Annual Income Statements for Arrow Financial
This table shows Arrow Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Arrow Financial
This table shows Arrow Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
12 |
12 |
8.56 |
6.05 |
7.74 |
7.72 |
7.66 |
8.60 |
8.98 |
4.47 |
Consolidated Net Income / (Loss) |
|
12 |
12 |
8.56 |
6.05 |
7.74 |
7.72 |
7.66 |
8.60 |
8.98 |
4.47 |
Net Income / (Loss) Continuing Operations |
|
12 |
12 |
8.56 |
6.05 |
7.74 |
7.72 |
7.66 |
8.60 |
8.98 |
4.47 |
Total Pre-Tax Income |
|
16 |
16 |
11 |
7.65 |
9.57 |
9.38 |
9.68 |
11 |
12 |
5.22 |
Total Revenue |
|
39 |
38 |
35 |
33 |
33 |
33 |
34 |
35 |
37 |
34 |
Net Interest Income / (Expense) |
|
31 |
31 |
28 |
26 |
25 |
26 |
26 |
27 |
28 |
30 |
Total Interest Income |
|
34 |
36 |
36 |
40 |
42 |
44 |
47 |
48 |
49 |
51 |
Loans and Leases Interest Income |
|
30 |
31 |
32 |
35 |
37 |
39 |
40 |
42 |
44 |
45 |
Investment Securities Interest Income |
|
3.39 |
3.91 |
3.75 |
3.72 |
3.61 |
3.64 |
3.85 |
3.65 |
3.22 |
3.32 |
Deposits and Money Market Investments Interest Income |
|
1.20 |
1.27 |
0.48 |
1.67 |
1.81 |
1.87 |
2.45 |
2.19 |
2.10 |
2.88 |
Total Interest Expense |
|
3.31 |
5.33 |
8.02 |
14 |
17 |
19 |
20 |
21 |
21 |
21 |
Deposits Interest Expense |
|
2.98 |
4.91 |
7.01 |
12 |
14 |
17 |
19 |
19 |
20 |
21 |
Long-Term Debt Interest Expense |
|
0.33 |
0.42 |
1.01 |
2.59 |
2.36 |
1.67 |
1.30 |
1.40 |
1.40 |
0.42 |
Total Non-Interest Income |
|
7.83 |
7.17 |
6.68 |
6.91 |
8.05 |
7.48 |
7.86 |
7.86 |
8.13 |
4.23 |
Other Service Charges |
|
2.30 |
2.15 |
1.91 |
1.94 |
2.82 |
2.27 |
2.84 |
2.64 |
2.60 |
1.85 |
Net Realized & Unrealized Capital Gains on Investments |
|
0.11 |
0.05 |
-0.10 |
-0.18 |
0.09 |
0.13 |
0.02 |
0.06 |
0.22 |
-3.00 |
Other Non-Interest Income |
|
5.41 |
4.97 |
4.87 |
5.15 |
5.14 |
5.09 |
5.00 |
5.16 |
5.31 |
5.38 |
Provision for Credit Losses |
|
1.72 |
1.41 |
1.55 |
0.95 |
0.35 |
0.53 |
0.62 |
0.78 |
0.93 |
2.85 |
Total Non-Interest Expense |
|
21 |
21 |
22 |
24 |
23 |
23 |
24 |
23 |
24 |
26 |
Salaries and Employee Benefits |
|
12 |
12 |
12 |
12 |
12 |
12 |
13 |
13 |
13 |
13 |
Net Occupancy & Equipment Expense |
|
5.57 |
5.80 |
6.05 |
5.95 |
5.89 |
6.28 |
6.59 |
6.51 |
6.45 |
6.99 |
Property & Liability Insurance Claims |
|
0.30 |
0.28 |
0.48 |
0.48 |
0.52 |
0.57 |
0.72 |
0.70 |
0.70 |
0.66 |
Other Operating Expenses |
|
3.16 |
3.11 |
3.83 |
5.62 |
5.09 |
4.64 |
3.81 |
3.08 |
3.51 |
4.85 |
Income Tax Expense |
|
3.40 |
3.46 |
2.36 |
1.60 |
1.83 |
1.66 |
2.02 |
2.31 |
2.56 |
0.75 |
Basic Earnings per Share |
|
$0.72 |
$0.66 |
$0.50 |
$0.35 |
$0.46 |
$0.46 |
$0.45 |
$0.52 |
$0.54 |
$0.26 |
Weighted Average Basic Shares Outstanding |
|
17.01M |
17.01M |
17.05M |
17.05M |
17.05M |
17.04M |
16.87M |
16.69M |
16.71M |
16.74M |
Diluted Earnings per Share |
|
$0.72 |
$0.66 |
$0.50 |
$0.35 |
$0.46 |
$0.46 |
$0.45 |
$0.52 |
$0.53 |
$0.27 |
Weighted Average Diluted Shares Outstanding |
|
17.05M |
17.06M |
17.06M |
17.05M |
17.05M |
17.04M |
16.87M |
16.71M |
16.74M |
16.75M |
Weighted Average Basic & Diluted Shares Outstanding |
|
16.53M |
0.00 |
- |
16.55M |
17.06M |
16.55M |
16.70M |
16.73M |
16.74M |
16.72M |
Annual Cash Flow Statements for Arrow Financial
This table details how cash moves in and out of Arrow Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
-393 |
78 |
12 |
Net Cash From Operating Activities |
60 |
21 |
34 |
Net Cash From Continuing Operating Activities |
60 |
21 |
34 |
Net Income / (Loss) Continuing Operations |
49 |
30 |
30 |
Consolidated Net Income / (Loss) |
49 |
30 |
30 |
Provision For Loan Losses |
4.80 |
3.38 |
