Arrow Financial Corp., the parent of
Glens Falls National Bank and Trust Co. and
Saratoga National Bank and Trust Co., announced
that net income for the first quarter
of 2013 was $5.2 million, a decrease of $107
thousand or 2 percent, from net income of $5.3
million for the first quarter of 2012.
According to the quarterly report, diluted
earnings per share was $0.43, a 2 percent
decrease from the comparable 2012 quarter,
when diluted EPS was $0.44.
Return on average assets for the first quarter
was 1.03 percent and return on average equity
was 11.88 percent. Both of these key profitability
ratios have consistently compared very favorably
to the bank’s peer group, which it defines as all
U.S. bank holding companies having $1-$3 billion
in total assets, company officials said.
Arrow also set new record highs for total assets, deposits and equity, as well as assets under trust administration and investment management, the report said. In addition, Saratoga National Bank and Trust Co., recently expanded into the rapidly growing Clifton Park with its new offi ce that opened April 1.