Arrow Reports 24.9% Increase in Third Quarter Net Income

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-- Third quarter net income increased 24.9% year-over-year to $9.3 million. -- Third quarter diluted earnings per share (EPS) rose 23.1% year-over-year to $0.64. -- Period-end total loans up 11.4% year-over-year. -- Third quarter net interest income increased 6.9% over the prior-year comparable quarter. -- New record highs for total assets, total equity and assets under management and trust administration. -- Continued strong profitability, asset quality and capital ratios.

October 22, 2018 7:56 AM EDT

GLENS FALLS, N.Y., Oct. 22, 2018 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended September 30, 2018. Net income for the third quarter of 2018 increased $1.8 million compared to the third quarter of 2017, mainly due to the $1.6 million increase in net interest income after the provision for loan losses as a result of strong loan growth, and a $552 thousand reduction in the provision for income taxes primarily due to lower tax rates as a result of the Tax Cuts and Jobs Act of 2017 ("Tax Act").

Annualized key profitability ratios also improved, as measured by a return on average equity (ROE) of 13.96% and a return on average assets (ROA) of 1.28% for the third quarter, compared to 12.07% and 1.08% a year earlier.

Arrow President and CEO Thomas J. Murphy said, "Third quarter results were strong, driven by new records in total assets and assets under management and trust administration. Once again, I congratulate the entire Arrow team for this exceptional performance. I am very proud of their efforts and contributions as we look forward to continuously investing in our communities and growing into new markets."

The following expands upon third quarter results:

Loan Growth: Over the twelve months ended September 30, 2018, total loans increased $217.3 million, or 11.4%, to $2.1 billion. The consumer loan portfolio grew by $102.2 million, or 17.3%, over the balance at September 30, 2017, primarily as a result of growth in the indirect automobile lending program, while the total residential real estate loan portfolio increased $84.0 million, or 11.2%, over the balance at September 30, 2017. The total outstanding commercial loans increased $31.2 million, or 5.5% over the balance at September 30, 2017.

Deposit Growth: At September 30, 2018, deposit balances reached $2.4 billion, up $100.7 million, or 4.4%, from the prior-year level with growth in both personal and business balances. Noninterest-bearing deposits increased $42.0 million and represented 20.4% of total deposits at September 30, 2018, compared to 19.4% at September 30, 2017. As a result of higher market rates and deposit customers seeking a higher return, time deposits over $250,000 increased $47.8 million at September 30, 2018 compared to the prior year.

Net Interest Income: Driven by strong loan growth, third quarter 2018 net interest income increased to $21.0 million, up 6.9% from $19.7 million in the comparable quarter of 2017. The net interest margin was 3.02% for the quarter, compared to 3.00% for the third quarter of 2017. On a tax equivalent (non-GAAP) basis, the net interest margin was 3.08% compared to 3.15% for the prior year period.

Noninterest Income: Noninterest income for the three-month period ended September 30, 2018 increased 3.0% from the comparable 2017 quarter, due mainly to increases in service fee revenue and income from fiduciary activities. Service fee revenue increased during the quarter by $152 thousand, or 6.2%, over the amount for the third quarter of 2017, while income from fiduciary activities increased by $146 thousand, or 6.9% due to a $139.7 million, or 9.9%, increase in assets under management and trust administration. The increase in assets under management, which reached a new record high of $1.6 billion at September 30, 2018, was driven primarily by continued strength in equity markets. Additionally, the Company recorded a net gain on equity securities of $114 thousand during the third quarter of 2018. For periods prior to 2018, accounting guidance resulted in these gains being recorded as a component of accumulated comprehensive income. The aforementioned increases in noninterest income were partially offset by reductions in net gain on sales of loans and in insurance commissions.

Noninterest Expense: Noninterest expense for the third quarter of 2018 increased 3.1% to $16.0 million, from $15.5 million for the third quarter of 2017, primarily due to a 4.1% increase in salaries and employee benefits over the same 2017 quarter.

