Arrow Financial Corporation (AROW)

Arrow Financial Corporation and Adirondack Bancorp, Inc. Receive OCC Approval for MergerJune 1, 2026 5:28 PM
PR Newswire (US) GLENS FALLS, N.Y. and UTICA, N.Y., June 1, 2026 /PRNewswire/ -- Arrow Financial Corporation (NASDAQGS: AROW) ("Arrow" or "AROW"), the parent company of Arrow Bank National Association, and Adirondack Bancorp, Inc. ("Adirondack"), the parent company of Adirondack Bank, today announced they have received the approval of the Office of the Comptroller of the Currency ("OCC") to proceed with the previously announced merger of Arrow and Adirondack. Closing of the transaction is expected to occur on or around July 1, 2026, pending Adirondack shareholder approval, approvals or waivers from the New York State Department of Financial Services and the Federal Reserve Bank of New York and other customary closing conditions.David S. DeMarco, Arrow President and CEO, stated,"We are pleased to have received OCC approval to combine two highly complementary, client-focused banks. By leveraging Arrow's commercial expertise and infrastructure, we are well-positioned to serve Adirondack's client base. We look forward to unlocking new opportunities for our clients, employees and stakeholders. As our company celebrates its 175th anniversary, this strategic acquisition shows Arrow's commitment to accelerating our growth and expanding our market presence. Bringing together these two institutions allows us to complement Adirondack's current product offerings with our wealth management and insurance services and deliver meaningful value for our shareholders."Rocco F. Arcuri Sr., Adirondack President and CEO stated, "Following months of strategic and collaborative planning, our teams are ready to execute a seamless integration. I am thrilled to partner with an organization that values client service in the same way we do, and I look forward to ensuring a smooth transition for our clients."Upon completion of the transaction and systems integration in the fourth quarter of 2026, the combined company will operate under the Arrow brand, and is projected to have approximately $5.4 billion in total assets, $4.8 billion in total deposits and $4.1 billion in gross loans. This strategic acquisition extends Arrow's eight-county footprint farther into the Adirondack region and into the Mohawk Valley to include Oneida, Herkimer and Franklin counties, while strengthening its commitment to Essex and Clinton counties.About Arrow Financial Corporation
Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, providing banking, insurance and wealth management services from Plattsburgh to Albany through its full-service commercial bank Arrow Bank National Association. Arrow Bank, celebrating its 175th anniversary throughout 2026, provides a broad range of financial products, including online and mobile banking, mortgages, commercial loans, investments and more. Other subsidiaries include an insurance company, Upstate Agency, LLC. Arrow's common stock is traded on the Nasdaq Global Select under the symbol "AROW." Visit arrowfinancial.com for more information.About Adirondack Bancorp, Inc.
Adirondack Bancorp, Inc, is the bank holding company for Adirondack Bank. Adirondack Bank is a New York state-chartered financial institution headquartered in Utica, New York. Adirondack Bank now serves Upstate New York, from the historic Mohawk Valley to the Canadian border. Visit adirondackbank.com for more information.Forward-Looking StatementsThis news release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including with respect to (or based on) the beliefs, goals, intentions, and expectations of Arrow and Adirondack regarding the proposed transaction, revenues, earnings, earnings per share, loan production, asset quality, and capital levels, among other matters; our estimates of future costs and benefits of the actions we may take; our assessments of expected losses on loans; our assessments of interest rate and other market risks; our ability to achieve our financial and other strategic goals; the expected cost savings, synergies, returns and other anticipated benefits from the proposed transaction; and other statements that are not historical facts.Forward–looking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "will," "should," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements include, without limitation, those relating to the terms, timing and closing of the proposed transaction. Additionally, forward-looking statements speak only as of the date they are made; Arrow and Adirondack do not assume any duty, and do not undertake, to update such forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Furthermore, because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in or implied by such forward-looking statements as a result of a variety of factors, many of which are beyond the control of Arrow and Adirondack. Such statements are based upon the current beliefs and expectations of the management of Adirondack and Arrow and are subject to significant risks and uncertainties outside of the control of the parties. Caution should be exercised against placing undue reliance on forward-looking statements.Additional Information and Where to Find ItIn connection with the proposed transaction, Arrow has filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (the "SEC") to register the shares of Arrow common stock to be issued in connection with the proposed transaction. The registration statement includes a proxy statement of Adirondack, which also constitutes a prospectus of Arrow, that has been sent to shareholders of Adirondack seeking certain approvals related to the proposed transaction. Arrow may file with the SEC other relevant documents concerning the proposed transaction. This communication does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ARROW, ADIRONDACK, AND THE PROPOSED TRANSACTION. Investors and shareholders will be able to obtain a free copy of the registration statement, including the proxy statement/prospectus, as well as other relevant documents filed with the SEC containing information about Arrow, without charge, at the SEC's website www.sec.gov. Copies of documents filed with the SEC by Arrow will be made available free of charge in the "Documents" section of Arrow's website, www.arrowfinancial.com, under the heading "Filings." The information on Arrow's website is not, and shall not be deemed to be, a part of this communication or incorporated into other filings Arrow makes with the SEC.Participants in SolicitationAdirondack, Arrow, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from shareholders of Adirondack in respect of the proposed transaction under the rules of the SEC. Information regarding Arrow's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on April 23, 2026 and certain other documents filed by Arrow with the SEC. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement/prospectus and other relevant materials filed or to be filed with the SEC. View original content to download multimedia:https://www.prnewswire.com/news-releases/arrow-financial-corporation-and-adirondack-bancorp-inc-receive-occ-approval-for-merger-302787622.htmlSOURCE Arrow Financial Corporation Original: Arrow Financial Corporation and Adirondack Bancorp, Inc. Receive OCC Approval for Merger

