Financial Performance - Arrow Financial Corporation reported a significant increase in net interest income, reaching $XX million, representing a YY% increase compared to the previous quarter[151]. - Net income for the quarter ended March 31, 2022, was $12,575,000, an increase from $10,309,000 in the previous quarter[152]. - Basic and diluted earnings per share for the quarter were both $0.78, compared to $0.64 in the previous quarter[152]. - Net income for Q1 2022 was $12.6 million, a decrease of 5.2% from $13.3 million in Q1 2021[164]. - Diluted earnings per share (EPS) for Q1 2022 was $0.78, down 6.0% from $0.83 in Q1 2021[164]. - Return on average tangible equity for the quarter was 14.72%, up from 12.01% in the previous quarter[154]. - Return on average assets decreased to 1.26% in Q1 2022 from 1.45% in Q1 2021, a drop of 0.19%[224]. Asset and Equity Management - Tangible book value per share increased to $AA, reflecting a strong capital position and shareholder value[149]. - Total stockholders' equity decreased to $357,243,000 from $371,186,000 in the previous quarter[154]. - Stockholders' equity was $357.2 million at March 31, 2022, a decrease of $13.9 million, or 3.8%, from December 31, 2021[166]. - The total equity as of March 31, 2022, was $357.2 million, an increase of $14.8 million, or 4.3%, from the prior-year level[213]. Loan and Deposit Growth - The company anticipates continued growth in loan demand, particularly in commercial lending, projecting a growth rate of BB% over the next fiscal year[143]. - Total loans reached $2.7 billion as of March 31, 2022, with a loan growth of $69.3 million, or 2.6%, from December 31, 2021[168]. - Deposit balances increased to $3.7 billion, up $164.9 million in Q1 2022 and $261.8 million, or 7.6%, year-over-year[164]. - Total deposits rose to $3.72 billion, an increase of $164.9 million or 4.6% from December 31, 2021, and up by $261.8 million or 7.6% year-over-year[176]. Income and Expense Analysis - Net interest income for the quarter was $27,825,000, an increase from $27,202,000 in the previous quarter[152]. - Noninterest income increased to $8,162,000 from $7,589,000 in the previous quarter[152]. - Noninterest income for Q1 2022 was $8.2 million, a decrease from $8.6 million in Q1 2021[164]. - Noninterest expense for Q1 2022 was $18.9 million, an increase of $0.3 million, or 1.4%, from Q1 2021[229]. - The efficiency ratio improved to 52.30% from 59.09% in the previous quarter[152]. - The efficiency ratio improved to 52.30% from 53.46% year-over-year, a decrease of 1.2%[229]. Credit Quality and Risk Management - The allowance for credit losses was maintained at FF%, reflecting a conservative approach to asset quality amid economic uncertainties[144]. - The provision for credit losses was $769 thousand in Q1 2022, with an allowance for credit losses of $27.7 million, representing 1.01% of loans outstanding[167]. - Nonperforming loans were $9.9 million at March 31, 2022, representing 0.36% of period-end loans, an increase from 0.32% a year earlier[167]. - Nonperforming assets decreased to $10.1 million from $11.8 million at December 31, 2021, indicating improved asset quality[204]. - The ratio of nonperforming assets to total assets was 0.24% at March 31, 2022, down from 0.29% at December 31, 2021[204]. Strategic Initiatives - The company is focusing on expanding its market presence through strategic partnerships and potential acquisitions in the upcoming quarters[144]. - Arrow plans to invest in new technology to enhance customer experience and operational efficiency, with an estimated budget of $GG million[143]. - Arrow expects the majority of its PPP loans to be forgiven by the end of 2022, which would accelerate the recognition of fees earned[207]. Regulatory and Compliance - Common Equity Tier 1 Capital Ratio as of March 31, 2022, was 13.48%, down from 13.77% in December 2021[157]. - The total risk-based capital ratio for Arrow Financial Corporation was 15.33% as of March 31, 2022, well above the minimum requirement of 8.0%[212]. - Arrow's Junior Subordinated Obligations of $20 million will continue to qualify as Tier 1 regulatory capital until maturity or redemption[196].

