Join        Login             Stock Quote

Arrow Financial (AROW) 4Q Earnings Rise 2.2 Pct, In Line With Estimates

 January 22, 2013 11:50 AM

(By Balaseshan) Arrow Financial Corp. (NASDAQ: AROW), a multi-bank holding company, reported a 2.2% rise in quarterly earnings on an increase in the average level of interest-earning assets. Earnings came in line with Street's expectations.

Earnings for the fourth quarter were $5.55 million or $0.46 per share, up from $5.43 million or $0.45 per share last year. Analysts had expected a profit of $0.46 per share.

Net interest income rose 0.8% on a tax-equivalent basis to $15.28 million, due to an increase in the average level of interest-earning assets between the periods. Total non-interest income rose 11.3% to $6.90 million.

[Related -8 Higher-Yielding Financial Services Stocks With Rising Dividends]

The Glens Falls, New York-based company's tax-equivalent net interest margin fell to 3.13% from 3.25% as a result of operating in the historically low interest rate environment. Cost of funds fell by 41 basis points to 0.62%, while yield on earning assets decreased by 47 basis points to 3.64%.

The company said asset quality remained strong at December 31, 2012, as measured by its low level of nonperforming assets and charge-offs. Nonperforming assets of $9.1 million represented only 0.45% of period-end assets, far below industry averages, although up slightly from 0.41% ratio at December 31, 2011.

Net loan losses, expressed as an annualized percentage of average loans outstanding, were 0.04%, a decrease of 3 basis points from the 2011 comparable period. Allowance for loan losses was $15.3 million at December 31, 2012, which represented 1.30% of loans outstanding, a decrease of 3 basis points from last year.

[Related -iEstimates: Stocks That Could Beat Or Miss Earnings In The Week Of June 9, 2012]

Total assets at December 31, 2012, rose 3.06% to $2.023 billion, while loan portfolio increased 3.61% to $1.172 billion.

AROW is trading up 0.03% at $24.53 on Tuesday. The stock has been trading between $22.60 and $26.62 for the past 52 weeks.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageDeath Cross More Of A Buy Signal?

With the recent weakness in the equity markets, many stocks' and stock indices' chart patterns have traced read on...

article imageKey Price Planning Levels Updated for Chipotle

After a huge price surge from $600 to $760, Chipotle (CMG) shares retraced to a critical “Make or Break” read on...

article imageChina Growth and Market Structural Integrity Top List of Fear Poll Concerns

After a hiatus of almost a year (the October 2014 pullback, to be exact), I have reprised the VIX and More read on...

article imageIs The Treasury Market Still Expecting Moderate US Growth?

The roller-coaster ride in global markets in recent weeks has raised new doubts about economic growth in read on...

Popular Articles

Daily Sector Scan
Partner Center

Related Articles:

Dividend Achievers Additions For 2012
More Articles on: Finance

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.