GLENS FALLS — Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three- and-nine-month periods ended in Sept. 30, 2021. Net income for the third quarter of 2021 was $13.0 million, compared to $11.0 million in the third quarter of 2020. Net interest income increased to $28.6 million in the third quarter of 2021, compared to $24.9 million for the comparable quarter 2020. For the nine months ended in Sept. 30, 2021, net interest and net income were $83.2 million and $39.5 million, respectively, as compared to $72.7 million and $28.3 million for the nine months ended Sept. 30, 2020.
Annualized key profitability ratios remained strong, as measured by a return on average equity (ROE) of 14.34% and a return on average assets (ROA) OF 1.32% for the third quarter, compared to 13.55% and 1.23%, respectively, for the prior-year quarter.
“Arrow delivered another quarter of solid earnings, strong profitability ratios, and asset growth to a new record of more than $4 billon,” said Arrow President and CEO Thomas J. Murphy. “I commend our team members for their dedication to continuous improvement and exceptional service for our customers during these challenging times. I am thankful for and humbled by their unwavering commitment to achieve our mission.”
In the third quarter, Arrow advanced its focus on technology and digital experience with the launch of a new mortgage application platform and upgrades to the Business Online Banking platform. Additionally, branch network enhancement plans continued. Glens Falls National Bank announced the consolidation of two branches in Fort Edward located less than a mile apart before year-end, with the remaining full-service branch undergoing improvements; Saratoga National Bank likewise renovated a new full-service location in Wilton, which will open in the fourth quarter and replace its smaller Jones and Ballard road branches.
