Arrow Financial Corp
AROW Nasdaq National Commercial Banks Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$158M
17.6%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
65.0%
7.2 pts
Net income
Profit after all expenses, interest and tax.
$44.0M
47.9%
Return on equity
Net income as a share of average shareholders' equity.
10.6%
2.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $3.10 EPS (TTM)
What Arrow Financial Corp does
No business description yet.
- Legal name
- ARROW FINANCIAL CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 6, 2026
- Accession · CIK
- 0000717538-26-000037
0000717538
Revenue and margins
Arrow Financial Corp had $158M of revenue in fiscal 2025, up 17.6% on the year before.
FY16
Revenue $99.4M
FY17
Revenue $105M
FY18
Revenue $113M
FY19
Revenue $117M
FY20
Revenue $132M
FY21
Revenue $143M
FY22
Revenue $149M
FY23
Revenue $134M
FY24
Revenue $135M
FY25
Revenue $158M
Q3 '23
Revenue $33.4M
Q4 '23
Revenue $33.1M
Q1 '24
Revenue $34.3M
Q2 '24
Revenue $35.0M
Q3 '24
Revenue $35.6M
Q4 '24
Revenue $31.1M
Q1 '25
Revenue $34.2M
Q2 '25
Revenue $39.5M
Q3 '25
Revenue $42.0M
Q4 '25
Revenue $42.6M
Q1 '26
Revenue $44.2M
Q2 '26
Revenue $41.4M
FY16
Net interest share 72.0%
Efficiency ratio 60.0%
FY17
Net interest share 73.7%
Efficiency ratio 59.6%
FY18
Net interest share 74.4%
Efficiency ratio 57.6%
FY19
Net interest share 75.5%
Efficiency ratio 57.8%
FY20
Net interest share 75.2%
Efficiency ratio 53.6%
FY21
Net interest share 77.3%
Efficiency ratio 54.7%
FY22
Net interest share 79.3%
Efficiency ratio 54.6%
FY23
Net interest share 78.3%
Efficiency ratio 69.5%
FY24
Net interest share 79.1%
Efficiency ratio 72.3%
FY25
Net interest share 79.5%
Efficiency ratio 65.0%
Net interest share
Efficiency ratio
Q3 '23
Net interest share 75.9%
Efficiency ratio 70.3%
Q4 '23
Net interest share 77.4%
Efficiency ratio 70.1%
Q1 '24
Net interest share 77.1%
Efficiency ratio 70.0%
Q2 '24
Net interest share 77.6%
Efficiency ratio 66.6%
Q3 '24
Net interest share 77.2%
Efficiency ratio 67.6%
Q4 '24
Net interest share 86.4%
Efficiency ratio 83.2%
Q1 '25
Net interest share 77.1%
Efficiency ratio 76.2%
Q2 '25
Net interest share 80.8%
Efficiency ratio 64.9%
Q3 '25
Net interest share 79.3%
Efficiency ratio 60.5%
Q4 '25
Net interest share 80.6%
Efficiency ratio 60.6%
Q1 '26
Net interest share 80.5%
Efficiency ratio 60.8%
Q2 '26
Net interest share 80.0%
Efficiency ratio 66.4%
Net interest share
Efficiency ratio
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 4.0% a year. Loss periods are shown in red.
