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Arrow Reports Year-Over-Year Loan Growth of 10.8% and $8.9 million in Q2 Net Income

- Total loans grew by $45.1 million in the second quarter of 2019.

- Second quarter net income was $8.9 million.

- Second quarter diluted earnings per share (EPS) of $0.62.

- Second quarter net interest income increased 3.6% over the prior-year comparable quarter.

- Continued strong profitability, asset quality and capital ratios.

GLENS FALLS, N.Y., July 22, 2019 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended June 30, 2019. Net income for the second quarter of 2019 was $8.9 million, compared to $9.7 million in the second quarter of 2018. Steady loan growth continued in the second quarter of 2019, as total loans grew by $45.1 million from March 31, 2019 to $2.3 billion. Driven primarily by this growth, net interest income increased to $21.7 million in the second quarter of 2019, compared to $21.0 million for the comparable quarter of 2018.

Annualized key profitability ratios remained strong, as measured by a return on average equity of 12.79% and a return on average assets of 1.20% for the second quarter, compared to 15.22% and 1.38%, respectively, a year earlier.

"Thanks to the efforts of our team, Arrow continued its solid performance with steady loan growth and strong asset quality through the second quarter of the year," said President and CEO Thomas J. Murphy. "Our Company is well-positioned to adapt to the continuing changes in a complex rate environment. Additionally, we are making strategic lending decisions within our communities that will help our region thrive, and we are making important investments that will help us provide an enhanced customer experience."

The Company continued its forward momentum and expansion in the Capital Region with the opening of a new Saratoga National Bank and Trust Company office in Rotterdam, New York in the second quarter. Additionally, the company announced plans for the opening of its 12th Saratoga National Bank office, in Latham, New York, anticipated in early 2020.

The following expands on our second-quarter results:

Cash Dividend: On June 14, 2019, the Company distributed a cash dividend of $0.26 per share. The June 14, 2019 cash dividend was 7.1% higher than the $0.25 cash dividend paid by the Company in the second quarter of 2018, when adjusted for the 3% stock dividend distributed on September 27, 2018. The 2018 increase from $0.25 per share to $0.26 per share was the first increase in per share dividend amount since 2008.

Loan Growth: Total loans reached $2.3 billion as of June 30, 2019, which represents an increase of $222.4 million, or 10.8% as compared to June 30, 2018. The consumer loan portfolio grew by $117.1 million, or 17.7%, as compared to June 30, 2018, primarily within the indirect automobile lending program. The total residential real estate loan portfolio increased $60.0 million, or 7.4%, as compared to June 30, 2018. Total outstanding commercial loans increased $45.3 million, or 7.8%, as compared to June 30, 2018.

Deposit Growth: At June 30, 2019, deposit balances reached $2.5 billion, up $199.0 million, or 8.6%, from the prior-year level. Noninterest-bearing deposits represented 18.7% of total deposits at June 30, 2019. At June 30, 2019, other time deposits were $289.3 million, an increase of $119.7 million compared to the prior year. Time deposits include brokered deposits acquired to diversify source of funds to more favorable rates as compared to other borrowings.

Net Interest Income: Driven by strong loan growth, second quarter 2019 net interest income increased to $21.7 million, up 3.6% from $21.0 million in the comparable quarter of 2018. The net interest margin was 3.04% for the quarter, compared to 3.11% for the second quarter of 2018. The decrease in net interest margin from the prior year was the result of the migration to higher yielding deposit accounts due to rise in short-term market rates.

Noninterest Income: Noninterest income for the three months ended June 30, 2019, was $6.9 million, compared to $7.9 million in the comparable 2018 quarter. Despite the decline from the prior year, total noninterest income represented 24.1% of total revenues in the second quarter of 2019.

Noninterest Expense: Noninterest expense for the second quarter of 2019 increased 4.4% to $16.9 million, from $16.2 million for the second quarter of 2018. Technology and equipment expense increased $394 thousand, and other operating expense increased $409 thousand from the comparable quarter in 2018.

