Arrow Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Loans Charged-Offs for the Fourth Quarter of 2013
For the year, the company reported total interest and dividend income of $64,138,000 compared to $69,379,000 a year ago. Net interest income was $56,216,000 compared to $57,422,000 a year ago. Income before provision for income taxes was $30,874,000 compared to $31,840,000 a year ago. Net income was $21,795,000 compared to $22,179,000 a year ago. Basic and diluted per share were $1.77 compared to $1.81 a year ago. Tangible book value per share as at December 31, 2013 was $13.43 compared to $12.18 a year ago. Return on average equity and return on average assets was 12.11% and 1.04%, respectively for the twelve-month period ended December 31, 2013, as compared to 12.88% and 1.11%, respectively for the prior year.
For the fourth quarter, the company reported net loans charged-offs of $150,000 compared to $124,000 a year ago.