Arrow Reports 1st Quarter Net Income of $13.5 Million, or $0.82 per Share, and Declares 2nd Quarter Dividend of $0.30 per ShareApril 30, 2026 8:00 AM
PR Newswire (US)

GLENS FALLS, N.Y., April 30, 2026 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) ("Arrow" or the "Company") announced financial results for the three-month period ended March 31, 2026. Reported net income for the first quarter of 2026 was $13.5 million and fully diluted earnings per share ("EPS") was $0.82, versus net income of $14.0 million and EPS of $0.85 for the fourth quarter of 2025.







The Board of Directors of Arrow declared a quarterly cash dividend of $0.30 per share; payable May 26, 2026 to shareholders of record as of May 12, 2026.This quarter's results include approximately $790 thousand ($0.03 per share) of non-core merger expenses related to the announced acquisition of Adirondack Bancorp, Inc. based in Utica, New York. Excluding the merger expenses, Arrow achieved record operating results of $0.85 for the first quarter of 2026. Pending regulatory approvals, the transaction is expected to close early in the third quarter of 2026 and will add approximately $950 million in assets and 19 new branch locations.This Earnings Release and related commentary should be read in conjunction with the Company's April 30, 2026 Form 8-K and related First Quarter 2026 Investor Presentation, which can also be found on Arrow's website: arrowfinancial.com/documents/investor-presentations. Arrow President and CEO David S. DeMarco:"As we celebrate our 175th anniversary, building on the strong year-end momentum, the Arrow team delivered exceptional financial results for the first quarter of 2026. We achieved strong net interest margin expansion as well as a return on average assets close to 1.30% on an operating basis. Credit performance was even better with non-performing loans dipping to 13 basis points. During the first quarter, we also announced the acquisition of Adirondack Bank, which is expected to close in the third quarter of 2026. We look forward to expanding our market with this high-quality, low-cost deposit franchise, adding approximately $950 million to our balance sheet. We expect the transaction to provide significant EPS accretion in 2027 and beyond. Arrow is well positioned to continue to deliver strong results for its shareholders while continuing to execute on its strategic initiatives to build a premier banking franchise for its customers and the communities it serves."First-Quarter Highlights and Key MetricsNet Income of $13.5 million (EPS of $0.82); $0.85 adjusted for merger-related expenses ("MRE")1Efficiency ratio of 59.89%; 58.13% excluding MRE1Net Interest Income of $36.1 millionNet Interest Margin improved to 3.47% (3.48% FTE2), from 3.24% (3.25% FTE) in the prior quarterReturn on Average Assets (ROA) of 1.23%; 1.29% adjusted for MRE1Strong credit metrics: annualized charge-offs of 10bps and non-performing loans of 13bpsLoan-to-Deposit ratio of 85.7%Cost of retail deposits3 decreased by 11bps to 1.62% from the prior quarterIncome StatementNet Income: Net income for the first quarter of 2026 was $13.5 million, decreasing from $14.0 million in the fourth quarter of 2025.Compared to the prior quarter, net income decreased due to an increase in income tax expense of $1.1 million and an increase in non-interest expense of $1.1 million offset by an increase in net interest income of $1.0 million and an increase in non-interest income of $0.4 million.Net Interest Income: Net interest income for the first quarter of 2026 was $36.1 million, increasing 2.8% from the fourth quarter of 2025.Total interest and dividend income was $53.8 million for the first quarter of 2026, a decrease from $54.6 million in the fourth quarter of 2025. Interest expense for the first quarter of 2026 was $17.7 million, a decrease from $19.5 million in the fourth quarter of 2025.Net Interest Margin: Net interest margin, on an FTE basis, for the first quarter of 2026 increased to 3.48%, compared to 3.25% for the fourth quarter of 2025. The increase in net interest margin compared to the fourth quarter of 2025 was primarily the result of continued yield expansion on earning assets combined with the reduced cost of interest-bearing liabilities.
Three Months Ended
(Dollars in Thousands)
March 31, 2026
December 31, 2025
March 31, 2025Interest and Dividend Income$           53,794
$           54,610
$           50,366Interest Expense17,664
19,467
19,009Net Interest Income36,130
35,143
31,357Average Earning Assets(A)4,222,574
4,302,305
4,143,939Average Interest-Bearing Liabilities3,244,709
3,280,856
3,184,196





Average Yield on Earning Assets(A)5.17 %
5.04 %
4.93 %Average Cost of Interest-Bearing Liabilities2.21
2.35
2.42Net Interest Spread2.96
2.69
2.51Net Interest Margin3.47
3.24
3.07Net Interest Margin - FTE3.48
3.25
3.08





(A) Includes Nonaccrual Loans.




