Parent Only Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

PARENT ONLY FINANCIAL INFORMATION (Dollars In Thousands)

Condensed financial information for Arrow Financial Corporation is as follows:



BALANCE SHEETS	December 31,
ASSETS	2019		2018
Interest-Bearing Deposits with Subsidiary Banks	$	1,429	$	2,298
Equity Securities	2,063		1,774
Investment in Subsidiaries at Equity	312,018		280,408
Other Assets	9,365		8,626
Total Assets	$	324,875	$	293,106
LIABILITIES
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts	$	20,000	$	20,000
Other Liabilities	3,147		3,522
Total Liabilities	23,147		23,522
STOCKHOLDERS’ EQUITY
Total Stockholders’ Equity	301,728		269,584
Total Liabilities and Stockholders’ Equity	$	324,875	$	293,106



STATEMENTS OF INCOME	Years Ended December 31,
Income:	2019		2018		2017
Dividends from Bank Subsidiaries	$	14,100	$	13,300	$	12,800
Interest and Dividends on Investments	49		48		53
Other Income (Including Management Fees)	1,006		907		677
Total Income	15,155		14,255		13,530
Expense:
Interest Expense	1,024		976		781
Other Expense	875		1,175		958
Total Expense	1,899		2,151		1,739
Income Before Income Tax Benefit and Equity
in Undistributed Net Income of Subsidiaries	13,256		12,104		11,791
Income Tax Benefit	466		686		225
Equity in Undistributed Net Income of Subsidiaries	23,753		23,489		17,310
Net Income	$	37,475	$	36,279	$	29,326

The Statement of Changes in Stockholders’ Equity is not reported because it is identical to the Consolidated Statement of Changes in Stockholders’ Equity.



STATEMENTS OF CASH FLOWS	Years Ended December 31,
	2019			2018			2017
Cash Flows from Operating Activities:
Net Income	$	37,475		$	36,279		$	29,326
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Undistributed Net Income of Subsidiaries	(23,753		)	(23,489		)	(17,310		)
Shares Issued Under the Directors’ Stock Plan	258			205			233
Changes in Other Assets and Other Liabilities	(1,236		)	(918		)	(1,179		)
Net Cash Provided by Operating Activities	12,744			12,077			11,070
Cash Flows from Investing Activities:
Proceeds of Securities Held-to-Maturity	—			—			1,000
Net Cash Provided by Investing Activities	—			—			1,000
Cash Flows from Financing Activities:
Stock Options Exercised	1,792			2,255			1,190
Shares Issued Under the Employee Stock Purchase Plan	493			505			496
Shares Issued for Dividend Reinvestment Plans	1,777			1,761			1,684
Tax Benefit for Exercises of Stock Options	—			—			—
Purchase of Treasury Stock	(2,469		)	(2,097		)	(3,248		)
Cash Dividends Paid	(15,206		)	(14,389		)	(13,599		)
Net Cash Used in Financing Activities	(13,613		)	(11,965		)	(13,477		)
Net Increase (Decrease) in Cash and Cash Equivalents	(869		)	112			(1,407		)
Cash and Cash Equivalents at Beginning of the Year	2,298			2,186			3,593
Cash and Cash Equivalents at End of the Year	$	1,429		$	2,298		$	2,186
Supplemental Disclosures to Statements of Cash Flow Information:
Interest Paid	$	1,024		$	976		$	781