Core Points - Arrow Financial Corporation's banking subsidiaries have joined the Allpoint ATM Network, providing access to over 50,000 ATMs in the U.S. and internationally [1][2] - Customers can now withdraw cash without incurring fees at various locations, including big-box stores and pharmacies, enhancing convenience [2][3] - The partnership allows customers to use Allpoint ATMs without any additional sign-up, and they can also make cash deposits of up to $200 at select ATMs [3] Company Overview - Arrow Financial Corporation includes Glens Falls National Bank and Trust Company, Saratoga National Bank and Trust Company, and Upstate Agency, LLC, serving northeastern New York [4]

Company Overview - Arrow Financial Corporation plans to complete the Unification of its banking subsidiaries by December 31, 2024[142]. - The company operates two banking subsidiaries, GFNB and SNB, with main offices in Glens Falls and Saratoga Springs, New York, respectively[142]. - Arrow's performance is compared with a peer group of 190 domestic bank holding companies with total consolidated assets between $3 billion and $10 billion[141]. Financial Performance - Net income for the quarter ended September 30, 2024, was $8,975,000, an increase from $8,604,000 in the previous quarter[154]. - Basic earnings per share rose to $0.54 from $0.52 in the prior quarter, while diluted earnings per share remained at $0.53[154]. - Total stockholders' equity increased to $393,311,000 from $383,018,000 in the previous quarter[156]. - Loans increased to $3,329,873,000, up from $3,280,285,000 in the previous quarter, reflecting a growth in lending activity[154]. - Interest income for the quarter was $49,443,000, compared to $47,972,000 in the previous quarter, indicating a positive trend in interest earnings[154]. - Net interest income rose to $28,438,000 from $27,152,000 in the prior quarter, showcasing improved profitability from interest-earning assets[154]. - The return on average assets was 0.84%, up from 0.82% in the previous quarter, while the return on average equity increased to 9.20% from 9.15%[154]. - Total assets remained stable at $4,245,597,000, slightly up from $4,237,359,000 in the previous quarter[154]. - The efficiency ratio improved to 65.59%, down from 66.29% in the previous quarter, indicating better cost management[154]. Capital and Liquidity - Common Equity Tier 1 Capital Ratio stood at 12.77% as of September 30, 2024, slightly down from 12.88% in June 2024, but above the regulatory minimum of 7.00%[158]. - Total Risk Weighted Assets increased to $3,110,178 million in Q3 2024, up from $3,072,922 million in Q2 2024, indicating growth in the asset base[158]. - The total primary liquidity was approximately $483 million, with a primary liquidity ratio of about 11.0% of total assets, well above the internal policy limit of 5%[215]. - Arrow's subsidiary banks qualified as "well-capitalized," meeting the highest capital classification standards with CET1, Tier 1, and total risk-based capital ratios of 12.77%, 13.41%, and 14.46%, respectively[208]. Loan and Deposit Trends - Total loans reached $3.3 billion as of September 30, 2024, with loan growth of $24.2 million in Q3 2024 and $201.2 million since September 30, 2023[164]. - Deposit balances were $3.8 billion at September 30, 2024, an increase of $153.8 million from June 30, 2024, and $171.0 million from September 30, 2023[164]. - Total deposits increased by $149.9 million, or 4.1%, from December 31, 2023, reaching $3.8 billion[177]. - Noninterest-bearing deposits accounted for 19.6% of total deposits, a decrease from 22.3% a year ago[196]. Non-Interest Income and Expenses - Non-interest income for Q3 2024 was $8.1 million, up from $7.9 million in Q2 2024 and consistent with Q3 2023[164]. - Salaries and employee benefits increased by $1.458 million, or 12.2%, to $13.446 million in Q3 2024 compared to Q3 2023[221]. - Non-interest expense for the first nine months of 2024 was $71.4 million, an increase of $1.6 million, or 2.3%, from the same period in 2023[228]. Credit Quality and Losses - The provision for credit losses was $0.9 million in Q3 2024, compared to $0.8 million in Q2 2024 and $0.4 million in Q3 2023[164]. - Nonperforming loans reached $21.9 million, representing 0.66% of period-end loans, an increase from 0.20% in the previous year[166]. - The allowance for credit losses was $31,262 thousand at the end of Q3 2024, consistent with $31,009 thousand at the end of Q2 2024, and decreased from $31,112 thousand at the end of Q3 2023[201]. Investment Securities - As of September 30, 2024, the total fair value of available-for-sale securities decreased to $437,067,000 from $497,769,000 as of December 31, 2023, representing a decline of $60,702,000 or approximately 12.2%[181]. - The company held no investment securities related to foreign governments or agencies as of September 30, 2024[182]. - The total fair value of held-to-maturity securities decreased to $103,337,000 as of September 30, 2024, from $128,837,000 as of December 31, 2023[181]. Economic Outlook - The economic forecast indicates a projected negative change of approximately 0.25% in the national unemployment rate and a 0.07% improvement in GDP[200].

