Arrow Financial Corp. reported second-quarter profit of $5.8 million, a 2.4% increase over the same period last year.
The Glens Falls, N.Y., company reported diluted quarterly earnings of 51 cents a share, beating analysts' estimates of 46 cents a share, according to Thomson Reuters.
The $1.9 billion-asset holding company for Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust also said it paid a 25-cent cash dividend in the second quarter, a penny increase over the dividend it paid in the second quarter of 2010.
Arrow said it had a $170,000 loan-loss provision for the second quarter, an decrease of 54.7% from a year earlier. Arrow reported nonperforming assets of $5.9 million in the quarter, or 0.31% of total assets.