Parent Only Financial Information

12 Months Ended

Dec. 31, 2020

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	2020		2019
Interest-Bearing Deposits with Subsidiary Banks	$	—	$	1,429

Equity Securities	1,636		2,063

Investment in Subsidiaries at Equity	341,958		312,018
Other Assets	13,294		9,365
Total Assets	$	356,888	$	324,875
LIABILITIES
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts	$	20,000	$	20,000
Other Liabilities	2,496		3,147
Total Liabilities	22,496		23,147
STOCKHOLDERS’ EQUITY
Total Stockholders’ Equity	334,392		301,728
Total Liabilities and Stockholders’ Equity	$	356,888	$	324,875


STATEMENTS OF INCOME	Years Ended December 31,
Income:	2020		2019		2018
Dividends from Bank Subsidiaries	$	17,199	$	14,100	$	13,300
Interest and Dividends on Investments	49		49		48
Other Income (Including Management Fees)	246		1,006		907

Total Income	17,494		15,155		14,255
Expense:
Interest Expense	746		1,024		976

Other Expense	878		875		1,175
Total Expense	1,624		1,899		2,151
Income Before Income Tax Benefit and Equity
in Undistributed Net Income of Subsidiaries	15,870		13,256		12,104
Income Tax Benefit	431		466		686
Equity in Undistributed Net Income of Subsidiaries	24,526		23,753		23,489
Net Income	$	40,827	$	37,475	$	36,279

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,
	2020		2019		2018
Cash Flows from Operating Activities:
Net Income	$	40,827	$	37,475	$	36,279
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Undistributed Net Income of Subsidiaries	(24,526)		(23,753)		(23,489)

Shares Issued Under the Directors’ Stock Plan	125		258		205

Changes in Other Assets and Other Liabilities	(3,606)		(1,236)		(918)
Net Cash Provided by Operating Activities	12,820		12,744		12,077





Cash Flows from Financing Activities:
Stock Options Exercised	748		1,792		2,255
Shares Issued Under the Employee Stock Purchase Plan	513		493		505
Shares Issued for Dividend Reinvestment Plans	1,808		1,777		1,761

Purchase of Treasury Stock	(1,578)		(2,469)		(2,097)
Cash Dividends Paid	(15,740)		(15,206)		(14,389)
Net Cash Used in Financing Activities	(14,249)		(13,613)		(11,965)
Net Increase (Decrease) in Cash and Cash Equivalents	(1,429)		(869)		112
Cash and Cash Equivalents at Beginning of the Year	1,429		2,298		2,186
Cash and Cash Equivalents at End of the Year	$	—	$	1,429	$	2,298
Supplemental Disclosures to Statements of Cash Flow Information:
Interest Paid	$	746	$	1,024	$	976