Provision for Income Taxes: The provision for income taxes was $2.5 million in the third quarter of 2018 versus $3.0 million in the same quarter of 2017. The effective income tax rates for the three-month periods ended September 30, 2018 and 2017 were 21.1% and 29.0%, respectively, which reflects the impact of the Tax Act.

Asset Quality: Asset quality remained strong at September 30, 2018, as measured by continuing low levels of nonperforming assets and net charge-offs. Nonperforming assets at September 30, 2018 were $7.0 million, down $2.0 million, or 22.4%, from the level at September 30, 2017. Net charge-offs, expressed as an annualized percentage of average loans outstanding, were 0.04% for the three-month period ended September 30, 2018, down from the prior-year comparable quarter of 0.11%. The allowance for loan losses was $20.0 million at September 30, 2018, which represented 0.94% of loans outstanding as compared to 0.93% at September 30, 2017. The loss provision expense for the third quarter of 2018 was $586 thousand, down $214 thousand from the provision for the comparable 2017 quarter.

Capital: Total stockholders' equity was a record $264.8 million at September 30, 2018, up $20.2 million, or 8.2%, from the prior year. Overall regulatory capital ratios also remain strong in 2018, with the Company's common equity tier 1 ratio estimated to be 12.89% and the total risk-based capital ratio estimated to be 14.89% at September 30, 2018. These capital levels at the Company and both its subsidiary banks continue to significantly exceed the "well capitalized" regulatory standard.

Cash and Stock Dividends: On September 14, 2018, the Company distributed a cash dividend of $0.26 per share. This cash dividend reflected a $0.01 per share increase from the $0.25 cash dividend paid in the third quarter of 2017 and is the first increase in the Company's cash dividend rate since 2008. Additionally, a 3% stock dividend was distributed on September 27, 2018. This is the 10th consecutive year the Company declared a stock dividend. The September 14, 2018 cash dividend was 7.1% higher than the cash dividend paid by the Company in the third quarter of 2017 when adjusted for the 3% stock dividend.

Industry Recognition: Both of the Company's banking subsidiaries maintained their BauerFinancial, Inc. 5-Star Superior Bank rating. Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company have continued to earn this designation for the last 46 and 38 quarters, respectively.

About Arrow: Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc. and Upstate Agency, LLC.

Non-GAAP Financial Measures Reconciliation: In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. Certain non-GAAP financial measures include: tangible equity, return on tangible equity, tax-equivalent adjustment and related net interest income, tax-equivalent, and the efficiency ratio. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Non-GAAP financial measures may differ from similar measures presented by other companies. See the reconciliation of GAAP to non-GAAP measures in the section "Selected Quarterly Information."

Safe Harbor Statement: The information contained in this news release may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2017, and other filings with the Securities and Exchange Commission.

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts - Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2018

2017

2018

2017

INTEREST AND DIVIDEND INCOME

Interest and Fees on Loans

$

20,839

$

17,996

$

59,606

$

51,693

Interest on Deposits at Banks

182

104

474

242

Interest and Dividends on Investment Securities:

