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Investment Securities
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES (In Thousands)
The following table is the schedule of Available-For-Sale Securities at March 31, 2023, December 31, 2022 and March 31, 2022:
Available-For-Sale Securities
U.S. Government & Agency
Obligations		State and
Municipal
Obligations		Mortgage-
Backed
Securities		Corporate
and Other
Debt
Securities		Total
Available-
For-Sale
Securities
March 31, 2023
Available-For-Sale Securities,
  at Amortized Cost		$190,000 $320 $431,754 $1,000 $623,074 
Gross Unrealized Gains— — 160 — 160 
Gross Unrealized Losses (12,415)— (44,926)(200)(57,541)
Available-For-Sale Securities,
  at Fair Value 		177,585 320 386,988 800 565,693 
Available-For-Sale Securities,
  Pledged as Collateral, at Fair
  Value		360,153 
Maturities of Debt Securities,
  at Amortized Cost:
Within One Year$15,000 $— $892 $— $15,892 
From 1 - 5 Years175,000 — 239,803 — 414,803 
From 5 - 10 Years— 320 191,059 1,000 192,379 
Over 10 Years— — — — — 
Maturities of Debt Securities,
  at Fair Value:
Within One Year$14,769 $— $866 $— $15,635 
From 1 - 5 Years162,816 — 221,904 — 384,720 
From 5 - 10 Years— 320 164,218 800 165,338 
Over 10 Years— — — — — 
Securities in a Continuous
  Loss Position, at Fair Value:
Less than 12 Months$54,058 $— $27,106 $— $81,164 
12 Months or Longer123,526 — 346,733 800 471,059 
Total$177,584 $— $373,839 $800 $552,223 
Number of Securities in a
  Continuous Loss Position		25 — 150 1 176 
Unrealized Losses on
  Securities in a Continuous
  Loss Position:
Less than 12 Months$942 $— $891 $— $1,833 
12 Months or Longer11,473 — 44,035 200 55,708 
Total$12,415 $— $44,926 $200 $57,541 
Available-For-Sale Securities
U.S. Government & Agency
Obligations		State and
Municipal
Obligations		Mortgage-
Backed
Securities		Corporate
and Other
Debt
Securities		Total
Available-
For-Sale
Securities
Disaggregated Details:
US Agency Obligations,
  at Amortized Cost		$190,000 
US Agency Obligations,
  at Fair Value		177,585 
US Government Agency
  Securities, at Amortized Cost		$7,782 
US Government Agency
  Securities, at Fair Value		7,321 
Government Sponsored Entity
  Securities, at Amortized Cost		423,972 
Government Sponsored Entity
  Securities, at Fair Value		379,667 
December 31, 2022
Available-For-Sale Securities,
  at Amortized Cost		$190,000 $340 $447,755 $1,000 $639,095 
Gross Unrealized Gains15 — 65 — 80 
Gross Unrealized Losses(14,816)— (50,664)(200)(65,680)
Available-For-Sale Securities,
  at Fair Value		175,199 340 397,156 800 573,495 
Available-For-Sale Securities,
  Pledged as Collateral,
  at Fair Value		308,266 
Securities in a Continuous
  Loss Position, at Fair Value:
Less than 12 Months$66,690 $— $183,868 $— $250,558 
12 Months or Longer93,493 — 199,262 800 293,555 
Total$160,183 $— $383,130 $800 $544,113 
Number of Securities in a
  Continuous Loss Position		23 — 150 1 174 
Unrealized Losses on
  Securities in a Continuous
  Loss Position:
Less than 12 Months$3,310 $— $18,756 $— $22,066 
12 Months or Longer11,506 — 31,908 200 43,614 
Total$14,816 $— $50,664 $200 $65,680 
Disaggregated Details:
US Agency Obligations,
  at Amortized Cost		$190,000 
US Agency Obligations,
  at Fair Value		175,199 
US Government Agency
  Securities, at Amortized Cost		$7,934 
US Government Agency
  Securities, at Fair Value		7,433 
Government Sponsored Entity
  Securities, at Amortized Cost		439,821 
Government Sponsored Entity
  Securities, at Fair Value		389,723 
Available-For-Sale Securities
U.S. Government & Agency
Obligations		State and
Municipal
Obligations		Mortgage-
Backed
Securities		Corporate
and Other
Debt
Securities		Total
Available-
For-Sale
Securities
March 31, 2022
Available-For-Sale Securities,
  at Amortized Cost		$140,000 $380 $471,829 $1,000 $613,209 
