Arrow Financial Q3 profit falls on merger costs
AROW•Arrow Financial reported Q3 net income of $5.70 million, including $15.6 million in merger expenses; core EPS excluding those costs was $0.97. Its acquisition of Adirondack Bancorp added $600 million in loans and $900 million in deposits.
1. Quarterly results
Arrow Financial said Q3 net income was $5.70 million, with results affected by $15.6 million in merger expenses. Core EPS, excluding merger costs, was $0.97.
2. Acquisition and outlook
The company completed its acquisition of Adirondack Bancorp, adding $600 million in loans and $900 million in deposits. Organic loan growth was about $60 million in Q3, or 6.8% annualized, while net interest margin rose to 3.81%. Arrow expects to complete core banking system integration in the next few weeks and remains on track to realize about 95% of anticipated cost savings by Q1 2027.