Fully Taxable

2,187

1,924

6,128

5,927

Exempt from Federal Taxes

1,287

1,575

4,295

4,660

Total Interest and Dividend Income

24,495

21,599

70,503

62,522

INTEREST EXPENSE

Interest-Bearing Checking Accounts

390

376

1,165

1,088

Savings Deposits

901

356

2,134

963

Time Deposits over $250,000

301

66

833

187

Other Time Deposits

370

241

911

702

Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

15

13

47

29

Federal Home Loan Bank Advances

1,270

700

2,340

1,651

Junior Subordinated Obligations Issued to

  Unconsolidated Subsidiary Trusts

251

197

712

564

Total Interest Expense

3,498

1,949

8,142

5,184

NET INTEREST INCOME

20,997

19,650

62,361

57,338

Provision for Loan Losses

586

800

1,961

1,580

NET INTEREST INCOME AFTER PROVISION FORLOAN LOSSES

20,411

18,850

60,400

55,758

NONINTEREST INCOME

Income From Fiduciary Activities

2,262

2,116

7,106

6,284

Fees for Other Services to Customers

2,605

2,453

7,555

6,875

Insurance Commissions

2,024

2,113

6,119

6,426

Net Gain on Securities

114

10

355

10

Net Gain on Sales of Loans

54

182

115

431

Other Operating Income

291

267

900

867

Total Noninterest Income

7,350

7,141

22,150

20,893

NONINTEREST EXPENSE

Salaries and Employee Benefits

9,771

9,382

28,952

27,740

Occupancy Expenses, Net

2,262

2,371

7,223

7,410

FDIC Assessments

218

225

658

679

Other Operating Expense

3,775

3,570

11,341

10,832

Total Noninterest Expense

16,026

15,548

48,174

46,661

INCOME BEFORE PROVISION FOR INCOME TAXES

11,735

10,443

34,376

29,990

Provision for Income Taxes

2,475

3,027

6,855

8,735

NET INCOME

$

9,260

$

7,416

$

27,521

$

21,255

Average Shares Outstanding 1:

Basic

14,431

14,305

14,393

14,306

Diluted

14,520

14,385

14,479

14,401

Per Common Share:

Basic Earnings

$

0.64

$

0.52

$

1.91

$

1.49

Diluted Earnings

0.64

0.52

1.90

1.48

1 Share and per share data have been restated for the September 27, 2018, 3% stock dividend.

 

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts - Unaudited)

September 30, 2018

December 31, 2017

September 30, 2017

ASSETS

Cash and Due From Banks

$

57,385

$

42,562

$

55,683

Interest-Bearing Deposits at Banks

34,910

30,276

24,983

Investment Securities:

Available-for-Sale

340,411

300,200

315,459

Held-to-Maturity (Approximate Fair Value of $282,719 at September 30, 2018; $335,901 at December 31, 2017; and $343,899 at September 30, 2017)

289,952

335,907

341,526

Equity Securities

1,916

—

—

Other Investments

10,866

9,949

6,704

Loans

2,126,100

1,950,770

1,908,799

Allowance for Loan Losses

(20,003)

(18,586)

(17,695)

Net Loans

2,106,097

1,932,184

1,891,104

Premises and Equipment, Net

28,601

27,619

26,432

Goodwill

21,873

21,873

21,873

Other Intangible Assets, Net

1,954

2,289

2,395

Other Assets

59,255

57,606

58,303

Total Assets

$

2,953,220

$

2,760,465

$

2,744,462

LIABILITIES

Noninterest-Bearing Deposits

$

490,469

$

441,945

$

448,515

Interest-Bearing Checking Accounts

899,547

907,315

967,250

Savings Deposits

758,727

694,573

696,805

Time Deposits over $250,000

76,226

38,147

28,464

Other Time Deposits

182,886

163,136

166,082

Total Deposits

2,407,855

2,245,116

2,307,116

Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

62,503

64,966

61,419

Federal Home Loan Bank Overnight Advances

131,000

105,000

33,000

Federal Home Loan Bank Term Advances

45,000

55,000

55,000

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000

20,000

20,000

Other Liabilities

22,052

20,780

23,279

Total Liabilities

2,688,410

2,510,862

2,499,814

STOCKHOLDERS' EQUITY

Preferred Stock, $5 Par Value; 1,000,000 Shares Authorized

—

—

—

Common Stock, $1 Par Value; 20,000,000 Shares Authorized (19,035,565 Shares Issued at September 30, 2018; 18,481,301 at December 31, 2017 and 18,481,301 at September 30, 2017)