5.18 |
Depreciation Expense |
7.55 |
6.72 |
5.36 |
Non-Cash Adjustments to Reconcile Net Income |
-0.06 |
-0.13 |
11 |
Changes in Operating Assets and Liabilities, net |
-1.37 |
-19 |
-16 |
Net Cash From Investing Activities |
-393 |
-83 |
-89 |
Net Cash From Continuing Investing Activities |
-393 |
-83 |
-89 |
Purchase of Property, Leasehold Improvements and Equipment |
-14 |
-7.08 |
-5.60 |
Purchase of Investment Securities |
-516 |
-311 |
-345 |
Sale of Property, Leasehold Improvements and Equipment |
1.48 |
2.71 |
3.33 |
Divestitures |
0.00 |
- |
32 |
Sale and/or Maturity of Investments |
136 |
232 |
225 |
Other Investing Activities, net |
-0.68 |
1.02 |
0.70 |
Net Cash From Financing Activities |
-60 |
140 |
66 |
Net Cash From Continuing Financing Activities |
-60 |
140 |
66 |
Net Change in Deposits |
-52 |
189 |
103 |
Issuance of Debt |
27 |
257 |
102 |
Issuance of Common Equity |
1.90 |
0.47 |
0.00 |
Repayment of Debt |
-17 |
-285 |
-120 |
Repurchase of Common Equity |
-2.87 |
-3.61 |
-6.79 |
Payment of Dividends |
-17 |
-18 |
-18 |
Other Financing Activities, Net |
1.11 |
0.16 |
6.84 |
Cash Interest Paid |
5.75 |
52 |
84 |
Cash Income Taxes Paid |
13 |
6.64 |
8.85 |
Quarterly Cash Flow Statements for Arrow Financial
This table details how cash moves in and out of Arrow Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
156 |
-309 |
139 |
-30 |
121 |
-152 |
140 |
-82 |
140 |
-186 |
Net Cash From Operating Activities |
|
18 |
12 |
13 |
12 |
11 |
-16 |
10 |
9.08 |
9.42 |
5.63 |
Net Cash From Continuing Operating Activities |
|
18 |
12 |
13 |
12 |
11 |
-16 |
10 |
9.08 |
9.42 |
5.63 |
Net Income / (Loss) Continuing Operations |
|
12 |
12 |
8.56 |
6.05 |
7.74 |
7.72 |
7.66 |
8.60 |
8.98 |
4.47 |
Consolidated Net Income / (Loss) |
|
12 |
12 |
8.56 |
6.05 |
7.74 |
7.72 |
7.66 |
8.60 |
8.98 |
4.47 |
Provision For Loan Losses |
|
1.72 |
1.41 |
1.55 |
0.95 |
0.35 |
0.53 |
0.62 |
0.78 |
0.93 |
2.85 |
Depreciation Expense |
|
2.01 |
1.70 |
1.74 |
1.69 |
1.53 |
1.76 |
1.39 |
1.25 |
1.36 |
1.35 |
Non-Cash Adjustments to Reconcile Net Income |
|
-0.37 |
-0.61 |
1.14 |
-0.74 |
0.19 |
-0.73 |
-0.19 |
-0.35 |
6.18 |
4.98 |
Changes in Operating Assets and Liabilities, net |
|
2.01 |
-3.08 |
0.23 |
4.53 |
1.38 |
-26 |
0.86 |
-1.20 |
-8.04 |
-8.03 |
Net Cash From Investing Activities |
|
-107 |
-50 |
-5.74 |
-23 |
-52 |
-1.83 |
-38 |
6.16 |
33 |
-90 |
Net Cash From Continuing Investing Activities |
|
-107 |
-50 |
-5.74 |
-23 |
-52 |
-1.83 |
-38 |
6.16 |
33 |
-90 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-4.83 |
-3.34 |
-2.64 |
-2.43 |
-1.41 |
-0.61 |
-1.16 |
-1.56 |
-1.37 |
-1.51 |
Purchase of Investment Securities |
|
-126 |
-96 |
-25 |
-67 |
-76 |
-144 |
-52 |
-59 |
-29 |
-205 |
Sale of Property, Leasehold Improvements and Equipment |
|
0.20 |
0.42 |
0.79 |
0.52 |
0.67 |
0.73 |
0.64 |
1.59 |
0.48 |
0.62 |
Sale and/or Maturity of Investments |
|
24 |
50 |
25 |
41 |
24 |
142 |
14 |
65 |
30 |
116 |
Other Investing Activities, net |
|
-0.00 |
-1.34 |
-3.96 |
5.10 |
-0.18 |
0.06 |
0.84 |
-0.07 |
-0.08 |
-0.00 |
Net Cash From Financing Activities |
|
246 |
-271 |
131 |
-20 |
162 |
-134 |
167 |
-98 |
98 |
-101 |
Net Cash From Continuing Financing Activities |
|
246 |
-271 |
131 |
-20 |
162 |
-134 |
167 |
-98 |
98 |
-101 |
Net Change in Deposits |
|
249 |
-297 |
48 |
-44 |
164 |
21 |
91 |
-95 |
116 |
-9.53 |
Repayment of Debt |
|
-0.01 |
2.79 |
-20 |
-113 |
-4.04 |
-148 |
0.00 |
-20 |
-5.02 |
-95 |
Repurchase of Common Equity |
|
-0.11 |
-0.15 |
-0.85 |
- |
- |
-2.76 |
-5.96 |
-0.51 |
-0.05 |
-0.27 |
Payment of Dividends |
|
-4.33 |
