Parent Only Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Only Financial Information

PARENT ONLY FINANCIAL INFORMATION (Dollars In Thousands)

Condensed financial information for Arrow Financial Corporation is as follows:

BALANCE SHEETS	December 31,
ASSETS	2023		2022
Interest-Bearing Deposits with Subsidiary Banks	$	1,305	$	1,532
Equity Securities	1,925		2,174
Investment in Subsidiaries at Equity	381,160		354,664
Other Assets	17,185		16,458
Total Assets	$	401,575	$	374,828
LIABILITIES
Junior Subordinated Obligations Issued to     Unconsolidated Subsidiary Trusts	$	20,000	$	20,000
Other Liabilities	1,803		1,290
Total Liabilities	21,803		21,290
STOCKHOLDERS’ EQUITY
Total Stockholders’ Equity	379,772		353,538
Total Liabilities and Stockholders’ Equity	$	401,575	$	374,828

STATEMENTS OF INCOME	Years Ended December 31,
Income:	2023		2022		2021
Dividends from Bank Subsidiaries	$	24,000	$	19,264	$	15,994
Interest and Dividends on Investments	47		49		49
Other Income (Including Management Fees)	363		1,095		664
Total Income	24,410		20,408		16,707
Expense:
Interest Expense	685		685		686
Other Expense	4,280		1,030		879
Total Expense	4,965		1,715		1,565
Income Before Income Tax Benefit and Equity
in Undistributed Net Income of Subsidiaries	19,445		18,693		15,142
Income Tax Benefit	1,242		257		312
Equity in Undistributed Net Income of Subsidiaries	9,388		29,849		34,403
Net Income	$	30,075	$	48,799	$	49,857

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,
	2023		2022		2021
Cash Flows from Operating Activities:
Net Income	$	30,075	$	48,799	$	49,857
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Undistributed Net Income of Subsidiaries	(9,388)		(29,849)		(34,403)
Shares Issued Under the Directors’ Stock Plan	218		408		376
Changes in Other Assets and Other Liabilities	(229)		(754)		(462)
Net Cash Provided by Operating Activities	20,676		18,604		15,368
Cash Flows from Financing Activities:
Stock Options Exercised	96		631		1,505
Shares Issued Under the Employee Stock Purchase Plan	120		477		481
Shares Issued for Dividend Reinvestment Plans	472		1,904		1,836
Purchase of Treasury Stock	(3,608)		(2,872)		(2,662)
Cash Dividends Paid	(17,983)		(17,444)		(16,296)
Net Cash Used in Financing Activities	(20,903)		(17,304)		(15,136)
Net (Decrease) Increase in Cash and Cash Equivalents	(227)		1,300		232
Cash and Cash Equivalents at Beginning of the Year	1,532		232		—
Cash and Cash Equivalents at End of the Year	$	1,305	$	1,532	$	232
Supplemental Disclosures to Statements of   Cash Flow Information:
Interest Paid	$	685	$	685	$	686