Company Quick10K Filing
Arrow Financial
Price33.43 EPS2
Shares15 P/E18
MCap501 P/FCF15
Net Debt-92 EBIT51
TEV409 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
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8-K 2018-01-30

AROW 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Accounting Policies
Note 2. Investment Securities (In Thousands)
Note 3. Loans (In Thousands)
Note 4. Commitments and Contingencies (In Thousands)
Note 5. Comprehensive Income (In Thousands)
Note 6. Stock - Based Compensation (Dollars in Thousands, Except Share and per Share Amounts)
Note 7. Retirement Benefit Plans (Dollars in Thousands)
Note 8. Earnings per Common Share (In Thousands, Except per Share Amounts)
Note 9. Fair Values (Dollars in Thousands)
Note 10. Leases (Dollars in Thousands)
Note 11. Derivative Instruments and Hedging Activities (In Thousands)
Note 12. Covid - 19 Pandemic
Item 2.
Item 3.
Item 4.
Part II - Other Information
Item 1.
Item 1.A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
EX-15 ex15awarenessletterq32.htm
EX-31.1 ex311ceoq32020.htm
EX-31.2 ex312cfoq32020.htm
EX-32 ex32906cert-q32020.htm

Arrow Financial Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

arow-20200930
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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)
New York22-2448962
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

250 Glen StreetGlens FallsNew York12801
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:518 745-1000

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, Par Value $1.00 per shareAROWNASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes    ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerAccelerated filer
Non-accelerated filerSmaller 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. __

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding as of October 30, 2020
Common Stock, par value $1.00 per share15,491,432



ARROW FINANCIAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
Page

2


PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS

ARROW FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
 September 30, 2020December 31, 2019September 30, 2019
ASSETS  
Cash and Due From Banks$54,286 $47,035 $65,882 
Interest-Bearing Deposits at Banks396,380 23,186 26,416 
Investment Securities: 
Available-for-Sale at Fair Value374,928 357,334 314,182 
Held-to-Maturity (Approximate Fair Value of $233,501 at September 30, 2020; $249,618 at December 31, 2019; and $259,128 at September 30, 2019)
224,799 245,065 255,095 
Equity Securities1,511 2,063 1,996 
FHLB and Federal Reserve Bank Stock5,574 10,317 6,627 
Loans2,592,455 2,386,120 2,335,591 
Allowance for Loan Losses(28,446)(21,187)(20,931)
Net Loans2,564,009 2,364,933 2,314,660 
Premises and Equipment, Net42,075 40,629 40,228 
Goodwill21,873 21,873 21,873 
Other Intangible Assets, Net1,789 1,661 1,713 
Other Assets90,460 70,179 64,150 
Total Assets$3,777,684 $3,184,275 $3,112,822 
LIABILITIES  
Noninterest-Bearing Deposits$690,232 $484,944 $516,876 
Interest-Bearing Checking Accounts912,980 689,221 801,446 
Savings Deposits1,354,956 1,046,568 929,691 
Time Deposits over $250,000112,555 123,968 96,770 
Other Time Deposits194,135 271,353 269,764 
Total Deposits3,264,858 2,616,054 2,614,547 
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase73,949 51,099 72,869 
Federal Home Loan Bank Overnight Advances 130,000 48,000 
Federal Home Loan Bank Term Advances50,000 30,000 30,000 
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts20,000 20,000 20,000 
Finance Leases5,228 5,254 5,263 
Other Liabilities37,989 30,140 29,915 
Total Liabilities3,452,024 2,882,547 2,820,594 
STOCKHOLDERS’ EQUITY  
Preferred Stock, $1 Par Value and 1,000,000 Shares Authorized at September 30, 2020, December 31, 2019 and September 30, 2019
   
Common Stock, $1 Par Value; 30,000,000 Shares Authorized (20,194,474 Shares Issued at September 30, 2020 and 19,606,449 at December 31, 2019 and September 30, 2019)
20,194 19,606 19,606 
Additional Paid-in Capital353,062 335,355 334,597 
Retained Earnings33,434 33,218 27,375 
Unallocated ESOP Shares (None at September 30, 2020 and December 31, 2019 and 5,151 Shares at September 30, 2019)
  (100)
Accumulated Other Comprehensive Loss(253)(6,357)(8,979)
Treasury Stock, at Cost (4,705,102 Shares at September 30, 2020; 4,608,258 Shares at December 31, 2019 and 4,632,657 Shares at September 30, 2019)
(80,777)(80,094)(80,271)
Total Stockholders’ Equity325,660 301,728 292,228 
Total Liabilities and Stockholders’ Equity$3,777,684 $3,184,275 $3,112,822 
    See Notes to Unaudited Interim Consolidated Financial Statements.
3