-4.46 |
-4.46 |
-4.47 |
-4.47 |
-4.58 |
-4.57 |
-4.51 |
-4.53 |
-4.68 |
Other Financing Activities, Net |
|
0.16 |
0.38 |
0.19 |
-0.01 |
0.03 |
-0.04 |
6.34 |
2.92 |
-11 |
8.45 |
Cash Interest Paid |
|
3.21 |
-0.16 |
7.20 |
12 |
13 |
20 |
19 |
19 |
23 |
24 |
Cash Income Taxes Paid |
|
3.00 |
4.10 |
1.07 |
2.20 |
2.55 |
0.83 |
0.95 |
2.60 |
2.00 |
3.30 |
Annual Balance Sheets for Arrow Financial
This table presents Arrow Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Total Assets |
3,970 |
4,170 |
4,306 |
Cash and Due from Banks |
32 |
37 |
27 |
Interest Bearing Deposits at Other Banks |
33 |
106 |
127 |
Trading Account Securities |
751 |
631 |
566 |
Loans and Leases, Net of Allowance |
-30 |
-31 |
-34 |
Allowance for Loan and Lease Losses |
30 |
31 |
34 |
Premises and Equipment, Net |
56 |
60 |
60 |
Goodwill |
22 |
22 |
24 |
Intangible Assets |
1.50 |
1.11 |
2.06 |
Other Assets |
3,104 |
3,345 |
3,533 |
Total Liabilities & Shareholders' Equity |
3,970 |
4,170 |
4,306 |
Total Liabilities |
3,616 |
3,790 |
3,905 |
Non-Interest Bearing Deposits |
837 |
758 |
703 |
Interest Bearing Deposits |
2,661 |
2,929 |
3,125 |
Long-Term Debt |
75 |
47 |
29 |
Other Long-Term Liabilities |
43 |
56 |
49 |
Total Equity & Noncontrolling Interests |
354 |
380 |
401 |
Total Preferred & Common Equity |
354 |
380 |
401 |
Preferred Stock |
0.00 |
0.00 |
0.00 |
Total Common Equity |
354 |
380 |
401 |
Common Stock |
422 |
435 |
436 |
Retained Earnings |
65 |
66 |
77 |
Treasury Stock |
-84 |
-87 |
-93 |
Accumulated Other Comprehensive Income / (Loss) |
-50 |
-33 |
-18 |
Quarterly Balance Sheets for Arrow Financial
This table presents Arrow Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
4,233 |
4,115 |
4,104 |
4,273 |
4,334 |
4,244 |
4,411 |
Cash and Due from Banks |
|
45 |
25 |
34 |
40 |
27 |
30 |
54 |
Interest Bearing Deposits at Other Banks |
|
329 |
178 |
140 |
255 |
255 |
170 |
286 |
Trading Account Securities |
|
759 |
735 |
689 |
662 |
616 |
552 |
545 |
Loans and Leases, Net of Allowance |
|
-29 |
-31 |
-31 |
-31 |
-32 |
-31 |
-31 |
Allowance for Loan and Lease Losses |
|
29 |
31 |
31 |
31 |
32 |
31 |
31 |
Premises and Equipment, Net |
|
54 |
58 |
60 |
60 |
59 |
59 |
60 |
Goodwill |
|
22 |
22 |
22 |
22 |
22 |
22 |
24 |
Intangible Assets |
|
1.60 |
1.40 |
1.30 |
1.21 |
1.02 |
0.93 |
2.19 |
Other Assets |
|
3,052 |
3,125 |
3,189 |
3,264 |
3,385 |
3,441 |
3,471 |
Total Liabilities & Shareholders' Equity |
|
4,233 |
4,115 |
4,104 |
4,273 |
4,334 |
4,244 |
4,411 |
Total Liabilities |
|
3,887 |
3,751 |
3,742 |
3,913 |
3,956 |
3,861 |
4,018 |
Non-Interest Bearing Deposits |
|
910 |
789 |
759 |
798 |
697 |
705 |
740 |
Interest Bearing Deposits |
|
2,885 |
2,758 |
2,743 |
2,868 |
3,083 |
2,979 |
3,097 |
Long-Term Debt |
|
45 |
163 |
192 |
194 |
127 |
127 |
124 |
Other Long-Term Liabilities |
|
47 |
42 |
48 |
52 |
50 |
51 |
57 |
Total Equity & Noncontrolling Interests |
|
346 |
363 |
361 |
360 |
378 |
383 |
393 |
Total Preferred & Common Equity |
|
346 |
363 |
361 |
360 |
378 |
383 |
393 |
Preferred Stock |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Common Equity |
|
346 |
363 |
361 |
360 |
378 |
383 |
393 |
Common Stock |
|
421 |
422 |
422 |
434 |
435 |
435 |
435 |
Retained Earnings |
|
58 |
69 |
71 |
63 |
69 |
73 |
77 |
Treasury Stock |
|
-84 |
-85 |
-85 |
-85 |
-93 |
-93 |
-93 |
Accumulated Other Comprehensive Income / (Loss) |
|
-49 |
-44 |
-48 |
-53 |
-33 |
-32 |
-26 |
Annual Metrics And Ratios for Arrow Financial
This table displays calculated financial ratios and metrics derived from Arrow Financial's official financial filings.
