Arrow Financial Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Dividend streak & coverage
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).
Rate turnaround
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).
Credit quality & capital
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).
Deposit structure
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").
Governance & history
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.
Valuation & integration
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).
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AROW since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 26.10 $ to 42.50 $ · Last price: 38.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Banks - Regional
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Arrow Financial Corporation AROW | 0.6 | 12.5 | 0.0 | 100.0 | – | 8.8 | 36.5 |
| Mizuho Financial Group Inc. MFG | 135.7 | 17.4 | 0.0 | 100.0 | 46.7 | 10.4 | 70.5 |
| HDFC Bank Limited HDB | 116.5 | 15.8 | 0.0 | 100.0 | 33.3 | 24.3 | -33.2 |
| ICICI Bank Limited IBN | 101.0 | 17.5 | 0.0 | 100.0 | 38.5 | 6.0 | -12.0 |
| U.S. Bancorp USB | 92.6 | 12.8 | 0.0 | 100.0 | 37.8 | 0.4 | 26.3 |
| PNC Financial Services Group Inc PNC | 92.4 | 13.6 | 0.0 | 100.0 | 36.7 | -7.0 | 17.6 |
| Itau Unibanco Banco Holding SA ITUB | 91.5 | 10.0 | 0.0 | 100.0 | 39.1 | 18.0 | 29.3 |
| Deutsche Bank AG DB | 73.5 | 10.3 | 0.0 | 100.0 | 33.4 | -8.3 | 11.7 |
| Nu Holdings Ltd NU | 67.3 | 21.7 | 0.0 | 100.0 | 48.2 | 43.0 | -13.1 |
| Median of companies shown | 92.4 | 13.6 | 0.0 | 100.0 | 38.2 | 8.8 | 17.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | 0.66 | 1.50 | – | – | – | 16 | 12 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 22 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
- CEO Buys
- Insider Buying (Net)
- Institutional + Insiders Building Positions
- Institutional Accumulation
- Institutions + CEO Buying
Aktien.Guide
Breakout & Setup
Dividends
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Near 52-Week High
- Power Trend
- Stan Weinstein: Stage 2
Value & GARP
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.51 | 3.45 – 3.55 | 206 | 28.0% | 4 |
| 12/31/2027 | 4.31 | 4.25 – 4.35 | 240 | 22.6% | 4 |
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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 2.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $44.6M |
|---|---|
| Market cap | $620.0M |
| Free cash flow in year ten | $58.4M |
| Terminal value as a share of market value | 49.6% |
For comparison: over the past five years free cash flow shrank by 0.5% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft 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
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 17.6%
- More than 10% revenue growth is expected for the coming year 17.2%
- Share count grows by less than 3% a year -0.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 23.7%
- Gross margin at 40% or higher and without meaningful erosion 65.3%
- Goodwill from acquisitions does not grow faster than revenue 0.5%
- Net debt below twice EBITDA 0.0 x EBITDA
- Operating cash flow covers the profits of the last three years 32 m
- Return on capital at 15% or higher, or up versus two years ago 1.5%
- Insiders hold at least 10% or are net buyers 3.2%
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
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 9.8%
- Exp. sales growth 3Y > 5% -0.5%
- EBIT growth 10Y > 5% 4.4%
- Exp. EBIT growth 3Y > 5% 27.2%
- Net debt < 4x EBIT 0.0x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 49.7%
- Return on equity > 15% 10.8%
- ROCE > 15% 1.5%
- Expected return > 10% 34.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 4, 2026 | DeMarco David S. | President & CEO | Other | 1,504 | 39.57 | 59,513 |
| Sep 4, 2026 | DeMarco David S. | President & CEO | Other | 1,771 | 30.26 | 53,590 |
| Aug 28, 2026 | DeMarco David S. | President & CEO | Other | 3,752 | 38.16 | 143,176 |
| Aug 28, 2026 | DeMarco David S. | President & CEO | Other | 4,379 | 30.26 | 132,509 |
| Aug 17, 2026 | Behan Mark | Director | Other | 760 | 38.86 | 29,534 |
| Aug 17, 2026 | Behan Mark | Director | Other | 1,093 | 27.04 | 29,555 |
| Aug 17, 2026 | DeMarco David S. | President & CEO | Other | 2,596 | 39.25 | 101,893 |
| Aug 17, 2026 | DeMarco David S. | President & CEO | Other | 3,346 | 27.04 | 90,476 |
| Aug 12, 2026 | Behan Mark | Director | Other | 901 | 39.13 | 35,256 |
| Aug 12, 2026 | Behan Mark | Director | Other | 1,126 | 31.34 | 35,289 |
The company
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
- 09/07/1984
- ISIN
- US0427441029
- Stock Split
- 103:100 on 09/16/2022
- Stock Split
- 103:100 on 09/18/2018
- Stock Split
- 103:100 on 09/19/2017
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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.