23.04.2018 14:42:00

Arrow Reports Increase in First-Quarter Net Income; Double Digit Loan Growth Continues

GLENS FALLS, N.Y., April 23, 2018 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three -month period ended March 31, 2018. Net income for the first quarter of 2018 was $8.5 million, an increase of $1.9 million, or 28.7%, from net income of $6.6 million a year earlier. Diluted earnings per share (EPS) for the first quarter was $0.61, an increase of 29.8% from diluted EPS of $0.47 during the comparable 2017 quarter.

Income before taxes for the first quarter of 2018 increased $1.3 million to $10.6 million, up 13.6% from $9.3 million in the same quarter of 2017. Additionally, first quarter 2018 results were further positively impacted by reduced tax rates pursuant to the Tax Cuts and Jobs Act of 2017 ("Tax Act").

Annualized key profitability ratios continue to remain strong, as measured by a return on average equity (ROE) of 13.78% and a return on average assets (ROA) of 1.25% for the first quarter, compared to 11.43% and 1.02% a year earlier.

Arrow President and CEO Thomas J. Murphy stated, "Our first-quarter results demonstrate the forward momentum and strength of our Company. We continue to experience significant loan growth and strong asset quality, and again have set new records for total assets, total deposits, total equity and assets under management and administration. We are continuing to evaluate how we can best deliver the value created by the tax reform, based on our strategic plan and our commitment to our customers, our employees, our shareholders and the communities in which we do business."

The following expands upon first-quarter results:

Net Interest Income: In the first quarter of 2018, net interest income on a GAAP basis increased to $20.4 million, up 10.5% over the $18.5 million total in the comparable quarter of 2017. Net interest margin for the first quarter of 2018 was 3.13%, up from 2.99% for the first quarter of 2017. On a tax equivalent (non-GAAP) basis, net interest income increased by 7.6% compared to the first quarter of 2017. Net interest margin, measured on a tax equivalent (non-GAAP) basis, increased to 3.21% from 3.15% in the prior year comparable quarter. Continued strong loan growth, in addition to higher market rates, were the primary drivers of the increase in interest income. Meanwhile, non-interest bearing deposit growth and low deposit rate sensitivities allowed us to maintain a relatively low cost of funds.

Loan Growth: Over the 12 months ended March 31, 2018, total loans increased to a record high of $2.0 billion, up $182.2 million, or 10.1%, from the March 31, 2017 level. During the first quarter of 2018, total loans grew by $42.3 million, or 2.2%, as compared to the fourth quarter of 2017. There was growth in all three major loan segments: commercial, consumer, and residential real estate.

During the first quarter of 2018, the consumer loan portfolio grew $23.8 million, or 4.0%, to $627 million at period-end. This balance exceeded the prior year's balance by $74.7 million, or 13.5%. The increase was primarily a result of growth in the indirect automobile lending program. Total outstanding commercial loans increased 1.6% during the first quarter to $582.7 million, and were up $28.6 million, or 5.2%, from March 31, 2017. The residential real estate loan portfolio increased $9.2 million, or 1.2%, during the first quarter of 2018 to $783.7 million, up $79.0 million, or 11.2%, over the balance at March 31, 2017.

Deposit Growth: At March 31, 2018, deposit balances reached $2.4 billion, up $154.7 million, or 6.9%, from the prior-year level with growth in both personal and business accounts. Noninterest-bearing demand deposits increased $49.8 million, or 12.4%, from the prior-year level, which had a positive impact on the net interest margin. Noninterest-bearing demand deposits represented 18.8% of total deposits at March 31, 2018, compared to 17.8% at March 31, 2017. The first quarter increase in deposit balances also included seasonal municipal deposit growth and the use of brokered deposits to diversify balance sheet funding.

Noninterest Income: Noninterest income for the three-month period ended March 31, 2018, increased 2.9% from the comparable 2017 quarter. Income from fiduciary activities increased during the quarter by $179 thousand, or 8.9%, over the amount for the first quarter of 2017.

Assets Under Management: Assets under trust administration and investment management reached a record high of $1.5 billion at March 31, 2018, increasing by $136.5 million, or 10.2%, from the balance at March 31, 2017, primarily due to the performance of the equity markets.

Noninterest Expense: Noninterest expense for the first quarter of 2018 increased to $16.0 million, an increase of $480 thousand, or 3.1%, from $15.5 million for the first quarter of 2017. Salaries and employee benefits increased in the first quarter of 2018 by $222 thousand, or 2.4%, over the same 2017 quarter.