Metric |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
4.57% |
-10.25% |
4.37% |
EBITDA Growth |
-2.45% |
-37.22% |
-3.43% |
EBIT Growth |
-2.32% |
-40.36% |
-0.43% |
NOPAT Growth |
-2.12% |
-38.37% |
-1.22% |
Net Income Growth |
-2.12% |
-38.37% |
-1.22% |
EPS Growth |
-2.05% |
-38.11% |
0.00% |
Operating Cash Flow Growth |
-12.45% |
-65.54% |
67.49% |
Free Cash Flow Firm Growth |
333.64% |
-43.26% |
-17.61% |
Invested Capital Growth |
-1.80% |
-0.48% |
0.76% |
Revenue Q/Q Growth |
2.02% |
-3.35% |
0.59% |
EBITDA Q/Q Growth |
2.83% |
-12.13% |
-9.65% |
EBIT Q/Q Growth |
3.57% |
-14.10% |
-10.02% |
NOPAT Q/Q Growth |
3.78% |
-12.67% |
-9.87% |
Net Income Q/Q Growth |
3.78% |
-12.67% |
-9.87% |
EPS Q/Q Growth |
6.72% |
-10.15% |
-9.69% |
Operating Cash Flow Q/Q Growth |
-1.63% |
-57.48% |
175.20% |
Free Cash Flow Firm Q/Q Growth |
-30.62% |
124.85% |
-62.37% |
Invested Capital Q/Q Growth |
9.68% |
-23.10% |
-16.91% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
47.21% |
33.03% |
30.56% |
EBIT Margin |
42.16% |
28.01% |
26.72% |
Profit (Net Income) Margin |
32.70% |
22.45% |
21.25% |
Tax Burden Percent |
77.57% |
80.16% |
79.53% |
Interest Burden Percent |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
22.43% |
19.84% |
20.47% |
Return on Invested Capital (ROIC) |
11.29% |
7.04% |
6.94% |
ROIC Less NNEP Spread (ROIC-NNEP) |
11.29% |
7.04% |
6.94% |
Return on Net Nonoperating Assets (RNNOA) |
2.18% |
1.16% |
0.67% |
Return on Equity (ROE) |
13.47% |
8.20% |
7.61% |
Cash Return on Invested Capital (CROIC) |
13.10% |
7.52% |
6.19% |
Operating Return on Assets (OROA) |
1.57% |
0.92% |
0.88% |
Return on Assets (ROA) |
1.22% |
0.74% |
0.70% |
Return on Common Equity (ROCE) |
13.47% |
8.20% |
7.61% |
Return on Equity Simple (ROE_SIMPLE) |
13.80% |
7.92% |
7.41% |
Net Operating Profit after Tax (NOPAT) |
49 |
30 |
30 |
NOPAT Margin |
32.70% |
22.45% |
21.25% |
Net Nonoperating Expense Percent (NNEP) |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
46.45% |
53.62% |
56.68% |
Operating Expenses to Revenue |
54.63% |
69.47% |
69.57% |
Earnings before Interest and Taxes (EBIT) |
63 |
38 |
37 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
70 |
44 |
43 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
1.39 |
1.19 |
1.19 |
Price to Tangible Book Value (P/TBV) |
1.49 |
1.27 |
1.27 |
Price to Revenue (P/Rev) |
3.29 |
3.38 |
3.40 |
Price to Earnings (P/E) |
10.07 |
15.04 |
16.01 |
Dividend Yield |
3.63% |
4.07% |
4.79% |
Earnings Yield |
9.94% |
6.65% |
6.25% |
Enterprise Value to Invested Capital (EV/IC) |
1.17 |
0.84 |
0.81 |
Enterprise Value to Revenue (EV/Rev) |
3.36 |
2.66 |
2.50 |
Enterprise Value to EBITDA (EV/EBITDA) |
7.11 |
8.05 |
8.18 |
Enterprise Value to EBIT (EV/EBIT) |
7.97 |
9.49 |
9.36 |
Enterprise Value to NOPAT (EV/NOPAT) |
10.27 |
11.84 |
11.77 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
8.40 |
17.31 |
10.14 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
8.85 |
11.08 |
13.20 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
0.21 |
0.12 |
0.07 |
Long-Term Debt to Equity |
0.21 |
0.12 |
0.07 |
Financial Leverage |
0.19 |
0.17 |
0.10 |
Leverage Ratio |
11.04 |
11.10 |
10.86 |
Compound Leverage Factor |
11.04 |
11.10 |
10.86 |
Debt to Total Capital |
17.46% |
10.91% |
6.66% |
Short-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
17.46% |
10.91% |
6.66% |
Preferred Equity to Total Capital |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
82.54% |
89.09% |
93.34% |
Debt to EBITDA |
1.06 |
1.05 |
0.67 |
Net Debt to EBITDA |
0.14 |
-2.17 |
-2.95 |
Long-Term Debt to EBITDA |
1.06 |
1.05 |
0.67 |
Debt to NOPAT |
1.53 |
1.55 |
0.96 |
Net Debt to NOPAT |
0.21 |
-3.19 |
-4.24 |
Long-Term Debt to NOPAT |
1.53 |
1.55 |
0.96 |
Noncontrolling Interest Sharing Ratio |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
57 |
32 |
26 |
Operating Cash Flow to CapEx |
467.42% |
470.51% |
1,517.79% |
Free Cash Flow to Firm to Interest Expense |
5.01 |
0.56 |
0.32 |
Operating Cash Flow to Interest Expense |
5.28 |
0.36 |
0.41 |