Provision for Credit Losses: For the first quarter of 2026, the provision for credit losses was $548 thousand compared to $846 thousand in the fourth quarter of 2025, primarily driven by low net charge-offs and lower loan growth in the first quarter of 2026.Non-Interest Income: Non-interest income for the three months ended March 31, 2026, was $8.6 million, an increase from $8.3 million in the fourth quarter of 2025. Revenue related to wealth management was consistent with the prior quarter, while insurance commissions and interchange fees improved in the first quarter from the linked quarter. The first quarter of 2026 included a positive valuation adjustment related to an equity position.Non-Interest Expense: Non-interest expense for the first quarter of 2026 was $26.9 million, an increase from $25.8 million in the fourth quarter of 2025. The first quarter of 2026 included approximately $800 thousand of  expenses related to the announced acquisition of Adirondack Bancorp, Inc. which is expected to close early in the third quarter of 2026.Provision for Income Taxes: The provision for income taxes and effective tax rate were $3.9 million and 22.3%, respectively for the first quarter of 2026, and $2.7 million and 22.2%, respectively for the fourth quarter of 2025. The effective tax rate does not reflect the anticipated implementation of certain tax strategies that are expected to lower the tax rate for the rest of 2026.Balance SheetTotal Assets: Total assets were $4.5 billion at March 31, 2026, an increase of $76.2 million, or 1.7%, as compared to December 31, 2025. For the first quarter of 2026, the overall change in the balance sheet was primarily attributable to the seasonal surge in municipal deposits. Investments: Total investments were $594.6 million as of March 31, 2026, an increase of $21.8 million, or 3.8%, compared to December 31, 2025. The increase from December 31, 2025 was driven primarily by $46 million of additional investments, partially offset by paydowns and maturities. There were no credit quality issues related to the investment portfolio.Loans: Total loans were $3.4 billion as of March 31, 2026. Loans outstanding decreased in the first quarter of 2026 by $14.1 million. Loan growth was negatively impacted by severe winter weather, which slowed indirect auto and residential loan originations. Volume is expected to rebound in the second quarter. Please see the loan detail included in the Consolidated Financial Information table on page 12.Allowance for Credit Losses: The allowance for credit losses was $34.1 million as of March 31, 2026, which represented 0.99% of loans outstanding, as compared to $34.3 million, or 0.99% of loans outstanding, at December 31, 2025. Net charge-offs, expressed as an annualized percentage of average loans outstanding, were 0.10% for the three-month period ended March 31, 2026, as compared to 0.08% for the three-month period ended December 31, 2025. Nonperforming assets were $5.1 million as of March 31, 2026, representing 0.11% of period-end assets, a decrease from $8.7 million, or 0.20%, at December 31, 2025. Nonperforming assets decreased to the payoff of a $2.6 million nonperforming loan in the first quarter.Deposits: At March 31, 2026, deposit balances were $4.0 billion, an increase of $74.5 million from December 31, 2025. The change from December 31, 2025 was primarily attributable to the seasonality of municipal deposits. Please refer to page 6 for further details related to deposits.Capital: Total stockholders' equity was $440.1 million at March 31, 2026, an increase of $8.3 million, or 1.9%, from December 31, 2025. The increase from December 31, 2025 was primarily attributable to net income of $13.5 million offset by other comprehensive loss of $0.7 million and dividends of $5.0 million and other stock-based activity. Arrow's regulatory capital ratios remain strong. As of March 31, 2026, Arrow's Common Equity Tier 1 Capital Ratio was 13.30% and Total Risk-Based Capital Ratio was 15.04%. The capital ratios of Arrow and its subsidiary bank continued to exceed the "well capitalized" regulatory standards. Regulatory capital ratios are preliminary, subject to finalization as part of the current quarter Call Report.Additional CommentaryBauerFinancial Ratings: Arrow Bank National Association ("Arrow Bank") received a 5-Star Superior rating from BauerFinancial, Inc., the nation's premier bank rating firm. Arrow Bank has earned this designation for 76 consecutive quarters, securing its prominent position as an "Exceptional Performance Bank."——————About Arrow:  Arrow Financial Corporation is a holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Arrow Bank, a full-service commercial bank, and Upstate Agency, LLC, a comprehensive insurance agency.Non-GAAP Financial Measures Reconciliation:  In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. Certain non-GAAP financial measures include: tangible book value, tangible equity, return on tangible equity, tax-equivalent adjustment and related net interest income, tax-equivalent net interest margin and the efficiency ratio. Management believes that the non-GAAP financial measures disclosed by Arrow from time to time are useful in evaluating Arrow's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Non-GAAP financial measures may differ from similar measures presented by other companies. See the reconciliation of GAAP to non-GAAP measures in the section "Selected Quarterly Information."Safe Harbor Statement:  The information contained in this earnings release may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. These statements can sometimes be identified by Arrow's use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend." These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, tariffs, cybersecurity risks, changes in FDIC assessments, bank failures, geopolitical events, difficulties in managing the Arrow's growth, competition, changes in law or the regulatory environment, risks relating to the announced merger with Adirondack Bancorp, Inc. and changes in general business and economic trends. Arrow undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This earnings release should be read in conjunction with Arrow's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the SEC.____________________1EPS, efficiency ratio and ROA excluding merger-related expenses are non-GAAP measures. See reconciliation on Note 5 to the Selected Quarterly Information2FTE Net interest margin is a non-GAAP measure. See reconciliation on Note 2 to the Selected Quarterly Information.3Retail deposits exclude wholesale funding sourcesARROW FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(In Thousands, Except Per Share Amounts - Unaudited)


