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 reports recurring developments as a bank holding company with banking, lending, wealth management, and investment-related activities. Company news commonly covers quarterly earnings, net interest margin trends, loan and deposit balances, investment portfolio activity, non-interest income, credit reserves, and the financial effects of bank-system integration and subsidiary unification.
Arrow updates also include capital actions such as quarterly cash dividends and common-stock repurchase authorization, along with governance matters involving board composition and shareholder derivative litigation disclosures. Its operating commentary centers on commercial and industrial lending, residential and commercial mortgage lending, consumer financing, online and mobile banking, and fee-based banking or advisory services.
Arrow Financial (AROW) has announced the unification of its banking subsidiaries, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, under a new unified brand: Arrow Bank National Association. The strategic move aims to simplify brand identity and strengthen market presence while maintaining local, personalized service.
The bank will maintain its current leadership team, branch locations, and staffing levels. New branding will be rolled out starting January 2025. Arrow Bank operates 38 branches across northeastern New York, from Albany to Clinton counties. The institution, with roots dating back to 1851, is part of Arrow Financial , which has approximately $4.4 billion in assets and employs over 550 people.
Arrow Financial (AROW) has appointed four new members to its Board of Directors, effective November 5, 2024. The new appointees are: James M. Dawsey, President of MLB Construction Services with 45 years of construction management experience; Dr. Kristine D. Duffy, President of SUNY Adirondack with 35 years of higher education experience; Philip Morris, CEO of Proctors Collaborative with expertise in cultural facilities development; and Daniel J. White, former Managing Partner at KPMG LLP with 37 years in community bank auditing.
Each director brings unique expertise: Dawsey in financial operations, Duffy in strategic planning and fundraising, Morris in project management and community engagement, and White in banking and accounting.
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.