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Jun 30, 2020
Arrow Financial Q2 2020 Earnings Report
Reported $9.2 million in net income for Q2, with revenue increase and loan growth amid COVID-19 response.
Key Takeaways
Arrow Financial Corporation reported a net income of $9.2 million for the second quarter of 2020, compared to $8.9 million in the same quarter of the previous year. Revenue increased by 11.9%, and total loans grew by $147.7 million, including $140.0 million in PPP loans. The company continues to manage its COVID-19 response, focusing on health and safety while providing essential banking services.
Total loans grew by $147.7 million in Q2 2020, including $140.0 million in PPP loans.
Second quarter revenue increased by 11.9% over the prior year.
Net income was $9.2 million and diluted EPS was $0.61 for the second quarter.
Provision for loan losses was $3.0 million in the second quarter, reflecting COVID-19 uncertainty.
Forward Guidance
Arrow Financial is actively monitoring the impact of the pandemic on its business and results of operations. The slowing economy and deteriorating economic outlook may lead to the continuation of elevated unemployment and decreased consumer and commercial spending.
Positive Outlook
- All banking locations and some insurance locations are open to the public.
- Through a mix of onsite and remote work amongst our team, we continue to meet customer needs and deliver high-quality service daily.
- Arrow assisted more than 1,400 small businesses in our communities, resulting in more than $140 million in funding in support of more than 18,000 jobs.
- Arrow's liquidity position was strong, and provides flexibility to address unexpected near-term disruptions that may develop as a result of the COVID-19 pandemic
- Arrow's capital reserves are well positioned to address the uncertainties related to the COVID-19 pandemic.
Challenges Ahead
- The slowing economy and deteriorating economic outlook may lead to the continuation of elevated unemployment and decreased consumer and commercial spending.
- These factors may have adverse effects on our customer deposits.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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