Company Quick10K Filing
⚲
Arrow Financial
Financials
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
Filings
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-12
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-14
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-10
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-17
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-14
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-10
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-05
Reports
8-K 2020-08-26 Other Events, Exhibits
8-K 2020-07-29 Other Events, Exhibits
8-K 2020-07-21 Earnings, Exhibits
8-K 2020-05-07
8-K 2020-04-30
8-K 2020-04-24
8-K 2020-04-23
8-K 2020-02-03
8-K 2020-01-28
8-K 2019-10-30
8-K 2019-10-22
8-K 2019-08-28
8-K 2019-07-31
8-K 2019-07-22
8-K 2019-06-03
8-K 2019-05-08
8-K 2019-04-24
8-K 2019-04-23
8-K 2019-02-04
8-K 2019-01-29
8-K 2018-10-31
8-K 2018-10-22
8-K 2018-08-29
8-K 2018-07-25
8-K 2018-07-23
8-K 2018-04-25
8-K 2018-04-25
8-K 2018-04-23
8-K 2018-02-06
8-K 2018-01-31
8-K 2018-01-30

AROW 10Q Quarterly Report

Content
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.
Exhibits
EX-15 ex15awarenessletterq22.htm
EX-31.1 ex311ceoq22020.htm
EX-31.2 ex312cfoq22020.htm
EX-32 ex32906cert-q22020.htm

Arrow Financial Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
arow-20200630
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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 June 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 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. __☐

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 July 31, 2020
Common Stock, par value $1.00 per share15,015,056


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)
 June 30,
2020		December 31, 2019June 30,
2019
ASSETS  
Cash and Due From Banks$38,267  $47,035  $34,650  
Interest-Bearing Deposits at Banks215,003  23,186  28,045  
Investment Securities: 
Available-for-Sale at Fair Value378,778  357,334  285,878  
Held-to-Maturity (Approximate Fair Value of $241,875,000 at June 30, 2020; $249,618,000 at December 31, 2019; and $266,068,000 at June 30, 2019)
233,517  245,065  262,541  
Equity Securities1,583  2,063  1,850  
FHLB and Federal Reserve Bank Stock5,574  10,317  8,202  
Loans2,561,915  2,386,120  2,280,308  
Allowance for Loan Losses(26,300) (21,187) (20,695) 
Net Loans2,535,615  2,364,933  2,259,613  
Premises and Equipment, Net41,231  40,629  38,836  
Goodwill21,873  21,873  21,873  
Other Intangible Assets, Net1,662  1,661  1,730  
Other Assets74,074  70,179  62,532  
Total Assets$3,547,177  $3,184,275  $3,005,750  
LIABILITIES  
Noninterest-Bearing Deposits$667,585  $484,944  $467,179  
Interest-Bearing Checking Accounts791,521  689,221  741,395  
Savings Deposits1,262,102  1,046,568  908,642  
Time Deposits over $250,000130,935  123,968  97,220  
Other Time Deposits216,630  271,353  289,317  
Total Deposits3,068,773  2,616,054  2,503,753  
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase47,599  51,099  51,149  
Federal Home Loan Bank Overnight Advances—  130,000  83,000  
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 Leases5,239  5,254  5,270  
Other Liabilities37,879  30,140  27,929  
Total Liabilities3,229,490  2,882,547  2,721,101  
STOCKHOLDERS’ EQUITY  
Preferred Stock, $1 Par Value and 1,000,000 Shares Authorized at June 30, 2020, December 31, 2019 and June 30, 2019
—  —  —  
Common Stock, $1 Par Value; 30,000,000 Shares Authorized (19,606,449 Shares Issued at June 30, 2020 and December 31, 2019 and 19,035,565 at June 30, 2019)
19,606  19,606  19,035  
Additional Paid-in Capital336,643  335,355  316,229  
Retained Earnings42,704  33,218  39,397  
Unallocated ESOP Shares (None at June 30, 2020 and December 31, 2019 and 5,001 Shares at June 30, 2019)
—  —  (100) 
Accumulated Other Comprehensive Loss(276) (6,357) (9,647) 
Treasury Stock, at Cost (4,595,891 Shares at June 30, 2020; 4,608,258 Shares at December 31, 2019 and 4,517,412 Shares at June 30, 2019)
(80,990) (80,094) (80,265) 
Total Stockholders’ Equity317,687  301,728  284,649  
Total Liabilities and Stockholders’ Equity$3,547,177  $3,184,275  $3,005,750  
        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 June 30Six Months Ended June 30,
 2020201920202019
INTEREST AND DIVIDEND INCOME  
Interest and Fees on Loans$25,077  $23,520  $49,951  $45,923  
Interest on Deposits at Banks41  195  165  390  
Interest and Dividends on Investment Securities:
Fully Taxable1,871  2,284  4,064  4,653  
Exempt from Federal Taxes1,013  1,228  2,048  2,474  
Total Interest and Dividend Income28,002  27,227  56,228  53,440  
INTEREST EXPENSE  
Interest-Bearing Checking Accounts310  453  797  935  
Savings Deposits1,173  2,008  3,644  3,609  
Time Deposits over $250,000438  515  971  911  
Other Time Deposits784  1,131  1,784  1,844  
Federal Funds Purchased and
Securities Sold Under Agreements to Repurchase		16  25  38  47  
Federal Home Loan Bank Advances217  1,099  646  2,693  
Junior Subordinated Obligations Issued to
Unconsolidated Subsidiary Trusts		173  261  401  530  
Interest on Financing Leases49  28  99  43  
Total Interest Expense3,160  5,520  8,380  10,612  
NET INTEREST INCOME24,842  21,707  47,848  42,828  
Provision for Loan Losses3,040  455  5,812  927  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES21,802  21,252  42,036  41,901  
NONINTEREST INCOME  
Income From Fiduciary Activities2,135  2,252  4,348  4,359  
Fees for Other Services to Customers2,278  2,545  4,729  4,947  
Insurance Commissions1,732  1,935  3,364  3,654  
Net (Loss) Gain on Securities(106) —  (480) 76  
Net Gain on Sales of Loans547  140  760  244  
Other Operating Income578  24  2,137  503  
Total Noninterest Income7,164  6,896  14,858  13,783  
NONINTEREST EXPENSE  
Salaries and Employee Benefits10,212  9,727  20,595  19,046  
Occupancy Expenses, Net1,345  1,279  2,794  2,699  
Technology and Equipment Expense3,227  3,243  6,579  6,384  
FDIC Assessments242  212  461  424  
Other Operating Expense2,219  2,447  4,570  5,007  
Total Noninterest Expense17,245  16,908  34,999  33,560  
INCOME BEFORE PROVISION FOR INCOME TAXES11,721  11,240  21,895  22,124  
Provision for Income Taxes2,562  2,306  4,609  4,456  
NET INCOME$9,159  $8,934  $17,286  $17,668  
Average Shares Outstanding 1:
  
