Arrow Financial Corporation reported third-quarter net income of $5.7 million, or $0.31 per diluted share, compared to $11.0 million in the prior quarter. The decline was primarily driven by $15.6 million in merger-related expenses associated with the July 1 acquisition of Adirondack Bancorp. Excluding these costs, core earnings were $0.97 per share. Net interest income rose 35.6% to $48.7 million as net interest margin expanded to 3.80%. The company also announced a quarterly cash dividend of $0.30 per share, payable November 23 to shareholders of record on November 11. Arrow Financial Corporation operates as a holding company for a full-service commercial bank and insurance agency in New York.