FY16
Net income $26.5M
FY17
Net income $29.3M
FY18
Net income $36.3M
FY19
Net income $37.5M
FY20
Net income $40.8M
FY21
Net income $49.9M
FY22
Net income $48.8M
FY23
Net income $30.1M
FY24
Net income $29.7M
FY25
Net income $44.0M
Q3 '23
Net income $7.7M
Q4 '23
Net income $7.7M
Q1 '24
Net income $7.7M
Q2 '24
Net income $8.6M
Q3 '24
Net income $9.0M
Q4 '24
Net income $4.5M
Q1 '25
Net income $6.3M
Q2 '25
Net income $10.8M
Q3 '25
Net income $12.8M
Q4 '25
Net income $14.0M
Q1 '26
Net income $13.5M
Q2 '26
Net income $11.0M
FY16
Diluted EPS $1.86
FY17
Diluted EPS $1.98
FY18
Diluted EPS $2.36
FY19
Diluted EPS $2.36
FY20
Diluted EPS $2.49
FY21
Diluted EPS $2.92
FY22
Diluted EPS $2.86
FY23
Diluted EPS $1.77
FY24
Diluted EPS $1.77
FY25
Diluted EPS $2.65
Q3 '23
Diluted EPS $0.46
Q4 '23
Diluted EPS $0.46
Q1 '24
Diluted EPS $0.45
Q2 '24
Diluted EPS $0.52
Q3 '24
Diluted EPS $0.53
Q4 '24
Diluted EPS $0.27
Q1 '25
Diluted EPS $0.38
Q2 '25
Diluted EPS $0.65
Q3 '25
Diluted EPS $0.77
Q4 '25
Diluted EPS $0.85
Q1 '26
Diluted EPS $0.82
Q2 '26
Diluted EPS $0.66
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 11.4%
ROTE −0.2%
Efficiency ratio 60.0%
FY17
ROE 12.2%
ROTE −0.3%
Efficiency ratio 59.6%
FY18
ROE 14.0%
ROTE −0.1%
Efficiency ratio 57.6%
FY19
ROE 13.1%
ROTE −0.2%
Efficiency ratio 57.8%
FY20
ROE 12.8%
ROTE 13.1%
Efficiency ratio 53.6%
FY21
ROE 14.1%
ROTE 14.4%
Efficiency ratio 54.7%
FY22
ROE 13.5%
ROTE 14.8%
Efficiency ratio 54.6%
FY23
ROE 8.2%
ROTE 8.4%
Efficiency ratio 69.5%
FY24
ROE 7.6%
ROTE 7.9%
Efficiency ratio 72.3%
FY25
ROE 10.6%
ROTE 10.8%
Efficiency ratio 65.0%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
Arrow Financial Corp returned $10.2M to shareholders in fiscal 2025, 28% of free cash flow. The diluted share count fell 1.4%.
FY16
Dividends $13.1M
Buybacks $2.1M
FY17
Dividends $13.6M
Buybacks $3.2M
FY18
Dividends $14.4M
Buybacks $2.1M
FY19
Dividends $15.2M
Buybacks $2.5M
FY20
Dividends $15.7M
Buybacks $1.6M
FY21
Dividends $16.3M
Buybacks $2.7M
FY22
Dividends $17.4M
Buybacks $2.9M
FY23
Dividends —
Buybacks $3.6M
FY24
Dividends —
Buybacks $6.8M
FY25
Dividends —
Buybacks $10.2M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $2.8M
Q1 '24
Dividends —
Buybacks $6.0M
Q2 '24
Dividends —
Buybacks $0.5M
Q3 '24
Dividends —
Buybacks $0.1M
Q4 '24
Dividends —
Buybacks $0.3M
Q1 '25
Dividends —
Buybacks $3.5M
Q2 '25
Dividends —
Buybacks $5.2M
Q3 '25
Dividends —
Buybacks $1.4M
Q4 '25
Dividends —
Buybacks $0.2M
Q1 '26
Dividends —
Buybacks $0.1M
Q2 '26
Dividends —
Buybacks $0.4M
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans $1.7B
Deposits $2.1B
FY17
Loans $1.9B
Deposits $2.2B
FY18
Loans $2.2B
Deposits $2.3B
FY19
Loans $2.4B
Deposits $2.6B
FY20
Loans $2.6B
Deposits $3.2B
FY21
Loans $2.6B
Deposits $3.6B
FY22
Loans $3.0B
Deposits $3.5B
FY23
Loans $3.2B
Deposits $3.7B
FY24
Loans $3.4B
Deposits $3.8B
FY25
Loans $3.4B
