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Jun 30, 2021
Arrow Financial Q2 2021 Earnings Report
Reported $13.3 million in net income for Q2 2021, driven by strong profitability ratios and revenue growth as COVID-19 recovery continued.
Key Takeaways
Arrow Financial Corporation reported a strong second quarter in 2021, with net income of $13.3 million, a 15.1% increase in revenue compared to the prior year, and significant progress in the forgiveness of PPP loans. The company is focused on optimizing digital and physical delivery channels to meet evolving customer needs as pandemic restrictions ease.
Key profitability ratios were strong in the second quarter with return on average assets (ROA) of 1.38% and return on average equity (ROE) of 15.21%.
Second-quarter revenue increased $4.8 million, or 15.1%, over the prior year comparative quarter.
Over $67 million of Small Business Administration Paycheck Protection Program (PPP) loans were forgiven in the second quarter of 2021.
Net income was $13.3 million and diluted earnings per share (EPS) were $0.85 for the second quarter.
Forward Guidance
Arrow is focused on continued optimization of digital and physical delivery channels to meet changing customer needs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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