Three Months Ended

March 31,
2026
December 31,
2025
March 31,
2025INTEREST AND DIVIDEND INCOME





Interest and Fees on Loans
$        47,126
$        47,087
$        44,550Interest on Deposits at Banks
1,675
2,598
1,621Interest and Dividends on Investment Securities:





Fully Taxable
4,529
4,500
3,608Exempt from Federal Taxes
464
425
587Total Interest and Dividend Income
53,794
54,610
50,366INTEREST EXPENSE





Interest-Bearing Checking Accounts
2,100
2,117
1,803Savings Deposits
8,716
9,722
9,483Time Deposits over $250,000
1,196
1,562
1,811Other Time Deposits
5,436
5,846
5,529Borrowings
—
—
167Junior Subordinated Obligations Issued to   Unconsolidated Subsidiary Trusts
169
173
169Interest on Financing Leases
47
47
47Total Interest Expense
17,664
19,467
19,009NET INTEREST INCOME
36,130
35,143
31,357Provision for Credit Losses
548
846
5,019NET INTEREST INCOME AFTER PROVISION FOR
CREDIT LOSSES
35,582
34,297
26,338NON-INTEREST INCOME





Income From Fiduciary Activities
2,713
2,771
2,535Fees for Other Services to Customers
2,727
2,854
2,600Insurance Commissions
2,113
2,050
1,826Net Gain (Loss) on Securities
145
(127)
317Net Gain on Sales of Loans
290
246
101Other Operating Income
640
474
460Total Non-Interest Income
8,628
8,268
7,839NON-INTEREST EXPENSE





Salaries and Employee Benefits
14,922
14,309
13,555Occupancy Expenses, Net
2,459
1,881
2,022Technology and Equipment Expense
5,052
5,152
5,087FDIC Assessments
585
563
670Other Operating Expense
3,847
3,899
4,711Total Non-Interest Expense
26,865
25,804
26,045INCOME BEFORE PROVISION FOR INCOME TAXES
17,345
16,761
8,132Provision for Income Taxes
3,860
2,748
1,822NET INCOME
$        13,485
$        14,013
$         6,310Average Shares Outstanding:





Basic
16,382
16,390
16,665Diluted
16,403
16,413
16,673Per Common Share:





Basic Earnings
$          0.82
$          0.85
$          0.38Diluted Earnings
0.82
0.85
0.38ARROW FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In Thousands, Except Share and Per Share Amounts - Unaudited)
March 31,
2026
December 31,
2025ASSETS


Cash and Due From Banks$          29,102
$          29,132Interest-Earning Deposits at Banks256,504
185,051Investment Securities:


Available-for-Sale at Fair Value518,803
495,868Held-to-Maturity (Fair Value of $65,321 at March 31, 2026
and $66,569 at December 31, 2025)65,646
66,975Equity Securities5,742
5,597Other Investments4,375
4,372Loans3,438,966
3,453,093Allowance for Credit Losses(34,055)
(34,322)Net Loans3,404,911
3,418,771Premises and Equipment, Net59,561
59,433Goodwill23,789
23,789Other Intangible Assets, Net1,692
1,741Other Assets151,894
155,133Total Assets$       4,522,019
$       4,445,862LIABILITIES


Noninterest-Bearing Deposits721,734
722,374Interest-Bearing Checking Accounts898,168
862,192Savings Deposits1,618,309
1,557,638Time Deposits over $250,000140,899
155,802Other Time Deposits634,829
641,463Total Deposits4,013,939
3,939,469Borrowings4,265
4,265Junior Subordinated Obligations Issued to Unconsolidated   Subsidiary Trusts20,000
20,000Finance Leases4,908
4,929Other Liabilities38,764
45,347Total Liabilities4,081,876
4,014,010STOCKHOLDERS' EQUITY


Preferred Stock, $1 Par Value; 1,000,000 Shares Authorized
at March 31, 2026 and December 31, 2025 (none issued)—
—Common Stock, $1 Par Value: 30,000,000 Shares Authorized;
22,066,559 Shares Issued; 16,526,929 and 16,445,342
Shares Outstanding at March 31, 2026 and December 31,
2025)22,067
22,067Additional Paid-in Capital414,431
414,506Retained Earnings110,804
102,271Accumulated Other Comprehensive Loss(4,764)
(4,037)Treasury Stock, at Cost (5,539,630 Shares at March 31, 2026
and 5,621,217 Shares at December 31, 2025)(102,395)
(102,955)Total Stockholders' Equity440,143
431,852Total Liabilities and Stockholders' Equity$       4,522,019
$       4,445,862Arrow Financial CorporationSelected Quarterly Information(Dollars In Thousands, Except Per Share Amounts - Unaudited)Quarter Ended3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025Net Income$    13,485
$    14,013
$    12,825
$    10,805
$     6,310



















