From Arrow Financial
April 27
Arrow Reports $13.3 million in Net Income and Diluted EPS of $0.85 in Q1
Courtesy Arrow Financial
GLENS FALLS, N.Y. (April 27, 2021) - Arrow Financial Corporation (NasdaqGS(r) - AROW) announced operating results for the three-month period ended March 31, 2021. Net income for the first quarter of 2021 was $13.3 million, compared to $8.1 million in the first quarter of 2020. Net interest income increased to $26.2 million in the first quarter of 2021, compared to $23.0 million for the comparable quarter of 2020.
Key profitability ratios were strong in the first quarter with return on average assets (ROA) of 1.45% and return on average equity (ROE) of 15.81%.
First-quarter provision for credit losses was ($648) thousand, due to improving economic forecasts.
Deposits were $3.5 billion on March 31, 2021, up $218.9 million from the previous quarter.
Over $70 million of additional Small Business Administration Paycheck Protection Program loans were funded in the first quarter of 2021, with over $210 million from inception of the program.
"Arrow delivered a very strong first quarter. We continue to grow core deposits and provide support for our small business community with another $70 million in Paycheck Protection Program (PPP) loans," said Arrow President and CEO Thomas J. Murphy.
Other first quarter financial results:
As of March 31, 2021, we had originated more than $212.8 million in PPP loans for more than 1,600 small businesses, $70.1 million of which occurred in the first quarter of 2021.
Arrow is proud to share that its two banks were recently recognized as "Top Pandemic Performers" in a Rivel Banking Benchmark study of the Northeastern United States. Glens Falls National Bank ranked eighth in the state and Saratoga National Bank was in the top 25 based on customer feedback about 2020 pandemic performance.
Read more here. [This release was heavily summarized. Please click the link for the full information. --Editor]
From Sustainable PR
April 23
Tell Your Earth Day Story: Green PR Agency Event Creates Collective Memory of Earth Day 2021
Courtesy: SustainablePR
Glens Falls, NY, April 23, 2021— Community members of all ages contributed to a public chalkboard art installation outside Crandall Public Library in City Park April 22 for Sustainable PR’s Earth Day event, “Tell Your Earth Day Story.”
Sustainable PR, a green-focused public relations agency, hosted the event which ran from 11:30 a.m. to 6:00 p.m., and over 50 community members, many of whom were children, attended and shared what their hopes and fears are about the planet’s future. Sustainably packaged spring water from JUST Water, peanut butter protein balls from Juicin’ Jar and plant seedlings were given out at the event. The art installation will remain up over the weekend for people to enjoy and add to.
“It was incredible to see so many people turn out for our event despite the snow,” said Tony DeFazio, principal and founder of Sustainable PR. “The chalk messages really document how people view pressing environmental issues and their role in combating them. I am so grateful for this community’s strong commitment to our planet, and it was particularly inspiring to see children’s ideas, hopes and dreams come to life through art.”
From Stewart’s Shops
April 26, 2021
Stewart's Shops Renames Ice Cream Flavor in Honor of SUNY Empire's Mascot, Blue
Courtesdy Stewart's Shops (2021)
SUNY Empire Blue Ha-Ha Available at Six Saratoga Stewarts Locations Through Aug. 29
SUNY Empire State College Officer in Charge Nathan Gonyea samples Blue Ha-Ha ice cream with mascots Blue and Flavor at Stewart's Shops Saratoga Springs West Avenue location
Stewart’s Shops is proud to partner with SUNY Empire State College for their 50th anniversary with a dedicated ice cream flavor. This flavor will be known as SUNY Empire Blue Ha-Ha, originally known as Brew Ha-Ha. The flavor is affectionately named after the SUNY Empire mascot, Blue.
Courtesy SUNY ESC
SUNY Empire Blue Ha-Ha is a Richer roast coffee ice cream brewing with espresso bean flavored chocolate flakes and will be available at the cone counter at all Saratoga Springs Stewart’s Shops.
“We are honored to partner with Stewart’s Shops, a pillar in our community, to celebrate our 50th anniversary. This collaboration is a fun and exciting way for our local students, alumni, faculty, and staff to join in our celebration. We thank Stewart’s Shops for their contributions to our college and our community,” says SUNY Empire State College Officer in Charge Nathan Gonyea.
Stewart’s Shops and SUNY Empire have partnered for many years to offer student scholarships through the SUNY Empire Foundation. Graduates from Adirondack, Clinton, Columbia-Greene, Dutchess, Fulton-Montgomery, Herkimer, Hudson Valley, Jefferson, Mohawk Valley, North Country, Onondaga, Orange, Schenectady, Sullivan, and Ulster Community Colleges are encouraged to apply for a $1000 scholarship. Applications are being accepted online from April 5th through July 31st, 2021! For more information please click the link here: www.esc.edu/stewartsshops
From Saratoga County
April 26
GlobalFoundries announces they will move headquarters from California to Malta
Courtesy Saratoga County (2021)
SARATOGA COUNTY, NY – Today, GlobalFoundries CEO Tom Caulfield, accompanied by U.S. Senate Majority Leader Charles Schumer, announced that GlobalFoundries will be moving their corporate headquarters from Santa Clara, California to their Luther Forest facility in Malta. In addition, Senator Schumer announced the Endless Frontiers Act legislation designed to provide up to $50 billion to support expansion of research and manufacturing for the semiconductor industry.
Saratoga County Board of Supervisors Chairman Theodore Kusnierz and Malta Town Supervisor Darren O’Connor were both encouraged by today’s announcements, as they set the stage for continued growth and expansion for GlobalFoundries in Saratoga County.
“This is a significant commitment by GlobalFoundries, which greatly reinforces the importance of Luther Forest, Malta and Saratoga County in their future expansion plans. Given the rapidly growing worldwide demand for advanced semiconductors, we are very pleased that GlobalFoundries is letting the world know that they are committed to meeting this demand, and the center of that effort will be led right here in Saratoga County,” said Chairman Kusnierz.
“Global Foundries has been a tremendous partner with us here in Malta for many years, and today’s announcement underlines the strength of that partnership moving forward,” said Supervisor O’Connor.
From Perpetual Vibes
April 26
Perpetual Vibes announces partnership
Courtesy PerpetualVibes (2021)
Nurturing a New Era of Creativity! Perpetual Vibes, LLC today announces a new digital and traditional talent marketing and management company of no other kind. The company will be led by Kariann Morris and Michelle Moyer, Co-Owners and Managing Directors.
With COVID-19, the global pandemic has introduced market conditions that no one has ever faced before, especially in the talent industry.
Over the past year, the rise of social influencers and musicians has grown considerably and with the latest technology, musicians can now play together virtually with a global audience. Perpetual Vibes Marketing and Management has focused our efforts to engage fans virtually and planning for our live music industry to make a comeback soon to capture all of our artists following.
Perpetual Vibes is focusing on all aspects of brand creation/collaboration, talent marketing & campaigns, web design & development, merchandising, search engine optimization, social networking integration & promotion, digital press releases and much more.
For more: www.perpetualvibes.us