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• NEWS RELEASE ARROW Financial Corporation 250 Glen Street Glens Falls , NY 12801 NASDAQⓇ Symbol : " AROW " Website : arrowfinancial.com Media Contact : Dori McDannold Tel : ( 518 ) 415-4313 Arrow Reports $ 13.3 million in Q2 Net Income as COVID - 19 Recovery Continues Key profitability ratios were strong in the second quarter with return on average assets ( ROA ) of 1.38 % and return on average equity ( ROE ) of 15.21 % . Second - quarter revenue increased $ 4.8 million , or 15.1 % , over the prior year comparative quarter . Over $ 67 million of Small Business Administration Paycheck Protection Program ( PPP ) loans were forgiven in the second quarter of 2021 . Net income was $ 13.3 million and diluted earnings per share ( EPS ) were $ 0.85 for the second quarter . As pandemic restrictions lift , Arrow is focused on continued optimization of digital and physical delivery channels to meet changing customer needs . Ⓡ GLENS FALLS , N.Y. ( July 27 , 2021 ) - Arrow Financial Corporation ( NasdaqGS AROW ) announced operating results for the three and six - month periods ended June 30 , 2021. Net income for the second quarter of 2021 was $ 13.3 million , compared to $ 9.2 million in the second quarter of 2020. Net interest income increased to $ 28.4 million in the second quarter of 2021 , compared to $ 24.8 million for the comparable quarter of 2020. For the six - months ended June 30 , 2021 , net income and net interest income were $ 26.6 million and $ 54.5 million , respectively as compared to $ 17.3 million and $ 47.8 million for the six - months ended June 30 , 2020 . Annualized key profitability ratios remained strong , as measured by a return on average equity ( ROE ) of 15.21 % and a return on average assets ( ROA ) of 1.38 % for the second quarter , compared to 11.64 % and 1.07 % , respectively , for the prior year quarter . " Arrow delivered another solid quarter marked by both strong core earnings and profitability ratios , " said Arrow President and CEO Thomas J. Murphy . " As the economy improves and pandemic - related restrictions are lifted , Arrow is well - positioned to provide both traditional banking for those eager to return to it , as well as digital banking for the growing group of customers who embraced our digital platform over the past year . We continue to make strategic investments in our digital customer experience and branch network to support changing customer needs . " Arrow announced plans to renovate a large portion of its Glens Falls headquarters , including workspace for support teams and the Main Office branch . Additionally , Saratoga National Bank announced plans to consolidate its Jones Road and Ballard Road Wilton branches this fall into a nearby office in a high - traffic commercial district . The new location and design will provide efficiencies and enhance our ability to develop relationships , even as routine transactions continue to migrate online . Finally , Arrow's two banks rolled out digital enhancements in the second quarter , including a mobile app for business customers and SecureLOCK ™ Equip , an addition to our consumer mobile apps that allows users to freeze their debit cards . The following expands on our second - quarter financial results : COVID - 19 Response : In the second quarter , as restrictions were lifted by the state and CDC , Arrow likewise lifted the face covering requirement at its banking and insurance offices . Vaccination was and continues to be