Share and Per Share Data:








Period End Shares Outstanding16,527
16,445
16,438
16,484
16,670Basic Average Shares Outstanding16,382
16,390
16,402
16,545
16,665Diluted Average Shares Outstanding16,403
16,413
16,406
16,551
16,673Basic Earnings Per Share$       0.82
$       0.85
$       0.77
$       0.65
$       0.38Diluted Earnings Per Share0.82
0.85
0.77
0.65
0.38Cash Dividend Per Share0.30
0.29
0.29
0.28
0.28









Selected Quarterly Average Balances:








  Interest-Earning Deposits at Banks$   183,252
$   260,806
$   200,251
$   145,473
$   146,023  Investment Securities598,817
596,994
574,080
582,380
591,841  Loans3,440,505
3,444,505
3,424,784
3,415,140
3,406,075  Deposits3,928,761
4,002,221
3,913,721
3,849,093
3,825,124  Other Borrowed Funds29,181
29,203
30,539
33,579
48,375  Stockholders' Equity438,846
425,042
413,058
406,529
404,394  Total Assets4,439,833
4,499,195
4,399,815
4,332,339
4,324,917Return on Average Assets, annualized1.23 %
1.24 %
1.16 %
1.00 %
0.59 %Return on Average Equity, annualized12.46 %
13.08 %
12.32 %
10.66 %
6.33 %Return on Average Tangible Equity, annualized 113.23 %
13.92 %
13.13 %
11.38 %
6.76 %Average Earning Assets$ 4,222,574
$ 4,302,305
$ 4,199,115
$ 4,142,993
$ 4,143,939Average Paying Liabilities3,244,709
3,280,856
3,193,789
3,191,906
3,184,196Interest Income53,794
54,610
53,598
51,573
50,366Tax-Equivalent Adjustment 2123
114
121
148
155Interest Income, Tax-Equivalent 253,917
54,724
53,719
51,721
50,521Interest Expense17,664
19,467
19,467
19,040
19,009Net Interest Income36,130
35,143
34,131
32,533
31,357Net Interest Income, Tax-Equivalent 236,253
35,258
34,252
32,681
31,512Net Interest Margin, annualized3.47 %
3.24 %
3.22 %
3.15 %
3.07 %Net Interest Margin, Tax-Equivalent, annualized 23.48 %
3.25 %
3.24 %
3.16 %
3.08 %









Efficiency Ratio Calculation: 3








Non-Interest Expense$    26,865
$    25,804
$    25,433
$    25,652
$    26,045Less: Intangible Asset Amortization72
74
76
80
81Net Non-Interest Expense$    26,793
$    25,730
$    25,357
$    25,572
$    25,964Net Interest Income, Tax-Equivalent$    36,253
$    35,257
$    34,252
$    32,681
$    31,512Non-Interest Income8,628
8,268
8,716
7,609
7,839Less: Net Gain (Loss) on Securities145
(127)
392
(40)
317Net Gross Income$    44,736
$    43,652
$    42,576
$    40,330
$    39,034Efficiency Ratio59.89 %
58.94 %
59.56 %
63.41 %
66.52 %









Period-End Capital Information:








Total Stockholders' Equity (i.e. Book Value)$   440,143
$   431,852
$   417,687
$   408,506
$   404,409Book Value per Share 26.63
26.26
25.41
24.78
24.26Goodwill and Other Intangible Assets, net25,481
25,530
25,594
25,659
25,743Tangible Book Value per Share 125.09
24.71
23.85
23.23
22.72









Capital Ratios:4








Tier 1 Leverage Ratio10.02 %
9.68 %
9.66 %
9.64 %
9.61 %Common Equity Tier 1 Capital Ratio 13.30 %
13.01 %
13.07 %
12.73 %
12.59 %Tier 1 Risk-Based Capital Ratio13.93 %
13.64 %
13.71 %
13.37 %
13.23 %Total Risk-Based Capital Ratio15.04 %
14.76 %
14.86 %
14.51 %
14.48 %
Arrow Financial Corporation

Selected Quarterly Information

(Dollars In Thousands, Except Per Share Amounts - Unaudited)














Footnotes:






















1.Non-GAAP Financial Measure Reconciliation: Tangible Book Value, Tangible Equity, and Return on Tangible Equity exclude goodwill and other intangible assets, net from total equity.  These are non-GAAP financial measures, which Arrow believes provide investors with information that is useful in understanding its financial performance.



