117 | 40,013 | 36,110 | 35,904 | ||||
Tax-Equivalent Adjustment 3 | 184 | 183 | 196 | 202 | 279 | ||||
Interest Income, Tax-Equivalent 3 | 44,508 | 42,300 | 40,209 | 36,312 | 36,183 | ||||
Interest Expense | 18,711 | 16,764 | 14,241 | 8,016 | 5,325 | ||||
Net Interest Income | 25,613 | 25,353 | 25,772 | 28,094 | 30,579 | ||||
Net Interest Income, Tax-Equivalent 3 | 25,797 | 25,536 | 25,968 | 28,296 | 30,858 | ||||
Net Interest Margin, annualized | 2.53 % | 2.53 % | 2.61 % | 2.96 % | 3.08 % | ||||
Net Interest Margin, Tax-Equivalent, annualized 3 | 2.55 % | 2.55 % | 2.63 % | 2.98 % | 3.11 % | ||||
Efficiency Ratio Calculation: 4 | |||||||||
Noninterest Expense | $ 23,190 | $ 23,479 | $ 24,083 | $ 22,296 | $ 20,792 | ||||
Less: Intangible Asset Amortization | 43 | 43 | 44 | 45 | 47 | ||||
Net Noninterest Expense | $ 23,147 | $ 23,436 | $ 24,039 | $ 22,251 | $ 20,745 | ||||
Net Interest Income, Tax-Equivalent | $ 25,797 | $ 25,536 | $ 25,968 | $ 28,296 | $ 30,858 | ||||
Noninterest Income | 7,484 | 8,050 | 6,906 | 6,677 | 7,165 | ||||
Less: Net Gain (Loss) on Securities | 158 | 71 | (181) | (104) | 48 | ||||
Net Gross Income | $ 33,123 | $ 33,515 | $ 33,055 | $ 35,077 | $ 37,975 | ||||
Efficiency Ratio | 69.88 % | 69.93 % | 72.72 % | 63.43 % | 54.63 % | ||||
Period-End Capital Information: | |||||||||
Total Stockholders' Equity (i.e. Book Value) | $ 379,772 | $ 360,014 | $ 361,443 | $ 363,371 | $ 353,538 | ||||
Book Value per Share 1 | 22.42 | 21.12 | 21.20 | 21.31 | 20.74 | ||||
Goodwill and Other Intangible Assets, net | 22,983 | 23,078 | 23,175 | 23,273 | 23,373 | ||||
Tangible Book Value per Share 1,2 | 21.06 | 19.76 | 19.84 | 19.95 | 19.37 | ||||
Capital Ratios:5 | |||||||||
Tier 1 Leverage Ratio | 9.84 % | 9.94 % | 9.92 % | 10.13 % | 9.80 % | ||||
Common Equity Tier 1 Capital Ratio | 13.00 % | 13.17 % | 13.27 % | 13.34 % | 13.32 % | ||||
Tier 1 Risk-Based Capital Ratio | 13.66 % | 13.84 % | 13.96 % | 14.03 % | 14.01 % | ||||
Total Risk-Based Capital Ratio | 14.74 % | 14.94 % | 15.08 % | 15.15 % | 15.11 % | ||||
Assets Under Trust Admin. & Investment Mgmt. | $ 1,763,194 | $ 1,627,522 | $ 1,711,460 | $ 1,672,117 | $ 1,606,132 |
Arrow Financial Corporation | ||||||||||
Footnotes: | ||||||||||
1. | Share and per share data have been restated for the September 26, 2023, 3% stock dividend. | |||||||||
2. | Non-GAAP Financial Measure Reconciliation: Tangible Book Value, Tangible Equity, and Return on Average Tangible | |||||||||
12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||
Total Stockholders' Equity (GAAP) | $ 379,772 | $ 360,014 | $ 361,443 | $ 363,371 | $ 353,538 | |||||
Less: Goodwill and Other Intangible assets, net | 22,983 | 23,078 | 23,175 | 23,273 | 23,373 | |||||
Tangible Equity (Non-GAAP) | $ 356,789 | $ 336,936 | $ 338,268 | $ 340,098 | $ 330,165 | |||||
Period End Shares Outstanding | 16,942 | 17,049 | 17,050 | 17,050 | 17,048 | |||||
Tangible Book Value per Share (Non-GAAP) | $ 21.06 | $ 19.76 | $ 19.84 | $ 19.95 | $ 19.37 | |||||
Net Income | 7,723 | 7,743 | 6,047 | 8,562 | 12,087 | |||||
