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Arrow Financial (AROW) Financials

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$27.98 -0.18 (-0.62%)
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Annual Income Statements for Arrow Financial

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.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 49 30 30
Consolidated Net Income / (Loss)		 49 30 30
Net Income / (Loss) Continuing Operations		 49 30 30
Total Pre-Tax Income 		63 38 37
Total Revenue		 149 134 140
Net Interest Income / (Expense)		 118 105 112
Total Interest Income		 130 163 195
Loans and Leases Interest Income		 113 142 171
Investment Securities Interest Income		 14 15 14
Deposits and Money Market Investments Interest Income		 3.10 5.83 9.62
Total Interest Expense		 11 58 83
Deposits Interest Expense		 9.83 50 79
Long-Term Debt Interest Expense		 1.48 7.63 4.51
Total Non-Interest Income		 31 29 28
Other Service Charges		 9.05 8.94 9.93
Net Realized & Unrealized Capital Gains on Investments		 0.51 -0.06 -2.70
Other Non-Interest Income		 21 20 21
Provision for Credit Losses		 4.80 3.38 5.18
Total Non-Interest Expense		 82 93 97
Salaries and Employee Benefits		 47 48 53
Net Occupancy & Equipment Expense		 22 24 27
Property & Liability Insurance Claims		 1.18 2.05 2.78
Other Operating Expenses		 11 19 15
Income Tax Expense		 14 7.45 7.65
Basic Earnings per Share		 $2.86 $1.77 $1.77
Weighted Average Basic Shares Outstanding		 17.01M 17.04M 16.74M
Diluted Earnings per Share		 $2.86 $1.77 $1.77
Weighted Average Diluted Shares Outstanding		 17.06M 17.04M 16.75M
Weighted Average Basic & Diluted Shares Outstanding		 - 16.55M 16.72M

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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
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
Period end date 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
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
Period end date 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
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
Period end date 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
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 demonstrated a generally consistent performance across key financial indicators over the past four years, ending in Q4 2024.

Positive Trends:

  • Net Interest Income has steadily increased from approximately $28 million in Q1 2023 to about $29.7 million in Q4 2024, indicating solid growth in core lending activities.
  • Total Revenue showed a stable upward trend, reaching $33.9 million in Q4 2024 from $34.7 million in Q1 2023, reflecting resilience despite market fluctuations.
  • Consistent Net Income attributable to common shareholders with $4.47 million in Q4 2024, compared to $7.66 million in Q1 2024, showing profitability though with some quarter-to-quarter volatility.
  • Quarterly diluted earnings per share (EPS) remained positive and relatively stable, with $0.27 in Q4 2024 against $0.45 in Q1 2024, demonstrating decent returns to shareholders.
  • Total Assets have grown steadily from about $4.11 billion in Q1 2023 to approximately $4.41 billion by Q3 2024, signaling asset base expansion.
  • Common Equity increased from $363 million in Q2 2023 to $393 million in Q3 2024, enhancing the company's capital base and financial stability.
  • Provision for Credit Losses remains relatively low and stable, with $2.85 million in Q4 2024, indicating effective credit risk management.
  • Net Cash From Continuing Operating Activities is positive and healthy recently, with $5.6 million in Q4 2024, supporting operational liquidity.
  • Arrow Financial has maintained regular dividend payments of $0.27 per share per quarter consistently, appealing to income-focused investors.

Neutral Observations:

  • Non-Interest Income shows mixed results with some unrealized capital losses in Q4 2024 (-$3 million), contrasting prior quarters' gains, contributing to quarter-over-quarter variation in total revenue.
  • Total Non-Interest Expense increased modestly over time (from about $22.3 million in Q1 2023 to $25.8 million in Q4 2024), reflecting growing operating costs but controlled within revenue growth limits.
  • Allowance for Loan and Lease Losses remains largely steady around $31 million to $31.3 million, in line with the loan portfolio size.
  • Changes in operating assets and liabilities have caused some volatility in operating cash flows, suggesting fluctuating working capital needs.
  • Issuance and repayment of debt and deposits fluctuated significantly quarter to quarter, reflecting active balance sheet management.

Negative Indicators:

  • Net Income declined notably from $8.97 million in Q3 2024 to $4.47 million in Q4 2024, a near 50% drop indicating quarter-on-quarter profitability pressure.
  • Net Cash From Continuing Financing Activities swung sharply from a positive $97.7 million in Q3 2024 to a negative $101 million in Q4 2024, suggesting increased debt repayment or shareholder distributions.
  • Net Realized & Unrealized Capital Losses in Q4 2024 (-$3 million) negatively impacted total non-interest income and overall profitability compared to small gains in earlier quarters.
  • Net change in cash & equivalents declined drastically in the latest quarter (-$185.5 million in Q4 2024), reflecting possible liquidity constraints or aggressive asset or liability adjustments.
  • Depreciation and other operating expenses trends show a gradual increase which could pressure future operating margins if revenue does not keep pace.

Summary: Arrow Financial has shown steady growth in interest income, asset size, and solid profitability for most of the recent quarters, backed by stable capital levels and dividend payments. However, the significant decline in net income and non-interest income in Q4 2024, along with reduced cash flows from financing activities, raise caution flags. Investors should monitor these trends, particularly the capital gains volatility and quarterly income swings, for insight into risk and earnings stability going forward.

08/21/25 02:15 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Arrow Financial's Financials

When does Arrow Financial's fiscal year end?

According to the most recent income statement we have on file, Arrow Financial's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Arrow Financial's net income changed over the last 2 years?

Arrow Financial's net income appears to be on a downward trend, with a most recent value of $29.71 million in 2024, falling from $48.80 million in 2022. The previous period was $30.08 million in 2023. View Arrow Financial's forecast to see where analysts expect Arrow Financial to go next.

How has Arrow Financial's revenue changed over the last 2 years?

Over the last 2 years, Arrow Financial's total revenue changed from $149.24 million in 2022 to $139.81 million in 2024, a change of -6.3%.

How much debt does Arrow Financial have?

Arrow Financial's total liabilities were at $3.91 billion at the end of 2024, a 3.0% increase from 2023, and a 8.0% increase since 2022.

How much cash does Arrow Financial have?

In the past 2 years, Arrow Financial's cash and equivalents has ranged from $27.42 million in 2024 to $36.76 million in 2023, and is currently $27.42 million as of their latest financial filing in 2024.

How has Arrow Financial's book value per share changed over the last 2 years?

Over the last 2 years, Arrow Financial's book value per share changed from 21.39 in 2022 to 23.95 in 2024, a change of 12.0%.


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This page (NASDAQ:AROW) was last updated on 8/21/2025 by MarketBeat.com Staff
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