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Fair Values (Tables)
6 Months Ended
Jun. 30, 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:
June 30, 2024
Assets:
Securities Available-for Sale:
   U.S. Treasuries$49,456 $— $49,456 $— 
   U.S. Government & Agency Obligations153,353 — 153,353 $— 
   State and Municipal Obligations240 — 240 — 
   Mortgage-Backed Securities246,790 — 246,790 — 
   Corporate and Other Debt Securities947 — 947 — 
Total Securities Available-for-Sale450,786 — 450,786 — 
Equity Securities1,996 — 1,996 — 
Total Securities Measured on a Recurring Basis452,782 — 452,782 — 
Derivative Assets12,180 — 12,180 — 
Total Measured on a Recurring Basis$464,962 $— $464,962 $— 
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)
Liabilities:
Derivative Liabilities6,445 — 6,445 — 
Total Measured on a Recurring Basis$6,445 $— $6,445 $— 
December 31, 2023
Assets:
Securities Available-for Sale:
   U.S. Treasuries$74,004 $— $74,004 $— 
   U.S. Government & Agency Obligations152,925 — 152,925 — 
   State and Municipal Obligations280 — 280 — 
   Mortgage-Backed Securities269,760 — 269,760 — 
   Corporate and Other Debt Securities800 — 800 — 
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 $— 
June 30, 2023
Assets:
Securities Available-for Sale:
   U.S. Government & Agency Obligations$176,016 $— $176,016 $— 
   State and Municipal Obligations280 — 280 — 
   Mortgage-Backed Securities366,612 — 366,612 — 
   Corporate and Other Debt Securities800 — 800 — 
Total Securities Available-for-Sale543,708 — 543,708 — 
Equity Securities1,889 — 1,889 — 
Total Securities Measured on a Recurring Basis545,597 — 545,597 — 
Derivative Assets7,457 — 7,457 — 
Total Measured on a Recurring Basis$553,054 $— $553,054 $— 
Liabilities:
Derivative Liabilities7,457 — 7,457 — 
Total Measured on a Recurring Basis$7,457 $— $7,457 $— 
Fair ValueQuoted Prices
In Active Markets for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Gains (Losses) Recognized in Earnings
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis:
June 30, 2024
Collateral Dependent Evaluated Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net273 — — 273 — 
December 31, 2023
Collateral Dependent Impaired Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net312 — — 312 — 
June 30, 2023
Collateral Dependent Impaired Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net524 — — 524 — 
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
June 30, 2024
Cash and Cash Equivalents$200,198 $200,198 $200,198 $— $— 
Securities Available-for-Sale450,786 450,786 — 450,786 — 
Securities Held-to-Maturity99,348 96,454 — 96,454 — 
Equity Securities1,996 1,996 — 1,996 — 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
4,274 4,274 — 4,274 — 
Net Loans3,284,514 3,048,180 — — 3,048,180 
Accrued Interest Receivable11,590 11,590 — 11,590 — 
Derivative Assets12,180 12,180 12,180 
Deposits3,683,639 3,679,102 — 3,679,102 — 
Borrowings106,500 106,207 — 106,207 — 
Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000 20,000 — 20,000 — 
Accrued Interest Payable9,706 9,706 — 9,706 — 
Derivative Liabilities6,445 6,445 — 6,445 — 
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 — 
June 30, 2023
Cash and Cash Equivalents$173,601 $173,601 $173,601 $— $— 
Securities Available-for-Sale543,708 543,708 — 543,708 — 
Securities Held-to-Maturity143,460 139,143 — 139,143 — 
Equity Securities1,889 1,889 — 1,889 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
4,932 4,932 — 4,932 — 
Net Loans3,038,727 2,789,225 — — 2,789,225 
Accrued Interest Receivable10,105 10,105 — 10,105 — 
Derivative Assets7,457 7,457 — 7,457 — 
Deposits3,502,224 3,496,188 — 3,496,188 — 
Borrowings171,800 170,636 — 170,636 — 
Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000 20,000 — 20,000 — 
Accrued Interest Payable3,465 3,465 — 3,465 — 
Derivative Liabilities7,457 7,457 — 7,457 —