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Fair Values (Tables)
3 Months Ended
Mar. 31, 2024
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:
March 31, 2024
Assets:
Securities Available-for Sale:
   U.S. Treasuries$74,152 $— $74,152 $— 
   U.S. Government & Agency Obligations152,749 — 152,749 $— 
   State and Municipal Obligations280 — 280 — 
   Mortgage-Backed Securities257,717 — 257,717 — 
   Corporate and Other Debt Securities935 — 935 — 
Total Securities Available-for-Sale485,833 — 485,833 — 
Equity Securities1,942 — 1,942 — 
Total Securities Measured on a Recurring Basis487,775 — 487,775 — 
Derivative Assets12,747 — 12,747 — 
Total Measured on a Recurring Basis$500,522 $— $500,522 $— 
Liabilities:
Derivative Liabilities7,317 — 7,317 — 
Total Measured on a Recurring Basis$7,317 $— $7,317 $— 
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 Obligations280 — 280 — 
   Mortgage-Backed Securities269,760 — 269,760 — 
   Corporate and Other Debt Securities800 — 800 — 
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 Available-for-Sale497,769 — 497,769 — 
Equity Securities1,925 — 1,925 — 
Total Securities Measured on a Recurring Basis499,694 — 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 $— 
March 31, 2023
Assets:
Securities Available-for Sale:
   U.S. Government & Agency Obligations$177,585 $— $177,585 $— 
   State and Municipal Obligations320 — 320 — 
   Mortgage-Backed Securities386,988 — 386,988 — 
   Corporate and Other Debt Securities800 — 800 — 
Total Securities Available-for-Sale565,693 — 565,693 — 
Equity Securities2,070 — 2,070 — 
Total Securities Measured on a Recurring Basis567,763 — 567,763 — 
Derivative Assets6,206 — 6,206 — 
Total Measured on a Recurring Basis$573,969 $— $573,969 $— 
Liabilities:
Derivative Liabilities6,206 — 6,206 — 
Total Measured on a Recurring Basis$6,206 $— $6,206 $— 
Fair ValueQuoted Prices
In Active Markets for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Gains (Losses) Recognized in Earnings
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis:
March 31, 2024
Collateral Dependent Evaluated Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net312 — — 312 — 
December 31, 2023
Collateral Dependent Impaired Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net312 — — 312 — 
March 31, 2023
Collateral Dependent Impaired Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net144 — — 144 — 
Fair Value, by Balance Sheet Grouping
The following table presents a summary of the carrying amount, the fair value (exit price) 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
March 31, 2024
Cash and Cash Equivalents$282,465 $282,465 $282,465 $— $— 
Securities Available-for-Sale485,833 485,833 — 485,833 — 
Securities Held-to-Maturity128,051 124,861 — 124,861 — 
Equity Securities1,942 1,942 — 1,942 — 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
4,208 4,208 — 4,208 — 
Net Loans3,227,197 2,978,789 — — 2,978,789 
Accrued Interest Receivable12,754 12,754 — 12,754 — 
Derivative Assets12,747 12,747 12,747 
Deposits3,779,021 3,774,378 — 3,774,378 — 
Borrowings106,500 105,941 — 105,941 — 
Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000 20,000 — 20,000 — 
Accrued Interest Payable7,996 7,996 — 7,996 — 
Derivative Liabilities7,317 7,317 — 7,317 — 
Schedule of Fair Values by Balance Sheet Grouping
Fair Value Hierarchy
Carrying ValueFair ValueLevel 1Level 2Level 3
December 31, 2023
Cash and Cash Equivalents$142,536 $142,536 $142,536 $— $— 
Securities Available-for-Sale497,769 497,769 — 497,769 — 
Securities Held-to-Maturity131,395 128,837 — 128,837 — 
Equity Securities1,925 1,925 1,925 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
5,049 5,049 — 5,049 — 
Net Loans3,181,643 2,940,318 — — 2,940,318 
Accrued Interest Receivable11,076 11,076 — 11,076 — 
Derivative Assets12,057 12,057 — 12,057 — 
Deposits3,687,566 3,683,122 — 3,683,122 — 
Borrowings26,500 26,189 — 26,189 — 
Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000 20,000 — 20,000 — 
Accrued Interest Payable6,289 6,289 — 6,289 — 
Derivative Liabilities9,598 9,598 — 9,598 — 
March 31, 2023
Cash and Cash Equivalents$203,472 $203,472 $203,472 $— $— 
Securities Available-for-Sale565,693 565,693 — 565,693 — 
Securities Held-to-Maturity167,347 164,439 — 164,439 — 
Equity Securities2,070 2,070 — 2,070 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
10,027 10,027 — 10,027 — 
Net Loans2,974,568 2,705,312 — — 2,705,312 
Accrued Interest Receivable9,857 9,857 — 9,857 — 
Derivative Assets6,206 6,206 — 6,206 — 
Deposits3,546,349 3,540,854 — 3,540,854 — 
Borrowings107,800 107,830 — 107,830 — 
Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000 20,000 — 20,000 — 
Accrued Interest Payable1,170 1,170 — 1,170 — 
Derivative Liabilities6,206 6,206 — 6,206 —