Provision for Income Taxes: The provision for income taxes was $2.1 million in the first quarter of 2018 versus $2.7 million in the same quarter of 2017. The effective income tax rates for the three-month periods ended March 31, 2018 and 2017 were 19.4% and 28.9%, respectively. The decrease in the effective income tax rate in the 2018 period reflects the impact of the Tax Act.

Asset Quality: Asset quality remained strong at March 31, 2018, as measured by continuing low levels of nonperforming assets and net charge-offs. Nonperforming assets at March 31, 2018, were $6.2 million, up $107 thousand, or 1.8%, from the prior-year level. Net charge-offs, expressed as an annualized percentage of average loans outstanding, were 0.06% for the three-month period ended March 31, 2018, up slightly from the prior year comparable quarter of 0.03%.

Allowance for loan losses was $19.1 million at March 31, 2018, which represented 0.96% of loans outstanding. The provision for loan losses for the first quarter of 2018 was $746 thousand, up $388 thousand from the provision for the comparable 2017 quarter.

Capital: Total stockholders' equity was a record $252.7 million at period-end, up $16.6 million, or 7.0%, from the prior-year. This increase exceeded the 6.4% increase in total assets over the same period. Overall regulatory capital ratios also remain strong in 2018. At March 31, 2018, the Company's Common Equity Tier 1 Ratio was estimated to be 12.97% and the Total Risk-Based Capital Ratio was estimated to be 15.04%. These capital levels at the Company and both its subsidiary banks continue to significantly exceed the "well capitalized" regulatory standard.

Cash and Stock Dividends: The Company distributed a cash dividend of $0.25 per share to shareholders in the first quarter of 2018. The cash dividend was 3% higher than the cash dividend paid in the first quarter of 2017 when adjusted for our 3.0% stock dividend distributed on September 28, 2017.

Industry Recognition: Both of the Company's two banking subsidiaries maintained their BauerFinancial, Inc. 5-Star Superior Bank rating. Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company have continued to earn this designation for the last 44 and 36 quarters, respectively.

Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc.; Upstate Agency, LLC, specializing in property and casualty insurance; and Capital Financial Group, Inc., specializing in the sale and servicing of group health plans.

In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. Certain non-GAAP financial measures include: tangible equity, return on tangible equity, tax-equivalent adjustment and related net interest income - tax equivalent, and the efficiency ratio. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Non-GAAP financial measures may differ from similar measures presented by other companies. See the reconciliation of GAAP to non-GAAP measures in the section "Selected Quarterly Information."

The information contained in this news release may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2017, and other filings with the Securities and Exchange Commission.

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts - Unaudited













Three Months Ended March 31,




2018


2017


INTEREST AND DIVIDEND INCOME






Interest and Fees on Loans


$

18,858



$

16,402



Interest on Deposits at Banks


134



60



Interest and Dividends on Investment Securities:






Fully Taxable


1,893



1,990



Exempt from Federal Taxes


1,533



1,545



Total Interest and Dividend Income


22,418



19,997



INTEREST EXPENSE






Interest-Bearing Checking Accounts


387



331



Savings Deposits


522



291



Time Deposits over $250,000


204



55



Other Time Deposits


259



228



Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase


16



7



Federal Home Loan Bank Advances


414



445



Junior Subordinated Obligations Issued to

  Unconsolidated Subsidiary Trusts


214



179



Total Interest Expense


2,016



1,536



NET INTEREST INCOME


20,402



18,461



Provision for Loan Losses


746



358



NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES


19,656



18,103



NONINTEREST INCOME






Income From Fiduciary Activities


2,197



2,018



Fees for Other Services to Customers


2,380



2,256



Insurance Commissions


1,903



2,198



Net Unrealized Gain on Equity Securities


18



—



Net Gain on Sales of Loans


38



45



Other Operating Income


353



178



Total Noninterest Income


6,889



6,695



NONINTEREST EXPENSE






Salaries and Employee Benefits


9,369



9,147



Occupancy Expenses, Net


2,541



2,544



FDIC Assessments


217



226



Other Operating Expense


3,829



3,558



Total Noninterest Expense


15,956



15,475



INCOME BEFORE PROVISION FOR INCOME TAXES


10,589



9,323



Provision for Income Taxes


2,058



2,692



NET INCOME


$

8,531



$

6,631



Average Shares Outstanding 1:






Basic


13,936



13,889



Diluted


14,016



14,001



Per Common Share:






Basic Earnings


$

0.61



$

0.48



Diluted Earnings


0.61



0.47





1 Share and per share data have been restated for the September 28, 2017, 3% stock dividend.


 

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts - Unaudited)














March 31,

2018


December 31,

2017


March 31,

2017

ASSETS






Cash and Due From Banks

$

29,525



$

42,562



$

50,158


Interest-Bearing Deposits at Banks

70,747



30,276



14,645


Investment Securities:






Available-for-Sale

307,168



300,200



347,159


Held-to-Maturity (Approximate Fair Value of $324,937 at March 31, 2018; $335,901 at December 31, 2017; and $335,105 at March 31, 2017)

330,124



335,907



335,211


Other Investments

4,780



9,949



6,826


Loans

1,993,037



1,950,770



1,810,805


Allowance for Loan Losses

(19,057)



(18,586)



(17,216)


Net Loans

1,973,980



1,932,184



1,793,589


Premises and Equipment, Net

27,815



27,619



26,585


Goodwill

21,873



21,873



21,873


Other Intangible Assets, Net

2,172



2,289



2,575


Other Assets

58,503



57,606



57,765


Total Assets

$

2,826,687



$

2,760,465



$

2,656,386


LIABILITIES






Noninterest-Bearing Deposits

$

452,347



$

441,945



$

402,506


Interest-Bearing Checking Accounts

944,161



907,315



959,170


Savings Deposits

762,220



694,573



696,625


Time Deposits over $250,000

85,403



38,147



30,993


Other Time Deposits

167,142



163,136



167,242


Total Deposits

2,411,273



2,245,116



2,256,536


Federal Funds Purchased and

  Securities Sold Under Agreements to Repurchase

74,957



64,966



32,035


Federal Home Loan Bank Overnight Advances

—



105,000



32,000


Federal Home Loan Bank Term Advances

45,000



55,000



55,000


Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

20,000



20,000



20,000


Other Liabilities

22,723



20,780



24,704


Total Liabilities

2,573,953



2,510,862



2,420,275


STOCKHOLDERS' EQUITY






Preferred Stock, $5 Par Value; 1,000,000 Shares Authorized

—



—



—


Common Stock, $1 Par Value; 20,000,000 Shares Authorized (18,481,301 Shares Issued and Outstanding at March 31, 2018; 18,481,301 at
December 31, 2017 and 17,943,201 at March 31, 2017)

18,481



18,481



17,943


Additional Paid-in Capital

290,980



290,219



271,517


Retained Earnings

34,093



28,818



31,901


Unallocated ESOP Shares (9,643 Shares at March 31, 2018; 9,643 Shares at December 31, 2017 and 19,466 Shares at March 31, 2017)

(200)



(200)



(400)


Accumulated Other Comprehensive Loss

(11,285)



(8,514)



(6,680)


Treasury Stock, at Cost (4,516,444 Shares at March 31, 2018; 4,541,524 Shares at December 31, 2017 and 4,442,292 Shares at March 31, 2017)

(79,335)



(79,201)



(78,170)


Total Stockholders' Equity

252,734



249,603



236,111


Total Liabilities and Stockholders' Equity

$

2,826,687



$

2,760,465



$

2,656,386


 

 

Arrow Financial Corporation

Selected Quarterly Information

(Dollars In Thousands, Except Per Share Amounts - Unaudited)





















Quarter Ended

3/31/2018



12/31/2017



9/30/2017



6/30/2017



3/31/2017


Net Income

8,531



8,071



7,416



7,208



6,631


Transactions Recorded in Net Income (Net of Tax):










Net (Loss) Gain on Securities Transactions

—



(278)



6



—



—


Tax Benefit from Net Deferred Tax Liability Revaluation

—



1,116



—



—



—












Share and Per Share Data:1










Period End Shares Outstanding

13,950



13,930



13,891



13,900



13,886


Basic Average Shares Outstanding

13,936



13,905



13,889



13,890



13,889


Diluted Average Shares Outstanding

14,016



14,006



13,966



13,975



14,001


Basic Earnings Per Share

$

0.61



$

0.58



$

0.53



$

0.52



$

0.48


Diluted Earnings Per Share

0.61



0.58



0.53



0.52



0.47


Cash Dividend Per Share

0.250



0.250



0.243



0.243



0.243












Selected Quarterly Average Balances:










  Interest-Bearing Deposits at Banks

27,978



27,047



27,143



24,480



23,565


  Investment Securities

642,442



660,043



677,368



684,570



695,615


  Loans

1,971,240



1,930,590



1,892,766



1,842,543



1,781,113


  Deposits

2,305,736



2,284,206



2,193,778



2,206,365



2,161,798


  Other Borrowed Funds

184,613



187,366



262,864



207,270



205,436


  Shareholders' Equity

251,109



247,253



243,801



239,396



235,257


  Total Assets

2,763,706



2,744,180



2,725,653



2,677,843



2,626,470


Return on Average Assets, annualized

1.25

%


1.17

%


1.08

%


1.08

%


1.02

%

Return on Average Equity, annualized

13.78

%


12.95

%


12.07

%


12.08

%


11.43

%

Return on Average Tangible Equity, annualized

15.24

%


14.36

%


13.40

%


13.45

%


12.76

%

Average Earning Assets

2,641,660



2,617,680



2,597,277



2,551,593



2,500,293


Average Paying Liabilities

2,050,661



2,029,811



2,012,802



2,005,421



1,977,628


Interest Income, Tax-Equivalent3

22,909



23,115



22,565



21,875



20,945


Interest Expense

2,016



1,821



1,949



1,699



1,536


Net Interest Income, Tax-Equivalent3

20,893



21,294



20,616



20,176



19,409


Tax-Equivalent Adjustment3

491



980



966



949



948


Net Interest Margin, annualized 3

3.21

%


3.23

%


3.15

%


3.17

%


3.15

%











Efficiency Ratio Calculation: 4










Noninterest Expense

15,955



16,045



15,548



15,637



15,475


Less: Intangible Asset Amortization

67



69



69



70



71


Net Noninterest Expense

15,888



15,976



15,479



15,567



15,404


Net Interest Income, Tax-Equivalent

20,893



21,294



20,616



20,176



19,409


Noninterest Income

6,888



6,752



7,141



7,057



6,695


Less: Net (Loss) Gain on Sales of Securities

—



(458)



10



—



—


Less: Net Unrealized Gain on Securities

18



—



—



—



—


Net Gross Income

27,763



28,504



27,747



27,233



26,104


Efficiency Ratio

57.23

%


56.05

%


55.79

%


57.16

%


59.01

%











Period-End Capital Information:










Total Stockholders' Equity (i.e. Book Value)

252,734



249,603



244,648



240,752



236,111


Book Value per Share 1

18.12



17.92



17.61



17.32



17.00


Goodwill and Other Intangible Assets, net

24,045



24,162



24,268



24,355



24,448


Tangible Book Value per Share 1,2

16.39



16.18



15.86



15.57



15.24












Capital Ratios:5






Tier 1 Leverage Ratio

9.62

%


9.49

%


9.30

%


9.35

%


9.37

%

Common Equity Tier 1 Capital Ratio 

12.97

%


12.89

%


12.70

%


12.68

%


12.84

%

Tier 1 Risk-Based Capital Ratio

14.03

%


13.97

%


13.79

%


13.79

%


13.99

%

Total Risk-Based Capital Ratio

15.04

%


14.99

%


14.77

%


14.77

%


14.98

%











Assets Under Trust Administration

  and Investment Management

$

1,470,191



$

1,452,994



$

1,411,608



$

1,356,262



$

1,333,690


 

 

Arrow Financial Corporation
Selected Quarterly Information - Continued
(Dollars In Thousands, Except Per Share Amounts - Unaudited)






















Footnotes:




















1.

Share and Per Share Data have been restated for the September 28, 2017, 3% stock dividend.



2.

Tangible Book Value and Tangible Equity exclude goodwill and other intangible assets, net from total equity.  These are non-GAAP financial measures which we believe provide investors with information that is useful in understanding our financial performance.





3/31/2018


12/31/2017


9/30/2017


6/30/2017


3/31/2017


Total Stockholders' Equity (GAAP)

252,734



249,603



244,648



240,752



236,111



Less: Goodwill and Other Intangible assets, net

24,045



24,162



24,268



24,355



24,448



Tangible Equity (Non-GAAP)

$

228,689



$

225,441



$

220,380



$

216,397



$

211,663














Period End Shares Outstanding

13,950



13,930



13,891



13,900



13,886



Tangible Book Value per Share (Non-GAAP)

$

16.39



$

16.18



$

15.86



$

15.57



$

15.24













3.