Return on Average Tangible Equity (Net Income/Average Tangible Equity - Annualized) | 8.99 % | 9.05 % | 7.10 % | 10.33 % | 14.62 % | |||||
3. | Non-GAAP Financial Measure Reconciliation: Net Interest Margin is the ratio of our annualized tax-equivalent net
| |||||||||
12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||
Interest Income (GAAP) | $ 44,324 | $ 42,117 | $ 40,013 | $ 36,110 | $ 35,904 | |||||
Add: Tax Equivalent Adjustment (Non-GAAP) | 184 | 183 | 196 | 202 | 279 | |||||
Interest Income - Tax Equivalent (Non-GAAP) | $ 44,508 | $ 42,300 | $ 40,209 | $ 36,312 | $ 36,183 | |||||
Net Interest Income (GAAP) | $ 25,613 | $ 25,353 | $ 25,772 | $ 28,094 | $ 30,579 | |||||
Add: Tax-Equivalent adjustment (Non-GAAP) | 184 | 183 | 196 | 202 | 279 | |||||
Net Interest Income - Tax Equivalent (Non-GAAP) | $ 25,797 | $ 25,536 | $ 25,968 | $ 28,296 | $ 30,858 | |||||
Average Earning Assets | 4,019,432 | 3,973,747 | 3,953,642 | 3,845,825 | 3,940,905 | |||||
Net Interest Margin (Non-GAAP)* | 2.55 % | 2.55 % | 2.63 % | 2.98 % | 3.11 % | |||||
4. | Non-GAAP Financial Measure Reconciliation: Financial Institutions often use the "efficiency ratio", a non-GAAP | |||||||||
5. | For the current quarter, all of the regulatory capital ratios in the table above, as well as the Total Risk-Weighted | |||||||||
12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||
Total Risk Weighted Assets | 3,032,188 | 2,988,438 | 2,937,837 | 2,909,610 | 2,883,902 | |||||
Common Equity Tier 1 Capital | 394,166 | 393,541 | 389,966 | 388,228 | 384,003 | |||||
Common Equity Tier 1 Ratio | 13.00 % | 13.17 % | 13.27 % | 13.34 % | 13.32 % | |||||
* Quarterly ratios have been annualized |
Arrow Financial Corporation | |||||||||||
Years Ended December 31: | 2023 | 2022 | |||||||||
Interest | Rate | Interest | Rate | ||||||||
Average | Income/ | Earned/ | Average | Income/ | Earned/ | ||||||
Balance | Expense | Paid | Balance | Expense | Paid | ||||||
Interest-Bearing Deposits at Banks | $ 109,906 | $ 5,831 | 5.31 % | $ 252,835 | 3,100 | 1.23 % | |||||
Investment Securities: | |||||||||||
Fully Taxable | 622,575 | 11,764 | 1.89 % | 648,540 | 10,357 | 1.60 % | |||||
Exempt from Federal Taxes | 141,966 | 2,953 | 2.08 % | 173,184 | 3,212 | 1.85 % | |||||
Loans | 3,074,261 | 142,016 | 4.62 % | 2,827,518 | 112,982 | 4.00 % | |||||
Total Earning Assets | 3,948,708 | 162,564 | 4.12 % | 3,902,077 | 129,651 | 3.32 % | |||||
Allowance for Credit Losses | (30,799) | (27,954) | |||||||||
Cash and Due From Banks | 30,640 | 30,462 | |||||||||
Other Assets | 135,970 | 142,895 | |||||||||
Total Assets | $ 4,084,519 | $ 4,047,480 | |||||||||
Deposits: | |||||||||||
Interest-Bearing Checking Accounts | $ 855,931 | 3,663 | 0.43 % | $ 1,038,751 | 973 | 0.09 % | |||||
Savings Deposits | 1,498,749 | 34,343 | 2.29 % | 1,549,278 | 7,879 | 0.51 % | |||||
Time Deposits of $250,000 or More | 137,974 | 4,966 | 3.60 % | 55,690 | 369 | 0.66 % | |||||
Other Time Deposits | 241,218 | 7,127 | 2.95 % | 132,541 | 604 | 0.46 % | |||||
Total Interest-Bearing Deposits | 2,733,872 | 50,099 | 1.83 % | 2,776,260 | 9,825 | 0.35 % | |||||
