Fair Values (Tables)

12 Months Ended

Dec. 31, 2023

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 Value of Assets and Liabilities Measured on a Recurring Basis:	Fair Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2023
Assets:
Securities Available-for Sale:
U.S. Treasuries	$	74,004	$	—	$	74,004	$	—
U.S. Government & Agency Obligations	$	152,925	$	—	$	152,925	$	—
State and Municipal Obligations	280		—		280		—
Mortgage-Backed Securities	269,760		—		269,760		—
Corporate and Other Debt Securities	800		—		800		—
Total Securities Available-for-Sale	497,769		—		497,769		$	—
Equity Securities	1,925		—		1,925		—
Total Securities Measured on a Recurring Basis	499,694		—		499,694		—
Derivative Assets	12,057		—		12,057		—
Total Measured on a Recurring Basis	$	511,751	$	—	$	511,751	$	—
Liabilities:
Derivative Liabilities	$	9,598	$	—	$	9,598	$	—
Total Measured on a Recurring Basis	$	9,598	$	—	$	9,598	$	—
December 31, 2022
Assets:
Securities Available-for Sale:
U.S. Government & Agency Obligations	$	175,199	$	—	$	175,199	$	—
State and Municipal Obligations	340		—		340		—
Mortgage-Backed Securities	397,156		—		397,156		—
Corporate and Other Debt Securities	800		—		800		—
Total Securities Available-for-Sale	573,495		—		573,495		—
Equity Securities	2,174		—		2,174		—
Total Securities Measured on a Recurring Basis	575,669		—		575,669		—
Derivative Assets	7,506		—		7,506		—
Total Measured on a Recurring Basis	$	583,175	$	—	$	583,175	$	—
Liabilities:
Derivative Liabilities	$	2,060	$	—	$	2,060	$	—
Total Measured on a Recurring Basis	$	2,060	$	—	$	2,060	$	—





Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis:	Fair Value		Quoted 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
December 31, 2023
Collateral Dependent Impaired Loans	$	—	$	—	$	—	$	—	$	—
Other Real Estate Owned and Repossessed Assets, Net	312		—		—		312		—
December 31, 2022
Collateral Dependent Impaired Loans	$	—	$	—	$	—	$	—	$	—
Other Real Estate Owned and Repossessed Assets, Net	593		—		—		593		—

Fair Value, by Balance Sheet Grouping

The following table presents a summary of the carrying amount, the fair value and the fair value hierarchy of Arrow’s financial instruments:


Schedule of Fair Values by Balance Sheet Grouping
					Fair Value Hierarchy
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
December 31, 2023
Cash and Cash Equivalents	$	142,536	$	142,536	$	142,536	$	—	$	—
Securities Available-for-Sale	497,769		497,769		—		497,769		—
Securities Held-to-Maturity	131,395		128,837		—		128,837		—
Equity Securities	1,925		1,925				1,925
Federal Home Loan Bank and Federal Reserve Bank Stock	5,049		5,049		—		5,049		—
Net Loans	3,181,643		2,940,318		—		—		2,940,318
Accrued Interest Receivable	11,076		11,076		—		11,076		—
Derivative Assets	12,057		12,057		—		12,057		—
Deposits	3,687,566		3,683,122		—		3,683,122		—


Borrowings	26,500		26,189		—		26,189		—
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts	20,000		20,000		—		20,000		—
Accrued Interest Payable	6,289		6,289		—		6,289		—
Derivative Liabilities	9,598		9,598		—		9,598		—

December 31, 2022
Cash and Cash Equivalents	$	64,660	$	64,660	$	64,660	$	—	$	—
Securities Available-for-Sale	573,495		573,495		—		573,495		—
Securities Held-to-Maturity	175,364		171,623		—		171,623		—
Equity Securities	2,174		2,174		—		2,174
Federal Home Loan Bank and Federal Reserve Bank Stock	6,064		6,064		—		6,064		—
Net Loans	2,953,255		2,742,721		—		—		2,742,721
Accrued Interest Receivable	9,890		9,890		—		9,890		—
Derivative Assets	7,506		7,506		—		7,506		—
Deposits	3,498,364		3,492,021		—		3,492,021		—


Borrowings	54,800		54,757		—		54,757		—
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts	20,000		20,000		—		20,000		—
Accrued Interest Payable	357		357		—		357		—
Derivative Liabilities	2,060		2,060		—		2,060		—