hD

Income Statement Summary

Arrow Financial (AROW) annual income statement covering fiscal 2020 through 2025, as reported to the SEC.

  • Net income was $43.95M in fiscal 2025, up 47.9% from $29.71M.
  • Diluted Earnings (in dollars per share) were $2.65, up 49.7% from $1.77.
  • Provision for Income Taxes was $11.44M, up 49.5% from $7.65M.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data
Dec'25Dec'24Dec'23Dec'22Dec'21Dec'20
INTEREST AND DIVIDEND INCOME
Interest and Fees on Loans

184,069

171,342

142,016

112,982

104,985

100,492

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Interest and Fees on Loans

184,069

171,342

142,016

112,982

104,985

100,492

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Interest on Deposits at Banks

8,086

9,615

5,831

3,100

565

321

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Interest on Deposits at Banks

8,086

9,615

5,831

3,100

565

321

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Interest and Dividends on Investment Securities:
Fully Taxable

15,964

11,579

11,764

10,357

6,487

7,131

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Fully Taxable

15,964

11,579

11,764

10,357

6,487

7,131

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Exempt from Federal Taxes

2,028

2,457

2,953

3,212

3,513

3,952

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Exempt from Federal Taxes

2,028

2,457

2,953

3,212

3,513

3,952

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total Interest and Dividend Income

210,147

194,993

162,564

129,651

115,550

111,896

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total Interest and Dividend Income

210,147

194,993

162,564

129,651

115,550

111,896

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

INTEREST EXPENSE
Interest-Bearing Checking Accounts

8,021

7,442

3,663

973

731

1,292

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Interest-Bearing Checking Accounts

8,021

7,442

3,663

973

731

1,292

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Savings Deposits

38,106

42,850

34,343

7,879

1,904

5,090

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Savings Deposits

38,106

42,850

34,343

7,879

1,904

5,090

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Time Deposits over $250

6,794

7,460

4,966

369

261

1,465

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Time Deposits over $250

6,794

7,460

4,966

369

261

1,465

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other Time Deposits

23,027

20,997

7,127

604

632

2,782

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other Time Deposits

23,027

20,997

7,127

604

632

2,782

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Borrowings

167

3,637

6,756

605

786

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Borrowings

167

3,637

6,756

605

786

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Time Deposits over $250,000

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Time Deposits over $250,000

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other Time Deposits

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other Time Deposits

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

-

-

-

-

-

60

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

-

-

-

-

-

60

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Federal Home Loan Bank Advances

-

-

-

-

-

1,063

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Federal Home Loan Bank Advances

-

-

-

-

-

1,063

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

686

686

686

685

686

746

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

686

686

686

685

686

746

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Interest on Financing Leases

182

189

191

193

195

196

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Interest on Financing Leases

182

189

191

193

195

196

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total Interest Expense

76,983

83,261

57,732

11,308

5,195

12,694

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total Interest Expense

76,983

83,261

57,732

11,308

5,195

12,694

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NET INTEREST INCOME

133,164

111,732

104,832

118,343

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NET INTEREST INCOME

133,164

111,732

104,832

118,343

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NET INTEREST INCOME

-

-

-

-

110,355

99,202

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NET INTEREST INCOME

-

-

-

-

110,355

99,202

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Provision for Credit Losses

7,274

5,180

3,381

4,798

272

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Provision for Credit Losses

7,274

5,180

3,381

4,798

272

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Provision for Credit Losses

-

-

-

-

-

9,319

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Provision for Credit Losses

-

-

-

-

-

9,319

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Provision for Loan Losses

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Provision for Loan Losses

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

125,890

106,552

101,451

113,545

110,083

89,883

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

125,890

106,552

101,451

113,545

110,083

89,883

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NON-INTEREST INCOME
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Income From Fiduciary Activities

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Income From Fiduciary Activities

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Fees for Other Services to Customers

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Fees for Other Services to Customers

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net (Loss) Gain on Securities Transactions

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net (Loss) Gain on Securities Transactions

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Insurance Commissions

7,666

7,147

6,498

6,463

6,487

6,876

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Insurance Commissions

7,666

7,147

6,498

6,463

6,487

6,876

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net Gain (Loss) on Securities

