Arrow Financial Corporation has recently released its 10-K report, providing detailed insights into its financial performance and operations. The company, a bank holding firm, offers a range of commercial and consumer banking services, including deposit products, lending activities, retirement planning, trust and estate administration, pension and employee benefit plan administration, insurance agency services, and investment advisory services. Additionally, it operates in the northeastern region of New York State in several counties and was founded in 1851, with its headquarters in Glens Falls, New York.
In the Management's Discussion and Analysis of Financial Condition and Results of Operations, Arrow Financial's net income for 2024 was $29.7 million, slightly down from $30.1 million in 2023. Diluted earnings per share (EPS) remained unchanged at $1.77. The return on equity (ROE) and return on assets (ROA) for 2024 were 7.72% and 0.70%, respectively, compared to 8.29% and 0.74% in 2023. Net interest income for 2024 was $111.7 million, representing a 6.6% increase from the previous year. The provision for credit losses in 2024 was $5.2 million, up from $3.4 million in the prior year, primarily driven by loan growth and changes in the portfolio mix/age. Non-interest expense increased by 4.5% to $97.3 million in 2024, mainly due to higher salaries and benefits, inflation-driven wage increases, and rising benefit costs.
Total assets reached $4.3 billion at the end of 2024, showing a 3.3% increase from 2023, driven primarily by loan growth. Total loan balances at the end of 2024 were $3.4 billion, reflecting a 5.8% growth from the previous year. The allowance for credit losses stood at $33.6 million at the end of 2024, representing 0.99% of outstanding loans, up from 0.97% at the end of 2023. Total deposit balances were $3.8 billion, a 3.8% increase from the prior year, while total borrowings decreased to $8.6 million. Total shareholders' equity was $400.9 million at the end of 2024, up by 5.6% from 2023, with regulatory capital ratios remaining strong.
Arrow Financial's 10-K report provides a comprehensive overview of its financial performance, highlighting both the company's achievements and challenges in 2024. As a result of these announcements, the company's shares have moved 1.6% on the market, and are now trading at a price of $26.3. Check out the company's full 10-K submission here.
