Arrow financial corporation (AROW)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
INTEREST AND DIVIDEND INCOME
Interest and Fees on Loans

24,874

24,924

24,620

23,520

22,403

22,041

20,839

19,909

18,858

18,509

17,996

17,295

16,402

16,258

15,833

15,708

15,024

14,903

14,364

13,939

13,650

13,758

13,460

13,202

12,774

13,040

12,846

12,650

12,783

13,356

13,569

13,628

13,958

14,322

14,548

14,714

15,015

16,090

16,293

Interest on Deposits at Banks

124

150

182

195

195

237

182

158

134

106

104

78

60

52

34

34

32

34

13

26

21

39

12

16

13

32

11

19

27

28

23

36

21

33

22

22

22

33

34

Interest and Dividends on Investment Securities:
Fully Taxable

2,193

2,212

2,018

2,284

2,369

2,454

2,187

2,048

1,893

1,957

1,924

2,013

1,990

1,940

1,889

2,018

2,087

2,107

1,979

2,013

1,944

1,986

1,919

2,041

2,008

1,912

1,556

1,639

1,796

1,960

2,191

2,480

2,638

2,695

3,034

3,323

3,350

3,482

3,890

Exempt from Federal Taxes

1,035

1,081

1,132

1,228

1,246

1,268

1,287

1,475

1,533

1,563

1,575

1,540

1,545

1,520

1,526

1,477

1,483

1,466

1,475

1,429

1,375

1,357

1,369

1,436

1,471

1,475

1,461

1,501

1,390

1,396

1,385

1,389

1,321

1,297

1,393

1,497

1,504

1,392

1,461

Total Interest and Dividend Income

28,226

28,367

27,952

27,227

26,213

26,000

24,495

23,590

22,418

22,135

21,599

20,926

19,997

19,770

19,282

19,237

18,626

18,510

17,831

17,407

16,990

17,140

16,760

16,695

16,266

16,459

15,874

15,809

15,996

16,740

17,168

17,533

17,938

18,347

18,997

19,556

19,891

20,997

21,678

INTEREST EXPENSE
Interest-Bearing Checking Accounts

487

550

500

453

482

453

390

388

387

422

376

381

331

339

320

311

310

316

292

338

330

377

386

495

464

474

423

786

778

854

675

976

1,059

1,289

1,071

1,361

1,331

1,216

1,454

Savings Deposits

2,471

2,473

2,317

2,008

1,601

1,323

901

711

522

408

356

316

291

255

231

224

222

203

189

182

167

176

218

226

219

239

240

277

268

282

319

329

357

409

483

503

503

523

570

Time Deposits over $250,000

533

-

-

-

396

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other Time Deposits

1,000

-

-

-

713

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Time Deposits over $250,000

-

-

451

515

-

-

301

328

204

-

66

66

55

-

61

49

19

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Time Deposits over $250,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-191

