Arrow Financial Corporation (AROW) in Glens Falls, N.Y., said Monday that its first-quarter earnings climbed nearly 3% from the same period last year, to $5.3 million, as its loan portfolio continued to expand and asset quality remained strong.
The $2.2 billion-asset company said that total loans increased in all major loan categories and hit a record high of $1.3 billion in the quarter, up 12.5% from last year's first quarter.
Asset quality remained strong as nonperforming assets represented only 0.33% of period-end assets, down from 0.37% three months earlier. Hence its allowance for loan losses was $14.6 million at March 31, or 1.12% of loans outstanding, down from 1.25% one year earlier.
Net Interest Income increased $1 million, or 6.9%, compared to the first quarter of 2013, while net interest margin remained relatively unchanged.