Gross Unrealized Gains21 — 211 — 232 
Gross Unrealized Losses(7,277)— (23,536)(200)(31,013)
Available-For-Sale Securities,
  at Fair Value		132,744 380 448,504 800 582,428 
Available-For-Sale Securities,
  Pledged as Collateral, at Fair
  Value		397,138 
Securities in a Continuous
  Loss Position, at Fair Value:
Less than 12 Months$43,518 $— $358,688 $— $402,206 
12 Months or Longer84,205 — 74,546 800 159,551 
Total$127,723 $— $433,234 $800 $561,757 
Number of Securities in a
  Continuous Loss Position		18 — 129 1 148 
Unrealized Losses on Securities
  in a Continuous Loss Position:
Less than 12 Months$1,482 $— $16,949 $— $18,431 
12 Months or Longer5,795 — 6,587 200 12,582 
Total$7,277 $— $23,536 $200 $31,013 
Disaggregated Details:
US Agency Obligations,
  at Amortized Cost		$140,000 
US Agency Obligations,
  at Fair Value		132,744 
US Government Agency
  Securities, at Amortized Cost		$8,853 
US Government Agency
  Securities, at Fair Value		8,667 
Government Sponsored Entity
  Securities, at Amortized Cost		462,976 
Government Sponsored Entity
  Securities, at Fair Value		439,837 

At March 31, 2023, there was no allowance for credit losses for the AFS debt securities portfolio.

The following table is the schedule of Held-To-Maturity Securities at March 31, 2023, December 31, 2022 and March 31, 2022:
Held-To-Maturity Securities
State and
Municipal
Obligations		Mortgage-
Backed
Securities		Total
Held-To
Maturity
Securities
March 31, 2023
Held-To-Maturity Securities,
  at Amortized Cost		$156,314 $11,033 $167,347 
Gross Unrealized Gains2 — 2 
Gross Unrealized Losses(2,421)(489)(2,910)
Held-To-Maturity Securities,
  at Fair Value		153,895 10,544 164,439 
Held-To-Maturity Securities,
  Pledged as Collateral, at Fair Value		146,902 
Held-To-Maturity Securities
State and
Municipal
Obligations		Mortgage-
Backed
Securities		Total
Held-To
Maturity
Securities
Maturities of Debt Securities,
  at Amortized Cost:
Within One Year$82,142 $— $82,142 
From 1 - 5 Years71,828 11,033 82,861 
From 5 - 10 Years2,312 — 2,312 
Over 10 Years32 — 32 
Maturities of Debt Securities,
  at Fair Value:
Within One Year$81,554 $— $81,554 
From 1 - 5 Years70,001 10,544 80,545 
From 5 - 10 Years2,308 — 2,308 
Over 10 Years32 — 32 
Securities in a Continuous
  Loss Position, at Fair Value:
Less than 12 Months$43,121 $— $43,121 
12 Months or Longer90,439 10,544 100,983 
Total$133,560 $10,544 $144,104 
Number of Securities in a
  Continuous Loss Position		386 16 402 
Unrealized Losses on Securities
   in a Continuous Loss Position:
Less than 12 Months$496 $— $496 
12 Months or Longer1,925 489 2,414 
Total$2,421 $489 $2,910 
Disaggregated Details:
US Government Agency
  Securities, at Amortized Cost		$3,699 
US Government Agency
  Securities, at Fair Value		3,522 
Government Sponsored Entity
  Securities, at Amortized Cost		7,334 
Government Sponsored Entity
  Securities, at Fair Value		7,022 
Held-To-Maturity Securities
State and
Municipal
Obligations		Mortgage-
Backed
Securities		Total
Held-To
Maturity
Securities
December 31, 2022
Held-To-Maturity Securities,
  at Amortized Cost		$163,600 $11,764 $175,364 
Gross Unrealized Gains1 — 1 
Gross Unrealized Losses(3,131)(611)(3,742)
Held-To-Maturity Securities,
  at Fair Value		160,470 11,153 171,623 
Held-To-Maturity Securities,
  Pledged as Collateral, at Fair Value		142,982 
Securities in a Continuous
  Loss Position, at Fair Value:
Less than 12 Months$137,773 $11,153 $148,926 
12 Months or Longer— — — 
Total$137,773 $11,153 $148,926 
Number of Securities in a
  Continuous Loss Position		397 16 413 
Unrealized Losses on
  Securities in a Continuous
  Loss Position:
Less than 12 Months$3,131 $611 $3,742 
12 Months or Longer— — — 
Total$3,131 $611 $3,742 
Disaggregated Details:
US Government Agency
  Securities, at Amortized Cost		$3,898 
US Government Agency
