GLENS FALLS, N.Y. -- Arrow Financial Corp. earned a record $3.6 million in the third quarter of 1994, a 69% increase from $2.1 million in the same period last year.

For the first nine months, the $746-million-asset holding company reported profits of $9 million, up 21.5% from $7.4 million in 1993.

Nonperforming assets dropped to $8.9 million, or 1.2% of all assets, a 56% drop from December 1993.

Bank officials attributed the drop partly to a June 1994 real estate auction. The $1.5 million charge for losses from the auction was recorded in the second quarter.

Arrow will pay a 4% stock dividend Nov. 9 after paying a cash dividend of 11 cents on Sept. 15.

Arrow, with 30 branches, is the holding company for Glens Falls National Bank and Trust Co., Saratoga National Bank and Trust Co., and Green Mountain Bank in Rutland, Vt.

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