Provision for Income Taxes: The provision for income taxes was $2.3 million for the second quarter of both 2019 and 2018. The effective income tax rates for the three-month periods ended June 30, 2019 and 2018 were 20.5% and 19.3%, respectively.

Asset Quality: Asset quality remained strong at June 30, 2019, with continued low levels of nonperforming loans and net charge-offs. Nonperforming loans at June 30, 2019, were $5.5 million, up $26.0 thousand from the level at December 31, 2018. Net charge-offs, expressed as an annualized percentage of average loans outstanding, were 0.02% for the three-month period ended June 30, 2019, up from the prior-year comparable quarter of 0.01%. The allowance for loan losses was $20.7 million at June 30, 2019, which represented 0.91% of loans outstanding, as compared to 0.95% at June 30, 2018. The loss provision expense for the second quarter of 2019 was $455 thousand, down $174 thousand from the provision for the comparable 2018 quarter.

Capital: Total stockholders' equity was a record $284.6 million at June 30, 2019, up $25.2 million, or 9.7%, from the comparable quarter of 2018. Overall regulatory capital ratios also remained strong in 2019, with the Company's common equity tier 1 ratio estimated to be 12.99% and the total risk-based capital ratio estimated to be 14.91% at June 30, 2019. These capital levels at the Company and both its subsidiary banks continue to significantly exceed the "well capitalized" regulatory standard.

Industry Recognition: Both of the Company's banking subsidiaries maintained their BauerFinancial, Inc. 5-Star Superior Bank rating. Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company have continued to earn this designation for the last 49 and 41 quarters, respectively. In May, Seifried & Brew named Glens Falls National and Saratoga National to the top 15th percentile of Community Banks based on their performance in 2018.

About Arrow: Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc. and Upstate Agency, LLC.

Non-GAAP Financial Measures Reconciliation: In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. Certain non-GAAP financial measures include: tangible equity, return on tangible equity, tax-equivalent adjustment and related net interest income, tax-equivalent, and the efficiency ratio. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Non-GAAP financial measures may differ from similar measures presented by other companies. See the reconciliation of GAAP to non-GAAP measures in the section "Selected Quarterly Information."

Safe Harbor Statement: The information contained in this news release may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2018, and other filings with the Securities and Exchange Commission.

250 Glen Street
Glens Falls, NY 12801

NASDAQ® Symbol: "AROW"
Website: arrowfinancial.com

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts - Unaudited)




















Three Months Ended June 30,


Six Months Ended June 30,



2019


2018


2019


2018

INTEREST AND DIVIDEND INCOME









Interest and Fees on Loans


$

23,520



$

19,909



$

45,923



$

38,767


Interest on Deposits at Banks


195



158



390



292


Interest and Dividends on Investment Securities:









Fully Taxable


2,284



2,048



4,653



3,941


Exempt from Federal Taxes


1,228



1,475



2,474



3,008


Total Interest and Dividend Income


27,227



23,590



53,440



46,008


INTEREST EXPENSE









Interest-Bearing Checking Accounts


453



388



935



775


Savings Deposits


2,008



711



3,609



1,233


Time Deposits over $250,000


515



328



911



532


Other Time Deposits


1,131



282



1,844



541


Federal Funds Purchased and
Securities Sold Under Agreements to Repurchase


25



16



47



32


Federal Home Loan Bank Advances


1,099



656



2,693



1,070


Junior Subordinated Obligations Issued to
Unconsolidated Subsidiary Trusts


261



247



530



461


Interest on Financing Leases


28





43




Total Interest Expense


5,520



2,628



10,612



4,644


NET INTEREST INCOME


21,707



20,962



42,828



41,364


Provision for Loan Losses


455



629



927



1,375


NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES


21,252



20,333



41,901



39,989


NONINTEREST INCOME









Income From Fiduciary Activities


2,252



2,647



4,359



4,844


Fees for Other Services to Customers


2,545



2,570



4,947



4,950


Insurance Commissions


1,935



2,192



3,654



4,095


Net Gain on Securities Transactions




223



76



241


Net Gain on Sales of Loans


140



23



244



61


Other Operating Income


24



256



503



609


Total Noninterest Income


6,896



7,911



13,783



14,800


NONINTEREST EXPENSE









Salaries and Employee Benefits


9,727



9,812



19,046



19,181


Occupancy Expenses, Net


1,279



1,270



2,699



2,610


Technology and Equipment Expense


3,243



2,849



6,384



5,547


FDIC Assessments


212



223



424



440


Other Operating Expense


2,447



2,038



5,007



4,370


Total Noninterest Expense


16,908



16,192



33,560



32,148


INCOME BEFORE PROVISION FOR INCOME TAXES


11,240



12,052



22,124



22,641


Provision for Income Taxes


2,306



2,322



4,456



4,380


NET INCOME


$

8,934



$

9,730



$

17,668



$

18,261


Average Shares Outstanding 1:









Basic


14,487



14,394



14,478



14,374


Diluted


14,527



14,480



14,523



14,459


Per Common Share:









Basic Earnings


$

0.62



$

0.68



$

1.22



$

1.27


Diluted Earnings


0.62



0.67



1.22



1.26


1 2018 Share and Per Share Amounts have been restated for the September 27, 2018, 3% stock dividend.





 

 

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts - Unaudited)
















June 30, 2019


December 31, 2018


June 30, 2018

ASSETS






Cash and Due From Banks

$

34,650



$

56,529



$

38,552


Interest-Bearing Deposits at Banks

28,045



27,710



22,189


Investment Securities:






Available-for-Sale

285,878



317,535



325,387


Held-to-Maturity (Approximate Fair Value of $266,068 at June 30, 2019; $280,338 at December 31, 2018; and $292,605 at June 30, 2018)

262,541



283,476



297,885


Equity Securities

1,850



1,774



1,802


Other Investments

8,202



15,506



11,089


Loans

2,280,308



2,196,215



2,057,862


Allowance for Loan Losses

(20,695)



(20,196)



(19,640)


Net Loans

2,259,613



2,176,019



2,038,222


Premises and Equipment, Net

38,836



30,446



28,104


Goodwill

21,873



21,873



21,873


Other Intangible Assets, Net

1,730



1,852



2,060


Other Assets

62,532



55,614



58,008


Total Assets

$

3,005,750



$

2,988,334



$

2,845,171


LIABILITIES






Noninterest-Bearing Deposits

$

467,179



$

472,768



$

467,048


Interest-Bearing Checking Accounts

741,395



790,781



861,959


Savings Deposits

908,642



818,048



735,217


Time Deposits over $250,000

97,220



73,583



70,950


Other Time Deposits

289,317



190,404



169,607


Total Deposits

2,503,753



2,345,584



2,304,781


Federal Funds Purchased and

 Securities Sold Under Agreements to Repurchase

51,149



54,659



60,248


Federal Home Loan Bank Overnight Advances

83,000



234,000



136,000


Federal Home Loan Bank Term Advances

30,000



45,000



45,000


Junior Subordinated Obligations Issued to Unconsolidated
Subsidiary Trusts

20,000



20,000



20,000


Finance Leases

5,270






Other Liabilities

27,929



19,507



19,654


Total Liabilities

2,721,101



2,718,750



2,585,683


STOCKHOLDERS' EQUITY






Preferred Stock, $1 Par Value and 1,000,000 Shares Authorized at June 30, 2019; $5 Par Value and 1,000,000 Shares Authorized at December 31, 2018 and June 30, 2018






Common Stock, $1 Par Value; 30,000,000 Shares Authorized at June 30, 2019 and 20,000,000 Shares Authorized at December 31, 2018 and June 30, 2018 (19,035,565 Shares Issued at June 30, 2019 and December 31, 2018 and 18,481,301 at June 30, 2018)

19,035



19,035



18,481


Additional Paid-in Capital

316,229



314,533



292,020


Retained Earnings

39,397



29,257



40,326


Unallocated ESOP Shares (5,001 Shares at June 30, 2019; 5,001 Shares at December 31, 2018 and 9,643 Shares at June 30, 2018)