Operating Cash Flow Less CapEx to Interest Expense |
4.15 |
0.28 |
0.39 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.04 |
0.03 |
0.03 |
Fixed Asset Turnover |
2.91 |
2.31 |
2.34 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
428 |
426 |
430 |
Invested Capital Turnover |
0.35 |
0.31 |
0.33 |
Increase / (Decrease) in Invested Capital |
-7.85 |
-2.07 |
3.23 |
Enterprise Value (EV) |
501 |
356 |
350 |
Market Capitalization |
491 |
452 |
476 |
Book Value per Share |
$21.39 |
$22.27 |
$23.95 |
Tangible Book Value per Share |
$19.98 |
$20.92 |
$22.41 |
Total Capital |
428 |
426 |
430 |
Total Debt |
75 |
47 |
29 |
Total Long-Term Debt |
75 |
47 |
29 |
Net Debt |
10 |
-96 |
-126 |
Capital Expenditures (CapEx) |
13 |
4.37 |
2.27 |
Net Nonoperating Expense (NNE) |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
75 |
47 |
29 |
Total Depreciation and Amortization (D&A) |
7.55 |
6.72 |
5.36 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
$2.95 |
$1.77 |
$1.77 |
Adjusted Weighted Average Basic Shares Outstanding |
16.51M |
17.04M |
16.74M |
Adjusted Diluted Earnings per Share |
$2.95 |
$1.77 |
$1.77 |
Adjusted Weighted Average Diluted Shares Outstanding |
16.56M |
17.04M |
16.75M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
0.00 |
16.55M |
16.72M |
Normalized Net Operating Profit after Tax (NOPAT) |
49 |
30 |
30 |
Normalized NOPAT Margin |
32.70% |
22.45% |
21.25% |
Pre Tax Income Margin |
42.16% |
28.01% |
26.72% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
5.56 |
0.65 |
0.45 |
NOPAT to Interest Expense |
4.32 |
0.52 |
0.36 |
EBIT Less CapEx to Interest Expense |
4.43 |
0.57 |
0.42 |
NOPAT Less CapEx to Interest Expense |
3.19 |
0.45 |
0.33 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
35.75% |
59.79% |
61.55% |
Augmented Payout Ratio |
41.63% |
71.79% |
84.41% |
Quarterly Metrics And Ratios for Arrow Financial
This table displays calculated financial ratios and metrics derived from Arrow Financial's official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
6.59% |
8.49% |
-3.38% |
-11.16% |
-13.75% |
-12.31% |
-1.32% |
7.13% |
9.48% |
2.47% |
EBITDA Growth |
|
-6.28% |
12.68% |
-30.51% |
-46.38% |
-36.84% |
-35.42% |
-12.49% |
30.23% |
16.23% |
-40.97% |
EBIT Growth |
|
-7.41% |
16.23% |
-32.89% |
-50.77% |
-38.52% |
-39.64% |
-11.33% |
42.74% |
20.55% |
-44.34% |
NOPAT Growth |
|
-6.36% |
17.25% |
-31.91% |
-49.50% |
-36.34% |
-36.10% |
-10.53% |
42.29% |
15.91% |
-42.12% |
Net Income Growth |
|
-6.36% |
17.25% |
-31.91% |
-49.50% |
-36.34% |
-36.10% |
-10.53% |
42.29% |
15.91% |
-42.12% |
EPS Growth |
|
-7.69% |
37.50% |
-34.21% |
-51.39% |
-36.11% |
-30.30% |
-10.00% |
48.57% |
15.22% |
-41.30% |
Operating Cash Flow Growth |
|
12.21% |
-7.93% |
-21.16% |
-10.32% |
-36.09% |
-241.87% |
-21.72% |
-27.25% |
-15.93% |
134.47% |
Free Cash Flow Firm Growth |
|
383.16% |
175.27% |
-750.13% |
-419.01% |
-433.49% |
-50.90% |
125.44% |
130.66% |
129.73% |
-87.32% |
Invested Capital Growth |
|
-8.14% |
-1.80% |
30.81% |
46.94% |
41.93% |
-0.48% |
-4.12% |
-7.90% |
-6.75% |
0.76% |
Revenue Q/Q Growth |
|
5.29% |
-2.54% |
-7.88% |
-6.02% |
2.22% |
-0.92% |
3.67% |
2.03% |
4.46% |
-7.27% |
EBITDA Q/Q Growth |
|
0.88% |
-1.87% |
-26.60% |
-26.21% |
18.83% |
0.34% |
-0.54% |
9.81% |
6.05% |
-49.04% |
EBIT Q/Q Growth |
|
0.21% |
-0.14% |
-29.74% |
-29.98% |
25.15% |
-1.96% |
3.22% |
12.71% |
5.70% |
-54.74% |
NOPAT Q/Q Growth |
|
1.58% |
-0.62% |
-29.16% |
-29.37% |
28.05% |
-0.26% |
-0.82% |
12.32% |
4.31% |
-50.20% |
Net Income Q/Q Growth |
|
1.58% |
-0.62% |
-29.16% |
-29.37% |
28.05% |
-0.26% |
-0.82% |
12.32% |
4.31% |
-50.20% |
EPS Q/Q Growth |
|
0.00% |
-8.33% |
-24.24% |
-30.00% |
31.43% |
0.00% |
-2.17% |
15.56% |
1.92% |
-49.06% |
Operating Cash Flow Q/Q Growth |
|
25.95% |
-34.37% |
14.93% |
-5.61% |
-10.25% |
-245.71% |
163.42% |
-12.27% |
3.71% |
-40.26% |
Free Cash Flow Firm Q/Q Growth |
|
-12.57% |
-57.39% |
-678.71% |
-47.96% |
8.60% |
106.27% |
199.78% |
78.32% |
-11.37% |
-97.32% |
Invested Capital Q/Q Growth |
|
3.73% |
9.68% |
22.84% |
5.15% |
0.19% |
-23.10% |
18.35% |
