NASDAQ : AROW
Arrow Financial Corporation — Financial statements
Financials · Banks - Regional · United States
Last price 38.36 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 711.01M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 200.29M | 184.07M | 171.34M | 142.02M | 112.98M | 104.98M |
| Interest Income on Investments | 29.81M | 26.08M | 23.65M | 20.55M | 16.67M | 10.56M |
| Total Interest Income | 230.10M | 210.15M | 194.99M | 162.56M | 129.65M | 115.55M |
| Interest Paid on Deposits | 69.89M | 75.95M | 78.75M | 50.10M | 9.82M | 3.53M |
| Interest Paid on Borrowings | 4.27M | 1.03M | 4.51M | 7.63M | 1.48M | 1.67M |
| Total Interest Expense | 74.16M | 76.98M | 83.26M | 57.73M | 11.31M | 5.20M |
| Net Interest Income | 155.94M | 133.16M | 111.73M | 104.83M | 118.34M | 110.36M |
| Trust Income | 10.80M | 10.30M | 9.95M | 9.44M | 9.71M | 10.14M |
| Gain (Loss) on Sale of Investments | 287.00K | 542.00K | -2.91M | -92.00K | 427.00K | 111.00K |
| Other Non-Interest Income | 24.61M | 20.77M | 20.82M | 19.73M | 20.68M | 19.72M |
| Total Non-Interest Income | 36.57M | 32.43M | 28.07M | 29.12M | 30.90M | 32.37M |
| Revenues Before Loan Losses | 192.50M | 165.60M | 139.81M | 133.95M | 149.24M | 142.72M |
| Provision for Loan Losses | 5.69M | 7.27M | 5.18M | 3.38M | 4.80M | 272.00K |
| Revenue | 186.82M | 158.32M | 134.63M | 130.57M | 144.44M | 142.45M |
| Salaries and Employee Benefits | 61.18M | 53.75M | 50.05M | 45.30M | 44.69M | 42.52M |
| Occupancy Expenses | 9.25M | 7.76M | 7.17M | 6.55M | 6.20M | 5.81M |
| Federal Deposit Insurance | 2.49M | 2.52M | 2.77M | 2.05M | 1.18M | 1.04M |
| Selling, General & Administrative | 26.27M | 25.13M | 23.28M | 21.14M | 19.63M | 18.23M |
| Other Non-Interest Expense | 32.77M | 13.78M | 14.00M | 18.00M | 9.84M | 8.97M |
| Total Non-Interest Expense | 131.96M | 102.93M | 97.27M | 93.05M | 81.53M | 76.57M |
| EBT Excluding Unusual Items | 54.85M | 55.39M | 37.36M | 37.52M | 62.91M | 65.88M |
| Legal Settlements | -1.48M | |||||
| Pretax Income | 54.85M | 55.39M | 37.36M | 37.52M | 62.91M | 64.40M |
| Income Tax Expense | 10.70M | 11.44M | 7.65M | 7.45M | 14.11M | 14.55M |
| Net Income | 44.16M | 43.95M | 29.71M | 30.07M | 48.80M | 49.86M |
| Preferred Dividends & Other Adjustments | 142.00K | 142.00K | ||||
| Net Income to Common | 44.02M | 43.81M | 29.71M | 30.07M | 48.80M | 49.86M |
| Basic Shares Outstanding | 16.91M | 16.50M | 16.74M | 17.04M | 17.01M | 16.99M |
| Diluted Shares Outstanding | 16.94M | 16.51M | 16.75M | 17.04M | 17.06M | 17.05M |
| EPS (Basic) | 2.60 | 2.65 | 1.77 | 1.77 | 2.87 | 2.93 |
| EPS (Diluted) | 2.59 | 2.65 | 1.77 | 1.77 | 2.86 | 2.92 |
| Dividend Per Share | 1.19 | 1.14 | 1.09 | 1.06 | 1.03 | 0.96 |
| Effective Tax Rate | 19.50% | 20.64% | 20.47% | 19.84% | 22.43% | 22.59% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 53.17M | 29.13M | 27.42M | 36.76M | 64.66M | 457.70M |
| Investment Securities | 1.02B | 382.70M | 392.51M | 463.21M | 348.18M | 296.89M |
| Trading Asset Securities | 7.93M | 12.66M | 11.21M | 7.51M | 2.08M | |
| Mortgage-Backed Securities | 370.79M | 301.04M | 278.70M | 408.92M | 466.12M | |
| Total Investments | 1.02B | 761.43M | 706.21M | 753.12M | 764.60M | 765.09M |
| Gross Loans | 4.14B | 3.45B | 3.39B | 3.21B | 2.98B | 2.67B |