ARROW FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)
(Unaudited)
 Three Months Ended September 30Nine Months Ended September 30,
 2020201920202019
INTEREST AND DIVIDEND INCOME  
Interest and Fees on Loans$24,706 $24,620 $74,657 $70,543 
Interest on Deposits at Banks64 182 229 572 
Interest and Dividends on Investment Securities:
Fully Taxable1,557 2,018 5,621 6,671 
Exempt from Federal Taxes969 1,132 3,017 3,606 
Total Interest and Dividend Income27,296 27,952 83,524 81,392 
INTEREST EXPENSE  
Interest-Bearing Checking Accounts264 500 1,061 1,435 
Savings Deposits806 2,317 4,450 5,926 
Time Deposits over $250,000292 451 1,263 1,362 
Other Time Deposits576 1,255 2,360 3,099 
Federal Funds Purchased and
Securities Sold Under Agreements to Repurchase
17 28 55 75 
Federal Home Loan Bank Advances219 820 865 3,513 
Junior Subordinated Obligations Issued to
Unconsolidated Subsidiary Trusts
173 250 574 780 
Interest on Financing Leases49 28 148 71 
Total Interest Expense2,396 5,649 10,776 16,261 
NET INTEREST INCOME24,900 22,303 72,748 65,131 
Provision for Loan Losses2,271 518 8,083 1,445 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES22,629 21,785 64,665 63,686 
NONINTEREST INCOME  
Income From Fiduciary Activities2,265 2,212 6,613 6,571 
Fees for Other Services to Customers2,619 2,623 7,348 7,570 
Insurance Commissions1,713 1,936 5,077 5,590 
Net (Loss) Gain on Securities(72)146 (552)222 
Net Gain on Sales of Loans1,433 257 2,193 501 
Other Operating Income739 517 2,876 1,020 
Total Noninterest Income8,697 7,691 23,555 21,474 
NONINTEREST EXPENSE  
Salaries and Employee Benefits10,408 10,015 31,003 29,061 
Occupancy Expenses, Net1,427 1,324 4,221 4,023 
Technology and Equipment Expense3,228 3,305 9,807 9,689 
FDIC Assessments309 (480)770 (56)
Other Operating Expense2,115 2,627 6,685 7,634 
Total Noninterest Expense17,487 16,791 52,486 50,351 
INCOME BEFORE PROVISION FOR INCOME TAXES13,839 12,685 35,734 34,809 
Provision for Income Taxes2,793 2,618 7,402 7,074 
NET INCOME$11,046 $10,067 $28,332 $27,735 
Average Shares Outstanding 1:
  
Basic15,472 15,404 15,453 15,375 
Diluted15,481 15,441 15,467 15,417 
Per Common Share:  
Basic Earnings$0.71 $0.65 $1.83 $1.80 
Diluted Earnings0.71 0.65 1.83 1.80 

    1 2019 Share and Per Share Amounts have been restated for the September 25, 2020 3% stock dividend.
See Notes to Unaudited Interim Consolidated Financial Statements.
4



ARROW FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
(Unaudited)
Three Months Ended September 30Nine Months Ended September 30
2020201920202019
Net Income$11,046 $10,067 $28,332 $27,735 
Other Comprehensive Income, Net of Tax:
  Net Unrealized Securities Holding (Losses) Gains
Arising During the Period
(296)499 5,823 4,323 
  Net Unrealized Gain on Cash Flow Hedge
Agreements
238 37  
  Amortization of Net Retirement Plan Actuarial Loss42 127 127 381 
  Amortization of Net Retirement Plan Prior Service Cost 39 42 117 127 
Other Comprehensive Income23 668 6,104 4,831 
  Comprehensive Income$11,069 $10,735 $34,436 $32,566 

    See Notes to Unaudited Interim Consolidated Financial Statements.