(100)



(100)



(200)


Accumulated Other Comprehensive Loss

(9,647)



(13,810)



(11,804)


Treasury Stock, at Cost (4,517,412 Shares at June 30, 2019; 4,558,207 Shares at December 31, 2018 and 4,467,909 Shares at June 30, 2018)

(80,265)



(79,331)



(79,335)


Total Stockholders' Equity

284,649



269,584



259,488


Total Liabilities and Stockholders' Equity

$

3,005,750



$

2,988,334



$

2,845,171


 

 

Arrow Financial Corporation

Selected Quarterly Information

(Dollars In Thousands, Except Per Share Amounts - Unaudited)





















Quarter Ended

6/30/2019



3/31/2019



12/31/2018



9/30/2018



6/30/2018


Net Income

$

8,934



$

8,734



$

8,758



$

9,260



$

9,730


Transactions in Net Income (Net of Tax):










Net Changes in Fair Value of Equity Investments



57



(106)



85



166












Share and Per Share Data:1










Period End Shares Outstanding

14,513



14,474



14,472



14,441



14,424


Basic Average Shares Outstanding

14,487



14,469



14,451



14,431



14,394


Diluted Average Shares Outstanding

14,527



14,520



14,514



14,520



14,480


Basic Earnings Per Share

$

0.62



$

0.60



$

0.61



$

0.64



$

0.68


Diluted Earnings Per Share

0.62



0.60



0.60



0.64



0.67


Cash Dividend Per Share

0.260



0.260



0.260



0.252



0.243












Selected Quarterly Average Balances:










 Interest-Bearing Deposits at Banks

$

25,107



$

26,163



$

34,782



$

30,522



$

28,543


 Investment Securities

584,679



611,161



637,341



636,847



647,913


 Loans

2,255,299



2,210,642



2,160,435



2,089,651



2,026,598


 Deposits

2,436,290



2,347,985



2,347,231



2,279,709



2,325,202


 Other Borrowed Funds

250,283



327,138



315,172



314,304



219,737


 Shareholders' Equity

280,247



272,864



268,503



263,139



256,358


 Total Assets

2,997,458



2,977,056



2,954,029



2,879,854



2,823,061


Return on Average Assets, annualized

1.20

%


1.19

%


1.18

%


1.28

%


1.38

%

Return on Average Equity, annualized

12.79

%


12.98

%


12.94

%


13.96

%


15.22

%

Return on Average Tangible Equity, annualized 2

13.96

%


14.22

%


14.20

%


15.36

%


16.80

%

Average Earning Assets

$

2,865,085



$

2,847,966



$

2,832,558



$

2,757,020



$

2,703,054


Average Paying Liabilities

2,235,462



2,224,403



2,189,233



2,110,924



2,100,085


Interest Income

27,227



26,213



26,000



24,495



23,590


Tax-Equivalent Adjustment 3

376



373



376



376



468


Interest Income, Tax-Equivalent 3

27,603



26,586



26,376



24,871



24,058


Interest Expense

5,520



5,092



4,343



3,498



2,628


Net Interest Income

21,707



21,121



21,657



20,997



20,962


Net Interest Income, Tax-Equivalent 3

22,083



21,494



22,033



21,373



21,430


Net Interest Margin, annualized

3.04

%


3.01

%


3.03

%


3.02

%


3.11

%

Net Interest Margin, Tax-Equivalent, annualized 3

3.09

%


3.06

%


3.09

%


3.08

%


3.18

%











Efficiency Ratio Calculation: 4










Noninterest Expense

$

16,908



$

16,652



$

16,881



$

16,026



$

16,192


Less: Intangible Asset Amortization

44



79



65



65



66


Net Noninterest Expense

$

16,864



$

16,573



$

16,816



$

15,961



$

16,126


Net Interest Income, Tax-Equivalent

$

22,083



$

21,494



$

22,033



$

21,373



$

21,430


Noninterest Income

6,896



6,887



6,799



7,350



7,911


Less: Net Changes in Fair Value of Equity Invest.