Financial Performance - Net income for Q3 2024 was $9.0 million, or $0.53 per share, up from $7.7 million and $0.46 per share in Q3 2023, representing a 16.9% increase in net income year-over-year[2][7] - Net income for Q3 2024 was $8,975,000, compared to $7,743,000 in Q3 2023, indicating an increase of 15.9%[31] - Basic earnings per share for Q3 2024 were $0.54, up from $0.46 in Q3 2023, reflecting a growth of 17.4%[31] - Net income for the quarter ended September 30, 2024, was $8,975,000, an increase from $8,604,000 in the previous quarter, representing a growth of 4.3%[35] - Basic earnings per share increased to $0.54 from $0.52 in the previous quarter, reflecting a rise of 3.8%[35] Interest Income and Margin - Net interest income increased by 12.2% to $28.4 million in Q3 2024, compared to $25.4 million in Q3 2023, driven by loan growth and higher loan yields[8] - Total interest and dividend income for Q3 2024 was $49,443,000, an increase of 17.5% compared to $42,117,000 in Q3 2023[31] - Net interest income after provision for credit losses was $27,504,000 for Q3 2024, up from $24,999,000 in Q3 2023, reflecting a growth of 6.0%[31] - Net interest income for the quarter was $28,438,000, up from $27,152,000, indicating a growth of 4.7%[35] - The net interest spread improved to 2.12% for Q3 2024, compared to 1.92% in Q3 2023, showing an improvement in profitability[40] Assets and Liabilities - Total assets reached $4.4 billion as of September 30, 2024, a 3.9% increase from $4.2 billion at June 30, 2024[15] - Total assets increased to $4,411,449 thousand as of September 30, 2024, up from $4,169,868 thousand at December 31, 2023, representing a growth of 5.8%[33] - Total liabilities rose to $4,018,138 thousand, compared to $3,790,096 thousand at December 31, 2023, reflecting an increase of 6.0%[33] - Total assets as of September 30, 2024, were $4,245,597,000, slightly up from $4,237,359,000 in the previous quarter[35] Deposits - Deposit balances were $3.8 billion, an increase of $153.8 million from June 30, 2024, and $171.0 million from September 30, 2023[21] - Total deposits increased to $3,837,457 thousand, up from $3,687,566 thousand at December 31, 2023, reflecting a growth of 4.1%[33] - The company reported a decrease in noninterest-bearing deposits to $740,170 thousand from $758,425 thousand at the end of 2023, a decline of 2.1%[33] Credit Quality - The allowance for credit losses was $31.3 million, representing 0.94% of loans outstanding, stable compared to previous quarters[18] - The provision for credit losses was $934,000 in Q3 2024, compared to $354,000 in Q3 2023, showing a significant increase of 163.6%[31] - Nonperforming loans totaled $21,893 thousand, up from $6,334 thousand a year ago, indicating a significant increase in troubled assets[46] - The allowance for credit losses to period-end loans ratio was 0.94%, slightly down from 0.99% a year ago, suggesting a stable but cautious approach to credit risk management[46] Operational Efficiency - The efficiency ratio improved to 43.5% in Q3 2024 from 44.5% in Q3 2023, indicating better cost management[31] - The efficiency ratio improved to 65.59% from 66.29% in the previous quarter, showing enhanced operational efficiency[35] - The efficiency ratio, a non-GAAP measure, indicates improved expense control, although specific figures were not provided in the documents[38] Acquisitions and Market Presence - The company completed two small acquisitions in Q3 2024, expanding its insurance business and acquiring a branch in Whitehall, New York[4] - Arrow Financial Corporation plans to continue expanding its market presence and investing in new technologies to enhance service offerings[29] Capital Ratios - Arrow's Common Equity Tier 1 Capital Ratio was 12.77% as of September 30, 2024, indicating strong capital ratios[22] - The Common Equity Tier 1 (CET1) Ratio as of September 30, 2024, was 12.77%, slightly down from 13.17% in Q3 2023[39]

