ARROW FINANCIAL CORP

Listed Company

AROWCIK 0000717538NasdaqAcceleratedNational Commercial BanksNew YorkFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

—

Total Assets

—

Equity

—

Shares Out

16.53M

Op. Cash Flow

$41.28M

+ 13F Filer

Business

ARROW FINANCIAL CORP is a bank holding company that owns and supervises Arrow Bank and various non-bank subsidiaries, coordinating general policy and providing advisory and administrative services. It offers a broad range of commercial and consumer banking and financial products, including deposit-taking, commercial and consumer lending, mortgage origination and servicing, indirect auto lending, trust and retirement planning, wealth management, insurance agency services, and investment advisory and REIT activities. Key business components include Arrow Bank, an insurance agency, a registered investment adviser and a REIT, plus retail, commercial, trust and indirect lending operations. Its primary markets are communities in upstate New York, with indirect consumer lending sourced through an extensive network of automobile dealers across New York and Vermont and distribution through bank branches, trust operations and insurance offices.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and Fees on Loans	184	171	142	113	105
Interest on Deposits at Banks	8	10	6	3	565,000
Fully Taxable	16	12	12	10	6
Exempt from Federal Taxes	2	2	3	3	4
Total Interest and Dividend Income	210	195	163	130	116
Interest-Bearing Checking Accounts	8	7	4	973,000	731,000
Savings Deposits	38	43	34	8	2
Time Deposits over $250,000	7	7	5	369,000	261,000
Other Time Deposits	23	21	7	604,000	632,000
Borrowings	167,000	4	7	605,000	786,000
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts	686,000	686,000	686,000	685,000	686,000
Interest on Financing Leases	182,000	189,000	191,000	193,000	195,000
Total Interest Expense	77	83	58	11	5
NET INTEREST INCOME	133	112	105	118	—
Provision for Credit Losses	7	5	3	5	272,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	126	107	101	114	110
Insurance Commissions	8	7	6	6	6
Net Gain (Loss) on Securities	542,000	−3	−92,000	427,000	111,000
Net Gain on Sales of Loans	819,000	209,000	32,000	83,000	2
Other Operating Income	2	3	2	3	2
Total Noninterest Income	32	28	29	31	32
Salaries and Employee Benefits	56	53	48	47	45
Occupancy Expenses, Net	8	7	7	6	6
Technology and Equipment Expense	21	19	18	16	15
FDIC Assessments	3	3	2	1	1
Other Operating Expense	16	15	19	11	12
Total Noninterest Expense	103	97	93	82	78
Total before tax	55	37	38	63	64
Provision for Income Taxes	11	8	7	14	15
NET INCOME	44	30	30	49	50
Basic (in shares)	17	17	17	17	17
Diluted (in shares)	17	17	17	17	17
Basic Earnings (in dollars per share)	2.65	1.77	1.77	2.86	2.93
Diluted Earnings (in dollars per share)	2.65	1.77	1.77	2.86	2.92

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and Due From Banks	29	27	37	32	27
Interest-Bearing Deposits at Banks	185	127	106	33	431
Available-for-Sale	496	463	498	573	559
Held-to-Maturity (Approximate Fair Value of $66,569 at December 31, 2025, and $96,586 at December 31, 2024)	67	98	131	175	197
Equity Securities	6	5	2	2	2
Other Investments	4	4	5	6	5
Total	3,453	3,395	3,213	2,983	2,668
Allowance for Credit Losses	−34	−34	−31	−30	−27
Net Loans	3,419	3,361	3,182	2,953	2,641
Premises and Equipment, Net	59	60	60	56	46
Goodwill	24	24	22	22	22
Other Intangible Assets, Net	2	2	1	2	2
Other Assets	155	135	127	115	97
Total Assets	4,446	4,306	4,170	3,970	4,028
Noninterest-Bearing Deposits	722	703	758	837	810
Interest-Bearing Checking Accounts	862	811	800	998	994
Savings Deposits	1,558	1,520	1,466	1,454	1,531
Time Deposits over $250,000	156	192	179	76	83
Other Time Deposits	641	602	484	133	132
Total Deposits	3,939	3,828	3,688	3,498	3,550
Borrowings	4	9	27	55	—
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts	20	20	20	20	20
Finance Leases	5	5	5	5	5
Other Liabilities	45	44	51	38	36
Total Liabilities	4,014	3,905	3,790	3,616	3,657
Preferred Stock, $1 Par Value, 1,000,000 Shares Authorized (none issued)	0	0	0	0	0
Common Stock, $1 Par Value; 30,000,000 Shares Authorized; 22,066,559 Shares Issued and 16,445,342 and 16,742,921 Outstanding at December 31, 2025 and December 31, 2024)	22	22	22	21	21
Additional Paid-in Capital	415	413	413	400	378
Retained Earnings	102	77	66	65	54
Accumulated Other Comprehensive Loss	−4	−18	−33	−50	347,000
Treasury Stock, at Cost (5,621,217 Shares at December 31, 2025 and 5,323,638 Shares at December 31, 2024)	−103	−93	−87	−84	−82
Total Stockholders Equity	432	401	380	354	371
Total Liabilities and Stockholders Equity	4,446	4,306	4,170	3,970	4,028

