Arrow Financial Corporation (AROW)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Whoever buys today bets that the net interest margin keeps climbing, that the Adirondack integration succeeds without expensive surprises and that the municipal deposits stay loyal — and receives roughly 3 percent dividend yield with decades of raise discipline in return. Whoever waits checks three lines in every quarterly report (10-Q): the net interest margin (does it hold above 3.4 percent?), the integration costs and deposit trend of the acquired Adirondack branches, and the cash dividend rate (does the next raise come without stock-dividend help?). As long as those three questions are open, the stock is a watchlist position with clear checkpoints. The decision is yours.
symbol.quality_note
Arrow Financial is a $4.5 billion community bank from Glens Falls in upstate New York — and it sits at rank 6 of our in-house Dividend Aristocrats scanner (U.S. selection, as of July 18, 2026). We read the annual report (10-K), the quarterly report (10-Q) and three years of mandatory filings: a net interest margin climbing back to 3.47 percent after the 2023/24 switchback, a dividend that kept rising straight through an earnings dip — though partly via 3 percent stock dividends —, an annual report that showed up late in 2023, and a freshly closed acquisition. Not investment advice — just a dividend streak read against its own fine print.
Read the analysis
Stock Watch
This analysis is as of July 18, 2026. Stock Watch will tell you what's changed at AROW since then.
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Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 39.80 $ — 84% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralGeprüft am 18.07.2026 gegen die letzten vier Quartalsberichte (10-Q) und zwei Geschäftsberichte (10-K) der Regionalbank-Holding aus Glens Falls/Upstate New York: Die vier 10-Q (31.03.2025 bis 31.03.2026) enthalten überhaupt keinen KI-Bezug. Einzige Fundstelle ist ein generischer Emerging-Technology-Risikofaktor in Item 1A beider 10-K (im 10-K für 2025 ausgebaut): KI/generative KI als „recent example of an emerging technology“ mit allgemeinen Risiken (Modellfehler/Bias, Datensicherheit, unautorisierte KI-Tools von Mitarbeitern, KI-Funktionen bei Drittanbietern) — ausdrücklich mit dem Satz „Arrow is still evaluating the potential threats and uses of this technology“ (übersetzt: „Arrow prüft die potenziellen Bedrohungen und Einsatzmöglichkeiten dieser Technologie noch“). Damit weder KI-Umsatzquelle noch belegter operativer KI-Einsatz noch ein konkretes KI-Risiko fürs eigene Geschäftsmodell — Boilerplate-Risikosprache begründet nach dem Kriterienkatalog kein „bedroht“. Negativ-Befund dokumentiert: neutral.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-06 · 10-Q 2025-08-08 · 10-Q 2025-05-09 · 10-K 2026-03-06 · 10-K 2025-03-14
Rated on July 18, 2026 · How the Rating Is Built
Growth Score
6 of 10 Solid growthTen checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 17.6% passed
- More than 10% revenue growth is expected for the coming year 17.2% passed
- Share count grows by less than 3% a year -0.1% passed
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 23.7% failed
- Gross margin at 40% or higher and without meaningful erosion 65.3% failed
- Goodwill from acquisitions does not grow faster than revenue 0.5% passed
- Net debt below twice EBITDA 0.0 x EBITDA passed
- Operating cash flow covers the profits of the last three years 32 m passed
- Return on capital at 15% or higher, or up versus two years ago 1.5% failed
- Insiders hold at least 10% or are net buyers 3.2% failed
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 8.9% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 2
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.52 | 3.45 – 3.55 | 206 | 28.2% | 3 |
| 12/31/2027 | 4.29 | 4.25 – 4.33 | 240 | 22.1% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.94 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.27 | -41.20 | 55 | 6.40 | 8.10 | 6 | 4 |
| 2025: Q1 | 0.38 | -16.70 | 58 | 6.70 | 10.80 | 10 | 9 |
| 2025: Q2 | 0.65 | 26.80 | 59 | 6.00 | 18.30 | 10 | 8 |
| 2025: Q3 | 0.78 | 45.80 | 62 | 8.20 | 20.60 | 15 | 14 |
| 2025: Q4 | 0.85 | 219.70 | 63 | 14.10 | 22.30 | 6 | 5 |
| 2026: Q1 | 0.82 | 117.20 | 62 | 7.20 | 21.60 | 15 | 14 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 105 | 38 | 27 | 1.65 | 35 | 233 | 2,605 |
| 2017 | 112 | 40 | 29 | 1.81 | 38 | 250 | 2,760 |
| 2018 | 125 | 45 | 36 | 2.22 | 42 | 270 | 2,988 |
| 2019 | 138 | 47 | 37 | 2.22 | 44 | 302 | 3,184 |
| 2020 | 145 | 52 | 41 | 2.41 | 42 | 334 | 3,689 |
| 2021 | 148 | 64 | 50 | 2.92 | 68 | 371 | 4,028 |
| 2022 | 149 | 74 | 49 | 2.95 | 60 | 354 | 3,970 |
| 2023 | 192 | 38 | 30 | 1.77 | 60 | 380 | 4,170 |
| 2024 | 223 | 37 | 30 | 1.77 | 34 | 401 | 4,306 |
| 2025 | 243 | 55 | 44 | 2.66 | 41 | 432 | 4,446 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
At least 25 years of annually raised dividends per share (adjusted payout history, scanner criterion); covered in 2025 at a 43 percent payout ratio ($18.9 of $44.0 million), quarterly rate lifted three times in a row to $0.30 (Q1 2026); plus $10 million of buybacks in 2025 (10-K 2025).
