Arrow Financial Corp. Files Q3 2024 10-Q Report
Ticker: AROW · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 717538
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
**ARROW FINANCIAL CORP Q3 2024 10-Q FILED. DETAILS ON PERFORMANCE.**
AI Summary
Arrow Financial Corp. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for the quarter and the first nine months of the year is detailed in this 10-Q filing. Specific financial figures and operational highlights are provided within the document.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Arrow Financial Corp., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative developments indicated.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the period covered by the financial statements.)
- 2024-11-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- ARROW FINANCIAL CORP (company) — Filer of the 10-Q report
- 2024-09-30 (date) — End of the reporting period
- 2024-11-07 (date) — Date the filing was made
- 2023-12-31 (date) — Previous fiscal year end
- 2023-09-30 (date) — Prior year's third quarter end
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the third quarter of 2024, ending on September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on November 7, 2024.
What is Arrow Financial Corp.'s Standard Industrial Classification (SIC) code?
Arrow Financial Corp.'s SIC code is 6021, which corresponds to National Commercial Banks.
What was the fiscal year end for Arrow Financial Corp. in 2023?
Arrow Financial Corp.'s fiscal year end in 2023 was December 31, 2023.
What is the company's primary business address?
The company's business address is 250 Glen St, Glens Falls, NY 12801.
Filing Stats: 4,700 words · 19 min read · ~16 pages · Grade level 18.5 · Accepted 2024-11-07 11:02:35
Key Financial Figures
- $1.00 — ich Registered Common Stock, Par Value $1.00 per share AROW NASDAQ Global Select Mar
- $250,000 — 1,466,280 1,496,193 Time Deposits over $250,000 177,990 179,301 167,614 Other Time Dep
Filing Documents
- arow-20240930.htm (10-Q) — 3807KB
- ex311ceoq32024.htm (EX-31.1) — 8KB
- ex312cfoq32024.htm (EX-31.2) — 8KB
- ex32906cert-q32024.htm (EX-32.1) — 6KB
- 0000717538-24-000116.txt ( ) — 17988KB
- arow-20240930.xsd (EX-101.SCH) — 57KB
- arow-20240930_cal.xml (EX-101.CAL) — 134KB
- arow-20240930_def.xml (EX-101.DEF) — 429KB
- arow-20240930_lab.xml (EX-101.LAB) — 960KB
- arow-20240930_pre.xml (EX-101.PRE) — 701KB
- arow-20240930_htm.xml (XML) — 4437KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 3
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 48
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 74
Controls and Procedures
Item 4. Controls and Procedures 74
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 76
A. Risk Factors
Item 1.A. Risk Factors 76
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 77
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 77
Other Information
Item 5. Other Information 77
Exhibits
Item 6. Exhibits 78
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
Item 1. FINANCIAL STATEMENTS ARROW FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share and Per Share Amounts) (Unaudited) September 30, 2024 December 31, 2023 September 30, 2023 ASSETS Cash and Due From Banks $ 53,969 $ 36,755 $ 39,778 Interest-Bearing Deposits at Banks 286,119 105,781 254,961 Investment Securities: Available-for-Sale at Fair Value 437,067 497,769 519,240 Held-to-Maturity (Fair Value of $ 101,929 at September 30, 2024; $ 128,837 at December 31, 2023; and $ 134,811 at September 30, 2023) 103,337 131,395 140,577 Equity Securities 5,089 1,925 1,960 Other Investments 4,352 5,049 5,110 Loans 3,339,937 3,212,908 3,138,617 Allowance for Credit Losses ( 31,262 ) ( 31,265 ) ( 31,112 ) Net Loans 3,308,675 3,181,643 3,107,505 Premises and Equipment, Net 59,932 59,642 60,311 Goodwill 23,789 21,873 21,873 Other Intangible Assets, Net 2,190 1,110 1,205 Other Assets 126,930 126,926 120,391 Total Assets $ 4,411,449 $ 4,169,868 $ 4,272,911 LIABILITIES Noninterest-Bearing Deposits $ 740,170 $ 758,425 $ 798,392 Interest-Bearing Checking Accounts 875,365 799,785 920,250 Savings Deposits 1,544,868 1,466,280 1,496,193 Time Deposits over $250,000 177,990 179,301 167,614 Other Time Deposits 499,064 483,775 284,036 Total Deposits 3,837,457 3,687,566 3,666,485 Borrowings 103,600 26,500 174,300 Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts 20,000 20,000 20,000 Finance Leases 5,022 5,066 5,080 Other Liabilities 52,059 50,964 47,032 Total Liabilities 4,018,138 3,790,096 3,912,897 STOCKHOLDERS' EQUITY Preferred Stock, $ 1 Par Value and 1,000,000 Shares Authorized at September 30, 2024, December 31, 2023 and September 30, 2023 — — — Common Stock, $ 1 Par Value; 30,000,000 Shares Authorized ( 22,066,559 Shares Issued at September 30, 2024, December 31, 2023 and September 30, 2023) 22,067 22,067 22,067 Additional Paid-in Capital 413,065 412,551 412,397 Retained Earni