| Allowance for Loan Losses | -41.13M | -34.32M | -33.60M | -31.27M | -29.95M | -27.28M |
| Net Loans | 4.10B | 3.42B | 3.36B | 3.18B | 2.95B | 2.64B |
| Property, Plant & Equipment | 76.21M | 63.61M | 64.34M | 64.59M | 62.12M | 53.16M |
| Goodwill | 69.81M | 23.79M | 23.79M | 21.87M | 21.87M | 21.87M |
| Other Intangible Assets | 18.38M | 1.34M | 1.65M | 539.00K | 715.00K | 908.00K |
| Other Real Estate Owned & Foreclosed | 231.00K | 280.00K | 458.00K | 312.00K | 593.00K | 126.00K |
| Other Long-Term Assets | 206.62M | 143.14M | 117.18M | 111.03M | 101.69M | 88.44M |
| Total Assets | 5.55B | 4.45B | 4.31B | 4.17B | 3.97B | 4.03B |
| Interest Bearing Deposits | 3.37B | 3.06B | 2.93B | 2.75B | 2.59B | 2.66B |
| Institutional Deposits | 229.69M | 155.80M | 191.96M | 179.30M | 76.22M | 82.81M |
| Non-Interest Bearing Deposits | 1.14B | 722.37M | 702.98M | 758.42M | 836.87M | 810.27M |
| Total Deposits | 4.74B | 3.94B | 3.83B | 3.69B | 3.50B | 3.55B |
| Short-Term Borrowings | 3.48M | 8.64M | 34.60M | 34.51M | 2.08M | |
| Current Portion of Long-Term Debt | 6.90M | 4.25M | 27.80M | 5.00M | ||
| Current Portion of Leases | 1.04M | |||||
| Federal Home Loan Bank Debt, Long-Term | 185.19M | 4.26M | 1.70M | 2.25M | 40.00M | |
| Long-Term Leases | 4.87M | 8.28M | 9.85M | 10.22M | 10.94M | 12.29M |
| Trust Preferred Securities | 28.25M | 20.00M | 20.00M | 20.00M | 20.00M | 20.00M |
| Other Long-Term Liabilities | 74.76M | 37.47M | 30.43M | 31.22M | 24.36M | 26.89M |
| Total Liabilities | 5.03B | 4.01B | 3.91B | 3.79B | 3.62B | 3.66B |
| Common Stock | 22.07M | 22.07M | 22.07M | 22.07M | 21.42M | 20.80M |
| Additional Paid-In Capital | 468.44M | 414.51M | 413.48M | 412.55M | 400.27M | 378.00M |
| Retained Earnings | 116.95M | 102.27M | 77.22M | 65.79M | 65.40M | 54.08M |
| Treasury Stock | -74.03M | -102.95M | -93.40M | -87.22M | -83.90M | -82.03M |
| Comprehensive Income & Other | -18.32M | -4.04M | -18.45M | -33.42M | -49.66M | 347.00K |
| Shareholders' Equity | 515.09M | 431.85M | 400.90M | 379.77M | 353.54M | 371.19M |
| Total Liabilities & Equity | 5.55B | 4.45B | 4.31B | 4.17B | 3.97B | 4.03B |
| Total Debt | 218.30M | 37.07M | 47.09M | 71.31M | 93.25M | 79.38M |
| Net Cash (Debt) | 160.47M | 185.05M | 120.12M | 82.43M | -21.08M | 380.40M |
| Net Cash Per Share | 9.47 | 11.21 | 7.17 | 4.84 | -1.24 | 22.31 |
| Filing Date Shares Outstanding | 18.54M | 16.51M | 16.72M | 16.55M | 17.05M | 16.99M |
| Total Common Shares Outstanding | 18.54M | 16.45M | 16.74M | 16.94M | 17.05M | 17.02M |
| Book Value Per Share | 27.79 | 26.26 | 23.94 | 22.42 | 20.74 | 21.81 |
| Tangible Book Value | 426.90M | 406.72M | 375.46M | 357.36M | 330.95M | 348.40M |
| Tangible Book Value Per Share | 23.03 | 24.73 | 22.43 | 21.09 | 19.41 | 20.47 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 43.95M | 29.71M | 30.07M | 48.80M | 49.86M | |
| Depreciation & Amortization | 5.42M | 5.36M | 6.72M | 7.55M | 7.83M | |
| Gain (Loss) on Sale of Assets | 288.00K | 404.00K | 187.00K | 167.00K | 277.00K | |
| Gain (Loss) on Sale of Investments | -542.00K | 2.91M | 92.00K | -427.00K | -111.00K | |
| Provision for Credit Losses | 7.27M | 5.18M | 3.38M | 4.80M | 272.00K | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | -1.80M | -384.00K | 523.00K | 581.00K | 12.32M | |
