Arrow Financial Corporation (AROW)
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Arrow Financial is a $4.5 billion community bank from Glens Falls in upstate New York — and it sits at rank 6 of our in-house Dividend Aristocrats scanner (U.S. selection, as of July 18, 2026). We read the annual report (10-K), the quarterly report (10-Q) and three years of mandatory filings: a net interest margin climbing back to 3.47 percent after the 2023/24 switchback, a dividend that kept rising straight through an earnings dip — though partly via 3 percent stock dividends —, an annual report that showed up late in 2023, and a freshly closed acquisition. Not investment advice — just a dividend streak read against its own fine print.
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralGeprüft am 18.07.2026 gegen die letzten vier Quartalsberichte (10-Q) und zwei Geschäftsberichte (10-K) der Regionalbank-Holding aus Glens Falls/Upstate New York: Die vier 10-Q (31.03.2025 bis 31.03.2026) enthalten überhaupt keinen KI-Bezug. Einzige Fundstelle ist ein generischer Emerging-Technology-Risikofaktor in Item 1A beider 10-K (im 10-K für 2025 ausgebaut): KI/generative KI als „recent example of an emerging technology“ mit allgemeinen Risiken (Modellfehler/Bias, Datensicherheit, unautorisierte KI-Tools von Mitarbeitern, KI-Funktionen bei Drittanbietern) — ausdrücklich mit dem Satz „Arrow is still evaluating the potential threats and uses of this technology“ (übersetzt: „Arrow prüft die potenziellen Bedrohungen und Einsatzmöglichkeiten dieser Technologie noch“). Damit weder KI-Umsatzquelle noch belegter operativer KI-Einsatz noch ein konkretes KI-Risiko fürs eigene Geschäftsmodell — Boilerplate-Risikosprache begründet nach dem Kriterienkatalog kein „bedroht“. Negativ-Befund dokumentiert: neutral.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-06 · 10-Q 2025-08-08 · 10-Q 2025-05-09 · 10-K 2026-03-06 · 10-K 2025-03-14
Rated on July 18, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.27 | -41.20 | 55 | 6.40 | 8.10 | 6 | 4 |
| 2025: Q1 | 0.38 | -16.70 | 58 | 6.70 | 10.80 | 10 | 9 |
| 2025: Q2 | 0.65 | 26.80 | 59 | 6.00 | 18.30 | 10 | 8 |
| 2025: Q3 | 0.78 | 45.80 | 62 | 8.20 | 20.60 | 15 | 14 |
| 2025: Q4 | 0.85 | 219.70 | 63 | 14.10 | 22.30 | 6 | 5 |
| 2026: Q1 | 0.82 | 117.20 | 62 | 7.20 | 21.60 | 15 | 14 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
At least 25 years of annually raised dividends per share (adjusted payout history, scanner criterion); covered in 2025 at a 43 percent payout ratio ($18.9 of $44.0 million), quarterly rate lifted three times in a row to $0.30 (Q1 2026); plus $10 million of buybacks in 2025 (10-K 2025).
Net interest margin 2.65 → 3.17 → 3.47 percent (2023 / 2025 / Q1 2026), net interest income up 19 percent to $133.2 million in 2025, net income up 48 percent to $44.0 million, Q1 2026 more than doubled to $13.5 million — driven by repricing loans and lowered deposit costs (10-K 2025, 10-Q as of 03/31/2026).
Nonperforming loans at just 0.24 percent of the loan book ($8.5 million, 12/31/2025, after 0.62 percent at year-end 2024), provision normalized to $0.5 million in Q1 2026; CET1 ratio of 13.01 percent and total capital ratio of 14.76 percent well above "well capitalized" thresholds (10-K 2025).
Roughly a fifth of deposits are large municipal balances ($787.1 million), an estimated $917.6 million sits above FDIC insurance (of which $276.1 million collateralized, $57.5 million intercompany), plus $300 million of purchased brokered CDs — the balance sheet's most sensitive link in a confidence stress (10-K 2025, "Deposits").
In 2023 the 10-K and a 10-Q were filed late because the internal-control assessment was unfinished (NT 10-K of 03/16/2023); the derivative suit ended on 01/22/2026 per the 10-K without material financial impact, and the auditor changed (today Crowe LLP) — cleaned up, but too fresh to tick off.
A trailing P/E around 15 and roughly 1.6 times tangible book value ($25.09 per share, 03/31/2026) at a dividend yield around 3 percent (data as of mid-July 2026) — fair for the quality shown, but without a margin of safety; the Adirondack acquisition closed 07/01/2026 ($942 million in assets, stock plus cash as consideration) still has to prove integration and synergies (8-K of 07/01/2026).
Arrow Financial is the rare Dividend Aristocrat whose label you only appreciate properly after reading the fine print: the streak is real and was covered at a comfortable 43 percent ratio in 2025, the net interest margin is through its 2023/24 hairpin (3.47 percent in Q1 2026), and loan book and capital are among the most solid a community bank can show. Against that stand a margin that hangs on the rate landscape, a deposit book with a municipal cluster, the memory of the 2023 filing jam and a freshly swallowed acquisition. Whoever invests here buys 3 percent yield plus streak discipline — and carries the rate, concentration and integration risk of a small bank in return. Not investment advice.
- AROW made the research list via rank 6 of the in-house Dividend Aristocrats scanner (U.S. selection, as of July 18, 2026); the entry criterion — at least 25 consecutive years of raised calendar-year dividends per share — is computed from the split- and stock-dividend-adjusted payout history.
- Bank specifics: classic screener metrics (revenue growth, gross margin, Altman-Z) do not fit lenders; what matters are net interest margin, deposit structure, credit quality and capital ratios — all figures are taken from the 10-K 2025 and the 10-Q as of 03/31/2026.
- Market-value figure (~$650 million) and valuation ratios from the mid-July 2026 feed; the shares issued on 07/01/2026 for the Adirondack acquisition are not yet included in the per-share figures through Q1 2026. Analyses are evergreen; daily prices are not a buy argument.
About the Company
Arrow Financial Corporation, eine Bankholding, bietet verschiedene Geschäfts- und Privatkundenbankprodukte und Finanzdienstleistungen in den USA an. Zu den Einlagenprodukten des Unternehmens gehören Sichteinlagen, verzinsliche Girokonten, Spareinlagen, Termineinlagen und andere…
| CEO Insider Trades (12 Mo.) | buying own stock |
|---|---|
| Employees | 575 |
| Headquarters | Glens Falls, NY |
| Website | arrowfinancial.com |
| IPO Date | 7. Sep 1984 |
| Next Earnings | 23. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| David S. DeMarco | CEO, President & Director | 1962 |
| Penko Krassimir Ivanov CPA, M.B.A. | Senior EVP, CFO, Chief Accounting Officer & Treasurer | 1969 |
| Michael Jacobs | Executive VP & Chief Information Officer | 1971 |
| Brooke M. Pancoe | Senior EVP & Chief Human Resources Officer | 1986 |
| Marc j. Yrsha | Senior EVP & Chief Banking Officer | 1979 |
| Andrew J. Wise | Senior EVP, Chief Risk Officer & Company Secretary | 1967 |
| Annette Reitano | Senior VP and Director of Marketing & Communications of Glen Falls | – |
| Amy Merchant | Senior VP & Director of Employee Total Rewards | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.