Arrow Financial Corporation (AROW) Financial Statements (2024 and earlier)

Company Profile

Business Address 250 GLEN ST
GLENS FALLS, NY 12801
State of Incorp. NY
Fiscal Year End December 31
Industry (SIC) 6021 - National Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments66,834459,443382,62772,28486,01372,838
Cash and cash equivalents64,660457,696380,99170,22184,23972,838
Short-term investments2,1741,7471,6362,0631,774 
Total current assets:66,834459,443382,62772,28486,01372,838
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization4,6374,8144,9915,171
Operating lease, right-of-use asset5,6276,9415,3265,644
Property, plant and equipment 51,85441,40337,62135,45830,44627,619
Intangible assets, net (including goodwill)24,87325,70923,82323,53423,72524,162
Goodwill21,87321,87321,87321,87321,87321,873
Intangible assets, net (excluding goodwill)3,0003,8361,9501,6611,8522,289
Total noncurrent assets:86,99178,86771,76169,80754,17151,781
Other undisclosed assets3,815,6843,489,6423,234,2483,042,1842,848,1502,635,846
TOTAL ASSETS:3,969,5094,027,9523,688,6363,184,2752,988,3342,760,465
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt27,000 17,486181,099288,659169,966
Total current liabilities:27,000 17,486181,099288,659169,966
Noncurrent Liabilities
Other undisclosed liabilities3,588,9713,656,7663,336,7582,701,4482,430,0912,340,896
Total liabilities:3,615,9713,656,7663,354,2442,882,5472,718,7502,510,862
Equity
Equity, attributable to parent353,538371,186334,392301,728269,584249,603
Common stock21,42420,80020,19419,60619,03518,481
Treasury stock, value(83,902)(82,035)(80,547)(80,094)(79,331)(79,201)
Additional paid in capital400,270377,996353,662335,355314,533290,219
Accumulated other comprehensive income (loss)(49,655)347(816)(6,357)(13,810)(8,514)
Retained earnings65,40154,07841,89933,21829,25728,818
Unearned esop shares     (100)(200)
Total equity:353,538371,186334,392301,728269,584249,603
TOTAL LIABILITIES AND EQUITY:3,969,5094,027,9523,688,6363,184,2752,988,3342,760,465

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues9,13410,65414,2299,2819,34727,645
Insurance commissions and fees6,4636,4876,8767,1827,888
Gain on disposition of assets for financial service operations832,3933,889622135
Other operating income2,5881,7743,4641,4771,324927
Financial services revenue26,718
Cost of revenue  (272)(9,319)(2,079)(2,607)(2,736)
Provision for loan, lease, and other losses  (272)(9,319)(2,079)(2,607)
Financial services costs(2,736)
Gross profit:9,13410,3824,9107,2026,74024,909
Operating expenses(12,550)(10,137)(10,940)(10,997)(21,617)(57,568)
Other operating expense, net
(Other Expenses)
 (4,490)(4,285)(3,411)(4,595)(3,507) 
Other undisclosed operating loss      
Operating loss:(7,906)(4,040)(9,441)(8,390)(18,384)(32,659)
Nonoperating income
(Investment Income, Nonoperating)
129,651115,550111,896109,75996,50384,657
Interest and debt expense(11,308)(5,195)(12,694)(21,710)(12,485)(7,006)
Income from continuing operations before income taxes:110,437106,31589,76179,65965,63444,992
Income tax expense(14,114)(14,547)(11,036)(9,600)(9,026)(10,529)
Income from continuing operations:96,32391,76878,72570,05956,60834,463
Income before gain (loss) on sale of properties:91,76878,72570,05956,60834,463
Net income:96,32391,76878,72570,05956,60834,463
Other undisclosed net loss attributable to parent(47,524)(41,911)(37,898)(32,584)(20,329)(5,137)
Net income attributable to parent:48,79949,85740,82737,47536,27929,326
Other undisclosed net loss available to common stockholders, basic    (38,152) (30,017)
Net income (loss) available to common stockholders, diluted:48,79949,85740,827(677)36,279(691)

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:96,32391,76878,72570,05956,60834,463
Other comprehensive income (loss)    7,453(4,965)(35)
Comprehensive income:96,32391,76878,72577,51251,64334,428
Other undisclosed comprehensive loss, net of tax, attributable to parent(97,526)(40,748)(32,357)(32,584)(20,329)(5,137)
Comprehensive income (loss), net of tax, attributable to parent:(1,203)51,02046,36844,92831,31429,291

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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