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Arrow Financial Corporation, a bank holding company, provides various commercial and consumer banking, and financial products and services in the United States. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects. The company's lending activities also include consumer installment loans to finance personal expenditures, personal lines of credit, overdraft protection, and automobile loans; and residential real estate loans, fixed home equity loans, and home equity lines of credit for consumers to finance home improvements, debt consolidation, education, and other uses, as well as maintains an indirect lending program. In addition, it provides retirement planning, trust, and estate administration services for individuals, as well as pension, profit-sharing, and employee benefit plan administration services for corporations. Further, the company offers insurance agency services comprising group health care policies and life insurance, and property and casualty insurance products. The company was founded in 1851 and is headquartered in Glens Falls, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $166M | - | $44M | $36M | 10.2% | 18.4% | 47.9% |
| 2024 | $140M | - | $30M | $29M | 7.4% | 4.4% | -1.2% |
| 2023 | $134M | - | $30M | $13M | 7.9% | -10.2% | -38.4% |
| 2022 | $149M | - | $49M | $45M | 13.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 149.24 | 133.95 | 139.81 | 165.60 |
| Pretax Income | 62.91 | 37.52 | 37.36 | 55.39 |
| Tax Provision | 14.11 | 7.45 | 7.65 | 11.44 |
| Net Income | 48.80 | 30.07 | 29.71 | 43.95 |
| Net Income Common Stockholders | 48.80 | 30.07 | 29.71 | 43.81 |
| Interest Expense | 11.31 | 57.73 | 83.26 | 76.98 |
| Interest Income | 129.65 | 162.56 | 194.99 | 210.15 |
| Selling General And Administration | 49.37 | 50.89 | 56.73 | 60.60 |
| Normalized Income | 48.80 | 30.07 | 29.71 | 43.95 |
| Basic EPS | 2.86 | 1.77 | 1.78 | 0 |
| Diluted EPS | 2.86 | 1.77 | 1.77 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.22 | 0.20 | 0.20 | 0.21 |
| Total Unusual Items | 0 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 48.80 | 30.07 | 29.71 | 43.95 |
| Reconciled Depreciation | 7.55 | 6.72 | 5.36 | 5.42 |
| Net Interest Income | 118.34 | 104.83 | 111.73 | 133.16 |
| Net Income From Continuing And Discontinued Operation | 48.80 | 30.07 | 29.71 | 43.95 |
| Diluted Average Shares | 17.06 | 17.04 | 16.75 | 0 |
| Basic Average Shares | 17.01 | 17.04 | 16.74 | 0 |
| Diluted NI Availto Com Stockholders | 48.80 | 30.07 | 29.71 | 43.81 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0.14 |
| Net Income Including Noncontrolling Interests | 48.80 | 30.07 | 29.71 | 43.95 |
| Net Income Continuous Operations | 48.80 | 30.07 | 29.71 | 43.95 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | 0.43 | -0.09 | -2.91 | 0.54 |
| Depreciation Amortization Depletion Income Statement | 0.19 | 0.18 | 0.25 | 0.31 |
| Depreciation And Amortization In Income Statement | 0.19 | 0.18 | 0.25 | 0.31 |
| Amortization | 0.19 | 0.18 | 0.25 | 0.31 |
| Amortization Of Intangibles Income Statement | 0.19 | 0.18 | 0.25 | 0.31 |
| Selling And Marketing Expense | 1.19 | 1.17 | 1.25 | 1.79 |
| General And Administrative Expense | 48.18 | 49.72 | 55.48 | 58.80 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 1.18 | 2.05 | 2.77 | 2.52 |
| Salaries And Wages | 47 | 47.67 | 52.71 | 56.29 |
| Operating Revenue | 149.24 | 133.95 | 139.81 | 165.60 |
| Occupancy And Equipment | 22.32 | 24.16 | 26.53 | 28.55 |
| Professional Expense And Contract Services Expense | 3.08 | 8.99 | 5.82 | 5.53 |
| Other Non Interest Expense | 6.57 | 8.83 | 7.94 | 7.95 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Arrow Financial Corporationthis co. | AROW | $596M | 13.61↑ premium | 1.37 | 10.2% | - |
| Red River Bancshares, Inc. | RRBI | $614M | 14.63 | 1.68 | 11.7% | - |
| Greenlight Capital Re, Ltd. | GLRE | $609M | 8.38 | 0.87 | 10.6% | 6.88 |
| Northpointe Bancshares, Inc. | NPB | $600M | 7.76 | 1.05 | 14.7% | - |
| California BanCorp | BCAL |
| $598M |
| 10.16 |
| 1.05 |
| 10.9% |
| - |
| Washington Trust Bancorp, Inc. | WASH | $591M | 11.32 | 1.09 | 9.6% | - |
| Northfield Bancorp, Inc. | NFBK | $582M | 107.23 | 0.84 | 0.1% | - |
| AMERISAFE, Inc. | AMSF | $577M | 12.04 | 2.26 | 18.7% | - |
| Bar Harbor Bankshares | BHB | $577M | 14.00 | 1.07 | 6.9% | - |
| Peer Median | - | 11.68 | 1.06 | 10.8% | 6.88 | |