76



(142)



114



223


Net Gross Income

$

28,979



$

28,305



$

28,974



$

28,609



$

29,118


Efficiency Ratio

58.19

%


58.55

%


58.04

%


55.79

%


55.38

%











Period-End Capital Information:










Total Stockholders' Equity (i.e. Book Value)

$

284,649



$

276,609



$

269,584



$

264,810



$

259,488


Book Value per Share 1

19.61



19.11



18.63



18.34



17.99


Goodwill and Other Intangible Assets, net

23,603



23,650



23,725



23,827



23,933


Tangible Book Value per Share 1,2

17.99



17.48



16.99



16.69



16.33












Capital Ratios:5






Tier 1 Leverage Ratio

9.88

%


9.73

%


9.61

%


9.67

%


9.65

%

Common Equity Tier 1 Capital Ratio 

12.99

%


12.98

%


12.89

%


12.89

%


13.01

%

Tier 1 Risk-Based Capital Ratio

13.93

%


13.95

%


13.87

%


13.90

%


14.04

%

Total Risk-Based Capital Ratio

14.91

%


14.93

%


14.86

%


14.90

%


15.06

%











Assets Under Trust Admin. & Investment Mgmt.

$

1,496,966



$

1,483,259



$

1,385,752



$

1,551,289



$

1,479,753


 

 


Arrow Financial Corporation

Selected Quarterly Information - Continued

(Dollars In Thousands, Except Per Share Amounts - Unaudited)























Footnotes:




















1.

Share and Per Share Data have been restated for the September 27, 2018, 3% stock dividend.



2.

Non-GAAP Financial Measures Reconciliation: Tangible Book Value and Tangible Equity exclude goodwill and other intangible assets, net from total equity.  These are non-GAAP financial measures which we believe provide investors with information that is useful in understanding our financial performance.



6/30/2019


3/31/2019


12/31/2018


9/30/2018


6/30/2018


Total Stockholders' Equity (GAAP)

$

284,649



$

276,609



$

269,584



$

264,810



$

259,488



Less: Goodwill and Other Intangible assets, net

23,603



23,650



23,725



23,827



23,933



Tangible Equity (Non-GAAP)

$

261,046



$

252,959



$

245,859



$

240,983



$

235,555














Period End Shares Outstanding

14,513



14,474



14,472



14,441



14,424



Tangible Book Value per Share (Non-GAAP)

$

17.99



$

17.48



$

16.99



$

16.69



$

16.33



Net Income

8,934



8,734



8,758



9,260



9,730



Return on Tangible Equity (Net Income/Tangible Equity - Annualized)

13.96

%


14.22

%


14.20

%


15.36

%


16.80

%












3.

Non-GAAP Financial Measures Reconciliation: Net Interest Margin, Tax-Equivalent is the ratio of our annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure which we believe provides investors with information that is useful in understanding our financial performance.



6/30/2019


3/31/2019


12/31/2018


9/30/2018


6/30/2018


Interest Income (GAAP)

$

27,227



$

26,213



$

26,000



$

24,495



$

23,590



Add: Tax-Equivalent adjustment
(Non-GAAP)

376



373



376



376



468



Interest Income - Tax Equivalent
(Non-GAAP)

$

27,603



$

26,586



$

26,376



$

24,871



$

24,058



Net Interest Income (GAAP)

$

21,707



$

21,121



$

21,657



$

20,997



$

20,962



Add: Tax-Equivalent adjustment
(Non-GAAP)

376



373



376



376



468



Net Interest Income - Tax Equivalent
(Non-GAAP)

$

22,083



$

21,494



$

22,033



$

21,373



$

21,430



Average Earning Assets

$

2,865,085



$

2,847,966



$

2,832,558



$

2,757,020



$

2,703,054



Net Interest Margin (Non-GAAP)*

3.09

%


3.06

%


3.09

%


3.08

%


3.18

%












4.

