ARROW FINANCIAL CORP AROW
Arrow was incorporated on March 21, 1983 and is registered as a bank holding company within the meaning of the Bank Holding Company Act of 1956. As of December 31, 2025 the Company had one wholly-owned banking subsidiary, Arrow Bank National Association. Through Arrow Bank, Arrow indirectly owns various non-bank subsidiaries, including an insurance agency, a registered investment adviser and a REIT. See "The Company and Its Subsidiaries," above.
Arrow's business consists primarily of the ownership, supervision and control of Arrow Bank, including the bank's subsidiaries. Arrow provides various advisory and administrative services and coordinates the general policies and operation of Arrow Bank. There were 578 full-time equivalent employees, including 40 employees within Arrow's insurance agency subsidiary, at December 31, 2025. See the discussion of our human capital resources in Section G ("HUMAN CAPITAL") of this Item 1.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense | $77.0M | $83.3M | $57.7M | $11.3M | $5.2M | $12.7M | $21.7M | $12.5M | $7.0M | $5.4M |
| Pre-tax income | $55.4M | $37.3M | $37.5M | $62.9M | $64.4M | $51.9M | $47.1M | $45.3M | $39.9M | $37.7M |
| Income tax | $11.4M | $7.6M | $7.4M | $14.1M | $14.5M | $11.0M | $9.6M | $9.0M | $10.5M | $11.2M |
| Net income | $44.0M | $29.7M | $30.1M | $48.8M | $49.9M | $40.8M | $37.5M | $36.3M | $29.3M | $26.5M |
| EPS, basic | 2.65 | 1.77 | 1.77 | 2.86 | 2.93 | 2.49 | 2.36 | 2.37 | 1.99 | 1.87 |
| EPS, diluted | 2.65 | 1.77 | 1.77 | 2.86 | 2.92 | 2.49 | 2.36 | 2.36 | 1.98 | 1.86 |
| Shares, diluted (wtd. avg.) | $16.5M | $16.7M | $17.0M | $17.1M | $17.1M | $16.4M | $15.9M | $15.4M | $14.8M | $14.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $214.2M | $154.5M | $142.5M | $64.7M | $457.7M | $381.0M | $70.2M | $84.2M | $72.8M | $57.4M |
| Property, plant and equipment | $55.3M | $55.4M | $55.2M | $51.9M | $41.4M | $37.6M | $35.5M | $30.4M | $27.6M | $26.9M |
| Goodwill | $23.8M | $23.8M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M |
| Other intangibles | $1.7M | $2.1M | $1.1M | $1.5M | $1.9M | $1.9M | $1.7M | $1.9M | $2.3M | $2.7M |
| Total assets | $4.45B | $4.31B | $4.17B | $3.97B | $4.03B | $3.69B | $3.18B | $2.99B | $2.76B | $2.61B |
| Short-term debt | $4.3M | $8.6M | $26.5M | $54.8M | $0 | $17.5M | $181.1M | $288.7M | $170.0M | $158.8M |
| Long-term debt | $4.3M | $8.6M | $6.5M | $27.8M | $45.0M | $45.0M | $30.0M | $45.0M | $55.0M | $55.0M |
| Total liabilities | $4.01B | $3.91B | $3.79B | $3.62B | $3.66B | $3.35B | $2.88B | $2.72B | $2.51B | $2.37B |
| Retained earnings | $102.3M | $77.2M | $65.8M | $65.4M | $54.1M | $41.9M | $33.2M | $29.3M | $28.8M | $28.6M |
| Total equity | $431.9M | $400.9M | $379.8M | $353.5M | $371.2M | $334.4M | $301.7M | $269.6M | $249.6M | $232.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $41.3M | $34.5M | $20.6M | $59.7M | $68.2M | $42.3M | $43.9M | $42.0M | $37.8M | $34.7M |
| Depreciation and amortisation | $4.7M | $4.4M | $3.8M | $3.3M | $3.0M | $2.8M | $2.2M | $1.9M | $1.9M | $1.9M |
| Stock-based compensation | $683.0K | $314.0K | $605.0K | $451.0K | $414.0K | $301.0K | $316.0K | $322.0K | $351.0K | $287.0K |
| Capital expenditure | $5.1M | $5.6M | $7.1M | $14.2M | $7.1M | $5.1M | $7.8M | $5.1M | $2.6M | $1.4M |
| Investing cash flow | -$61.5M | -$89.0M | -$82.7M | -$393.1M | -$274.6M | -$187.3M | -$192.2M | -$227.8M | -$148.6M | -$157.8M |
| Financing cash flow | $79.8M | $66.5M | $139.9M | -$59.7M | $283.1M | $455.8M | $134.3M | $197.2M | $126.2M | $129.4M |
| Dividends paid | — | — | — | $17.4M | $16.3M | $15.7M | $15.2M | $14.4M | $13.6M | $13.1M |
| Buybacks | $10.2M | $6.8M | $3.6M | $2.9M | $2.7M | $1.6M | $2.5M | $2.1M | $3.2M | $2.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000717538-26-000045.
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| TFC | TRUIST FINANCIAL CORP | $63.10B | 13.5x | -2.1% |