Deposits $3.9B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $2.6B | $3.0B | $3.2B | $3.4B | $3.4B |
| Deposits | $3.6B | $3.5B | $3.7B | $3.8B | $3.9B |
| Loans / deposits | 74.4% | 84.4% | 86.3% | 87.8% | 86.8% |
| Total assets | $4.0B | $4.0B | $4.2B | $4.3B | $4.4B |
| Shareholders' equity | $371M | $354M | $380M | $401M | $432M |
| Goodwill | $21.9M | $21.9M | $21.9M | $23.8M | $23.8M |
| Intangible assets | $1.9M | $1.5M | $1.1M | $2.1M | $1.7M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $99.4M | $105M | $113M | $117M | $132M | $143M | $149M | $134M | $135M | $158M |
| Net interest income | $71.6M | $77.7M | $84.0M | $88.0M | $99.2M | $110M | $118M | $105M | $107M | $126M |
| Noninterest income | $27.8M | $27.6M | $28.9M | $28.6M | $32.7M | $32.4M | $30.9M | $29.1M | $28.1M | $32.4M |
| Noninterest expense | $59.6M | $62.7M | $65.1M | $67.5M | $70.7M | $78.0M | $81.5M | $93.0M | $97.3M | $103M |
| Provision for credit losses | $2.0M | $2.7M | $2.6M | $2.1M | — | — | — | — | — | — |
| Interest expense | $5.4M | $7.0M | $12.5M | $21.7M | $12.7M | $5.2M | $11.3M | $57.7M | $83.3M | $77.0M |
| Pretax income | $37.7M | $39.9M | $45.3M | $47.1M | $51.9M | — | — | — | — | — |
| Income tax | $11.2M | $10.5M | $9.0M | $9.6M | $11.0M | $14.5M | $14.1M | $7.4M | $7.6M | $11.4M |
| Net income | $26.5M | $29.3M | $36.3M | $37.5M | $40.8M | $49.9M | $48.8M | $30.1M | $29.7M | $44.0M |
| Net income to common | −$0.4M | −$0.7M | −$0.3M | −$0.7M | — | — | — | $30.1M | $29.7M | $43.8M |
| Diluted EPS | $1.86 | $1.98 | $2.36 | $2.36 | $2.49 | $2.92 | $2.86 | $1.77 | $1.77 | $2.65 |
| Diluted shares | 0.01B | 0.01B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | $34.7M | $37.8M | $42.0M | $43.9M | $42.3M | $68.2M | $59.7M | $20.6M | $34.5M | $41.3M |
| Capital expenditure | $1.4M | $2.6M | $5.1M | $7.8M | $5.1M | $7.1M | $14.3M | $7.1M | $5.6M | $5.1M |
| Free cash flow | $33.3M | $35.2M | $36.9M | $36.2M | $37.2M | $61.1M | $45.5M | $13.5M | $28.9M | $36.2M |
| Depreciation and amortization | $5.9M | $5.4M | $4.8M | $5.5M | $6.9M | $7.8M | $7.5M | $6.7M | $5.4M | $5.4M |
| Stock-based compensation | $0.3M | $0.4M | $0.3M | $0.3M | $0.3M | $0.4M | $0.5M | $0.6M | $0.3M | $0.7M |
| Share buybacks | $2.1M | $3.2M | $2.1M | $2.5M | $1.6M | $2.7M | $2.9M | $3.6M | $6.8M | $10.2M |
| Dividends paid | $13.1M | $13.6M | $14.4M | $15.2M | $15.7M | $16.3M | $17.4M | — | — | — |
| Dividends and buybacks | $15.2M | $16.8M | $16.5M | $17.7M | $17.3M | $19.0M | $20.3M | $3.6M | $6.8M | $10.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $57.4M | $72.8M | $84.2M | $70.2M | $381M | $458M | $64.7M | $143M | $155M | $214M |
| Total debt | $214M | $225M | $334M | $211M | $62.5M | $45.0M | $82.6M | $33.0M | $17.2M | $8.5M |
| Finance lease liabilities | — | — | — | $5.3M | $5.2M | $5.2M | $5.1M | $5.1M | $5.0M | $4.9M |
| Loans, net | $1.7B | $1.9B | $2.2B | $2.4B | $2.6B | $2.6B | $3.0B | $3.2B | $3.4B | $3.4B |