5


ARROW FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)

Nine Month Period Ended September 30, 2020
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Unallo-cated ESOP
Shares
Accumu-lated
Other Com-
prehensive
Loss
Treasury
Stock
Total
Balance at December 31, 2019$19,606 $335,355 $33,218 $ $(6,357)$(80,094)$301,728 
Net Income— — 28,332 — — — 28,332 
Other Comprehensive Income — — — — 6,104 — 6,104 
3% Stock Dividend (588,025 Shares)
588 15,818 (16,406)— — —  
Cash Dividends Paid, $.757 per Share
— — (11,710)— — — (11,710)
Stock Options Exercised, Net  (26,039 Shares)
— 344 — — — 252 596 
Shares Issued Under the Directors’ Stock
  Plan  (4,245 Shares)
— 83 — — — 42 125 
Shares Issued Under the Employee Stock
  Purchase Plan  (13,697 Shares)
— 260 — — — 132 392 
Shares Issued for Dividend
  Reinvestment Plans (48,473 Shares)
— 887 — — — 462 1,349 
Stock-Based Compensation Expense— 315 — — — — 315 
Purchase of Treasury Stock
  (52,257 Shares)
— — — — — (1,571)(1,571)
Balance at September 30, 2020$20,194 $353,062 $33,434 $ $(253)$(80,777)$325,660 
Three Month Period Ended September 30, 2020
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Unallo-cated ESOP
Shares
Accumu-lated
Other Com-
prehensive
Loss
Treasury
Stock
Total
Balance at June 30, 2020$19,606 $336,643 $42,704 $ $(276)$(80,990)$317,687 
Net Income— — 11,046 — — — 11,046 
Other Comprehensive Income— — — — 23 — 23 
3% Stock Dividend (588,025 Shares)
588 15,818 (16,406)— — —  
Cash Dividends Paid, $.252 per Share
— — (3,910)— — — (3,910)
Stock Options Exercised, Net  (8,884 Shares)
— 107 — — — 81 188 
Shares Issued Under the Employee Stock
  Purchase Plan  (4,739 Shares)
— 84 — — — 43 127 
Shares Issued for Dividend
  Reinvestment Plans (16,443 Shares)
— 304 — — — 153 457 
Stock-Based Compensation Expense— 106 — — — — 106 
Purchase of Treasury Stock
  (2,236 Shares)
— — — — — (64)(64)
Balance at September 30, 2020$20,194 $353,062 $33,434 $ $(253)$(80,777)$325,660 
6


Nine Month Period Ended September 30, 2019
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Unallo-cated ESOP
Shares
Accumu-lated
Other Com-
prehensive
Loss
Treasury
Stock
Total
Balance at December 31, 2018$19,035 314,533 29,257 (100)$(13,810)$(79,331)$269,584 
Net Income— — 27,735 — — — 27,735 
Other Comprehensive Income— — — — 4,831 — 4,831 
3% Stock Dividend (570,884 Shares)
571 17737(18,308)— — —  
Cash Dividends Paid, $.735 per Share 1
— — (11,309)— — — (11,309)
Stock Options Exercised, Net (76,775 Shares)
— 802 — — — 838 1,640 
Shares Issued Under the Directors’ Stock
  Plan  (3,997 Shares)
— 86 — — — 44 130 
Shares Issued Under the Employee Stock
  Purchase Plan  (11,403 Shares)
— 236 — — — 124 360 
Shares Issued for Dividend
  Reinvestment Plans (39,078 Shares)
— 911 — — — 422 1,333 
Stock-Based Compensation Expense— 292 — — — — 292 
Purchase of Treasury Stock
 (70,711 Shares)
— — — — — (2,368)(2,368)
Balance at September 30, 2019$19,606 $334,597 $27,375 $(100)$(8,979)$(80,271)$292,228 
Three Month Period Ended September 30, 2019
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Unallo-cated ESOP
Shares
Accumu-lated
Other Com-
prehensive
Loss
Treasury
Stock
Total
Balance at June 30, 2019$19,035 $316,229 $39,397 $(100)$(9,647)$(80,265)$284,649 
Net Income— — 10,067 — — — 10,067 
Other Comprehensive Income— — — — 668 — 668 
3% Stock Dividend (570,884 Shares)
571 17,737 (18,308)— — —