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Dec 31, 2022
Arrow Financial Q4 2022 Earnings Report
Reported net income of $12.1 million, an increase of 17.2% from the fourth quarter of 2021.
Key Takeaways
Arrow Financial Corporation reported a net income of $12.1 million for Q4 2022, an increase of 17.2% compared to Q4 2021. Diluted EPS was $0.73 for the fourth quarter of 2022, an increase of 17.7% from $0.62 from the comparable 2021 quarter.
Net income for the fourth quarter of 2022 was $12.1 million, an increase of 17.2% from the fourth quarter of 2021.
Diluted EPS was $0.73 for the fourth quarter of 2022, an increase of 17.7% from $0.62 from the comparable 2021 quarter.
Loan growth for the fourth quarter was $58.4 million.
Deposits decreased in the fourth quarter by $296.7 million.
Forward Guidance
With the economic headwinds anticipated for 2023, we will continue to focus on what we do best: organic growth, expense management, and deepening and growing relationships.
Positive Outlook
- Focus on organic growth.
- Focus on expense management.
- Focus on deepening customer relationships.
- Focus on growing customer relationships.
- Continue commitment to customers and the communities we serve.
Challenges Ahead
- Economic headwinds anticipated for 2023.
- Non-municipal and municipal deposits decreased by $149.0 million and $147.7 million, respectively in the fourth quarter.
- The decline is deposits was primarily the result of both increased consumer spending and pressure from competitive rate pricing.
- Book value per share was down 4.9% from the prior-year level, primarily as a result of unrealized losses within the available-for-sale investment portfolio due to higher interest rates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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