Borrowings | 144,971 | 6,756 | 4.66 % | 32,874 | 605 | 1.84 % | |||||
Junior Subordinated Obligations Trusts | 20,000 | 686 | 3.43 % | 20,000 | 685 | 3.43 % | |||||
Finance Leases | 5,082 | 191 | 3.76 % | 5,132 | 193 | 3.76 % | |||||
Total Interest-Bearing Liabilities | 2,903,925 | 57,732 | 1.99 % | 2,834,266 | 11,308 | 0.40 % | |||||
Demand Deposits | 772,889 | 815,218 | |||||||||
Other Liabilities | 44,924 | 37,901 | |||||||||
Total Liabilities | 3,721,738 | 3,687,385 | |||||||||
Stockholders' Equity | 362,781 | 360,095 | |||||||||
Total Liabilities and Stockholders' Equity | $ 4,084,519 | $ 4,047,480 | |||||||||
Net Interest Income | $ 104,832 | 118,343 | |||||||||
Net Interest Spread | 2.13 % | 2.92 % | |||||||||
Net Interest Margin | 2.65 % | 3.03 % | |||||||||
Arrow Financial Corporation | |||
Quarter Ended: | 12/31/2023 | 12/31/2022 | |
Loan Portfolio | |||
Commercial Loans | $ 156,224 | $ 140,293 | |
Commercial Real Estate Loans | 745,487 | 707,022 | |
Subtotal Commercial Loan Portfolio | 901,711 | 847,315 | |
Consumer Loans | 1,111,667 | 1,065,135 | |
Residential Real Estate Loans | 1,199,530 | 1,070,757 | |
Total Loans | $ 3,212,908 | $ 2,983,207 | |
Allowance for Credit Losses | |||
Allowance for Credit Losses, Beginning of Quarter | $ 31,112 | $ 29,232 | |
Loans Charged-off | (1,366) | (1,261) | |
Recoveries of Loans Previously Charged-off | 994 | 572 | |
Net Loans Charged-off | (372) | (689) | |
Provision for Credit Losses | 525 | 1,409 | |
Allowance for Credit Losses, End of Quarter | $ 31,265 | $ 29,952 | |
Nonperforming Assets | |||
Nonaccrual Loans | $ 20,645 | $ 10,757 | |
Loans Past Due 90 or More Days and Accruing | 452 | 1,157 | |
Loans Restructured and in Compliance with Modified Terms | 54 | 69 | |
Total Nonperforming Loans | 21,151 | 11,983 | |
Repossessed Assets | 312 | 593 | |
Other Real Estate Owned | ? | ? | |
Total Nonperforming Assets | $ 21,463 | $ 12,576 | |
Key Asset Quality Ratios | |||
Net Loans Charged-off to Average Loans, Quarter-to-date Annualized | 0.05 % | 0.09 % | |
Provision for Credit Losses to Average Loans, Quarter-to-date Annualized | 0.07 % | 0.19 % | |
Allowance for Credit Losses to Period-End Loans | 0.97 % | 1.00 % | |
Allowance for Credit Losses to Period-End Nonperforming Loans | 147.82 % | 249.95 % | |
Nonperforming Loans to Period-End Loans | 0.66 % | 0.40 % | |
Nonperforming Assets to Period-End Assets | 0.51 % | 0.32 % | |
Twelve-Month Period Ended: | |||
Allowance for Credit Losses | |||
Allowance for Credit Losses, Beginning of Year | 29,952 | 27,281 | |
Loans Charged-off | (5,177) | (4,143) | |
Recoveries of Loans Previously Charged-off | 3,109 | 2,016 | |
Net Loans Charged-off | (2,068) | (2,127) | |
Provision for Credit Losses | 3,381 | 4,798 | |
Allowance for Credit Losses, End of Year | $ 31,265 | $ 29,952 | |
Key Asset Quality Ratios | |||
Net Loans Charged-off to Average Loans | 0.07 % | 0.08 % | |
Provision for Credit Losses to Average Loans | 0.11 % | 0.17 % |
SOURCE Arrow Financial Corporation
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