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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 $ 13.0 million in Q3 Net Income , Surpasses $ 4 Billion in Total Assets Net income was $ 13.0 million and diluted earnings per share ( EPS ) was $ 0.81 for the third quarter . Key profitability ratios were strong in the third quarter with return on average assets ( ROA ) of 1.32 % and return on average equity ( ROE ) of 14.34 % . Third - quarter revenue increased $ 2.7 million , or 8.1 % , over the prior - year comparative quarter . Over $ 56 million of Small Business Administration Paycheck Protection Program ( PPP ) loans were forgiven in the third quarter of 2021 . Arrow continues to focus on optimization of digital and physical delivery channels to meet changing customer needs . GLENS FALLS , N.Y. ( October 26 , 2021 ) - Arrow Financial Corporation ( NasdaqGS ® AROW ) announced operating results for the three- and nine - month periods ended September 30 , 2021. Net income for the third quarter of 2021 was $ 13.0 million , compared to $ 11.0 million in the third quarter of 2020. Net interest income increased to $ 28.6 million in the third quarter of 2021 , compared to $ 24.9 million for the comparable quarter of 2020. For the nine months ended September 30 , 2021 , net interest income and net income were $ 83.2 million and $ 39.5 million , respectively , as compared to $ 72.7 million and $ 28.3 million for the nine months ended September 30 , 2020 . Annualized key profitability ratios remained strong , as measured by a return on average equity ( ROE ) of 14.34 % and a return on average assets ( ROA ) of 1.32 % for the third quarter , compared to 13.55 % and 1.23 % , respectively , for the prior - year quarter . " Arrow delivered another quarter of solid earnings , strong profitability ratios , and asset growth to a new record of more than $ 4 billion , " said Arrow President and CEO Thomas J. Murphy . “ I commend our team members for their dedication to continuous improvement and exceptional service for our customers during these challenging times . I am thankful for and humbled by their unwavering commitment to achieve our mission . " In the third quarter , Arrow advanced its focus on technology and digital experience with the launch of a new mortgage application platform and upgrades to our Business Online Banking platform . Additionally , branch network enhancement plans continued . Glens Falls National Bank announced the consolidation of two branches in Fort Edward located less than a mile apart before year - end , with the remaining full - service branch undergoing improvements ; Saratoga National Bank likewise renovated a new full - service location in Wilton , which will open in the fourth quarter and replace its smaller Jones and Ballard road branches . The following expands on our third - quarter financial results : COVID - 19 Response : In the third quarter , our lending team further advanced the forgiveness process for PPP borrowers , with about three quarters of loans forgiven as of September 30 , 2021. Frontline teams also assisted customers with additional stimulus programs and provided fraud education around pandemic - related scams . Arrow also complied with the New York State HERO Act by implementing required face coverings for employees . The Arrow Business Continuity Plan Committee continues to meet regularly to evaluate