89

88

90

144

195

201

230

277

297

305

319

371

459

569

608

643

659

664

667

737

727

Other Time Deposits

-

-

1,255

1,131

-

509

370

282

259

248

241

233

228

243

231

213

237

456

179

185

202

269

335

359

391

433

470

505

554

655

855

1,074

1,146

1,225

1,274

1,292

1,352

1,482

1,480

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

22

25

28

25

22

15

15

16

16

15

13

9

7

9

9

10

5

5

5

5

5

7

6

5

4

4

5

6

3

5

6

5

6

9

18

23

24

33

32

Federal Home Loan Bank Advances

429

439

820

1,099

1,594

1,439

1,270

656

414

432

700

506

445

327

390

314

309

293

353

301

150

103

115

127

145

141

167

199

173

186

174

172

197

297

696

986

1,316

1,679

1,615

Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts

228

239

250

261

269

254

251

247

214

202

197

188

179

173

163

163

161

149

146

144

142

143

144

142

141

145

145

145

144

150

155

154

159

150

144

146

144

159

145

Interest on Financing Leases

50

28

28

28

15

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total Interest Expense

5,220

5,449

5,649

5,520

5,092

4,343

3,498

2,628

2,016

1,822

1,949

1,699

1,536

1,404

1,405

1,284

1,263

1,231

1,253

1,243

1,086

1,219

1,399

1,555

1,594

1,713

1,747

2,223

2,239

2,503

2,643

3,279

3,532

4,022

4,345

4,975

5,337

5,829

6,023

NET INTEREST INCOME

23,006

22,918

22,303

21,707

21,121

21,657

20,997

20,962

20,402

20,313

19,650

19,227

18,461

18,366

17,877

17,953

17,363

17,279

16,578

16,164

15,904

15,921

15,361

15,140

14,672

14,746

14,127

13,586

13,757

14,237

14,525

14,254

14,406

14,325

14,652

14,581

14,554

15,168

15,655

Provision for Loan Losses

2,772

634

518

455

472

646

586

629

746

1,156

800

422

358

483

480

669

401

465

537

70

275

441

444

505

458

0

0

100

100

175

150

240

280

280

175

170

220

375

375

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

20,234

22,284

21,785

21,252

20,649

21,011

20,411

20,333

19,656

19,157

18,850

18,805

18,103

17,883

17,397

17,284

16,962

16,814

16,041

16,094

15,629

15,480

14,917

14,635

14,214

14,746

14,127

13,486

13,657

-

14,375

14,014

-

-

-

-

-

-

-

NONINTEREST INCOME
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

14,126

-

14,477

14,411

14,334

14,793

15,280

Income From Fiduciary Activities

-

-

-

-

-

-

-

-

-

-

-

2,150

2,018

-

1,923

2,000

1,931

1,855

1,923

2,051

1,933

1,828

1,861

1,906

1,873

1,715

1,688

1,758

1,574

1,504

1,563

1,601

1,622

1,491

1,550

1,526

1,546

1,315

1,322

Fees for Other Services to Customers

-

-

-

-

-

-

-

-

-

-

-

2,413

2,256

-

2,491

2,417

2,237

2,316

2,331

2,334

2,239

2,337

2,353

2,377

2,194

2,351

2,403

2,371

2,282

2,134

2,097

2,054

1,960

1,969

2,092

2,058

1,915

2,021

1,997

Insurance Commissions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

728

Net (Loss) Gain on Securities Transactions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

144

-

23

0

16

90

0

137

-27

0

0

0

13

527

156

64

143

502

0

1,771

482

542

618

878

Insurance Commissions

1,632

1,592

1,936

1,935

1,719

1,769

2,024

2,192

1,903

2,186

2,113

2,115

2,198

2,200

2,127

2,133

2,208

2,118

2,343

2,367

2,139

2,267

2,451

2,293

2,444

2,287

2,404

2,176

2,028

2,028

2,223

2,107

1,889

2,099

1,994

1,815

1,466

808

-

Net (Loss) Gain on Securities

-374

-

146

0

76

-

114

223

18

-

10

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Gain on Equity Securities

-374

-

146

0

76

-

114

223

18

-

10

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Unrealized Gain on Equity Securities

