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Mar 31, 2024
Arrow Financial Q1 2024 Earnings Report
Reported a solid quarter with healthy loan growth and strong credit performance.
Key Takeaways
Arrow Financial Corporation reported a net income of $7.7 million, or $0.45 per share, for the first quarter of 2024. The company experienced growth in gross loans and deposit balances, along with an improvement in net interest margin. Share repurchases and dividend payments totaled approximately $6.0 million returned to shareholders.
Gross loans grew by $50.5 million, or 6.1% on an annualized basis.
Deposit balances increased by $91.5 million, or 2.5%, reaching $3.8 billion.
Net interest margin improved to 2.60%, up from 2.53% in the prior quarter.
The company repurchased 244,387 shares for $6.0 million during the first quarter.
Forward Guidance
Arrow delivered a solid quarter with healthy loan growth and strong credit performance in a challenging interest rate and overall unsettled economic environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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