Arrow Financial Corp.<\/b>, the parent of
\nGlens Falls National Bank and Trust Co. and
\nSaratoga National Bank and Trust Co., announced
\nthat net income for the first quarter
\nof 2013 was $5.2 million, a decrease of $107
\nthousand or 2 percent, from net income of $5.3
\nmillion for the first quarter of 2012.<\/p>\n
According to the quarterly report, diluted
\nearnings per share was $0.43, a 2 percent
\ndecrease from the comparable 2012 quarter,
\nwhen diluted EPS was $0.44.<\/p>\n
Return on average assets for the first quarter
\nwas 1.03 percent and return on average equity
\nwas 11.88 percent. Both of these key profitability
\nratios have consistently compared very favorably
\nto the bank’s peer group, which it defines as all
\nU.S. bank holding companies having $1-$3 billion
\nin total assets, company officials said.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-12292","post","type-post","status-publish","format-standard","hentry","category-business-briefs"],"yoast_head":"\r\n