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Gain on Sales of Loans

213

121

257

140

104

20

54

23

38

115

182

204

45

172

310

159

180

204

236

120

132

282

213

166

123

189

166

498

607

788

600

537

357

429

219

167

51

472

34

Other Operating Income

1,559

457

517

24

479

424

291

256

353

307

267

175

178

190

263

341

319

171

304

556

323

346

336

304

252

335

278

255

156

287

288

366

229

211

255

180

100

71

69

Total Noninterest Income

7,694

7,081

7,691

6,896

6,887

6,799

7,350

7,911

6,889

6,752

7,141

7,057

6,695

6,649

7,114

7,194

6,875

6,687

7,137

7,444

6,856

7,060

7,351

7,019

6,886

6,877

6,939

7,071

7,174

6,897

6,835

6,808

6,559

6,199

7,881

6,228

5,620

5,305

5,028

NONINTEREST EXPENSE
Salaries and Employee Benefits

10,383

9,341

10,015

9,727

9,319

9,836

9,771

9,812

9,369

9,937

9,382

9,211

9,147

9,414

8,693

8,408

8,122

8,487

8,699

8,186

7,692

7,638

7,781

7,880

7,642

8,068

7,856

7,637

7,621

8,042

7,964

7,794

7,903

7,843

7,927

7,233

7,202

7,120

7,053

Occupancy Expenses, Net

1,449

1,384

1,324

1,279

1,420

1,284

1,132

1,270

1,340

-2,498

2,371

2,494

2,544

2,179

2,425

2,335

2,463

2,161

2,275

2,344

2,487

2,067

2,266

2,316

2,341

2,008

1,882

2,119

2,276

1,694

1,779

1,970

2,024

1,698

1,859

1,894

1,918

1,787

1,772

Technology and Equipment Expense

3,352

3,365

3,305

3,243

3,141

2,978

2,759

2,849

2,698

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

FDIC Assessments

219

213

-480

212

212

223

218

223

217

212

225

228

226

232

217

314

313

313

297

296

280

289

273

282

273

280

269

267

264

260

255

256

255

252

260

267

513

486

492

Prepayment Penalty on FHLB Advances

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,638

-

-

0

-

Prepayment Penalty on FHLB Advances

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

Other Operating Expense

2,351

2,796

2,627

2,447

2,560

2,560

2,146

2,038

2,332

-2,080

3,570

3,704

3,558

3,448

3,747

3,827

3,472

3,281

3,579

3,557

3,496

3,305

3,206

3,259

3,210

3,029

3,126

3,251

3,250

3,121

2,924

2,631

2,964

2,662

2,919

2,777

2,686

2,713

2,685

Total Noninterest Expense

17,754

17,099

16,791

16,908

16,652

16,881

16,026

16,192

15,956

16,045

15,548

15,637

15,475

15,273

15,082

14,884

14,370

14,242

14,850

14,383

13,955

13,299

13,526

13,737

13,466

13,385

13,133

13,274

13,411

13,117

12,922

12,651

13,146

12,455

14,603

12,171

12,319

12,106

12,002

INCOME BEFORE PROVISION FOR INCOME TAXES

10,174

-

-

-

10,884

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income (Loss) from Continuing Operations before Income Taxes, Domestic

-

-

12,685

11,240

-

10,929

11,735

12,052

10,589

9,864

10,443

10,225

9,323

9,259

9,429

9,594

9,467

9,259

8,328

9,155

8,530

9,241

8,742

7,917

7,634

8,238

7,933

7,283

7,420

7,842

8,288

8,171

7,539

7,789

7,755

8,468

7,635

7,992

-

INCOME BEFORE PROVISION FOR INCOME TAXES

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,306

Income Tax Expense (Benefit)

2,047

2,526

2,618

2,306

2,150

2,171

2,475

2,322

2,058

1,793

3,027

3,017

2,692

2,659

2,691

2,947

2,918

2,690

2,395

2,850

2,675

2,872

2,595

2,393

2,314

2,454

2,310

2,076

2,239

2,293

2,540

2,577

2,251

2,358

2,383

2,619

2,354

2,417

2,592

Net Income (Loss) Attributable to Parent

8,127

9,740

10,067

8,934

8,734

8,758

9,260

9,730

8,531

8,071

7,416

7,208

6,631

6,600

6,738

6,647

6,549

6,569

5,933

6,305

5,855

6,369

6,147

5,524

5,320

5,784

5,623

5,207

5,181

5,549

5,748

5,594

5,288

5,431

5,372

5,849

5,281

5,575

5,714

Average Shares Outstanding:
Basic (in shares)

14,996

15,415

14,955

14,487

14,903

15,748

14,864

14,394

14,354

16,872

14,305

13,890

13,889

16,299

13,810

13,372

13,343

15,673

13,275

12,886

12,886

14,914

12,858

12,595

12,601

14,084

12,555

12,261

12,272

13,717

12,252

11,994

12,005

13,443

11,989

11,729

11,675

11,595

11,307

Diluted (in shares)

15,026

15,458

14,991

14,527

14,956

15,816

14,956

14,480

14,436

16,991

14,385

13,975

14,001

16,479

13,901

13,429

13,379

15,757

13,317

12,922

12,924

14,973

12,874

12,616

12,625

14,140

12,591

12,279

12,290

13,696

12,273

12,009

12,030

13,434

12,011

11,741

11,698

11,598

11,344

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

0.54

0.63

0.67

0.62

0.59

0.55

0.62

0.68

0.59

0.47

0.52

0.52

0.48

0.39

0.49

0.50

0.49

0.41

0.45

0.49

0.45

0.42

0.48

0.44

0.42

0.41

0.45

0.42

0.42

0.40

0.47

0.47

0.44

0.40

0.45

0.50

0.45

0.48

0.51

Diluted Earnings (in dollars per share)

0.54

0.63

0.67

0.62

0.58

0.55

0.62

0.67

0.59

0.47

0.52

0.52

0.47

0.40

0.48

0.49

0.49

0.41

0.45

0.49

0.45

0.42

0.48

0.44

0.42

0.41

0.45

0.42

0.42

0.39

0.47

0.47

0.44

0.39

0.45

0.50

0.45

0.48

0.50

Fiduciary and Trust
Revenue from Contract with Customer

2,213

2,238

2,212

2,252

2,107

2,149

2,262

2,647

2,197

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deposit Account
Revenue from Contract with Customer

2,451

2,606

2,623

2,545

2,402

2,579

2,605

2,570

2,380

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-