3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025


Total Stockholders' Equity (GAAP)$  440,143
$  431,852
$  417,687
$  408,506
$  404,409


Less:  Goodwill and Other Intangible assets, net25,481
25,530
25,594
25,659
25,743


Tangible Equity (Non-GAAP)$  414,662
$  406,322
$  392,093
$  382,847
$  378,666















Period End Shares Outstanding16,527
16,445
16,438
16,484
16,670


Tangible Book Value per Share (Non-GAAP)$     25.09
$     24.71
$     23.85
$     23.23
$     22.72


Net Income13,485
14,013
12,825
10,805
6,310


Return on Tangible Equity (Net Income/Tangible
Equity - Annualized)13.23 %
13.92 %
13.13 %
11.38 %
6.76 %














2.Non-GAAP Financial Measure Reconciliation: Net Interest Margin is the ratio of annualized tax-equivalent net interest income to average earning assets.  This is also a non-GAAP financial measure, which Arrow believes provides investors with information that is useful in understanding its financial performance.



3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025


Interest Income (GAAP)$    53,794
$    54,610
$    53,598
$    51,573
$    50,366


Add:  Tax-Equivalent adjustment (Non-GAAP)123
114
121
148
155


Interest Income - Tax Equivalent (Non-GAAP)$    53,917
$    54,724
$    53,719
$    51,721
$    50,521


Net Interest Income (GAAP)$    36,130
$    35,143
$    34,131
$    32,533
$    31,357


Add:  Tax-Equivalent adjustment  (Non-GAAP)123
114
121
148
155


Net Interest Income - Tax Equivalent (Non-GAAP)$    36,253
$    35,257
$    34,252
$    32,681
$    31,512


Average Earning Assets$ 4,222,574
$ 4,302,305
$ 4,199,115
$ 4,142,993
$ 4,143,939


Net Interest Margin (Non-GAAP)*3.48 %
3.25 %
3.24 %
3.16 %
3.08 %














3.Non-GAAP Financial Measure Reconciliation: Financial Institutions often use the "efficiency ratio", a non-GAAP ratio, as a measure of expense control.  Arrow believes the efficiency ratio provides investors with information that is useful in understanding its financial performance.  Arrow defines efficiency ratio as the ratio of non-interest expense to net gross income (which equals tax-equivalent net interest income plus non-interest income, as adjusted).



























4.For the current quarter, all of the regulatory capital ratios as well as the Total Risk-Weighted Assets are calculated in accordance with bank regulatory capital rules.  The March 31, 2026 CET1 ratio listed in the tables (i.e., 13.30%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%). Regulatory capital ratios are estimated, subject to finalization as part of the current quarter Call Report.



3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025


Total Risk Weighted Assets$ 3,180,782
$ 3,182,240
$ 3,095,225
$ 3,121,451
$ 3,143,547


Common Equity Tier 1 Capital423,139
414,050
404,426
397,432
395,900


Common Equity Tier 1 Ratio13.30 %
13.01 %
13.07 %
12.73 %
12.59 %














5.Non-GAAP Financial Measure Reconciliation: Net Income and Net Non-Interest Expense adjusted for non-core expenses. Non-core expenses include merger-related expenses, which are related to the announced acquisition of Adirondack Bancorp, Inc., and unification expenses, which are related to the system conversion and operational merger of the Company's two banking subsidiaries during the year ended December 31, 2025.  EPS, efficiency ratio, and ROA are presented on an adjusted basis to reflect these exclusions. These are non-GAAP financial measures, which Arrow believes provides investors with information that is useful in understanding its financial performance.



3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025


Net Income$    13,485
$    14,013
$    12,825
$    10,805
$     6,310


Non-Core Expenses:











Merger-Related Expenses790
—
—
—
—


Unification Expenses—
—
543
1,134
600


Less:  Tax Benefit(174)
—
(119)
(249)
(132)


Net Non-Core Expenses (Non-GAAP)616
—
424
885
468


Core Net Income (Non-GAAP)$    14,101
$    14,013
$    13,249
$    11,690
$     6,778















Net Non-Interest Expense$    26,793
$    25,730
$    25,357
$    25,572
$    25,964


Non-Core Expenses:











Merger-Related Expenses790
—
—
—
—


Unification Expenses—
—
543
1,134
600


Core Net Non-Interest Expense (Non-GAAP)$    26,003
$    25,730
$    24,814
$    24,438
$    25,364















Core Earnings Per Share (Non-GAAP)$      0.85
$      0.85
$      0.80
$      0.70
$      0.41


Core Return on Average Assets (Non-GAAP)1.29 %
1.24 %
1.20 %
1.08 %
0.64 %


Core Efficiency Ratio (Non-GAAP)58.13 %
58.94 %
58.28 %
60.60 %
64.98 %


* Quarterly ratios have been annualized.









Arrow Financial CorporationAverage Consolidated Balance Sheets and Net Interest Income Analysis(Dollars in Thousands - Unaudited)
Quarter Ended:March 31, 2026
March 31, 2025


Interest
Rate


Interest
Rate
Average
Income/
Earned/
Average
Income/
Earned/
Balance
Expense
Paid
Balance
Expense
PaidInterest-Earning Deposits at Banks$  183,252
$     1,675
3.71 %
$  146,023
$     1,621
4.50 %Investment Securities:










Fully Taxable536,293
4,529
3.42
499,903
3,608
2.93Exempt from Federal Taxes62,524
464
3.01
91,938
587
2.59Loans (1)3,440,505
47,126
5.56
3,406,075
44,550
5.30Total Earning Assets (1)4,222,574
53,794
5.17
4,143,939
50,366
4.93Allowance for Credit Losses(34,370)




(33,691)



Cash and Due From Banks30,253




31,515



Other Assets221,376




183,154



Total Assets$ 4,439,833




$ 4,324,917



Deposits:










Interest-Bearing Checking Accounts$  859,054
2,100
0.99
$  840,571
1,803
0.87Savings Deposits1,570,598
8,716
2.25
1,515,961
9,483
2.54Time Deposits of $250,000 or More147,425
1,196
3.29
186,159
1,811
3.95Other Time Deposits638,451
5,436
3.45
593,130
5,529
3.78Total Interest-Bearing Deposits3,215,528
17,448
2.20
3,135,821
18,626
2.41Borrowings4,265
—
—
23,378
167
2.90Junior Subordinated Obligations Issued to
Unconsolidated Subsidiary Trusts20,000
169
3.43
20,000
169
3.43Finance Leases4,916
47
3.88
4,997
47
3.81Total Interest-Bearing Liabilities3,244,709
17,664
2.21
3,184,196
19,009
2.42Noninterest-Bearing Deposits713,233




689,303



Other Liabilities43,045




47,024



Total Liabilities4,000,987




3,920,523



Stockholders' Equity438,846




404,394



Total Liabilities and Stockholders' Equity$ 4,439,833




$ 4,324,917



Net Interest Income

$   36,130




$   31,357

Net Interest Spread



2.96 %




2.51 %Net Interest Margin



3.47 %




3.07 %(1) Includes Nonaccrual Loans.Arrow Financial CorporationAverage Consolidated Balance Sheets and Net Interest Income Analysis(Dollars in Thousands - Unaudited)
Quarter Ended:March 31, 2026
December 31, 2025


Interest
Rate


Interest
Rate
Average
Income/
Earned/
Average
Income/
Earned/
Balance
Expense
Paid
Balance
Expense
PaidInterest-Earning Deposits at Banks$  183,252
$    1,675
3.71 %
$  260,806
$     2,598
3.95 %Investment Securities:










Fully Taxable536,293
4,529
3.42
537,088
4,500
3.32Exempt from Federal Taxes62,524
464
3.01
59,906
425
2.81Loans (1)3,440,505
47,126
5.56
3,444,505
47,087
5.42Total Earning Assets (1)4,222,574
53,794
5.17
4,302,305
54,610
5.04Allowance for Credit Losses(34,370)




(34,288)



Cash and Due From Banks30,253




25,827



Other Assets221,376




205,351



Total Assets$ 4,439,833




$ 4,499,195



Deposits:










Interest-Bearing Checking Accounts$  859,054
2,100
0.99
$  850,602
2,117
0.99Savings Deposits1,570,598
8,716
2.25
1,584,844
9,721
2.43Time Deposits of $250,000 or More147,425
1,196
3.29
173,996
1,562
3.56Other Time Deposits638,451
5,436
3.45
642,211
5,847
3.61Total Interest-Bearing Deposits3,215,528
17,448
2.20
3,251,653
19,247
2.35Borrowings4,265
—
—
4,266
—
—Junior Subordinated Obligations Issued to
Unconsolidated Subsidiary Trusts20,000
169
3.43
20,000
173
3.43Finance Leases4,916
47
3.88
4,937
47
3.78Total Interest-Bearing Liabilities3,244,709
17,664
2.21
3,280,856
19,467
2.35Noninterest-Bearing Deposits713,233




750,568



Other Liabilities43,045




42,729



Total Liabilities4,000,987




4,074,153



Stockholders' Equity438,846




425,042



Total Liabilities and Stockholders' Equity$ 4,439,833




$ 4,499,195



Net Interest Income

$   36,130




$   35,143

Net Interest Spread



2.96 %




2.69 %Net Interest Margin



3.47 %




3.24 %(1) Includes Nonaccrual Loans.Arrow Financial CorporationConsolidated Financial Information(Dollars in Thousands - Unaudited)Quarter Ended:3/31/2026
12/31/2025Loan Portfolio


Commercial Loans$    169,599
$    165,729Commercial Real Estate Loans811,770
818,259  Subtotal Commercial Loan Portfolio981,369
983,988Consumer Loans1,071,543
1,076,007Residential Real Estate Loans1,386,054
1,393,098Total Loans$  3,438,966
$  3,453,093Allowance for Credit Losses


Allowance for Credit Losses, Beginning of Quarter$      34,322
$      34,176Loans Charged-off(1,574)
(1,477)Less Recoveries of Loans Previously Charged-off759
777Net Loans Charged-off(815)
(700)Provision for Credit Losses548
846Allowance for Credit Losses, End of Quarter$      34,055
$      34,322Nonperforming Assets


Nonaccrual Loans$       3,802
$       6,415Loans Past Due 90 or More Days and Accruing621
2,040Loans Restructured and in Compliance with Modified Terms—
—Total Nonperforming Loans4,423
8,455Repossessed Assets657
280Other Real Estate Owned—
—Total Nonperforming Assets$       5,080
$       8,735



