Arrow Flat as Net Income Climbs

Arrow Financial Corporation (NASDAQ:AROW) watched its shares shrink slightly to begin the week, soon after financial figures saw the light of day.

The company reported net income for fiscal year 2022 of $48.8 million, a decrease of $1.1 million, or 2.1%, compared to fiscal year 2021. Diluted earnings per share was $2.95 for the year ended December 31, 2022, as compared to $3.01 for the year ended December 31, 2021, a decrease of 2.0%. For the fourth quarter of 2022, net income was $12.1 million, an increase of $1.8 million, or 17.2%, from the fourth quarter of 2021.

Diluted EPS was $0.73 for the fourth quarter of 2022, an increase of 17.7% from $0.62 from the comparable 2021 quarter.

Diluted earnings per Share (EPS) was $2.95. Net income was $48.8 million.

Revenue for 2022 was $149.2 million. Return on average assets (ROA) was 1.21%.

Return on average equity (ROE) was 13.55%. Net interest margin was 3.03%.

Said CEO Thomas Murphy, “Arrow Financial Corporation delivered another year of strong performance in 2022, with record loan growth, excellent earnings and sustained profitability. During 2022, we made key investments in our technology and our Team, with the upgrade of our core banking system and the payment of a special employee bonus for outstanding performance, respectively.”

AROW shares were off two cents to $32.84.