Arrow Financial (US:AROW)2024-07-25 12:05Financial Performance - Net income for Q2 2024 was $8.6 million, or $0.52 per share, compared to $6.0 million and $0.35 per share in Q2 2023, representing a 43.3% increase in net income year-over-year [2][5]. - Net income for Q2 2024 was $8,604,000, representing a 42.2% increase from $6,047,000 in Q2 2023 [23]. - The company reported a basic earnings per share of $0.52 for Q2 2024, up from $0.35 in Q2 2023, representing a growth of 48.6% [23]. - Net income for the quarter ended June 30, 2024, was $8,604,000, an increase from $7,660,000 in the previous quarter [28]. - Basic and diluted earnings per share both increased to $0.52 from $0.45 in the previous quarter [28]. Loan and Asset Growth - Gross loans increased by $57.6 million, or 7.1% on an annualized basis, reaching a total of $3.3 billion as of June 30, 2024 [4][12]. - Loans increased to $3,315,523,000 as of June 30, 2024, up from $3,212,908,000 at the end of 2023, marking a rise of 3.2% [25]. - Total assets were $4.2 billion, a decrease of $89.2 million, or 2.1%, from Q1 2024, but an increase of $140.8 million, or 3.4%, from Q2 2023 [11]. - Total assets as of June 30, 2024, were $4,244,407,000, compared to $4,169,868,000 at the end of 2023, indicating a growth of 1.8% [25]. - Total Assets as of June 30, 2024, were $4,237,359,000, up from $4,087,653,000 in the previous year, reflecting a growth of 3.7% [35]. Income and Revenue - Total interest and dividend income for Q2 2024 was $47,972,000, an increase of 19.4% from $40,013,000 in Q2 2023 [23]. - Net interest income after provision for credit losses was $26,377,000 for Q2 2024, up from $24,824,000 in Q2 2023, reflecting a growth of 6.2% [23]. - Non-interest income for Q2 2024 was $7.9 million, consistent with Q1 2024 and up from $6.9 million in Q2 2023 [10]. - Non-interest income totaled $7,856,000 in Q2 2024, a 13.8% increase compared to $6,906,000 in Q2 2023 [23]. - Interest income for the quarter was $47,972,000, an increase from $46,677,000 in the previous quarter [28]. Credit Quality and Losses - The provision for credit losses was $0.8 million in Q2 2024, compared to $0.6 million in Q1 2024 and $0.9 million in Q2 2023 [8][10]. - Net loans charged-off for the quarter were $1,327 thousand, compared to $372 thousand in the previous quarter, indicating a significant increase in loan losses [40]. - The provision for credit losses was $775 thousand for the quarter, up from $525 thousand in the previous quarter, reflecting a proactive approach to managing credit risk [40]. - Nonperforming loans totaled $21,069 thousand, a slight decrease from $21,151 thousand in the previous quarter [40]. - The ratio of net loans charged-off to average loans annualized was 0.16%, up from 0.05% in the previous quarter, indicating a deterioration in asset quality [40]. Regulatory and Strategic Developments - Arrow received regulatory approval to combine its banking subsidiaries into a single entity, Arrow Bank National Association, expected to enhance strategic growth [4][16]. Dividends and Shareholder Equity - The company declared a quarterly cash dividend of $0.27 per share, marking the 45th consecutive quarterly dividend [2]. - Total stockholders' equity increased to $383,018,000 as of June 30, 2024, compared to $379,772,000 at the end of 2023, showing a growth of 0.6% [25]. - Total stockholders' equity rose to $383,018,000 from $377,986,000 in the previous quarter [31]. - Tangible book value per share increased to $21.54 from $21.25 in the previous quarter [31].