Welcome to our dedicated page for Arrow Finl news (Ticker: AROW), a resource for investors and traders seeking the latest updates and insights on Arrow Finl stock.
Arrow Financial Corporation (NASDAQ: AROW) is a commercial banking holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. This news page aggregates press releases and other coverage related to Arrow’s banking, insurance and investment activities, as reported by the company and in its SEC-furnished materials.
Readers can find updates on quarterly and annual financial results, including net income, earnings per share, net interest income, net interest margin, loan and deposit trends, and capital levels. Arrow regularly issues earnings releases that are also furnished on Form 8-K, along with investor presentations that review financial results and trends.
News items also cover strategic and operational developments, such as the unification of Arrow’s banking subsidiaries into Arrow Bank National Association, participation in the Allpoint ATM Network, acquisitions of a bank branch and insurance agency assets, and initiatives affecting customer access to services. Governance and corporate actions, including Board appointments, dividend declarations, share repurchase authorizations and progress on shareholder litigation settlements, are also documented in company announcements.
Because Arrow operates through banking, insurance and investment subsidiaries, its news flow spans topics from community banking and credit quality to insurance commissions and wealth management revenue. Investors and observers can use this page to review Arrow’s own commentary on performance, risk management, capital strength and recognition such as inclusion in the Piper Sandler Sm-All Stars list and BauerFinancial ratings. For ongoing context around AROW stock, this page provides a centralized view of the company’s disclosed developments over time.
Arrow Financial (AROW) has announced that its banking subsidiaries, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, have joined the Allpoint ATM Network. This partnership provides customers with access to over 50,000 ATMs worldwide, including locations in popular retail stores and pharmacy chains. Customers can make surcharge-free withdrawals and cash deposits up to $200 at select Allpoint ATMs without any additional registration required. The move aims to enhance customer convenience by expanding ATM accessibility beyond traditional bank branches.
Arrow Financial reported net income of $9.0 million and EPS of $0.53 for Q3 2024, up from $7.7 million and $0.46 in Q3 2023. Key highlights include improved net interest margin to 2.78%, total deposits of $3.8 billion, and year-to-date loan growth of $126.3 million (5.2% annualized). The company completed two acquisitions: A&B Agency assets and a Whitehall branch. Arrow plans to unify its banking subsidiaries into Arrow Bank National Association by December 31, 2024. The company was named to Piper Sandler's Sm-All Stars: Class of 2024, among 30 top-performing small-cap banks.
Arrow Financial (NasdaqGS® – AROW) has been named to the Piper Sandler Sm-All Stars: Class of 2024, a prestigious list of 30 top-performing small-cap banks and thrifts in the country. To qualify, institutions needed a market cap below $2.5 billion and had to outperform industry medians in earnings per share growth, loan growth, deposit growth, and return on average equity, while meeting specific benchmarks for nonperforming assets, net charge-offs, and tangible common equity ratio.
Arrow is one of only three New York financial institutions on the list and the sole bank from Upstate New York. Piper Sandler, an independent investment bank and research firm, evaluated over 300 institutions trading on major exchanges to select the top 30. President and CEO Dave DeMarco expressed pride in the recognition, attributing it to the team's hard work and dedication.
Arrow Financial (NasdaqGS® - AROW) has declared a quarterly cash dividend of $0.28 per share, payable on October 29, 2024, to shareholders of record on October 15, 2024. This represents a 3.7% increase to the quarterly dividend and replaces the 3% stock dividend previously declared in recent years. The announcement marks Arrow's 46th consecutive quarterly cash dividend.
CEO David S. DeMarco highlighted that Arrow has returned over $6.4 million of capital to shareholders through share repurchases this year, in addition to $13.6 million in regular quarterly cash dividends paid to date in 2024. The company's continued success enables it to offer increased returns to shareholders.
Arrow Financial (NasdaqGS® - AROW) has completed the acquisition of the Whitehall, New York branch from Berkshire Bank. The transaction, which closed on August 2, 2024, included:
- Deposit accounts with an approximate balance of $37.5 million
- Loans with an approximate balance of $3 million
- The branch premises and substantially all related property and equipment
This strategic move expands Glens Falls National Bank's presence in Washington County to nine branches. All on-site employees of the Whitehall branch have been retained. The acquisition aligns with Arrow's commitment to broadening its presence, enhancing offerings, and increasing shareholder value.
Arrow Financial (NasdaqGS: AROW) reported Q2 2024 net income of $8.6 million, with an EPS of $0.52, up from $6.0 million and $0.35 EPS in Q2 2023. The Board declared a quarterly dividend of $0.27 per share, payable on August 23, 2024, to shareholders of record on August 12, 2024.
Key highlights: Gross loans grew by $57.6 million, net interest margin improved to 2.67%, and the average loan yield increased to 5.17%. Deposits were $3.7 billion, while tangible book value rose to $21.54. ROA improved to 0.82%.
Recent developments include regulatory approval to combine its banking subsidiaries into Arrow Bank and an acquisition of a branch in Whitehall, NY. The company also expanded its insurance business by acquiring assets from A&B Agency, Inc.
Arrow Financial (NasdaqGS® - AROW) has announced plans to unify its banking subsidiaries, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, into a single entity named Arrow Bank National Association. This decision follows regulatory approval and aims to enhance strategic growth opportunities and customer experience. Key points include:
- Arrow Bank will remain part of Arrow Financial
- Leadership team and staffing will remain unchanged
- 37 branches will continue to operate in northeastern New York
- Current asset size is approximately $4.2 billion
- Over 550 employees
The unification process will include a gradual rollout of new branding while maintaining the bank's commitment to community-based banking and charitable contributions.
On June 6, 2024, Arrow Financial (NasdaqGS® - AROW) announced the appointment of Tenée R. Casaccio as the new Chair of its Board of Directors, effective June 5, 2024. Casaccio succeeds William L. Owens, Esq., who retired upon reaching the mandatory retirement age.
Casaccio has been a director of Arrow since January 2014 and has served on the boards of its banking subsidiaries and chaired the Wealth Management Committee. She is also the President of JMZ Architects and Planners. As the first woman to chair the Arrow Board, Casaccio brings extensive executive experience and strong ties to the New York business community.
David S. DeMarco, Arrow's President and CEO, praised Casaccio's leadership skills and her capacity to guide Arrow towards future growth.
Arrow Financial reported a net income of $7.7 million and EPS of $0.45 for the first quarter of 2024. They also declared a $0.27 per share dividend, marking their 44th consecutive quarterly dividend. Arrow showed growth in loans, deposits, and net interest margin, with strong liquidity and a focus on the Capital Region of New York. They repurchased shares and announced an acquisition. The company reached a settlement in a class action complaint without a material impact on financial results.
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