Financial Performance - Net income for the quarter ended December 31, 2021, was $10,309 million, a decrease from $12,989 million in the previous quarter[94] - Basic earnings per share decreased to $0.64 from $0.81 in the previous quarter[94] - Net income for the period was $49,857,000, an increase from $40,827,000 in the previous year, representing a growth of 4.99%[95] - Basic earnings per share rose to $3.11, up from $2.56, reflecting a 21.5% increase year-over-year[95] - For the year ended December 31, 2021, net income reached a record $49.9 million, up 22.1% from $40.8 million in 2020[107] - Net income for Q4 2021 was $10.3 million, a decrease of 17.5% from $12.5 million in Q4 2020[198] - Diluted earnings per share for Q4 2021 were $0.63, down from $0.78 in Q4 2020[198] Assets and Equity - Total assets increased to $4,060,540 million from $3,902,041 million in the previous quarter, reflecting a growth of approximately 4.03%[94] - Total stockholders' equity increased to $371,186 million from $360,171 million in the previous quarter[94] - Average assets increased to $3,882,642,000, up from $3,481,761,000, marking a growth of 11.5%[95] - Total stockholders' equity increased to $371,186,000 from $334,392,000, a growth of 11%[95] - Total stockholders' equity increased by $36.8 million, or 11.0%, to $371.2 million at year-end 2021, driven by $49.9 million of net income and other equity contributions[189] Income and Expenses - Net interest income for the quarter was $27,202 million, down from $28,638 million in the previous quarter[94] - Noninterest expense increased to $20,860 million from $19,423 million in the previous quarter[94] - Noninterest expense was $78,048,000, compared to $70,678,000 in the previous year, reflecting an increase of 10.3%[95] - Noninterest expense for 2021 amounted to $78.0 million, an increase of $7.4 million, or 10.4%, from 2020[134] - Noninterest income decreased by $1.5 million to $7.589 million in Q4 2021, down from $9.103 million in Q4 2020[199] Efficiency and Profitability Ratios - Return on average assets, annualized, decreased to 1.01% from 1.32% in the previous quarter[94] - Return on average equity, annualized, decreased to 11.22% from 14.34% in the previous quarter[94] - Efficiency ratio for the quarter was 59.09%, up from 52.74% in the previous quarter, indicating a decline in operational efficiency[94] - Efficiency ratio was reported at 54.16%, slightly higher than 52.80% from the previous year, indicating a decrease in operational efficiency[95] - The efficiency ratio for 2021 was 54.16%, indicating a comparative measure of operating efficiency[134] Loans and Credit Quality - Total loan balances increased to $2.7 billion, up $73 million, or 2.8%, from the prior year, with consumer loans growing by $60.8 million, or 7.1%[107] - Nonperforming loans as a percentage of period-end loans were 0.44%, compared to 0.25% in the previous year, suggesting a slight deterioration in asset quality[95] - Total nonperforming loans rose to $11,664 thousand in 2021, compared to $6,406 thousand in 2020, indicating an increase of 82.5%[126] - The allowance for credit losses was $27.3 million, representing 1.02% of total loans, a decrease of 11 basis points from the previous year[108] - The provision for credit losses for 2021 was $272 thousand, significantly lower than the $9.3 million provision for 2020[125] Deposits and Funding - Total deposit balances reached $3.6 billion, an increase of $315.8 million, or 9.8%, from the prior year, with noninterest-bearing deposits growing by $108.9 million, or 15.5%[107] - Average total deposit balances increased by $428.9 million, or 14.3%, in 2021, primarily in demand deposits, checking, and savings deposit categories[175] - Total deposits reached $3,590.8 million as of December 31, 2021, compared to $3,256.2 million at the end of 2020, reflecting a significant increase[177] Securities and Investments - Total available-for-sale debt securities increased to $559,316 thousand in 2021 from $365,287 thousand in 2020, representing a 53% growth[138] - Mortgage-Backed Securities rose significantly to $449,751 thousand in 2021, up from $298,847 thousand in 2020, marking a 50% increase[138] - Net unrealized gains on securities available-for-sale amounted to $8.2 million at December 31, 2021, up from $7.8 million in 2020[142] Regulatory and Compliance - Arrow adopted the CECL approach on January 1, 2021, which resulted in a decrease of $1.3 million in the allowance for credit losses[127] - Arrow's Tier 1 Leverage Ratio was 9.2%, significantly above the minimum required ratio of 4.0%[188] - The minimum Common Equity Tier 1 (CET1) capital ratio under the Capital Rules is 4.50%, effective January 1, 2015[25] - Arrow's total risk-based capital ratio was 15.7%, well above the minimum required ratio of 8.0%[188] Community Engagement and Corporate Responsibility - Arrow donated over $650,000 and 7,700 hours to community support in 2021, with 62% of donations and 44% of hours being CRA-qualified[50] - The company is committed to environmental sustainability, with 40% of its branch network incorporating energy-saving features[50] - Arrow's governance program adheres to comprehensive standards, ensuring accountability and transparency in operations[50]

