Arrow Financial Corporation (AROW) has reported 1.25 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $6.63 million, or $0.49 a share in the quarter, compared with $6.55 million, or $0.49 a share for the same period last year.
Revenue during the quarter grew 4.03 percent to $24.80 million from $23.84 million in the previous year period. Non-interest income for the quarter fell 2.62 percent over the last year period to $6.70 million.
Arrow Financial Corporation has made provision of $0.36 million for loan losses during the quarter, down 10.72 percent from $0.40 million in the same period last year.
Net interest margin was stable at 3.15 percent in the quarter, when compared with the last year period. Efficiency ratio for the quarter deteriorated to 59.01 percent from 56.81 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Arrow president and chief executive officer Thomas J. Murphy stated, "Arrow started 2017 as it ended 2016, with continued strong loan growth in all areas: commercial, consumer and residential real estate. Total deposits, total assets and total equity continue to grow and set new record highs. Our strategic expansion of our branch network in the Capital District, along with efforts to deepen relationships in our existing market to the north, has been effective in providing new loan opportunities and growing deposits."
Liabilities outpace assets growthTotal assets stood at $2,656.39 million as on Mar. 31, 2017, up 7.16 percent compared with $2,478.87 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,420.28 million as on Mar. 31, 2017, up 7.18 percent from $2,258.17 million on Mar. 31, 2016.
Loans outpace deposit growthNet loans stood at $1,793.59 million as on Mar. 31, 2017, up 11.65 percent compared with $1,606.44 million on Mar. 31, 2016. Deposits stood at $2,256.54 million as on Mar. 31, 2017, up 6.69 percent compared with $2,115.06 million on Mar. 31, 2016. Investments stood at $682.37 million as on Mar. 31, 2017, down 3.01 percent or $21.16 million from year-ago. Shareholders equity stood at $236.11 million as on Mar. 31, 2017, up 6.98 percent or $15.41 million from year-ago.
Return on average assets moved down 5 basis points to 1.02 percent in the quarter from 1.07 percent in the last year period. At the same time, return on average equity decreased 64 basis points to 11.43 percent in the quarter from 12.07 percent in the last year period.
Nonperforming assets moved down 39.68 percent or $4.02 million to $6.11 million on Mar. 31, 2017 from $10.13 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.23 percent in the quarter, down from 0.41 percent in the last year period.
Tier-1 leverage ratio stood at 9.37 percent for the quarter, up from 9.36 percent for the previous year quarter. Book value per share was $17.51 for the quarter, up 5.99 percent or $0.99 compared to $16.52 for the same period last year.
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