Core Points - Arrow Financial Corporation declared a quarterly cash dividend of $0.28 per share, marking a 3.7% increase from previous dividends and replacing the 3% stock dividend declared in recent years [1] - This cash dividend is the 46th consecutive quarterly cash dividend declared by Arrow Financial Corporation [1] - The company has returned over $6.4 million to shareholders through share repurchases and paid $13.6 million in regular quarterly cash dividends to date in 2024 [2] Company Overview - Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York [2] - The company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, with additional subsidiaries including North Country Investment Advisers, Inc., and Upstate Agency, LLC [2]

Core Insights - Director Raymond O'Conor sold 2,000 shares of Arrow Financial Corp on October 1, 2024, reducing his holdings to 41,176 shares [1] - Over the past year, O'Conor has sold a total of 10,000 shares without making any purchases, indicating a trend of insider selling [1] - The company has experienced 13 insider buys and 4 insider sells in the past year, suggesting mixed insider sentiment [1] Company Overview - Arrow Financial Corp operates as the bank holding company for Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, providing commercial and consumer banking services in northeastern New York [1] - The company's market capitalization is approximately $471.861 million, with shares trading at $28.04 on the day of the transaction [1] - The price-earnings ratio of Arrow Financial Corp is 14.92, which is higher than the industry median of 10.285 and the company's historical median [1] Valuation Insights - The intrinsic value estimate for Arrow Financial Corp is $29.04, indicating that the stock is fairly valued with a price-to-GF-Value ratio of 0.97 [2][3] - The GF Value is derived from historical trading multiples and adjusted by a GuruFocus factor that considers past returns and future performance estimates [3]