542

-2,907

-92

427

111

-464

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net Gain (Loss) on Securities

542

-2,907

-92

427

111

-464

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net Gain on Sales of Loans

819

209

32

83

2,393

3,889

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net Gain on Sales of Loans

819

209

32

83

2,393

3,889

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other-Than-Temporary Impairment on Investment Securities

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other-Than-Temporary Impairment on Investment Securities

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net Gain on Sale of Merchange Bank Card Processing

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net Gain on Sale of Merchange Bank Card Processing

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other Operating Income

2,003

2,781

2,437

2,588

1,774

3,464

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other Operating Income

2,003

2,781

2,437

2,588

1,774

3,464

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total Non-Interest Income

32,432

28,074

29,117

30,898

32,369

32,658

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total Non-Interest Income

32,432

28,074

29,117

30,898

32,369

32,658

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NON-INTEREST EXPENSE
Salaries and Employee Benefits

56,289

52,707

47,667

47,003

44,798

42,061

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Salaries and Employee Benefits

56,289

52,707

47,667

47,003

44,798

42,061

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Occupancy Expenses, Net

7,762

7,169

6,554

6,202

5,814

5,614

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Occupancy Expenses, Net

7,762

7,169

6,554

6,202

5,814

5,614

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Technology and Equipment Expense

20,791

19,365

17,608

16,118

14,870

12,976

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Technology and Equipment Expense

20,791

19,365

17,608

16,118

14,870

12,976

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

FDIC Assessments

2,516

2,775

2,050

1,176

1,042

1,063

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

FDIC Assessments

2,516

2,775

2,050

1,176

1,042

1,063

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Prepayment Penalty on FHLB Advances

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Prepayment Penalty on FHLB Advances

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other Operating Expense

15,576

15,252

19,169

11,031

11,524

8,964

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other Operating Expense

15,576

15,252

19,169

11,031

11,524

8,964

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total Non-Interest Expense

102,934

97,268

93,048

81,530

78,048

70,678

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total Non-Interest Expense

102,934

97,268

93,048

81,530

78,048

70,678

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

INCOME BEFORE PROVISION FOR INCOME TAXES

55,388

37,358

37,520

62,913

64,404

51,863

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

INCOME BEFORE PROVISION FOR INCOME TAXES

55,388

37,358

37,520

62,913

64,404

51,863

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

INCOME BEFORE PROVISION FOR INCOME TAXES

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

INCOME BEFORE PROVISION FOR INCOME TAXES

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Provision for Income Taxes

11,435

7,649

7,445

14,114

14,547

11,036

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Provision for Income Taxes

11,435

7,649

7,445

14,114

14,547

11,036

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NET INCOME

43,953

29,709

30,075

48,799

49,857

40,827

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

NET INCOME

43,953

29,709

30,075

48,799

49,857

40,827

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Average Shares Outstanding:
Basic (in shares)

16,502

16,739

17,037

17,008

16,994

15,929

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Basic (in shares)

16,502

16,739

17,037

17,008

16,994

15,929

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Diluted (in shares)

16,505

16,745

17,037

17,059

17,052

15,944

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Diluted (in shares)

16,505

16,745

17,037

17,059

17,052

15,944

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Per Common Share:
Basic Earnings (in dollars per share)

2.65

1.77

1.77

2.86

2.93

2.56

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Basic Earnings (in dollars per share)

2.65

1.77

1.77

2.86

2.93

2.56

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Diluted Earnings (in dollars per share)

2.65

1.77

1.77

2.86

2.92

2.56

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Diluted Earnings (in dollars per share)

2.65

1.77

1.77

2.86

2.92

2.56

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Income From Fiduciary Activities
Revenue from contract with customer

10,304

9,952

9,444

9,711

10,142

8,890

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Revenue from contract with customer

10,304

9,952

9,444

9,711

10,142

8,890

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Fees for Other Services to Customers
Revenue from contract with customer

11,098

10,892

10,798

11,626

11,462

10,003

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Revenue from contract with customer

11,098

10,892

10,798

11,626

11,462

10,003

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx