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Mar 31, 2023
Arrow Financial Q1 2023 Earnings Report
Reported $8.6 million in net income and grew deposits by $48.0 million.
Key Takeaways
Arrow Financial Corporation reported a net income of $8.6 million for Q1 2023. Total loans reached a record high of $3.0 billion, and deposits increased by $48.0 million from the previous quarter. The company maintained a strong liquidity position and continued to invest in technology and team development.
Total assets were $4.1 billion.
Total deposits were $3.5 billion.
Total loans reached a record high of $3.0 billion as of March 31, 2023, an increase of $22.1 million from December 31, 2022.
Nonperforming assets decreased to $11.3 million at March 31, 2023, represented 0.27% of period-end assets.
Forward Guidance
Arrow remains dedicated to developing its team and recently celebrated graduates from Arrow Leadership Academy and Upskill University, internal courses designed to support our culture of collaboration and continuous improvement. Our banks are working toward realizing operational efficiencies and customer-facing enhancements made possible by the completion of our core conversion in September 2022. Our team has returned to our completely renovated downtown Glens Falls, New York headquarters and we look forward to welcoming our customers back to our newly renovated campus. The renovated Glens Falls campus now offers an energy-efficient, flexible and collaborative environment for our team and customers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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