  Securities, at Fair Value		3,687 
Government Sponsored Entity
  Securities, at Amortized Cost		7,866 
Government Sponsored Entity
  Securities, at Fair Value		7,466 
Held-To-Maturity Securities
State and
Municipal
Obligations		Mortgage-
Backed
Securities		Total
Held-To
Maturity
Securities
March 31, 2022
Held-To-Maturity Securities,
  at Amortized Cost		$181,832 $14,829 $196,661 
Gross Unrealized Gains180 — 180 
Gross Unrealized Losses(832)(147)(979)
Held-To-Maturity Securities,
  at Fair Value		181,180 14,682 195,862 
Held-To-Maturity Securities,
  Pledged as Collateral, at Fair Value		176,635 
Securities in a Continuous
  Loss Position, at Fair Value:
Less than 12 Months$96,088 $14,465 $110,553 
12 Months or Longer— — — 
Total$96,088 $14,465 $110,553 
Number of Securities in a
  Continuous Loss Position		258 23 281 
Unrealized Losses on
  Securities in a Continuous
  Loss Position:
Less than 12 Months$832 $147 $979 
12 Months or Longer— — — 
Total$832 $147 $979 
March 31, 2022
Disaggregated Details:
US Government Agency
  Securities, at Amortized Cost		$4,954 
US Government Agency
  Securities, at Fair Value		4,900 
Government Sponsored Entity
  Securities, at Amortized Cost		9,875 
Government Sponsored Entity
  Securities, at Fair Value		9,782 

In the tables above, maturities of mortgage-backed securities are included based on their contractual average lives. Actual maturities will differ because issuers may have the right to call or prepay obligations with or without prepayment penalties.
Arrow's investment policy requires that investments held in our portfolio be investment grade or better at the time of purchase. Arrow performs an analysis of the creditworthiness of municipal obligations to determine if a security is of investment grade. The analysis may include but may not solely rely upon credit analysis conducted by external credit rating agencies.
Arrow evaluates AFS debt securities in unrealized loss positions at each measurement date to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or non-credit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized within the allowance for credit losses on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings via credit loss expense. Arrow determined that at March 31, 2023, gross unrealized losses were primarily attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. Arrow does not intend to sell, nor is it more likely than not that Arrow will be required to sell any securities before recovery of its amortized cost basis, which may be at maturity. Therefore, Arrow carried no allowance for credit loss at March 31, 2023 and there was no credit loss expense recognized by Arrow with respect to the securities portfolio during the three months ended March 31, 2023.  
Arrow's HTM debt securities are comprised of U.S. government-sponsored enterprises (GSEs) or state and municipal obligations. GSE securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. Arrow determined that the expected credit loss on its HTM debt portfolio was immaterial and therefore no allowance for credit loss was recorded as of March 31, 2023.
The following table is the schedule of Equity Securities at March 31, 2023, December 31, 2022 and March 31, 2022:
Equity Securities
March 31, 2023December 31, 2022March 31, 2022
Equity Securities, at Fair Value$2,070$2,174$1,877

The following is a summary of realized and unrealized gains and losses recognized in net income on equity securities during the three month periods ended March 31, 2023 and 2022:
For the Three Months Ended March 31,
20232022
Net (Loss) Gain on Equity Securities$(104)$130 
Less: Net gain recognized during the reporting period on equity securities sold during the period— — 
Unrealized net (loss) gain recognized during the reporting period on equity securities still held at the reporting date$(104)$130