19,035

18,481

18,481

Additional Paid-in Capital

313,763

290,219

289,294

Retained Earnings

24,258

28,818

22,581

Unallocated ESOP Shares (9,932 Shares at September 30, 2018; 9,643 Shares at December 31, 2017 and 20,050 Shares at September 30, 2017)

(200)

(200)

(400)

Accumulated Other Comprehensive Loss

(12,621)

(8,514)

(6,135)

Treasury Stock, at Cost (4,584,147 Shares at September 30, 2018; 4,541,524 Shares at December 31, 2017 and 4,570,291 Shares at September 30, 2017)

(79,425)

(79,201)

(79,173)

Total Stockholders' Equity

264,810

249,603

244,648

Total Liabilities and Stockholders' Equity

$

2,953,220

$

2,760,465

$

2,744,462

 

 

Arrow Financial Corporation

Selected Quarterly Information

(Dollars In Thousands, Except Per Share Amounts - Unaudited)

Quarter Ended

9/30/2018

6/30/2018

3/31/2018

12/31/2017

9/30/2017

Net Income

9,260

9,730

8,531

8,071

7,416

Transactions Recorded in Net Income (Net of Tax):

Net Realized Gain (Loss) on Available-for-Sale Securities

—

—

—

(278)

6

Net Unrealized Gain on Equity Securities

85

166

13

—

—

Tax Benefit from Net Deferred Tax Liability Revaluation

—

—

—

1,116

—

Share and Per Share Data:1

Period End Shares Outstanding

14,441

14,424

14,368

14,348

14,308

Basic Average Shares Outstanding

14,431

14,394

14,354

14,322

14,305

Diluted Average Shares Outstanding

14,520

14,480

14,436

14,426

14,385

Basic Earnings Per Share

$

0.64

$

0.68

$

0.59

$

0.56

$

0.52

Diluted Earnings Per Share

0.64

0.67

0.59

0.56

0.52

Cash Dividend Per Share

0.252

0.243

0.243

0.243

0.236

Selected Quarterly Average Balances:

  Interest-Bearing Deposits at Banks

30,522

28,543

27,978

27,047

27,143

  Investment Securities

636,847

647,913

642,442

660,043

677,368

  Loans

2,089,651

2,026,598

1,971,240

1,930,590

1,892,766

  Deposits

2,279,709

2,325,202

2,305,736

2,284,206

2,193,778

  Other Borrowed Funds

314,304

219,737

184,613

187,366

262,864

  Shareholders' Equity

263,139

256,358

251,109

247,253

243,801

  Total Assets

2,879,854

2,823,061

2,763,706

2,744,180

2,725,653

Return on Average Assets, annualized

1.28

%

1.38

%

1.25

%

1.17

%

1.08

%

Return on Average Equity, annualized

13.96

%

15.22

%

13.78

%

12.95

%

12.07

%

Return on Average Tangible Equity, annualized 2

15.36

%

16.80

%

15.24

%

14.36

%

13.40

%

Average Earning Assets

2,757,020

2,703,054

2,641,660

2,617,680

2,597,277

Average Paying Liabilities

2,110,924

2,100,085

2,050,661

2,029,811

2,012,802

Interest Income

24,495

23,590

22,418

22,135

21,599

Tax-Equivalent Adjustment 3

376

468

491

980

966

Interest Income, Tax-Equivalent 3

24,871

24,058

22,909

23,115

22,565

Interest Expense

3,498

2,628

2,016

1,821

1,949

Net Interest Income

20,997

20,962

20,402

20,314

19,650

Net Interest Income, Tax-Equivalent 3

21,373

21,430

20,893

21,294

20,616

Net Interest Margin, annualized

3.02

%

3.11

%

3.13

%

3.08

%

3.00

%

Net Interest Margin, Tax-Equivalent, annualized 3

3.08

%

3.18

%

3.21

%

3.23

%

3.15

%

Efficiency Ratio Calculation: 4

Noninterest Expense

16,026

16,192

15,955

16,045

15,548

Less: Intangible Asset Amortization

65

66

67

69

69

Net Noninterest Expense

15,961

16,126

15,888

15,976

15,479

Net Interest Income, Tax-Equivalent

21,373

21,430

20,893

21,294

20,616

Noninterest Income

7,352

7,911

6,888

6,752

7,141

Less: Net (Loss) Gain on Sales of Securities

—

—

—

(458)

