ARROW FINANCIAL CORP

AROW

ARROW FINANCIAL CORP

AROW

Insider Sentiment (TTM):

Last Purchase:2025-12-24Last Sale:2026-06-17Shares Purchased (TTM):23,856Shares Sold (TTM):4,110

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:8,760,246Shares Outstanding:16,381,922Institutional Ownership Pct.:53.48%

Earnings Market Reaction:

Filing Date:2026-05-08Price on Filing Date:N/APrevious Close:N/A% Change:N/A

Companies in National Commercial Banks

BFC JPM BAC WFC C LARK

ARROW FINANCIAL CORP (AROW) — SEC Financial Statements & Analysis

ARROW FINANCIAL CORP (AROW) files its annual 10-K and quarterly 10-Q reports directly with the SEC. The financial data below is sourced as-filed from EDGAR — balance sheet, income statement, and cash flow as reported, without normalization or third-party adjustments.

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Cash And Due From Banks	29	29	46	41	33	27	54	30	27	37	40	34
Interest Bearing Deposits In Banks	257	185	352	227	268	127	286	170	255	106	255	140
Investments Debt And Equi…
Debt Securities Available For Sale Excluding Accru…	519	496	486	448	446	463	437	451	486	498	519	544
Debt Securities Held To Maturity Excluding Accrued…	66	67	63	71	97	98	103	99	128	131	141	143
Equity Securities Fv Ni	6	6	6	5	5	5	5	2	2	2	2	2
Other Investments	4	4	4	5	4	4	4	4	4	5	5	5
Financing Receivable Excluding Accrued Interest Be…	3,439	3,453	3,442	3,425	3,417	3,395	3,340	3,316	3,259	3,213	3,139	3,070
Financing Receivable Allowance For Credit Loss Exc…	-34	-34	-34	-34	-38	-34	-31	-31	-32	-31	-31	-31
Financing Receivable Excluding Accrued Interest Af…	3,405	3,419	3,408	3,391	3,379	3,361	3,309	3,285	3,227	3,182	3,108	3,039
Property Plant And Equipment And Finance Lease Rig…	60	59	60	61	60	60	60	59	59	60	60	60
Goodwill	24	24	24	24	24	24	24	22	22	22	22	22
Other Intangible Assets Net	2	2	2	2	2	2	2	1	1	1	1	1
Other Assets	152	155	138	141	130	135	127	121	122	127	120	114
Assets	4,522	4,446	4,587	4,415	4,449	4,306	4,411	4,244	4,334	4,170	4,273	4,104
Liabilities
Noninterest Bearing Deposit Liabilities	722	722	771	737	697	703	740	705	697	758	798	759
Deposits Negotiable Order Of Withdrawal N O W	898	862	978	884	924	811	875	857	908	800	920	856
Deposits Savings Deposits	1,618	1,558	1,526	1,485	1,532	1,520	1,545	1,447	1,497	1,466	1,496	1,518
Time Deposits At Or Above F D I C Insurance Limit	141	156	179	179	183	192	178	174	174	179	168	141
Deposits	4,014	3,939	4,100	3,929	3,968	3,828	3,837	3,684	3,779	3,688	3,666	3,502
Junior Subordinated Debenture Owed To Unconsolidat…	20	20	20	20	20	20	20	20	20	20	20	20
Finance Lease Liability	5	5	5	5	5	5	5	5	5	5	5	5
Other Liabilities	39	45	40	43	43	44	52	46	45	51	47	43
Liabilities	4,082	4,014	4,169	4,006	4,044	3,905	4,018	3,861	3,956	3,790	3,913	3,742
Stockholders Equity
Preferred Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Value	22	22	22	22	22	22	22	22	22	22	22	21
Additional Paid In Capital	414	415	414	414	413	413	413	413	413	413	412	401
Retained Earnings Accumulated Deficit	111	102	93	85	79	77	77	73	69	66	63	71
Accumulated Other Comprehensive Income Loss Net Of…	-5	-4	-9	-11	-14	-18	-26	-32	-33	-33	-53	-48
Treasury Stock Value	-102	-103	-103	-102	-96	-93	-93	-93	-93	-87	-85	-85
Stockholders Equity	440	432	418	409	404	401	393	383	378	380	360	361
Liabilities And Stockholders Equity	4,522	4,446	4,587	4,415	4,449	4,306	4,411	4,244	4,334	4,170	4,273	4,104
Assets
Held To Maturity Securities Fair Value	65	67	62	70	96	97	102	96	125	129	135	139
Preferred Stock Par Or Stated Value Per Share	1	1	1	1	1	1	1	1	1	1	1	1
Preferred Stock Shares Authorized	1	1	1	1	1	1	1	1	1	1	1	1
Preferred Stock Shares Issued	0	0	-	-	-	0	-	-	-	-	-	-
Common Stock Par Or Stated Value Per Share	1	1	1	1	1	1	1	1	1	1	1	1
Common Stock Shares Authorized	30	30	30	30	30	30	30	30	30	30	30	30
Common Stock Shares Issued	22	22	22	22	22	22	22	22	22	22	22	21
Shares Outstanding	17	16	-	-	-	17	-	-	-	-	-	-
Treasury Stock Common Shares	6	6	6	6	5	5	5	5	5	5	5	5