| Change in Other Net Operating Assets | -1.78M | -7.42M | -19.95M | -570.00K | -1.03M | |
| Other Operating Activities | -11.97M | -1.92M | -1.25M | -1.99M | 323.00K | |
| Operating Cash Flow | 41.28M | 34.47M | 20.58M | 59.71M | 68.21M | |
| Capital Expenditures | -5.09M | -5.60M | -7.08M | -14.25M | -7.14M | |
| Sale of Property, Plant and Equipment | 3.15M | 3.33M | 2.71M | 1.48M | 1.55M | |
| Cash Acquisitions | 32.35M | |||||
| Investment in Securities | 18.70M | 67.78M | 150.30M | -60.06M | -183.86M | |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -75.17M | -187.51M | -228.90M | -319.55M | -85.12M | |
| Other Investing Activities | -3.04M | 696.00K | 323.00K | -684.00K | -31.00K | |
| Investing Cash Flow | -61.45M | -88.95M | -82.65M | -393.06M | -274.60M | |
| Long-Term Debt Issued | 102.10M | 256.50M | 27.00M | |||
| Total Debt Issued | 102.10M | 256.50M | 27.00M | |||
| Long-Term Debt Repaid | -4.41M | -120.06M | -284.85M | -17.25M | -17.53M | |
| Total Debt Repaid | -4.41M | -120.06M | -284.85M | -17.25M | -17.53M | |
| Net Debt Issued (Repaid) | -4.41M | -17.96M | -28.35M | 9.75M | -17.53M | |
| Issuance of Common Stock | 581.00K | 724.00K | 688.00K | 3.01M | 3.82M | |
| Repurchase of Common Stock | -10.24M | -6.79M | -3.61M | -2.87M | -2.66M | |
| Common Dividends Paid | -18.90M | -18.29M | -17.98M | -17.44M | -16.30M | |
| Net Increase (Decrease) in Deposit Accounts | 111.54M | 102.68M | 189.20M | -52.13M | 315.77M | |
| Other Financing Activities | 1.24M | 6.12M | ||||
| Financing Cash Flow | 79.81M | 66.49M | 139.95M | -59.69M | 283.10M | |
| Net Cash Flow | 59.64M | 12.01M | 77.88M | -393.04M | 76.70M | |
| Free Cash Flow | 36.19M | 28.87M | 13.50M | 45.46M | 61.07M | |
| Free Cash Flow Margin | 22.86% | 21.45% | 10.34% | 31.47% | 42.87% | |
| Free Cash Flow Per Share | 2.19 | 1.72 | 0.79 | 2.67 | 3.58 | |
| Cash Interest Paid | 77.21M | 84.49M | 51.83M | 5.75M | 5.37M | |
| Cash Income Tax Paid | 18.65M | 8.85M | 6.64M | 13.02M | 14.76M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 711.01M | 516.29M | 480.58M | 476.52M | 560.32M | 564.50M |
| Last Close Price | 38.36 | 30.64 | 26.89 | 25.09 | 28.12 | 27.48 |
| PE Ratio | 14.79 | 11.79 | 16.18 | 15.85 | 11.48 | 11.32 |
| PS Ratio | 3.81 | 3.26 | 3.57 | 3.65 | 3.88 | 3.96 |
| PB Ratio | 1.38 | 1.20 | 1.20 | 1.25 | 1.58 | 1.52 |
| P/FCF Ratio | 15.93 | 14.27 | 16.64 | 35.30 | 12.32 | 9.24 |
| P/OCF Ratio | 13.68 | 12.51 | 13.94 | 23.16 | 9.38 | 8.28 |
| Debt / Equity Ratio | 0.42 | 0.09 | 0.12 | 0.19 | 0.26 | 0.21 |
| Debt / FCF Ratio | 1.02 | 1.63 | 5.28 | 2.05 | 1.30 | |
| Net Debt / Equity Ratio | -0.31 | -0.43 | -0.30 | -0.22 | 0.06 | -1.02 |
| Net Debt / FCF Ratio | -5.11 | -4.16 | -6.11 | 0.46 | -6.23 | |
| Return on Equity (ROE) | 9.47% | 10.56% | 7.61% | 8.20% | 13.47% | 14.13% |
| Return on Assets (ROA) | 0.87% | 1.00% | 0.70% | 0.74% | 1.22% | 1.29% |
| Earnings Yield | 6.76% | 8.51% | 6.18% | 6.31% | 8.71% | 8.83% |
| FCF Yield | 6.28% | 7.01% | 6.01% | 2.83% | 8.11% | 10.82% |
| Dividend Yield | 3.13% | 3.63% | 3.80% | 3.77% | 3.13% | 2.89% |
| Payout Ratio | 46.28% | 42.99% | 61.55% | 59.79% | 35.75% | 32.68% |
| Buyback Yield / Dilution | -2.12% | 1.43% | 1.71% | 0.13% | -0.04% | -0.81% |
| Total Shareholder Return | 1.01% | 5.06% | 5.51% | 3.90% | 3.09% | 2.08% |