10

Less: Net Gain on Equity Securities

114

223

18

—

—

Net Gross Income

28,611

29,118

27,763

28,504

27,747

Efficiency Ratio

55.79

%

55.38

%

57.23

%

56.05

%

55.79

%

Period-End Capital Information:

Total Stockholders' Equity (i.e. Book Value)

264,810

259,488

252,734

249,603

244,648

Book Value per Share 1

18.34

17.99

17.59

17.40

17.10

Goodwill and Other Intangible Assets, net

23,827

23,933

24,045

24,162

24,268

Tangible Book Value per Share 1,2

16.69

16.33

15.92

15.71

15.40

Capital Ratios:5

Tier 1 Leverage Ratio

9.67

%

9.65

%

9.62

%

9.49

%

9.30

%

Common Equity Tier 1 Capital Ratio 

12.89

%

13.01

%

12.97

%

12.89

%

12.70

%

Tier 1 Risk-Based Capital Ratio

13.89

%

14.04

%

14.03

%

13.97

%

13.79

%

Total Risk-Based Capital Ratio

14.89

%

15.06

%

15.04

%

14.99

%

14.77

%

Assets Under Trust Administration & Investment Mgmt

$

1,551,289

$

1,479,753

$

1,470,191

$

1,452,994

$

1,411,608

 

 

Arrow Financial Corporation

Selected Quarterly Information - Continued

(Dollars In Thousands, Except Per Share Amounts - Unaudited)

Footnotes:

1.

Share and Per Share Data have been restated for the September 27, 2018, 3% stock dividend.

2.

Non-GAAP Financial Measures Reconciliation: Tangible Book Value and Tangible Equity exclude goodwill and other intangible assets, net from total equity.  These are non-GAAP financial measures which we believe provide investors with information that is useful in understanding our financial performance.

9/30/2018

6/30/2018

3/31/2018

12/31/2017

9/30/2017

Total Stockholders' Equity (GAAP)

264,810

259,488

252,734

249,603

244,648

Less: Goodwill and Other Intangible assets, net

23,827

23,933

24,045

24,162

24,268

Tangible Equity (Non-GAAP)

$

240,983

$

235,555

$

228,689

$

225,441

$

220,380

Period End Shares Outstanding

14,441

14,424

14,368

14,348

14,308

Tangible Book Value per Share (Non-GAAP)

$

16.69

$

16.33

$

15.92

$

15.71

$

15.40

3.

Non-GAAP Financial Measures Reconciliation: Net Interest Margin, Tax-Equivalent is the ratio of our annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure which we believe provides investors with information that is useful in understanding our financial performance.

9/30/2018

6/30/2018

3/31/2018

12/31/2017

9/30/2017

Net Interest Income (GAAP)

20,997

20,962

20,402

20,314

19,650

Add: Tax-Equivalent adjustment (Non-GAAP)

376

468

491

980

966

Net Interest Income, Tax-Equivalent (Non-GAAP)

$

21,373

$

21,430

$

20,893

$

21,294

$

20,616

Average Earning Assets

2,757,020

2,703,054

2,641,660

2,617,680

2,597,277

Net Interest Margin (Non-GAAP)*

3.08

%

3.18

%

3.21

%

3.23

%

3.15

%

4.

Non-GAAP Financial Measures: Financial Institutions often use the "efficiency ratio", a non-GAAP ratio, as a measure of expense control. We believe the efficiency ratio provides investors with information that is useful in understanding our financial performance. We define our efficiency ratio as the ratio of our noninterest expense to our net gross income (which equals our tax-equivalent net interest income plus noninterest income, as adjusted).