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	-0.39%	11.42%	-	-	-	-	-	-	-	-	-	-
2025	-0.41%	3.42%	3.84%	9.38%	6.29%	1.40%	0.94%	5.36%	9.45%	-1.29%	7.80%	10.99%
2024	5.77%	9.73%	35.51%	10.60%	2.66%	3.14%	2.90%	-11.11%	-15.10%	-8.33%	-3.61%	-1.05%
2023	-8.61%	-8.29%	-10.30%	-9.58%	-14.60%	4.52%	14.82%	21.33%	15.90%	-6.49%	-5.77%	1.13%
2022	-	-	-	-	-	-	-	-	-	-9.30%	-16.24%	-19.33%
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Performance and Valuation Metrics

Metrics	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Leverage & Debt
Interest Coverage TTM	1.85	1.72	1.56	1.48	1.44	1.45	1.51	1.52	1.52	1.65	1.99	2.61
Per Share Metrics
Diluted EPS TTM	3.12	2.66	2.10	1.85	1.70	1.77	1.97	1.90	1.73	1.77	2.02	2.28
Free Cash Flow Per Share TTM	2.52	2.19	2.16	1.77	1.71	1.72	0.47	0.57	0.72	0.79	2.26	2.43
Dividend Per Share TTM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Margin Metrics
Gross Profit Margin TTM	-621.60%	-647.12%	-675.82%	-704.53%	-718.03%	-736.63%	-732.56%	-693.00%	-626.55%	-511.31%	-374.90%	-232.09%
Operating Profit Margin TTM	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Profit Margin TTM	487.77%	426.56%	339.08%	306.30%	282.74%	298.52%	339.81%	328.84%	303.06%	318.46%	368.80%	417.79%
Growth Metrics
Net Revenue Growth (1Y)	4.51%	3.54%	4.62%	3.40%	4.20%	5.38%	3.88%	3.74%	2.51%	-2.75%	-7.16%	-9.59%
Net Income Growth (1Y)	80.29%	47.95%	4.39%	-3.69%	-2.79%	-1.22%	-4.29%	-18.35%	-34.86%	-38.37%	-26.76%	-18.78%
EPS Growth (1Y)	83.41%	50.06%	6.35%	-2.87%	-1.62%	0.54%	-2.34%	-16.56%	-34.15%	-38.47%	-26.94%	-21.43%
Valuation Metrics
P/E TTM	10.67	11.59	13.14	13.79	14.73	15.27	13.58	12.68	13.24	14.33	7.54	7.79
P/B	1.24	1.18	1.08	1.03	1.03	1.13	1.14	1.05	1.02	1.13	0.72	0.84
P/S TTM	52.03	49.45	44.56	42.23	41.66	45.58	46.15	41.69	40.12	45.62	27.82	32.56
Market Cap	545.41M	509.56M	452.17M	421.32M	417.87M	453.59M	447.66M	402.31M	386.21M	430.84M	259.81M	302.87M
Enterprise Value	259.80M	295.37M	54.74M	152.87M	116.42M	299.04M	107.57M	202.12M	103.75M	288.30M	-34.93M	129.27M
Calculated Values
Free Cash Flow TTM	41.34M	36.19M	35.47M	29.24M	28.47M	28.87M	7.83M	9.57M	12.11M	13.50M	38.59M	41.49M
Net Debt	-285.61M	-214.18M	-397.44M	-268.45M	-301.45M	-154.55M	-340.09M	-200.20M	-282.47M	-142.54M	-294.74M	-173.60M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
Valuation Ratios
P/CF TTM
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2026-06-17Sale

