Arrow Financial Corporation (AROW)

Arrow Financial Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	165.45	142.02	112.98	104.99	100.49	95.47
Interest Income on Investments	22.96	20.55	16.67	10.57	11.4	14.29
Total Interest Income	188.42	162.56	129.65	115.55	111.9	109.76
Interest Paid on Deposits	75	50.1	9.83	3.53	10.63	16.54
Interest Paid on Borrowings	5.76	7.63	1.48	1.67	2.07	5.17
Total Interest Expense	80.76	57.73	11.31	5.2	12.69	21.71
Net Interest Income	107.66	104.83	118.34	110.36	99.2	88.05
Net Interest Income Growth (YoY)	-1.95%	-11.42%	7.24%	11.24%	12.67%	4.80%
Trust Income	9.7	9.44	9.71	10.14	8.89	8.81
Gain (Loss) on Sale of Investments	0.29	-0.09	0.43	0.11	-0.46	0.29
Other Non-Interest Income	21.2	19.73	20.68	19.72	20.34	18.84
Total Non-Interest Income	31.33	29.12	30.9	32.37	32.66	28.56
Non-Interest Income Growth (YoY)	8.80%	-5.76%	-4.54%	-0.88%	14.37%	-1.36%
Revenues Before Loan Losses	138.99	133.95	149.24	142.72	131.86	116.6
Provision for Loan Losses	2.85	3.38	4.8	0.27	9.32	2.08
Revenue	136.14	130.57	144.44	142.45	122.54	114.53
Revenue Growth (YoY)	1.35%	-9.61%	1.40%	16.25%	7.00%	3.77%
Salaries and Employee Benefits	48.73	45.3	44.69	42.52	39.9	36.39
Occupancy Expenses	7.13	6.55	6.2	5.81	5.61	5.41
Federal Deposit Insurance	2.68	2.05	1.18	1.04	1.06	0.16
Selling, General & Administrative	22.21	21.14	19.63	18.23	16.28	16.31
Other Non-Interest Expense	13.87	18	9.84	8.97	7.82	9.19
Total Non-Interest Expense	94.62	93.05	81.53	76.57	70.68	67.45
EBT Excluding Unusual Items	41.52	37.52	62.91	65.88	51.86	47.08
Legal Settlements	-	-	-	-1.48	-	-
Pretax Income	41.52	37.52	62.91	64.4	51.86	47.08
Income Tax Expense	8.56	7.45	14.11	14.55	11.04	9.6
Net Income	32.96	30.08	48.8	49.86	40.83	37.48
Net Income to Common	32.96	30.08	48.8	49.86	40.83	37.48
Net Income Growth	-4.29%	-38.37%	-2.12%	22.12%	8.94%	3.30%
Basic Shares Outstanding	17	17	17	17	17	17
Diluted Shares Outstanding	17	17	17	17	17	17
Shares Change (YoY)	-1.34%	-0.13%	0.04%	0.81%	0.30%	0.41%
EPS (Basic)	1.96	1.77	2.87	2.93	2.42	2.23
EPS (Diluted)	1.96	1.77	2.86	2.92	2.42	2.22
EPS Growth	-3.01%	-38.28%	-2.05%	20.86%	8.61%	3.00%
Dividend Per Share	1.080	1.056	1.030	0.960	0.932	0.905
Dividend Growth	2.66%	2.52%	7.29%	3.00%	2.99%	5.20%
Effective Tax Rate	20.61%	19.84%	22.43%	22.59%	21.28%	20.39%

Source: S&P Capital IQ. Banks template. Financial Sources.