5.

For the current quarter, all of the regulatory capital ratios in the table above, as well as the Total Risk-Weighted Assets and Common Equity Tier 1 Capital amounts listed in the table below, are estimates based on, and calculated in accordance with, bank regulatory capital rules. All prior quarters reflect actual results. The September 30, 2018 CET1 ratio listed in the tables (i.e., 12.89%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).

9/30/2018

6/30/2018

3/31/2018

12/31/2017

9/30/2017

Total Risk Weighted Assets

2,000,049

1,934,890

1,889,719

1,856,242

1,830,730

Common Equity Tier 1 Capital

257,852

259,488

265,066

259,378

232,473

Common Equity Tier 1 Ratio

12.89

%

13.01

%

12.97

%

12.89

%

12.70

%

* Quarterly ratios have been annualized

 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)

Quarter Ended:

09/30/2018

12/31/2017

9/30/2017

Loan Portfolio

Commercial Loans

$

127,112

$

129,249

$

125,360

Commercial Real Estate Loans

470,122

444,248

440,715

  Subtotal Commercial Loan Portfolio

597,234

573,497

566,075

Consumer Loans

694,188

602,827

592,029

Residential Real Estate Loans

834,678

774,446

750,695

Total Loans

$

2,126,100

$

1,950,770

$

1,908,799

Allowance for Loan Losses

Allowance for Loan Losses, Beginning of Quarter

$

19,640

$

17,695

$

17,442

Loans Charged-off

(325)

(363)

(622)

Less Recoveries of Loans Previously Charged-off

102

97

75

Net Loans Charged-off

(223)

(266)

(547)

Provision for Loan Losses

586

1,157

800

Allowance for Loan Losses, End of Quarter

$

20,003

$

18,586

$

17,695

Nonperforming Assets

Nonaccrual Loans

$

4,468

$

5,526

$

5,482

Loans Past Due 90 or More Days and Accruing

1,172

319

967

Loans Restructured and in Compliance with Modified Terms

115

105

828

Total Nonperforming Loans

5,755

5,950

7,277

Repossessed Assets

47

109

62

Other Real Estate Owned

1,173

1,738

1,651

Total Nonperforming Assets

$

6,975

$

7,797

$

8,990

Key Asset Quality Ratios

Net Loans Charged-off to Average Loans,

   Quarter-to-date Annualized

0.04

%

0.05

%

0.11

%

Provision for Loan Losses to Average Loans,

  Quarter-to-date Annualized

0.11

%

0.24

%

0.17

%

Allowance for Loan Losses to Period-End Loans

0.94

%

0.95

%

0.93

%

Allowance for Loan Losses to Period-End Nonperforming Loans

347.58

%

312.37

%

243.16

%

Nonperforming Loans to Period-End Loans

0.27

%

0.31

%

0.38

%

Nonperforming Assets to Period-End Assets

0.24

%

0.28

%

0.33

%

Nine-Month Period Ended:

Allowance for Loan Losses

Allowance for Loan Losses, Beginning of Year

$

18,586

$

17,012

Loans Charged-off

(960)

(1,197)

Less Recoveries of Loans Previously Charged-off

416

300

Net Loans Charged-off

(544)

(897)

Provision for Loan Losses

1,961

1,580

Allowance for Loan Losses, End of Period

$

20,003

$

17,695

Key Asset Quality Ratios

Net Loans Charged-off to Average Loans, Annualized

0.04

%

0.04

%

Provision for Loan Losses to Average Loans, Annualized

0.13

%

0.09

%

 

Cision View original content:http://www.prnewswire.com/news-releases/arrow-reports-24-9-increase-in-third-quarter-net-income-300735062.html

SOURCE Arrow Financial Corporation


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