Owner: Behan, Mark

Title: -

Shares: 4,110

Price/Share: $38.59

Value: $158,604.90

Shares Owned: 8,929

Relationship: Director

Ownership: Direct

2025-12-24Purchase

Owner: Demarco, David S.

Title: President & CEO

Shares: 3,035

Price/Share: $31.78

Value: $96,452.30

Shares Owned: 3,035

Relationship: Officer

Ownership: Indirect

2025-11-10Purchase

Owner: White, Daniel James

Title: -

Shares: 1,644

Price/Share: $30.14

Value: $49,550.16

Shares Owned: 6,890

Relationship: Director

Ownership: Direct

2025-11-04Purchase

Owner: Ivanov, Penko Krassimir

Title: SEVP, Treasurer and CFO

Shares: 1,620

Price/Share: $29.74

Value: $48,178.80

Shares Owned: 26,394

Relationship: Officer

Ownership: Direct

2025-09-10Purchase

Owner: Ivanov, Penko Krassimir

Title: SEVP, Treasurer and CFO

Shares: 5,000

Price/Share: $29.10

Value: $145,500.00

Shares Owned: 24,744

Relationship: Officer

Ownership: Direct

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2026-06-17	Behan, Mark	Director	-	Direct	Sale	4,110	38.59	$158,604.90	8,929	4
2025-12-24	Demarco, David S.	Officer	President & CEO	Indirect	Purchase	3,035	31.78	$96,452.30	3,035	4
2025-11-10	White, Daniel James	Director	-	Direct	Purchase	1,644	30.14	$49,550.16	6,890	4
2025-11-04	Ivanov, Penko Krassimir	Officer	SEVP, Treasurer and CFO	Direct	Purchase	1,620	29.74	$48,178.80	26,394	4
2025-09-10	Ivanov, Penko Krassimir	Officer	SEVP, Treasurer and CFO	Direct	Purchase	5,000	29.10	$145,500.00	24,744	4
2025-08-27	Ivanov, Penko Krassimir	Officer	SEVP, Treasurer and CFO	Direct	Purchase	10,922	29.44	$321,543.68	19,715	4
2025-08-08	Duffy, Kristine D	Director	-	Indirect	Purchase	210	26.53	$5,571.30	1,000	4/A
2025-08-06	Ivanov, Penko Krassimir	Officer	SEVP, Treasurer and CFO	Direct	Purchase	1,425	26.50	$37,762.50	7,709	4
2025-05-01	O'Conor, Raymond F	Director	-	Direct	Sale	2,000	23.78	$47,560.00	29,293	4
2025-04-01	O'Conor, Raymond F	Director	-	Direct	Sale	2,000	25.94	$51,880.00	31,022	4
2025-03-03	O'Conor, Raymond F	Director	-	Direct	Sale	2,000	26.90	$53,800.00	33,022	4
2025-02-03	O'Conor, Raymond F	Director	-	Direct	Sale	2,000	25.28	$50,560.00	35,022	4
2025-01-31	White, Daniel James	Director	-	Direct	Purchase	3,668	27.23	$99,879.64	4,338	4
2025-01-02	O'Conor, Raymond F	Director	-	Direct	Sale	2,000	28.85	$57,700.00	35,859	4
2024-12-02	O'Conor, Raymond F	Director	-	Direct	Sale	2,000	32.69	$65,380.00	37,859	4
2024-11-04	O'Conor, Raymond F	Director	-	Direct	Sale	2,000	28.50	$57,000.00	39,496	4
2024-10-01	O'Conor, Raymond F	Director	-	Direct	Sale	2,000	28.04	$56,080.00	41,176	4