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and Amortization	5	5	7	8	8
Loss on the Sale of Securities Available-for-Sale	0	3	9	0	0
Net Gain on Equity Securities	−542,000	−131,000	−9	−427,000	−111,000
Loans Originated and Held-for-Sale	−31	−9	491,000	−799,000	−49
Proceeds from the Sale of Loans Held-for-Sale	29	9	32,000	1	61
Net Gains on the Sale of Loans	−819,000	−209,000	−32,000	−83,000	−2
Net Loss on the Sale or Write-down of Premises and Equipment, Other Real Estate Owned and Repossessed Assets	288,000	404,000	187,000	167,000	277,000
Contributions to Pension & Postretirement Plans	−918,000	−1	−681,000	−741,000	−622,000
Deferred Income Tax Expense (Benefit)	193,000	−789,000	2	−1	945,000
Purchase of Energy Production Tax Credits	−11	0	0	—	—
Shares Issued Under the Directors Stock Plan	455,000	495,000	218,000	408,000	376,000
Stock-Based Compensation Expense	683,000	314,000	605,000	451,000	414,000
Tax Benefit from Exercise of Stock Options	120,000	34,000	11,000	34,000	69,000
Effect of Swap Agreements	0	0	−2	0	0
Net Increase in Other Assets	−2	−8	−29	−1	−5
Net Increase in Other Liabilities	325,000	787,000	9	857,000	4
Net Cash Provided By Operating Activities	41	34	21	60	68
Proceeds from the Sale of Equity Securities	0	0	9	0	0
Proceeds from the Sale of Securities Available-for-Sale	0	72	101	0	0
Proceeds from the Maturities and Calls of Securities Available-for-Sale	124	108	70	104	118
Purchases of Securities Available-for-Sale	−137	−142	−74	−185	−323
Purchases of Equity Securities	0	−3	0	0	—
Proceeds from the Maturities and Calls of Securities Held-to-Maturity	52	45	52	32	31
Purchases of Securities Held-to-Maturity	−21	−12	−8	−11	−9
Net Increase in Loans	−75	−188	−229	−320	−85
Termination of Fair Value Hedge	−3	0	0	—	—
Proceeds from the Sales of Premises and Equipment, Other Real Estate Owned and Repossessed Assets	3	3	3	1	2
Purchase of Premises and Equipment	−5	−6	−7	−14	−7
Net (Increase) Decrease in Federal Home Loan Bank Stock	−19,000	696,000	1	−684,000	−31,000
Purchase of Bank Owned Life Insurance	0	0	−692,000	0	0
Acquisition of Whitehall Branch	0	32	0	0	—
Net Cash Used In Investing Activities	−61	−89	−83	−393	−275
Net Increase in Deposits	112	103	189	−52	316
Other Borrowings - Advances	0	102	257	27	0
Other Borrowings - Paydowns	−4	−120	−285	−17	−17
Net Cash Collateral Received from Derivative Counterparties	3	6	0	0	—
Termination of Cash Flow Hedge	−1	0	0	—	—
Finance Lease Payments	−76,000	−61,000	−53,000	−50,000	−48,000
Purchase of Treasury Stock	−10	−7	−4	−3	−3
Shares Issued for Stock Option Exercises, net	256,000	433,000	96,000	631,000	2
Shares Issued Under the Employee Stock Purchase Plan	325,000	291,000	120,000	477,000	481,000
Shares Issued for Dividend Reinvestment Plans	0	0	472,000	2	2
Cash Dividends Paid	−19	−18	−18	−17	−16
Net Cash Provided By Financing Activities	80	66	140	−60	283
Net Increase in Cash and Cash Equivalents	60	12	78	−393	77
Interest on Deposits and Borrowings	77	84	52	6	5
Income Taxes	19	9	7	—	—
Transfer of Loans to Other Real Estate Owned and Repossessed Assets	3	2	2	2	1
Total fair value of commercial loan participation transferred to Other Assets	11	0	0	—	—
Total fair value of assets acquired in acquisition of Whitehall Branch, net of cash	0	4	0	0	—
Total fair value of liabilities assumed in acquisition of Whitehall Branch, net of cash	0	38	0	0	—

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 760 positions

Reported AUM

$835.73M

Holdings

760

Top sector

$835.73M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$835.73M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
VANGUARD S&P 500 ETF	—	236.9K	$98.35M	11.8%
ARROW FINANCIAL CORPORATION	—	1.44M	$46.81M	5.6%
VANGUARD MID-CAP ETF	—	173.6K	$41.30M	4.9%
ISHARES CORE MSCI DEV MKTS	—	593.9K	$37.79M	4.5%
ISHARES CORE S&P MID-CAP ETF	—	140.2K	$37.63M	4.5%
ISHARES CORE S&P SMALL-CAP ETF	—	310.1K	$33.45M	4.0%
VANGUARD SHORT TERM CORP BOND	—	300.7K	$23.48M	2.8%
INVESCO QQQ TRUST SERIES 1	—	47.7K	$17.28M	2.1%
VANGUARD SMALL-CAP ETF	—	73.4K	$15.60M	1.9%
APPLE INC	—	62.9K	$10.98M	1.3%