| Deposits | $2.1B | $2.2B | $2.3B | $2.6B | $3.2B | $3.6B | $3.5B | $3.7B | $3.8B | $3.9B |
| Property and equipment, net | $26.9M | $27.6M | $30.4M | $35.5M | $37.6M | $41.4M | $51.9M | $55.2M | $55.4M | $55.3M |
| Goodwill | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $23.8M | $23.8M |
| Intangible assets | $2.7M | $2.3M | $1.9M | $1.7M | $2.0M | $1.9M | $1.5M | $1.1M | $2.1M | $1.7M |
| Total assets | $2.6B | $2.8B | $3.0B | $3.2B | $3.7B | $4.0B | $4.0B | $4.2B | $4.3B | $4.4B |
| Total liabilities | $2.4B | $2.5B | $2.7B | $2.9B | $3.4B | $3.7B | $3.6B | $3.8B | $3.9B | $4.0B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $233M | $250M | $270M | $302M | $334M | $371M | $354M | $380M | $401M | $432M |
| Margins | ||||||||||
| Net margin | 26.7% | 27.9% | 32.1% | 32.1% | 31.0% | 34.9% | 32.7% | 22.5% | 22.1% | 27.8% |
| FCF margin | 33.5% | 33.5% | 32.6% | 31.0% | 28.2% | 42.8% | 30.5% | 10.1% | 21.4% | 22.9% |
| Net interest share of revenue | 72.0% | 73.7% | 74.4% | 75.5% | 75.2% | 77.3% | 79.3% | 78.3% | 79.1% | 79.5% |
| Efficiency ratio | 60.0% | 59.6% | 57.6% | 57.8% | 53.6% | 54.7% | 54.6% | 69.5% | 72.3% | 65.0% |
| Returns | ||||||||||
| Return on equity | 11.4% | 12.2% | 14.0% | 13.1% | 12.8% | 14.1% | 13.5% | 8.2% | 7.6% | 10.6% |
| Return on assets | 1.0% | 1.1% | 1.3% | 1.2% | 1.2% | 1.3% | 1.2% | 0.7% | 0.7% | 1.0% |
| Return on tangible equity | −0.2% | −0.3% | −0.1% | −0.2% | 13.1% | 14.4% | 14.8% | 8.4% | 7.9% | 10.8% |
| Growth | ||||||||||
| Revenue growth | — | 5.9% | 7.3% | 3.2% | 13.1% | 8.2% | 4.6% | −10.2% | 0.5% | 17.6% |
| Net income growth | — | 10.5% | 23.7% | 3.3% | 8.9% | 22.1% | −2.1% | −38.4% | −1.2% | 47.9% |
| EPS growth | — | 6.5% | 19.2% | 0.0% | 5.5% | 17.3% | −2.1% | −38.1% | 0.0% | 49.7% |
| FCF growth | — | 5.9% | 4.7% | −1.9% | 2.8% | 64.2% | −25.6% | −70.3% | 113.9% | 25.3% |
| Share count change | — | 3.8% | 3.6% | 3.4% | 3.3% | 3.8% | 0.0% | −0.1% | −1.7% | −1.4% |
| Financial health | ||||||||||
| Debt / equity | 0.9x | 0.9x | 1.2x | 0.7x | 0.2x | 0.1x | 0.2x | 0.1x | 0.0x | 0.0x |
| Loans / deposits | 82.0% | 86.1% | 92.8% | 90.4% | 79.3% | 74.4% | 84.4% | 86.3% | 87.8% | 86.8% |
| Provision / loans | 0.1% | 0.1% | 0.1% | 0.1% | — | — | — | — | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 1.4% | 2.5% | 4.5% | 6.7% | 3.9% | 5.0% | 9.5% | 5.3% | 4.2% | 3.2% |
| Stock comp / revenue | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% | 0.3% | 0.3% | 0.5% | 0.2% | 0.4% |
| Payouts / FCF | 45.8% | 47.8% | 44.7% | 48.9% | 46.6% | 31.0% | 44.7% | 26.7% | 23.5% | 28.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 4.0 | 4.0 | 4.0 | 5.0 | 4.0 | 4.0 | 5.0 | 6.0 |
| Accruals ratio | −0.3% | −0.3% | −0.2% | −0.2% | −0.0% | −0.5% | −0.3% | 0.2% | −0.1% | 0.1% |
Source: SEC EDGAR XBRL filings (CIK 0000717538). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.