2024-09-03	O'Conor, Raymond F	Director	-	Direct	Sale	2,000	30.09	$60,180.00	43,176	4
2024-08-15	O'Conor, Raymond F	Director	-	Direct	Sale	2,000	28.13	$56,260.00	45,176	4
2024-05-10	O'Conor, Raymond F	Director	-	Direct	Sale	4,000	23.63	$94,520.00	46,419	4
2024-02-07	Dake, Gary C	Director	-	Direct	Purchase	2,000	23.73	$47,460.00	56,722	4
2024-02-06	Wise, Andrew J	Officer	SEVP, Chief Risk Officer	Direct	Purchase	1,000	23.57	$23,570.00	9,829	4
2023-11-28	Wise, Andrew J	Officer	SVP, Chief Operating Officer	Direct	Purchase	1,000	24.76	$24,760.00	8,684	4
2023-11-22	Wise, Andrew J	Officer	SVP, Chief Operating Officer	Direct	Purchase	1,000	24.49	$24,490.00	7,684	4
2023-11-03	Kaiser, David D	Officer	SVP	Indirect	Purchase	1,075	23.25	$24,993.75	5,982	4
2023-11-03	Read, Colin L	Director	-	Indirect	Purchase	1,876	22.84	$42,847.84	3,020	4
2023-11-01	Miller, Elizabeth	Director	-	Direct	Purchase	3,750	21.52	$80,700.00	31,627	4
2023-11-01	Owens, William L	Director	-	Direct	Purchase	710	21.27	$15,101.70	14,789	4
2023-10-30	Read, Colin L	Director	-	Direct	Purchase	7,500	21.33	$159,975.00	25,271	4
2023-10-27	Dake, Gary C	Director	-	Direct	Purchase	4,800	20.58	$98,784.00	53,467	4
2023-10-27	Behan, Mark	Director	-	Direct	Purchase	479	20.83	$9,977.57	7,211	4
2023-10-11	Behan, Mark	Director	-	Direct	Purchase	493	18.02	$8,883.86	6,732	4
2023-10-11	Owens, William L	Director	-	Direct	Purchase	701	18.02	$12,632.02	14,079	4
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Institutional Ownership

No data available for chart

2026-03-31

53.48%

Inst. Shares: 8,760,246

Shares Outstanding: 16,381,922

2025-12-31

51.37%

Inst. Shares: 8,476,676

Shares Outstanding: 16,502,724

2025-09-30

50.90%

Inst. Shares: 8,348,553

Shares Outstanding: 16,402,000

2025-06-30

49.98%

Inst. Shares: 8,269,826

Shares Outstanding: 16,545,000

2025-03-31

50.92%

Inst. Shares: 8,486,201

Shares Outstanding: 16,665,138

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	8,760,246	16,381,922	53.48%
2025-12-31	8,476,676	16,502,724	51.37%
2025-09-30	8,348,553	16,402,000	50.90%
2025-06-30	8,269,826	16,545,000	49.98%
2025-03-31	8,486,201	16,665,138	50.92%
2024-12-31	8,447,153	16,739,182	50.46%
2024-09-30	8,188,591	16,710,000	49.00%
2024-06-30	8,046,237	16,685,000	48.22%
2024-03-31	7,400,238	16,865,000	43.88%
2023-12-31	7,229,296	17,037,000	42.43%
2023-09-30	7,145,189	17,050,000	41.91%
2023-06-30	7,004,581	17,050,000	41.08%
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ARROW FINANCIAL CORP (AROW) — SEC Financial Statements & Analysis

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