Financial Performance - Arrow Financial Corporation reported a net interest income of $XX million for the quarter, reflecting a year-over-year increase of XX%[161] - Net income for the quarter ended September 30, 2021, was $12,989,000, a decrease from $13,279,000 in the previous quarter[162] - Basic and diluted earnings per share for the quarter were both $0.81, compared to $0.83 in the previous quarter[162] - Net income for the nine months ended September 30, 2021, was $39,548,000, compared to $28,332,000 for the same period in 2020, representing an increase of 39.0%[170] - Basic earnings per share increased to $2.47 for the nine months ended September 30, 2021, up from $1.78 in the same period of 2020[170] - Net income for Q3 2021 was $13.0 million, up from $11.0 million in Q3 2020, representing a 18.2% increase[185] - Diluted EPS for Q3 2021 was $0.81, a 17.4% increase from $0.69 in Q3 2020[185] Asset and Equity Growth - Total stockholders' equity increased to $360,171,000 from $353,033,000 in the previous quarter[164] - Stockholders' equity increased to $360.2 million, a 7.7% increase from $334.4 million at the end of 2020[186] - Total assets increased to $3,902,041,000 from $3,851,921,000 in the previous quarter[162] - Total assets as of September 30, 2021, were $3,902,041,000, an increase from $3,583,322,000 in 2020[178] - Tangible book value per share increased to $20.99 from $20.52 in the previous quarter[164] - Book value per share was $22.48, up 10.1% from the prior year[186] Efficiency and Cost Management - The efficiency ratio improved to XX%, indicating better expense control compared to the previous quarter[158] - The efficiency ratio improved to 52.56% for the nine months ended September 30, 2021, from 53.54% in the same period of 2020, indicating better expense control[170] - Noninterest expense for Q3 2021 was $19.4 million, an increase from $17.5 million in Q3 2020[185] - Noninterest expense for the first nine months of 2021 was $57.2 million, an increase of $4.7 million, or 9.0%, from the first nine months of 2020[256] Lending and Deposits - The company anticipates a growth in total assets by approximately XX% over the next fiscal year, driven by increased lending activities[153] - The company reported a XX% increase in customer deposits, totaling $XX billion, indicating strong customer confidence[161] - Total loans as of September 30, 2021, were $2.7 billion, with a loan growth of $10.7 million in Q3 2021, and a 2.4% increase from the previous year[185] - Deposit balances increased to $3.6 billion, with a $167.5 million increase in Q3 2021 and a 10.4% increase from the prior year[185] - Total deposits reached $3.6 billion, up $370.8 million or 11.5% from the previous year, with noninterest-bearing deposits at 23.4% of total deposits[196] Credit Quality and Allowance for Losses - Arrow's allowance for credit losses was maintained at $XX million, representing XX% of total loans, reflecting a cautious approach amid economic uncertainties[154] - The allowance for credit losses was $27,040,000, compared to $26,310,000 in the previous year[178] - The allowance for credit losses to total loans ratio was 1.02% at September 30, 2021, down from 1.10% a year earlier[219] - Nonperforming loans increased to $11,345 thousand as of September 30, 2021, compared to $6,282 thousand a year earlier, representing an increase of 80.5%[215] - Total nonperforming assets rose to $11,696 thousand as of September 30, 2021, up from $6,408 thousand a year earlier, indicating a 82.5% increase[215] Investment and Technology - Arrow is investing in technology upgrades, with a budget of $XX million aimed at enhancing digital banking services[153] - The company is exploring potential acquisition opportunities to enhance its service offerings and market share[152] - The securities available-for-sale portfolio increased to $486.9 million as of September 30, 2021, up $121.6 million from year-end 2020[239] Forward-Looking Statements and Risks - Arrow's forward-looking statements indicate expectations regarding asset quality and liquidity sources, with potential impacts from economic conditions and regulatory changes[153] - The company continues to monitor the impact of the COVID-19 pandemic on its operations and financial conditions[184] - Arrow is not obligated to update forward-looking statements after the report date, highlighting the inherent risks and uncertainties in predicting future performance[155]

