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Fair Values (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The table below presents the financial instrument's fair value and the amounts within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement:
Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis
Fair Value Measurements at Reporting Date Using:
Fair ValueQuoted Prices
In Active Markets for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Fair Value of Assets and Liabilities Measured on a Recurring Basis:
September 30, 2023
Assets:
Securities Available-for Sale:
   U.S. Government & Agency Obligations$176,421 $— $176,421 $— 
   State and Municipal Obligations280 — 280 — 
   Mortgage-Backed Securities341,739 — 341,739 — 
   Corporate and Other Debt Securities800 — 800 — 
Total Securities Available-for-Sale519,240 — 519,240 — 
Equity Securities1,960 — 1,960 — 
Total Securities Measured on a Recurring Basis521,200 — 521,200 — 
Derivative Assets
8,860 — 8,860 — 
Total Measured on a Recurring Basis$530,060 $— $530,060 $— 
Liabilities:
Derivative Liabilities
8,733 — 8,733 — 
Total Measured on a Recurring Basis$8,733 $— $8,733 $— 
December 31, 2022
Assets:
Securities Available-for Sale:
   U.S. Government & Agency Obligations$175,199 $— $175,199 $— 
   State and Municipal Obligations340 — 340 — 
   Mortgage-Backed Securities397,156 — 397,156 — 
   Corporate and Other Debt Securities800 — 800 — 
Total Securities Available-for-Sale573,495 — 573,495 — 
Equity Securities2,174 — 2,174 — 
Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis
Fair Value Measurements at Reporting Date Using:
Fair ValueQuoted Prices
In Active Markets for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total Securities Measured on a Recurring Basis575,669 — 575,669 — 
Derivative Assets 7,506 — 7,506 — 
Total Measured on a Recurring Basis$583,175 $— $583,175 $— 
Liabilities:
Derivative Liabilities
$7,506 — $7,506 — 
Total Measured on a Recurring Basis$7,506 $— $7,506 $— 
September 30, 2022
Assets:
Securities Available-for Sale:
   U.S. Government & Agency Obligations$163,965 $— $163,965 $— 
   State and Municipal Obligations340 — 340 — 
   Mortgage-Backed Securities409,949 — 409,949 — 
   Corporate and Other Debt Securities800 — 800 — 
Total Securities Available-for-Sale575,054 — 575,054 — 
Equity Securities2,126 — 2,126 — 
Total Securities Measured on a Recurring Basis577,180 — 577,180 — 
Derivative Assets8,508 — 8,508 — 
Total Measured on a Recurring Basis$585,688 $— $585,688 $— 
Liabilities:
Derivative Liabilities
8,508 — 8,508 — 
Total Measured on a Recurring Basis$8,508 $— $8,508 $— 
Fair ValueQuoted Prices
In Active Markets for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Gains (Losses) Recognized in Earnings
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis:
September 30, 2023
Collateral Dependent Evaluated Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net526 — — 526 — 
December 31, 2022
Collateral Dependent Impaired Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net593 — — 593 — 
September 30, 2022
Collateral Dependent Impaired Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net604 — — 604 — 
Fair Value, by Balance Sheet Grouping
The following table presents a summary of the carrying amount, the fair value or an amount approximating fair value and the fair value hierarchy of Arrow’s financial instruments:
Schedule of Fair Values by Balance Sheet Grouping
Fair Value Hierarchy
Carrying ValueFair ValueLevel 1Level 2Level 3
September 30, 2023
Cash and Cash Equivalents$294,739 $294,739 $294,739 $— $— 
Securities Available-for-Sale519,240 519,240 — 519,240 — 
Securities Held-to-Maturity140,577 134,811 — 134,811 — 
Equity Securities1,960 1,960 — 1,960 — 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
5,110 5,110 — 5,110 — 
Net Loans3,107,505 2,867,016 — — 2,867,016 
Accrued Interest Receivable11,163 11,163 — 11,163 — 
Derivative Assets
8,860 8,860 8,860 
Deposits3,666,485 3,660,360 — 3,660,360 — 
Borrowings174,300 173,709 — 173,709 — 
Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000 20,000 — 20,000 — 
Accrued Interest Payable7,432 7,432 — 7,432 — 
Derivative Liabilities
8,733 8,733 — 8,733 — 
December 31, 2022
Cash and Cash Equivalents$64,660 $64,660 $64,660 $— $— 
Securities Available-for-Sale573,495 573,495 — 573,495 — 
Securities Held-to-Maturity175,364 171,623 — 171,623 — 
Equity Securities2,174 2,174 2,174 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
6,064 6,064 — 6,064 — 
Net Loans2,953,255 2,742,721 — — 2,742,721 
Accrued Interest Receivable9,890 9,890 — 9,890 — 
Derivative Assets
7,506 7,506 — 7,506 — 
Deposits3,498,364 3,492,021 — 3,492,021 — 
Federal Home Loan Bank Term Advances27,800 27,757 — 27,757 — 
Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000 20,000 — 20,000 — 
Accrued Interest Payable357 357 — 357 — 
Derivative Liabilities
7,506 7,506 — 7,506 — 
September 30, 2022
Cash and Cash Equivalents$373,429 $373,429 $373,429 $— $— 
Securities Available-for-Sale575,054 575,054 — 575,054 — 
Securities Held-to-Maturity182,178 175,800 — 175,800 — 
Equity Securities2,126 2,126 — 2,126 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
4,720 4,720 — 4,720 — 
Net Loans2,895,562 2,714,587 — — 2,714,587 
Accrued Interest Receivable8,549 8,549 — 8,549 — 
Derivative Assets
8,508 8,508 — 8,508 — 
Deposits3,795,105 3,785,960 — 3,785,960 — 
Federal Home Loan Bank Term Advances25,000 24,833 — 24,833 — 
Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000 20,000 — 20,000 — 
Accrued Interest Payable202 202 — 202 — 
Derivative Liabilities
8,508 8,508 — 8,508 —