Non-GAAP Financial Measures: Financial Institutions often use the "efficiency ratio", a non-GAAP ratio, as a measure of expense control. We believe the efficiency ratio provides investors with information that is useful in understanding our financial performance. We define our efficiency ratio as the ratio of our noninterest expense to our net gross income (which equals our tax-equivalent net interest income plus noninterest income, as adjusted).












5.

For the current quarter, all of the regulatory capital ratios in the table above, as well as the Total Risk-Weighted Assets and Common Equity Tier 1 Capital amounts listed in the table below, are estimates based on, and calculated in accordance with, bank regulatory capital rules. All prior quarters reflect actual results. The CET1 ratio at June 30, 2019 listed in the tables (i.e., 12.99%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%).



6/30/2019


3/31/2019


12/31/2018


9/30/2018


6/30/2018


Total Risk Weighted Assets

$

2,121,541



$

2,075,115



$

2,046,495



$

1,999,849



$

1,934,890



Common Equity Tier 1 Capital

275,528



269,363



263,863



257,852



251,666



Common Equity Tier 1 Ratio

12.99

%


12.98

%


12.89

%


12.89

%


13.01

%

















* Quarterly ratios have been annualized

 

 

Arrow Financial Corporation

Consolidated Financial Information

(Dollars in Thousands - Unaudited)













Quarter Ended:

6/30/2019


12/31/2018


6/30/2018

Loan Portfolio






Commercial Loans

$

138,331



$

136,890



$

118,881


Commercial Real Estate Loans

490,274



484,562



464,393


 Subtotal Commercial Loan Portfolio

628,605



621,452



583,274


Consumer Loans

779,024



719,510



661,908


Residential Real Estate Loans

872,679



855,253



812,680


Total Loans

$

2,280,308



$

2,196,215



$

2,057,862


Allowance for Loan Losses






Allowance for Loan Losses, Beginning of Quarter

$

20,373



$

20,003



$

19,057


Loans Charged-off

(368)



(573)



(264)


Less Recoveries of Loans Previously Charged-off

235



120



218


Net Loans Charged-off

(133)



(453)



(46)


Provision for Loan Losses

455



646



629


Allowance for Loan Losses, End of Quarter

$

20,695



$

20,196



$

19,640


Nonperforming Assets






Nonaccrual Loans

$

4,949



$

4,159



$

3,880


Loans Past Due 90 or More Days and Accruing

457



1,225



170


Loans Restructured and in Compliance with Modified Terms

142



138



106


Total Nonperforming Loans

5,548



5,522



4,156


Repossessed Assets

115



130



76


Other Real Estate Owned

1,258



1,130



1,412


Total Nonperforming Assets

$

6,921



$

6,782



$

5,644


Key Asset Quality Ratios






Net Loans Charged-off to Average Loans,

 Quarter-to-date Annualized

0.02

%


0.08

%


0.01

%

Provision for Loan Losses to Average Loans,

 Quarter-to-date Annualized

0.08

%


0.12

%


0.12

%

Allowance for Loan Losses to Period-End Loans

0.91

%


0.92

%


0.95

%

Allowance for Loan Losses to Period-End Nonperforming Loans

373.02

%


365.74

%


472.57

%

Nonperforming Loans to Period-End Loans

0.24

%


0.25

%


0.20

%

Nonperforming Assets to Period-End Assets

0.23

%


0.23

%


0.20

%

Six-Month Period Ended:






Allowance for Loan Losses






Allowance for Loan Losses, Beginning of Year

$

20,196





$

18,586


Loans Charged-off

(830)





(634)


Less Recoveries of Loans Previously Charged-off

402





313


Net Loans Charged-off

(428)





(321)


Provision for Loan Losses

927





1,375


Allowance for Loan Losses, End of Period

$

20,695





$

19,640


Key Asset Quality Ratios






Net Loans Charged-off to Average Loans, Annualized

0.04

%




0.03

%

Provision for Loan Losses to Average Loans, Annualized

0.08

%




0.14

%

 

Cision

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