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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% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 149.24 | 133.95 | 139.81 | 165.60 |
| Operating Revenue | - | 149.24 | 133.95 | 139.81 | 165.60 |
| Selling General And Administration | - | 49.37 | 50.89 | 56.74 | 60.60 |
| Interest Income | - | 129.65 | 162.56 | 194.99 | 210.15 |
| Interest Expense | - | 11.31 | 57.73 | 83.26 | 76.98 |
| Net Interest Income | - | 118.34 | 104.83 | 111.73 | 133.16 |
| Pretax Income | - | 62.91 | 37.52 | 37.36 | 55.39 |
| Tax Provision | - | 14.11 | 7.44 | 7.65 | 11.44 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 48.80 | 30.08 | 29.71 | 43.95 |
| Net Income From Continuing And Discontinued Operation | - | 48.80 | 30.08 | 29.71 | 43.95 |
| Net Income From Continuing Operation Net Minority Interest | - | 48.80 | 30.08 | 29.71 | 43.95 |
| Net Income | - | 48.80 | 30.08 | 29.71 | 43.95 |
| Net Income Common Stockholders | - | 48.80 | 30.08 | 29.71 | 43.81 |
| Net Income Including Noncontrolling Interests | - | 48.80 | 30.08 | 29.71 | 43.95 |
| Normalized Income | - | 48.80 | 30.08 | 29.71 | 43.95 |
| Diluted NI Availto Com Stockholders | - | 48.80 | 30.08 | 29.71 | 43.81 |
| Basic Average Shares | - | 17.01 | 17.04 | 16.74 | 16.50 |
| Diluted Average Shares | - | 17.06 | 17.04 | 16.74 | 16.51 |
| Reconciled Depreciation | - | 7.55 | 6.72 | 5.36 | 5.42 |
| Total Unusual Items | -1.48 | 0 | 0 | - | - |
| Total Unusual Items Excluding Goodwill | -1.48 | 0 | 0 | - | - |
| Special Income Charges | -1.48 | 0 | 0 | - | - |
| Other Special Charges | 1.48 | - | - | - | - |
| 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 |
| General And Administrative Expense | - | 48.18 | 49.72 | 55.48 | 58.80 |
| Other Gand A | 1.76 | - | - | - | - |
| Salaries And Wages | - | 47 | 47.67 | 52.71 | 56.29 |
| Insurance And Claims | - | 1.18 | 2.05 | 2.78 | 2.52 |
| Selling And Marketing Expense | - | 1.19 | 1.17 | 1.25 | 1.79 |
| Otherunder Preferred Stock Dividend | - | - | - | - | 0.14 |
| Amortization | - | 0.19 | 0.18 | 0.25 | 0.31 |
| Amortization Of Intangibles Income Statement | - | 0.19 | 0.18 | 0.25 | 0.31 |
| Occupancy And Equipment | - | 22.32 | 24.16 | 26.53 | 28.55 |
| Professional Expense And Contract Services Expense | - | 3.08 | 8.99 | 5.82 | 5.52 |
| 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 | $610M | 13.88↑ premium | 1.41 | 10.2% | - |
| California BanCorp | BCAL | $621M | 9.84 | 1.08 | 10.9% | - |
| Donegal Group Inc. | DGICA | $619M | 7.81 | 0.97 | 12.4% | - |
| Northpointe Bancshares, Inc. | NPB | $598M | 7.17 | 1.05 | 14.7% | - |
| Northfield Bancorp, Inc. | NFBK |
| - |
| - |
| - |
| - |
| - |
| - |
| $596M |
| 748.18 |
| 0.86 |
| 0.1% |
| - |
| Peoples Financial Services Corp. | PFIS | $596M | 10.06 | 1.15 | 11.4% | - |
| Red River Bancshares, Inc. | RRBI | $594M | 13.90 | 1.63 | 11.7% | - |
| Bar Harbor Bankshares | BHB | $594M | 16.08 | 1.11 | 6.9% | - |
| Midland States Bancorp, Inc. | MSBI | $591M | -4.76 | 1.30 | -27.3% | - |
| Peer Median | - | 9.95 | 1.10 | 11.2% | - | |