Financial Performance - Arrow Financial Corporation reported a significant increase in net interest income, reaching $15 million for the quarter, a 10% increase compared to the previous year[161]. - Net income for the quarter ended June 30, 2024, was $8,604 million, an increase from $7,660 million in the previous quarter[162]. - Basic and diluted earnings per share both increased to $0.52 from $0.45 in the previous quarter[162]. - Net income for Q2 2024 was $8.6 million, up from $7.7 million in Q1 2024 and $6.0 million in Q2 2023, reflecting a 11.7% increase from the previous quarter and a 43.3% increase year-over-year[176]. - Net interest income for Q2 2024 was $27.2 million, a 2.6% increase from $26.5 million in Q1 2024 and a 5.4% increase from $25.8 million in Q2 2023[176]. - Net income for the first six months of 2024 was $16.3 million, an increase of $1.7 million or 11.3% from the same period in 2023[245]. - Diluted earnings per share for the first six months of 2024 rose to $0.97, up from $0.85 in the first six months of 2023[245]. Asset and Equity Growth - Arrow's total assets grew to $3.5 billion, representing a 7% increase from the previous quarter[161]. - Total assets as of June 30, 2024, were $4,237,359 million, slightly down from $4,245,484 million at the end of the previous quarter[162]. - Total stockholders' equity increased to $383,018 million from $377,986 million in the previous quarter[165]. - Stockholders' equity increased to $383.0 million at June 30, 2024, reflecting a 0.9% increase from $379.8 million at December 31, 2023[178]. - Book value per share was $22.90, an 8.0% increase over the prior-year level, with a tangible book value per share of $21.54, up 8.6% year-over-year[178]. Loan and Deposit Activity - The company experienced a 12% increase in loan originations, totaling $200 million for the quarter[161]. - Total loans reached $3.3 billion as of June 30, 2024, with loan growth of $57.6 million in Q2 2024 and $245.3 million since June 30, 2023[176]. - Total deposits were $3.7 billion at June 30, 2024, a decrease of $95.4 million from March 31, 2024, but an increase of $181.4 million from June 30, 2023[176]. - Total loans increased to $3,280,285 thousand as of June 30, 2024, up from $3,235,841 thousand in the previous quarter, representing a growth of 1.4%[200]. - Total deposits decreased slightly to $3,678,957 thousand in Q2 2024 from $3,693,325 thousand in Q1 2024, a decline of 0.4%[208]. Credit Quality and Risk Management - Arrow's allowance for credit losses was maintained at 1.2% of total loans, indicating a stable risk management approach[161]. - The allowance for credit losses was $31.0 million, representing 0.94% of loans outstanding, down from 0.97% at March 31, 2024, and 1.02% at June 30, 2023[176]. - Nonperforming loans reached $21.1 million, representing 0.64% of period-end loans, an increase from 0.21% in June 2023[179]. - The ratio of allowance for credit losses to total loans was 0.94% at June 30, 2024, down from 0.97% at March 31, 2024[218]. Operational Efficiency - The efficiency ratio improved to 60%, indicating better expense control compared to 65% in the same quarter last year[157]. - Non-interest expense decreased by $0.8 million, or 3.2%, to $23.3 million in Q2 2024 compared to Q2 2023[242]. - The efficiency ratio improved slightly to 67.90% from 67.94% in the prior year[250]. Investment and Securities - Total investments were $556.4 million as of June 30, 2024, a decrease of $63.6 million (10.3%) from March 31, 2024, and a decrease of $137.6 million (19.8%) from June 30, 2023[176]. - The total held-to-maturity securities decreased to $96,454,000 from $128,837,000, reflecting a decline of $32,383,000 or approximately 25.2%[194]. - The company held no investment securities related to foreign governments or agencies as of June 30, 2024[195]. Future Outlook - The management anticipates a continued growth trajectory, projecting a 5% increase in net income for the next quarter[151]. - The economic forecast projects a 0.17% improvement in GDP and a 2.62% increase in HPI from the previous quarter[216].

250 Glen Street Glens Falls, NY 12801 NEWS RELEASE NASDAQ® Symbol: "AROW" Website: arrowfinancial.com Media Contact: Rachael Murray Tel: (518) 742-6505 Arrow Reports 2nd Quarter Net Income of $8.6 Million, or $0.52 per Share, Declares Dividend of $0.27 per Share ® GLENS FALLS, N.Y. (July 25, 2024) – Arrow Financial Corporation (NasdaqGS – AROW) ("Arrow" or "the Company") announced financial results for the three-month period ended June 30, 2024. Net income for the second quarter of 2024 was $8.6 million and ...

GLENS FALLS, N.Y., July 23, 2024 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® - AROW) has finalized plans to unify its banking subsidiaries, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, into one entity to be renamed Arrow Bank National Association ("Arrow Bank"). Today's announcement follows the necessary public comment period and regulatory approval by the Office of the Comptroller of the Currency."Our decision to unify our bank brands under the Arrow ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Large accelerated filer ☐ Accelerated filer ☑ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. __ ☐ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

250 Glen Street Glens Falls, NY 12801 NASDAQ® Symbol: "AROW" Website: arrowfinancial.com Media Contact: Rachael Murray Tel: (518) 742-6505 Arrow Reports 1st Quarter Net Income of $7.7 Million, or $0.45 per Share, Declares Dividend of $0.27 per Share GLENS FALLS, N.Y. (April 30, 2024) – Arrow Financial Corporation (NasdaqGS – AROW) ("Arrow" or "the Company") announced financial results for the three-month period ended March 31, 2024. Net income for the first quarter of 2024 was $7.7 million and fully diluted ...