As of September 30, 2024, Arrow Financial Corporation reported total assets of $4.41 billion, reflecting a 5.8% increase from $4.17 billion at the end of 2023. However, this represents a slight decrease from $4.27 billion a year earlier. Cash and due from banks rose to $53.97 million, up from $36.76 million at year-end 2023, while interest-bearing deposits at banks surged to $286.12 million, a significant increase from $105.78 million at the end of 2023.

Net loans increased to $3.31 billion, up from $3.18 billion at the end of 2023, with total deposits also rising to $3.84 billion, compared to $3.69 billion at year-end 2023. Borrowings saw a notable increase to $103.60 million from $26.50 million at the end of 2023, although this was a decrease from $174.30 million a year prior. Stockholders' equity increased to $393.31 million, up 3.6% from $379.77 million at the end of 2023.

For the third quarter of 2024, Arrow reported net income of $8.98 million, a 15.9% increase from $7.74 million in the same quarter of 2023. Net interest income for the quarter was $28.44 million, up 12.2% from $25.35 million a year earlier. Total interest and dividend income rose to $49.44 million, compared to $42.12 million in Q3 2023. Interest expense increased to $21.00 million from $16.76 million in the prior year.

The company’s provision for credit losses for the third quarter was $934,000, up from $354,000 in Q3 2023. Nonperforming loans totaled $21.89 million, representing 0.66% of total loans, an increase from 0.20% a year prior. The allowance for credit losses was 0.94% of loans outstanding, down from 0.99% a year earlier.

Strategically, Arrow completed the acquisition of the Whitehall Branch from Berkshire Bank on August 2, 2024, recognizing goodwill of $1.51 million. The company is also preparing 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 by the end of 2024. Additionally, Arrow expanded its insurance business through the acquisition of A&B Agency, Inc. in July 2024.

Arrow's stockholders' equity increased due to net income and other comprehensive gains, despite cash dividends of $13.6 million and stock repurchases totaling $6.5 million. The company’s book value per share rose to $23.50, an 11.3% increase year-over-year.