Key Asset Quality Ratios


Net Loans Charged-off to Average Loans,   Quarter-to-date Annualized0.10 %
0.08 %Provision for Credit Losses to Average Loans,  Quarter-to-date Annualized0.06 %
0.10 %Allowance for Credit Losses to Period-End Loans0.99 %
0.99 %Allowance for Credit Losses to Period-End Nonperforming Loans769.95 %
405.94 %Nonperforming Loans to Period-End Loans0.13 %
0.24 %Nonperforming Assets to Period-End Assets0.11 %
0.20 %







View original content to download multimedia:https://www.prnewswire.com/news-releases/arrow-reports-1st-quarter-net-income-of-13-5-million-or-0-82-per-share-and-declares-2nd-quarter-dividend-of-0-30-per-share-302758152.htmlSOURCE Arrow Financial Corporation

Original: Arrow Reports 1st Quarter Net Income of $13.5 Million, or $0.82 per Share, and Declares 2nd Quarter Dividend of $0.30 per Share

AROW bullish 40.70






normal chart




log chart

$AROW








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The Motley Fool ~ http://caps.fool.com/Ticker/AROW.aspx
The Motley Fool Earnings/Growth ~ http://caps.fool.com/Ticker/AROW/EarningsGrowthRates.aspx?source=itxsittst0000001
The Motley Fool Ratios ~ http://caps.fool.com/Ticker/AROW/Ratios.aspx?source=itxsittst0000001
The Motley Fool Stats ~ http://caps.fool.com/Ticker/AROW/Stats.aspx?source=icasittab0000006
The Motley Fool Historical ~ http://caps.fool.com/Ticker/AROW/Historical.aspx?source=icasittab0000004
The Motley Fool Scorecard ~ http://caps.fool.com/Ticker/AROW/Scorecard.aspx?source=icasittab0000003
The Motley Fool Statements ~ http://caps.fool.com/Ticker/AROW/Statements.aspx?source=icasittab0000009


MSN Money ~ http://investing.money.msn.com/investments/stock-ratings?symbol=AROW


YCharts ~ http://ycharts.com/companies/AROW
YCharts Performance ~ http://ycharts.com/companies/AROW/performance
YCharts Dashboard ~ http://ycharts.com/companies/AROW/dashboard


InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=AROW&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=AROW&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=AROW&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=AROW


Zacks Quote ~ http://www.zacks.com/stock/quote/AROW
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=AROW
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=AROW


Knobias ~ http://knobias.10kwizard.com/files.php?sym=AROW


StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=AROW


Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/AROW/.html


Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=AROW&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=AROW®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=AROW®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=AROW®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=AROW®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=AROW®ion=USA&culture=en-us


CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=AROW


TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=AROW


OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=AROW&searcharea=e&image1.x=0&image1.y=0


Insidercow ~ http://www.insidercow.com/history/company.jsp?company=AROW&B1=Search%21


Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=AROW
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=AROW&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=AROW&start=1&max=10&searchResults=web&tag=web&sort=null


YouTube Symbol Search ~ http://www.youtube.com/results?search_query=AROW


Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=AROW


Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=AROW


Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=AROW

Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=AROW
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=AROW

Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=AROW

Hoovers ~ http://www.hoovers.com/search/company-search-results/100003765-1.html?type=company&term=AROW

DD Machine ~ http://www.ddmachine.com/default.asp?m=stocktool_frame.asp?symbol=AROW

SEC Form 4 ~ http://www.secform4.com/insider/showhistory.php?cik=AROW

OTCBB Pulse ~ http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=AROW

Failures To Deliver ~ http://failurestodeliver.com/default2.aspx enter "AROW" and click search.

http://www.coordinatedlegal.com/SecretaryOfState.html

http://regsho.finra.org/regsho-Index.html

http://www.shortsqueeze.com/?symbol=AROW&submit=Short+Quote%99

OTC Short Report ~ http://otcshortreport.com/AROW





MACDlinks

~ Monday! $AROW ~ Q2 Earnings alerted as posted, pending or coming soon! In Charts and Links Below!

~ $AROW ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=AROW&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=AROW&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=AROW
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=AROW#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=AROW+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=AROW
Finviz: http://finviz.com/quote.ashx?t=AROW
~ Marketwatch: http://www.marketwatch.com/investing/stock/AROW/insideractions


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=AROW >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

Arrow Financial Corporation (Arrow) is a holding company. Arrow owns two nationally chartered banks in New York (Glens Falls National and Saratoga National), and indirectly a health and life insurance agency (Capital Financial Group, Inc.), three property and casualty insurance agencies (Loomis and LaPann, Inc., Upstate Agency, LLC and Glens Falls National Insurance Agencies, LLC), a registered investment adviser, which advises its mutual funds (North Country Investment Advisers, Inc.), a Real Estate Investment Trust (Arrow Properties, Inc.) and four other non-bank subsidiaries. The holding company’s business consists of the ownership, supervision and control of its two banks. On August 1, 2011, the Company acquired two privately owned insurance agencies located in the greater Glens Falls area, W. Joseph McPhillips, Inc. and McPhillips-Northern, Inc. On February 1, 2011, it acquired Upstate Agency, Inc. (Upstate).

http://www.google.com/finance?q=AROW