Basic14,992  14,922  14,994  14,912  
Diluted14,998  14,963  15,010  14,958  
Per Common Share:  
Basic Earnings$0.61  $0.60  $1.15  $1.19  
Diluted Earnings0.61  0.60  1.15  1.18  

        1 2019 Share and Per Share Amounts have been restated for the September 27, 2019 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 June 30Six Months Ended June 30,
2020201920202019
Net Income$9,159  $8,934  $17,286  $17,668  
Other Comprehensive Income, Net of Tax:
  Net Unrealized Securities Holding Gains Arising During 
 the Period
2,021  1,744  6,119  3,824  
  Net Unrealized Gain (Loss) on Cash Flow Hedge
Agreements		18—  (201) —  
  Amortization of Net Retirement Plan Actuarial Loss58  133  85  254  
  Amortization of Net Retirement Plan Prior Service Cost 39  43  78  85  
Other Comprehensive Income2,136  1,920  6,081  4,163  
  Comprehensive Income$11,295  $10,854  $23,367  $21,831  

        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)

Six-Month Period Ended June 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—  —  17,286  —  —  —  17,286  
Other Comprehensive Income —  —  —  —  6,081  —  6,081  
Cash Dividends Paid, $.52 per Share
—  —  (7,800) —  —  —  (7,800) 
Stock Options Exercised, Net  (17,155 Shares)
—  237  —  —  —  171  408  
Shares Issued Under the Directors’ Stock
  Plan  (4,245 Shares)
—  83  —  —  —  42  125  
Shares Issued Under the Employee Stock
  Purchase Plan  (8,958 Shares)
—  176  —  —  —  89  265  
Shares Issued for Dividend
  Reinvestment Plans (32,030 Shares)
—  583  —  —  —  309  892  
Stock-Based Compensation Expense—  209