1.00% |
1.45% |
-16.91% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
45.38% |
45.69% |
36.41% |
28.59% |
33.23% |
33.65% |
32.29% |
34.75% |
35.28% |
19.39% |
EBIT Margin |
|
40.19% |
41.18% |
31.41% |
23.40% |
28.65% |
28.35% |
28.22% |
31.18% |
31.55% |
15.40% |
Profit (Net Income) Margin |
|
31.41% |
32.02% |
24.62% |
18.50% |
23.18% |
23.33% |
22.32% |
24.58% |
24.54% |
13.18% |
Tax Burden Percent |
|
78.14% |
77.76% |
78.40% |
79.08% |
80.91% |
82.32% |
79.10% |
78.83% |
77.79% |
85.60% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
21.86% |
22.24% |
21.60% |
20.92% |
19.09% |
17.68% |
20.90% |
21.17% |
22.21% |
14.40% |
Return on Invested Capital (ROIC) |
|
11.26% |
11.06% |
7.85% |
5.73% |
6.80% |
7.31% |
5.78% |
6.28% |
6.37% |
4.31% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
11.26% |
11.06% |
7.85% |
5.73% |
6.80% |
7.31% |
5.78% |
6.28% |
6.37% |
4.31% |
Return on Net Nonoperating Assets (RNNOA) |
|
1.76% |
2.13% |
2.26% |
1.69% |
2.31% |
1.21% |
2.26% |
2.69% |
2.69% |
0.41% |
Return on Equity (ROE) |
|
13.02% |
13.19% |
10.12% |
7.42% |
9.11% |
8.52% |
8.04% |
8.97% |
9.06% |
4.72% |
Cash Return on Invested Capital (CROIC) |
|
20.02% |
13.10% |
-17.05% |
-29.66% |
-27.37% |
7.52% |
9.87% |
14.20% |
13.14% |
6.19% |
Operating Return on Assets (OROA) |
|
1.42% |
1.54% |
1.12% |
0.83% |
0.93% |
0.93% |
0.89% |
1.01% |
1.01% |
0.51% |
Return on Assets (ROA) |
|
1.11% |
1.20% |
0.88% |
0.66% |
0.76% |
0.77% |
0.71% |
0.80% |
0.79% |
0.43% |
Return on Common Equity (ROCE) |
|
13.02% |
13.19% |
10.12% |
7.42% |
9.11% |
8.52% |
8.04% |
8.97% |
9.06% |
4.72% |
Return on Equity Simple (ROE_SIMPLE) |
|
13.61% |
0.00% |
12.33% |
10.75% |
9.57% |
0.00% |
7.72% |
8.28% |
8.38% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
12 |
12 |
8.56 |
6.05 |
7.74 |
7.72 |
7.66 |
8.60 |
8.98 |
4.47 |
NOPAT Margin |
|
31.41% |
32.02% |
24.62% |
18.50% |
23.18% |
23.33% |
22.32% |
24.58% |
24.54% |
13.18% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
46.47% |
46.10% |
51.74% |
55.03% |
53.52% |
54.32% |
56.78% |
55.83% |
54.39% |
59.92% |
Operating Expenses to Revenue |
|
55.38% |
55.09% |
64.12% |
73.70% |
70.29% |
70.07% |
69.98% |
66.61% |
65.90% |
76.19% |
Earnings before Interest and Taxes (EBIT) |
|
16 |
16 |
11 |
7.65 |
9.57 |
9.38 |
9.68 |
11 |
12 |
5.22 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
18 |
17 |
13 |
9.34 |
11 |
11 |
11 |
12 |
13 |
6.58 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.16 |
1.39 |
1.00 |
0.83 |
0.73 |
1.19 |
1.05 |
1.10 |
1.20 |
1.19 |
Price to Tangible Book Value (P/TBV) |
|
1.25 |
1.49 |
1.07 |
0.88 |
0.78 |
1.27 |
1.12 |
1.17 |
1.28 |
1.27 |
Price to Revenue (P/Rev) |
|
2.75 |
3.29 |
2.46 |
2.08 |
1.91 |
3.38 |
2.98 |
3.11 |
3.38 |
3.40 |
Price to Earnings (P/E) |
|
8.54 |
10.07 |
8.13 |
7.69 |
7.68 |
15.04 |
13.62 |
13.30 |
14.26 |
16.01 |
Dividend Yield |
|
0.00% |
3.63% |
4.90% |
5.97% |
0.00% |
4.07% |
5.62% |
5.34% |
4.81% |
4.79% |
Earnings Yield |
|
11.70% |
9.94% |
12.30% |
13.00% |
13.02% |
6.65% |
7.34% |
7.52% |
7.01% |
6.25% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.19 |
1.17 |
0.61 |
0.57 |
0.30 |
0.84 |
0.48 |
0.68 |
0.49 |
0.81 |
Enterprise Value to Revenue (EV/Rev) |
|
0.50 |
3.36 |
2.19 |
2.20 |
1.18 |
2.66 |
1.81 |
2.57 |
1.82 |
2.50 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
1.07 |
7.11 |
4.98 |
5.58 |
3.26 |
8.05 |
5.66 |
7.66 |
5.36 |
8.18 |
Enterprise Value to EBIT (EV/EBIT) |
|
1.21 |
7.97 |
5.62 |
6.38 |
3.76 |
9.49 |
6.66 |
8.81 |
6.11 |
9.36 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
1.56 |
10.27 |
7.22 |
8.16 |
4.76 |
11.84 |
8.28 |
10.98 |
7.69 |
11.77 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
1.21 |
8.40 |
5.76 |
5.79 |
3.39 |
17.31 |
13.64 |
24.35 |
20.24 |
10.14 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.90 |
8.85 |
0.00 |
0.00 |
0.00 |
11.08 |
4.75 |
4.62 |
3.60 |
13.20 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.13 |
0.21 |
0.45 |
0.53 |
0.54 |
0.12 |
0.33 |
0.33 |
0.31 |
0.07 |
Long-Term Debt to Equity |
|
0.13 |
0.21 |
0.45 |
0.53 |
0.54 |
0.12 |
0.33 |
0.33 |
0.31 |
0.07 |
Financial Leverage |
|
0.16 |
0.19 |
0.29 |
0.30 |
0.34 |
0.17 |
0.39 |
0.43 |
0.42 |
0.10 |
Leverage Ratio |
|
11.77 |
11.04 |
11.48 |
11.28 |
12.06 |
11.10 |
11.40 |
11.21 |
11.53 |
10.86 |
Compound Leverage Factor |
|
11.77 |
11.04 |
11.48 |
11.28 |
12.06 |
11.10 |
11.40 |
11.21 |
11.53 |
10.86 |
Debt to Total Capital |
|
11.52% |
17.46% |
30.94% |
34.67% |
35.05% |
10.91% |
25.08% |
24.83% |
23.91% |
6.66% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
11.52% |
17.46% |
30.94% |
34.67% |
35.05% |
10.91% |
25.08% |
24.83% |
23.91% |
6.66% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
88.48% |
82.54% |
69.06% |
65.33% |
64.95% |
89.09% |
74.93% |
75.17% |
76.09% |
93.34% |
Debt to EBITDA |
|
0.66 |
1.06 |
2.51 |
3.38 |
3.86 |
1.05 |
2.97 |
2.78 |
2.61 |
0.67 |
Net Debt to EBITDA |
|
-4.79 |
0.14 |
-0.63 |
0.32 |
-2.00 |
-2.17 |
-3.66 |
-1.62 |
-4.58 |
-2.95 |
Long-Term Debt to EBITDA |
|
0.66 |
1.06 |
2.51 |
3.38 |
3.86 |
1.05 |
2.97 |
2.78 |
2.61 |
0.67 |
Debt to NOPAT |
|
0.96 |
1.53 |
3.64 |
4.94 |
5.64 |
1.55 |
4.34 |
3.99 |
3.75 |
0.96 |
Net Debt to NOPAT |
|
-6.98 |
0.21 |
-0.91 |
0.47 |
-2.92 |
-3.19 |
-5.35 |
-2.32 |
-6.57 |
-4.24 |
Long-Term Debt to NOPAT |
|
0.96 |
1.53 |
3.64 |
4.94 |
5.64 |
1.55 |
4.34 |
3.99 |
3.75 |
0.96 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
47 |
20 |
-115 |
-171 |
-156 |
9.79 |
29 |
52 |
46 |
1.24 |
Operating Cash Flow to CapEx |
|
377.80% |
394.34% |
714.59% |
653.69% |
1,519.67% |
0.00% |
1,997.88% |
0.00% |
1,061.56% |
628.49% |
Free Cash Flow to Firm to Interest Expense |
|
14.15 |
3.74 |
-14.39 |
-11.99 |
-9.31 |
0.52 |
1.45 |
2.51 |
2.21 |
0.06 |
Operating Cash Flow to Interest Expense |
|
5.30 |
2.16 |
1.65 |
0.88 |
0.67 |
-0.87 |
0.51 |
0.44 |
0.45 |
0.27 |
Operating Cash Flow Less CapEx to Interest Expense |
|
3.90 |
1.61 |
1.42 |
0.74 |
0.62 |
-0.87 |
0.49 |
0.44 |
0.41 |
0.22 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.04 |
0.04 |
0.04 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
Fixed Asset Turnover |
|
2.98 |
2.91 |
2.77 |
2.62 |
2.42 |
2.31 |
2.27 |
2.28 |
2.31 |
2.34 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
391 |
428 |
526 |
553 |
554 |
426 |
504 |
510 |
517 |
430 |
Invested Capital Turnover |
|
0.36 |
0.35 |
0.32 |
0.31 |
0.29 |
0.31 |
0.26 |
0.26 |
0.26 |
0.33 |
Increase / (Decrease) in Invested Capital |
|
-35 |
-7.85 |
124 |
177 |
164 |
-2.07 |
-22 |
-44 |
-37 |
3.23 |
Enterprise Value (EV) |
|
73 |
501 |
324 |
317 |
164 |
356 |
241 |
348 |
254 |
350 |
Market Capitalization |
|
402 |
491 |
364 |
299 |
264 |
452 |
397 |
422 |
470 |
476 |
Book Value per Share |
|
$21.56 |
$21.39 |
$21.98 |
$21.87 |
$21.75 |
$22.27 |
$22.83 |
$22.94 |
$23.51 |
$23.95 |
Tangible Book Value per Share |
|
$20.10 |
$19.98 |
$20.58 |
$20.47 |
$20.35 |
$20.92 |
$21.45 |
$21.57 |
$21.95 |
$22.41 |
Total Capital |
|
391 |
428 |
526 |
553 |
554 |
426 |
504 |
510 |
517 |
430 |
Total Debt |
|
45 |
75 |
163 |
192 |
194 |
47 |
127 |
127 |
124 |
29 |
Total Long-Term Debt |
|
45 |
75 |
163 |
192 |
194 |
47 |
127 |
127 |
124 |
29 |
Net Debt |
|
-328 |
10 |
-41 |
18 |
-100 |
-96 |
-156 |
-74 |
-216 |
-126 |
Capital Expenditures (CapEx) |
|
4.64 |
2.92 |
1.85 |
1.91 |
0.74 |
-0.12 |
0.52 |
-0.03 |
0.89 |
0.90 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
45 |
75 |
163 |
192 |
194 |
47 |
127 |
127 |
124 |
29 |
Total Depreciation and Amortization (D&A) |
|
2.01 |
1.70 |
1.74 |
1.69 |
1.53 |
1.76 |
1.39 |
1.25 |
1.36 |
1.35 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.74 |
$0.66 |
$0.52 |
$0.36 |
$0.46 |
$0.46 |
$0.45 |
$0.52 |
$0.54 |
$0.26 |
Adjusted Weighted Average Basic Shares Outstanding |
|
16.51M |
17.01M |
16.55M |
16.55M |
17.05M |
17.04M |
16.87M |
16.69M |
16.71M |
16.74M |
Adjusted Diluted Earnings per Share |
|
$0.74 |
$0.66 |
$0.52 |
$0.36 |
$0.46 |
$0.46 |
$0.45 |
$0.52 |
$0.53 |
$0.27 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
16.56M |
17.06M |
16.56M |
16.55M |
17.05M |
17.04M |
16.87M |
16.71M |
16.74M |