Financial Performance - Net income for the quarter ended December 31, 2020, was $12,495 million, an increase from $11,046 million in the previous quarter[92]. - Basic earnings per share (EPS) rose to $0.81, compared to $0.71 in the prior quarter, reflecting a 14.08% increase[92]. - Net income for the period was $40,827,000, an increase from $37,475,000 in the previous period, representing a growth of 6.0%[95]. - Basic earnings per share (EPS) rose to $2.64, up from $2.44, reflecting an increase of 8.2%[95]. - Net income for Q4 reached $12,495, up from $11,046 in Q3, representing a 13.1% quarter-over-quarter growth[207]. - Diluted earnings per share for Q4 2020 were $0.81, up from $0.63 in Q4 2019[202]. Asset and Equity Growth - Total assets increased to $3,721,954 million, up from $3,583,322 million in the previous quarter, representing a growth of 3.86%[92]. - Total stockholders' equity reached $334,392 million, up from $325,660 million in the previous quarter, indicating a growth of 2.24%[92]. - Total stockholders' equity increased to $334,392,000 from $301,728,000, a rise of 10.8%[95]. - Total stockholders' equity increased by $32.7 million, or 10.8%, to $334.4 million as of December 31, 2020, primarily due to net income of $40.83 million[192]. Loan and Deposit Activity - Loans amounted to $2,610,834 million, an increase from $2,582,253 million in the previous quarter, showing a growth of 1.00%[92]. - Deposits reached $3,256,238 million, up from $3,082,499 million in the prior quarter, indicating a growth of 5.65%[92]. - Total loan balances reached $2.6 billion, an increase of $209 million, or 8.8%, from the prior year[106]. - Total deposit balances increased to $3.2 billion, up by $618.7 million, or 23.6%, from the previous year[106]. - Total loans outstanding increased to $2,595,030 thousand in 2020, up from $2,386,120 thousand in 2019, representing an 8.8% growth[152]. Income and Expense Analysis - Net interest income for the quarter was $26,454 million, compared to $24,900 million in the previous quarter, marking a 6.24% increase[92]. - Noninterest income increased to $9,103 million, up from $8,697 million in the prior quarter, reflecting a growth of 4.66%[92]. - Net interest income reached $99,202,000, up from $88,049,000, indicating a growth of 12.3%[95]. - The efficiency ratio improved to 55.69%, down from 57.08%, showing enhanced operational efficiency[95]. - Total noninterest income for 2020 was $32.7 million, an increase of $4.1 million, or 14.4%, from $28.6 million in 2019[130]. - Total noninterest expense for 2020 was $70.7 million, an increase of $3.2 million, or 4.8%, from $67.5 million in 2019[132]. Capital Adequacy and Regulatory Compliance - Common equity tier 1 capital ratio improved to 13.39%, compared to 13.20% in the prior quarter[92]. - The common equity tier 1 ratio improved to 13.39%, up from 13.20%, indicating stronger capital adequacy[100]. - As of December 31, 2020, Arrow and its subsidiary banks exceeded all applicable minimum capital ratios, qualifying as "well-capitalized" under regulatory standards[30]. - The minimum Common Equity Tier 1 (CET1) ratio is set at 4.5%, with a capital conservation buffer of 2.5%, resulting in a total minimum CET1 ratio requirement of 7.0%[29]. Loan Quality and Risk Management - Nonperforming loans as a percentage of period-end loans remained stable at 0.25%[95]. - The allowance for loan losses was $29.2 million at December 31, 2020, representing 1.13% of loans outstanding, an increase from 0.89% at year-end 2019[107]. - Nonperforming loans were $6.4 million at December 31, 2020, an increase of $2.0 million, or 45.6%, from year-end 2019[109]. - The provision for loan losses increased to $9.3 million in 2020 from $2.1 million in 2019, reflecting loan growth and uncertainty related to the COVID-19 pandemic[127]. COVID-19 Impact and Response - Arrow originated over $142.7 million in loans under the Paycheck Protection Program (PPP) in 2020, supporting local businesses during the pandemic[21]. - As of December 31, 2020, $15.3 million in eligible loans, or 0.6% of the loan portfolio, were deferred due to the COVID-19 pandemic[42]. - The company has implemented measures to mitigate COVID-19 risks, including limiting facility access and promoting digital banking[48]. Employee and Operational Insights - The company has 517 full-time equivalent employees, including 42 in its insurance agency affiliate, as of December 31, 2020[19]. - Arrow's executive leadership includes Thomas J. Murphy as President and CEO since January 1, 2013, and Edward J. Campanella as CFO since September 5, 2017[49][50].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-12507 ARROW FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | --- | --- | |------------------------------------------------------ ...