Net interest margin 2.65 → 3.17 → 3.47 percent (2023 / 2025 / Q1 2026), net interest income up 19 percent to $133.2 million in 2025, net income up 48 percent to $44.0 million, Q1 2026 more than doubled to $13.5 million — driven by repricing loans and lowered deposit costs (10-K 2025, 10-Q as of 03/31/2026).
Nonperforming loans at just 0.24 percent of the loan book ($8.5 million, 12/31/2025, after 0.62 percent at year-end 2024), provision normalized to $0.5 million in Q1 2026; CET1 ratio of 13.01 percent and total capital ratio of 14.76 percent well above "well capitalized" thresholds (10-K 2025).
Roughly a fifth of deposits are large municipal balances ($787.1 million), an estimated $917.6 million sits above FDIC insurance (of which $276.1 million collateralized, $57.5 million intercompany), plus $300 million of purchased brokered CDs — the balance sheet's most sensitive link in a confidence stress (10-K 2025, "Deposits").
In 2023 the 10-K and a 10-Q were filed late because the internal-control assessment was unfinished (NT 10-K of 03/16/2023); the derivative suit ended on 01/22/2026 per the 10-K without material financial impact, and the auditor changed (today Crowe LLP) — cleaned up, but too fresh to tick off.
A trailing P/E around 15 and roughly 1.6 times tangible book value ($25.09 per share, 03/31/2026) at a dividend yield around 3 percent (data as of mid-July 2026) — fair for the quality shown, but without a margin of safety; the Adirondack acquisition closed 07/01/2026 ($942 million in assets, stock plus cash as consideration) still has to prove integration and synergies (8-K of 07/01/2026).
Arrow Financial is the rare Dividend Aristocrat whose label you only appreciate properly after reading the fine print: the streak is real and was covered at a comfortable 43 percent ratio in 2025, the net interest margin is through its 2023/24 hairpin (3.47 percent in Q1 2026), and loan book and capital are among the most solid a community bank can show. Against that stand a margin that hangs on the rate landscape, a deposit book with a municipal cluster, the memory of the 2023 filing jam and a freshly swallowed acquisition. Whoever invests here buys 3 percent yield plus streak discipline — and carries the rate, concentration and integration risk of a small bank in return. Not investment advice.
- AROW made the research list via rank 6 of the in-house Dividend Aristocrats scanner (U.S. selection, as of July 18, 2026); the entry criterion — at least 25 consecutive years of raised calendar-year dividends per share — is computed from the split- and stock-dividend-adjusted payout history.
- Bank specifics: classic screener metrics (revenue growth, gross margin, Altman-Z) do not fit lenders; what matters are net interest margin, deposit structure, credit quality and capital ratios — all figures are taken from the 10-K 2025 and the 10-Q as of 03/31/2026.
- Market-value figure (~$650 million) and valuation ratios from the mid-July 2026 feed; the shares issued on 07/01/2026 for the Adirondack acquisition are not yet included in the per-share figures through Q1 2026. Analyses are evergreen; daily prices are not a buy argument.
About the Company
Arrow Financial Corporation, eine Bankholding, bietet verschiedene Geschäfts- und Privatkundenbankprodukte und Finanzdienstleistungen in den USA an. Zu den Einlagenprodukten des Unternehmens gehören Sichteinlagen, verzinsliche Girokonten, Spareinlagen, Termineinlagen und andere…
| CEO Insider Trades (12 Mo.) | buying own stock |
|---|---|
| Employees | 575 |
| Headquarters | Glens Falls, NY |
| Address | 250 Glen Street, 12801 Glens Falls, United States |
| Phone | 518 745 1000 |
| Website | arrowfinancial.com |
| IPO Date | 7. Sep 1984 |
| ISIN | US0427441029 |
| Stock Split | 103:100 on 09/16/2022 |
Management
| Name | Title | Birth Year |
|---|---|---|
| David S. DeMarco | CEO, President & Director | 1962 |
| Penko Krassimir Ivanov CPA, M.B.A. | Senior EVP, CFO, Chief Accounting Officer & Treasurer | 1969 |
| Michael Jacobs | Executive VP & Chief Information Officer | 1971 |
| Brooke M. Pancoe | Senior EVP & Chief Human Resources Officer | 1986 |
| Marc j. Yrsha | Senior EVP & Chief Banking Officer | 1979 |
| Andrew J. Wise | Senior EVP, Chief Risk Officer & Company Secretary | 1967 |
| Annette Reitano | Senior VP and Director of Marketing & Communications of Glen Falls | – |
| Amy Merchant | Senior VP & Director of Employee Total Rewards | – |
| Rocco F. Arcuri Sr. | Senior VP, Regional President of Mohawk Valley & Director | 1959 |
| Laura Steele | Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.