16.75M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
16.53M |
0.00 |
0.00 |
16.55M |
17.06M |
16.55M |
16.70M |
16.73M |
16.74M |
16.72M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
12 |
12 |
8.56 |
6.05 |
7.74 |
7.72 |
7.66 |
8.60 |
8.98 |
4.47 |
Normalized NOPAT Margin |
|
31.41% |
32.02% |
24.62% |
18.50% |
23.18% |
23.33% |
22.32% |
24.58% |
24.54% |
13.18% |
Pre Tax Income Margin |
|
40.19% |
41.18% |
31.41% |
23.40% |
28.65% |
28.35% |
28.22% |
31.18% |
31.55% |
15.40% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
4.71 |
2.92 |
1.36 |
0.54 |
0.57 |
0.50 |
0.48 |
0.52 |
0.55 |
0.25 |
NOPAT to Interest Expense |
|
3.68 |
2.27 |
1.07 |
0.42 |
0.46 |
0.41 |
0.38 |
0.41 |
0.43 |
0.21 |
EBIT Less CapEx to Interest Expense |
|
3.30 |
2.37 |
1.13 |
0.40 |
0.53 |
0.51 |
0.45 |
0.53 |
0.51 |
0.20 |
NOPAT Less CapEx to Interest Expense |
|
2.28 |
1.72 |
0.84 |
0.29 |
0.42 |
0.42 |
0.35 |
0.41 |
0.39 |
0.17 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
36.47% |
35.75% |
39.26% |
45.63% |
51.89% |
59.79% |
61.99% |
57.12% |
55.15% |
61.55% |
Augmented Payout Ratio |
|
42.32% |
41.63% |
42.89% |
48.48% |
54.79% |
71.79% |
91.88% |
86.21% |
83.32% |
84.41% |
Key Financial Trends
Arrow Financial Corp (NASDAQ: AROW) has shown steady financial performance over the last several quarters and years, with notable trends in revenue, expenses, asset quality, and cash flows.
Key positive trends:
- Consistent increase in loans and leases interest income from $30.7 million in Q4 2022 to $44.7 million in Q4 2024, reflecting growth in lending activities.
- Net interest income has increased from approximately $30.6 million in Q4 2022 to about $29.7 million in Q4 2024, indicating stable core interest earnings.
- Steady net income growth, with Q4 2024 EPS (diluted) at $0.27 compared to $0.17 in prior year quarters, showing improved profitability per share.
- Provision for credit losses increased in line with portfolio growth, but remains controlled, suggesting prudent risk management.
- Strong cash flows from operating activities each quarter, including $5.6 million in Q4 2024 and $9.4 million in Q3 2024, supporting business sustainability.
- Increase in total assets from approximately $4.1 billion in Q2 2023 to $4.4 billion in Q3 2024, indicating growth in the company's asset base.
- Common equity increased from around $361 million in Q2 2023 to about $393 million in Q3 2024, strengthening capital position.
- Consistent payment of dividends around $0.27 per share per quarter, showing commitment to returning capital to shareholders.
- Reduction in treasury stock balance in recent quarters, indicating some potential decrease in share repurchases or equity buybacks.
Neutral factors to monitor:
- Non-interest income varies quarter to quarter with realized and unrealized capital gains/losses showing some volatility, including a negative $3.0 million in Q4 2024.
- Fluctuations in operating expenses, with total non-interest expense growing from about $20.8 million in Q4 2022 to $25.8 million in Q4 2024, partly due to higher salaries and occupancy costs.
Risks and concerns:
- Large swings in net cash from financing activities, including significant debt repayment and issuance fluctuations, such as a $101 million outflow in Q4 2024 and notable debt repayments in prior quarters, which could signal refinancing risk or capital structure shifts.
- Negative net cash from investing activities in most quarters, particularly large investment purchases exceeding sales, representing a high level of capital deployment and potential liquidity constraints.
Overall, Arrow Financial Corp demonstrates solid growth in lending income and more stable earnings, supported by steady asset and equity growth. However, the company's volatility in financing and investing cash flows warrants monitoring due to the potential impact on liquidity and capital flexibility. Retail investors should watch how non-interest income volatility and expense growth trends evolve alongside ongoing credit loss provisions.
10/23/25 09:32 AM ETAI Generated. May Contain Errors.