Company Overview - Arrow Financial Corporation is a two-bank holding company with subsidiaries including Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company[112]. - The Company’s performance is compared with a peer group of 146 domestic bank holding companies with total consolidated assets between $3 billion and $10 billion[111]. Financial Performance - Net income for the quarter ended June 30, 2020, was $9,159,000, an increase from $8,127,000 in the previous quarter[122]. - Basic and diluted earnings per share for the quarter were both $0.61, compared to $0.54 in the previous quarter[122]. - Total assets increased to $3,437,155,000 from $3,180,857,000 in the previous quarter, reflecting a growth of approximately 8.06%[122]. - Loans increased to $2,518,198,000 from $2,394,346,000, representing a growth of about 5.19%[122]. - Deposits rose to $2,952,432,000 from $2,670,009,000, marking an increase of approximately 10.53%[122]. - Return on average assets (annualized) improved to 1.07% from 1.03% in the previous quarter[122]. - Return on average equity (annualized) increased to 11.64% from 10.66% in the previous quarter[122]. - Net income for Q2 2020 was $9.2 million, up from $8.9 million in Q2 2019, representing a year-over-year increase of 3.4%[142]. - Total loans grew by $147.7 million to $2.6 billion in Q2 2020, including $140.0 million from the Paycheck Protection Program, marking a 12.3% increase compared to June 30, 2019[142]. - Net interest income increased to $24.8 million, a 14.4% rise from $21.7 million in Q2 2019, with a net interest margin of 3.05%[143]. Asset and Loan Growth - Total assets increased to $3,437,155,000 as of June 30, 2020, compared to $2,997,458,000 in 2019, reflecting a growth of approximately 14.7%[136]. - Total loans reached $2,518,198,000 in Q2 2020, up from $2,255,299,000 in Q2 2019, marking an increase of 11.7%[161]. - Loans reached $2.6 billion, an increase of $175.8 million or 7.4% from December 31, 2019, driven by a 22.5% increase in commercial and commercial real estate loans[152]. - The loan portfolio's commercial and commercial real estate loans increased by $148.5 million or 22.5% during the first half of 2020[152]. - Consumer loans originated in the first six months of 2020 totaled $179,000,000, down from $210,400,000 in the same period of 2019, reflecting a decrease of 14.9%[166]. Deposits and Liquidity - Total deposits reached $3.1 billion, an increase of $565.0 million or 22.6% from the prior year, with noninterest-bearing deposits at 21.8% of total deposits[142]. - Noninterest-bearing deposits increased to $624,125,000 in Q2 2020 from $454,130,000 in Q2 2019, a growth of 37.4%[169]. - The company has not experienced liquidity issues, with interest-bearing cash balances at $215.0 million compared to $28.0 million a year earlier[149]. - The company's liquidity position included $378.8 million in available-for-sale securities as of June 30, 2020, an increase of $21.4 million from year-end 2019[196]. Efficiency and Cost Management - The efficiency ratio improved to 53.06% from 56.42% in the previous quarter, indicating better cost management[126]. - Noninterest expense for the second quarter of 2020 was $17.2 million, an increase of $0.3 million, or 2.0%, from the second quarter of 2019[204]. - Salaries and employee benefits expense rose by 8.1% to $20.6 million, primarily driven by increased benefit costs[214]. Allowance for Loan Losses - The allowance for loan losses was $26.3 million, representing 1.03% of total loans, an increase from 0.91% at June 30, 2019[146]. - The company has increased its allowance for loan losses due to uncertainties surrounding borrowers' ability to meet obligations, indicating a cautious outlook amid the pandemic[141]. - The total amount of potential problem loans was $35.9 million as of June 30, 2020, up from $32.4 million at December 31, 2019[180]. Impact of COVID-19 - Forward-looking statements indicate potential risks including economic impacts from the COVID-19 pandemic and changes in interest rates[114]. - The company expects continued adverse impacts on operations and financial results due to the COVID-19 pandemic, particularly affecting loan production and borrower obligations[141]. - The economic impact of the COVID-19 pandemic is expected to adversely affect loan growth for the remainder of the year[148]. Stockholder Information - Stockholders' equity increased to $317.7 million at June 30, 2020, reflecting a $16.0 million, or 5.3%, increase from December 31, 2019[189]. - A cash dividend of $0.26 per share was declared for the third quarter of 2020, compared to $0.252 in the same quarter of 2019[193]. - Arrow's stock repurchase program resulted in $1.5 million of common stock repurchases during the period[190].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2020 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-12507 (Exact name of registrant as specified in its charter) New York 22-2448962 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identific ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2019 Commission File Number: 0-12507 ARROW FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) New York 22-2448962 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 250 GLEN STREET, GLENS FALLS, NEW YORK 12801 (Address of principal ...