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Fair Values (Tables)
9 Months Ended
Sep. 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:
September 30, 2024
Assets:
Securities Available-for Sale:
   U.S. Treasuries$50,024 $— $50,024 $— 
   U.S. Government & Agency Obligations141,350 — 141,350 $— 
   State and Municipal Obligations240 — 240 — 
   Mortgage-Backed Securities244,496 — 244,496 — 
   Corporate and Other Debt Securities957 — 957 — 
Total Securities Available-for-Sale437,067 — 437,067 — 
Equity Securities5,089 2,987 2,102 — 
Total Securities Measured on a Recurring Basis442,156 2,987 439,169 — 
Derivative Assets15,198 — 15,198 — 
Total Measured on a Recurring Basis$457,354 $2,987 $454,367 $— 
Liabilities:
Derivative Liabilities14,297 — 14,297 — 
Total Measured on a Recurring Basis$14,297 $— $14,297 $— 
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)
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 $— 
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 Assets8,860 — 8,860 — 
Total Measured on a Recurring Basis$530,060 $— $530,060 $— 
Liabilities:
Derivative Liabilities8,733 — 8,733 — 
Total Measured on a Recurring Basis$8,733 $— $8,733 $— 
Fair ValueQuoted Prices
In Active Markets for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Gains (Losses) Recognized in Earnings
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis:
September 30, 2024
Collateral Dependent Evaluated Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net399 — — 399 — 
December 31, 2023
Collateral Dependent Impaired Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net312 — — 312 — 
September 30, 2023
Collateral Dependent Impaired Loans$— $— $— $— 
Other Real Estate Owned and Repossessed Assets, Net526 — — 526 — 
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
September 30, 2024
Cash and Cash Equivalents$340,088 $340,088 $340,088 $— $— 
Securities Available-for-Sale437,067 437,067 — 437,067 — 
Securities Held-to-Maturity103,337 101,929 — 101,929 — 
Equity Securities5,089 5,089 2,987 2,102 — 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
4,352 4,352 — 4,352 — 
Net Loans3,308,675 3,107,250 — — 3,107,250 
Accrued Interest Receivable12,492 12,492 — 12,492 — 
Derivative Assets15,198 15,198 15,198 
Deposits3,837,457 3,834,428 — 3,834,428 — 
Borrowings103,600 103,705 — 103,705 — 
Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000 20,000 — 20,000 — 
Accrued Interest Payable7,468 7,468 — 7,468 — 
Derivative Liabilities14,297 14,297 — 14,297 — 
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 — 
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 Assets8,860 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 Liabilities8,733 8,733 — 8,733 —