Net Interest Margin is the ratio of our annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure which we believe provides investors with information that is useful in understanding our financial performance.





3/31/2018


12/31/2017


9/30/2017


6/30/2017


3/31/2017


Net Interest Income (GAAP)

20,402



20,314



19,650



19,227



18,461



Add: Tax-Equivalent adjustment (Non-GAAP)

491



980



966



949



948



Net Interest Income - Tax Equivalent (Non-GAAP)

$

20,893



$

21,294



$

20,616



$

20,176



$

19,409



Average Earning Assets

2,641,660



2,617,680



2,597,277



2,551,593



2,500,293



Net Interest Margin (Non-GAAP)*

3.21

%


3.23

%


3.15

%


3.17

%


3.15

%












4.

Financial Institutions often use the "efficiency ratio", a non-GAAP ratio, as a measure of expense control. We believe the efficiency ratio provides investors with information that is useful in understanding our financial performance. We define our efficiency ratio as the ratio of our noninterest expense to our net gross income (which equals our tax-equivalent net interest income plus noninterest income, as adjusted).












5.

For the current quarter, all of the regulatory capital ratios in the table above, as well as the Total Risk-Weighted Assets and Common Equity Tier 1 Capital amounts listed in the table below, are estimates based on, and calculated in accordance with, bank regulatory capital rules. All prior quarters reflect actual results. The March 31, 2018 CET1 ratio listed in the tables (i.e., 12.97%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).





3/31/2018


12/31/2017


9/30/2017


6/30/2017


3/31/2017


Total Risk Weighted Assets

1,889,719



1,856,242



1,830,730



1,802,455



1,747,318



Common Equity Tier 1 Capital

265,066



259,378



232,473



228,586



224,369



Common Equity Tier 1 Ratio

12.97

%


12.89

%


12.70

%


12.68

%


12.84

%


















* Quarterly ratios have been annualized











                     

 

 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)













Quarter Ended:

03/31/2018


12/31/2017


3/31/2017

Loan Portfolio






Commercial Loans

$

127,674



$

129,249



$

118,842


Commercial Real Estate Loans

455,059



444,248



435,316


  Subtotal Commercial Loan Portfolio

582,733



573,497



554,158


Consumer Loans

626,639



602,827



551,963


Residential Real Estate Loans

783,665



774,446



704,684


Total Loans

$

1,993,037



$

1,950,770



$

1,810,805


Allowance for Loan Losses






Allowance for Loan Losses, Beginning of Quarter

$

18,586



$

17,695



$

17,012


Loans Charged-off

(370)



(363)



(270)


Less Recoveries of Loans Previously Charged-off

95



97



116


Net Loans Charged-off

(275)



(266)



(154)


Provision for Loan Losses

746



1,157



358


Allowance for Loan Losses, End of Quarter

$

19,057



$

18,586



$

17,216


Nonperforming Assets






Nonaccrual Loans

$

4,470



$

5,526



$

4,273


Loans Past Due 90 or More Days and Accruing

—



319



—


Loans Restructured and in Compliance with Modified Terms

100



105



101


Total Nonperforming Loans

4,570



5,950



4,374


Repossessed Assets

120



109



103


Other Real Estate Owned

1,525



1,738



1,631


Total Nonperforming Assets

$

6,215



$

7,797



$

6,108


Key Asset Quality Ratios






Net Loans Charged-off to Average Loans,

   Quarter-to-date Annualized

0.06

%


0.05

%


0.03

%

Provision for Loan Losses to Average Loans,

  Quarter-to-date Annualized

0.15

%


0.24

%


0.08

%

Allowance for Loan Losses to Period-End Loans

0.96

%


0.95

%


0.95

%

Allowance for Loan Losses to Period-End Nonperforming Loans

417.00

%


312.37

%


393.60

%

Nonperforming Loans to Period-End Loans

0.23

%


0.31

%


0.24

%

Nonperforming Assets to Period-End Assets

0.22

%


0.28

%


0.23

%

 

Cision View original content:http://www.prnewswire.com/news-releases/arrow-reports-increase-in-first-quarter-net-income-double-digit-loan-growth-continues-300634367.html

SOURCE Arrow Financial Corporation

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Arrow Financial Corp. 33,35 -0,30% Arrow Financial Corp.

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