AROW

Arrow Financial Corporation

$25.99

0.9

(3.59%)

Exchange:	NASDAQ
Market Cap:	433.391M
Shares Outstanding:	9.096M

Overview

Earnings

Financials

Valuation

Chart

About The Company

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company’s deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and improvements to commercial properties, as well as commercial construction and land development loans to finance projects. The company’s lending activities also include consumer installment loans to finance personal expenditures, personal lines of credit, overdraft protection, and automobile loans; and residential real estate loans, fixed home equity loans, and home equity lines of credit for consumers to finance home improvements, debt consolidation, education, and other uses. In addition, it maintains an indirect lending program; and sells residential real estate loan originations into the secondary market. Further, the company provides retirement planning, trust, and estate administration services for individuals; and pension, profit-sharing, and employee benefit plan administration services for corporations. Additionally, it offers insurance agency services comprising group health care policies and life insurance, and property and casualty insurance products; and investment advisory services to its proprietary mutual funds, as well as holds a real estate investment trust. The company operates in the northeastern region of New York State in Warren, Washington, Saratoga, Essex, Clinton, Rensselaer, Albany, and Schenectady counties, as well as surrounding areas. It owns 26 branch banking offices; and leases 12 branch banking offices, as well as two residential loan origination offices. Arrow Financial Corporation was founded in 1851 and is headquartered in Glens Falls, New York.

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Revenue Segmentation

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EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Revenue	94,049	99,391	105,296	112,967	116,604	131,860	142,724	149,241	133,949	194,993
? Cost Of Revenue	0	0	0	0	0	0	0	0	3,381	0
? Gross Profit	94,049	99,391	105,296	112,967	116,604	131,860	142,724	149,241	130,568	194,993
? Research And Development Expenses	0	0	0	0	0	0	0	0	0	0
? General And Administrative Expenses	34,250	35,406	38,057	39,669	38,559	43,124	45,840	48,179	49,717	0
? Selling And Marketing Expenses	965	1,084	1,035	1,083	1,236	1,140	1,083	1,190	1,173	0
? Operating Expenses	-92,695	-98,278	-104,369	-55,177	-69,529	-79,997	-78,320	-82,568	133,949	192,212
? Net Interest Income	0	0	0	0	0	0	0	0	0	0
? Interest Income	70,738	76,915	84,657	96,503	109,759	111,896	115,550	129,651	162,564	0
? Interest Expense	4,813	5,356	7,006	12,485	21,710	12,694	5,195	11,308	57,732	83,261
? Depreciation And Amortization	6,293	2,225	2,200	2,153	2,456	3,307	7,826	7,548	6,718	0
? EBITDA	0	43,689	45,253	50,056	52,578	58,730	72,230	70,461	0	2,781
? EBIT
? Operating Income	1,354	1,113	927	57,790	47,075	51,863	64,404	66,673	2,437	2,781
? Income Before Tax	35,272	37,749	39,855	45,305	47,075	51,863	64,404	62,913	37,520	37,358
? Income Tax Expense	10,610	11,215	10,529	9,026	9,600	11,036	14,547	14,114	7,445	7,649
? Net Income From Continuing Operations
? Net Income	24,662	26,534	29,326	36,279	37,475	40,827	49,857	48,799	30,075	29,709
? EPS (Earnings Per Share)	1.560	1.660	1.820	2.240	2.230	2.420	2.930	2.870	1.770	1.770
? EPS Diluted	1.550	1.650	1.810	2.220	2.220	2.410	2.920	2.860	1.770	1.770
? Weighted Average Shares Outstanding	15,857.993	15,989.554	16,105.794	16,216.330	16,815.102	16,899.023	16,993.496	17,008.390	17,037	16,739
? Weighted Average Shares Outstanding Diluted	15,917.027	16,091.048	16,213.607	16,306.371	16,863.499	16,914.322	17,051.846	17,058.860	17,037	16,745
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Cash And Cash Equivalents	51,068	57,355	72,838	84,239	70,221	380,991	457,696	64,660	142,536	154,546
? Short Term Investments	402,309	346,996	300,200	317,535	357,334	365,287	559,316	573,495	0	463,111
? Cash And Short Term Investments	453,377	404,351	373,038	401,774	427,555	746,278	1,017,012	638,155	142,536	27,422
? Net Receivables	0	0	0	0	0	0	0	0	0	0
? Accounts Receivables										0
? Inventory	0	0	0	0	0	0	0	0	0	0
? Total Current Assets	1,670,848	1,850,400	2,062,628	2,315,872	427,555	746,278	1,017,012	638,155	142,536	27,422
? Property Plant Equipment Net	27,440	26,938	27,619	30,446	40,629	42,612	46,217	56,491	64,590	59,717
? Goodwill	21,873	21,873	21,873	21,873	21,873	21,873	21,873	21,873	21,873	23,789
? Intangible Assets	3,107	2,696	2,289	1,852	1,661	1,950	1,918	1,500	1,110	2,058
? Long Term Investments	731,759	703,335	646,056	618,291	614,779	590,677	757,629	757,097	117,038	570,780
? Total Non Current Assets	775,340	754,842	697,837	672,462	678,942	657,112	827,637	836,961	4,027,332	85,564
? Total Assets	2,446,188	2,605,242	2,760,465	2,988,334	3,184,275	3,688,636	4,027,952	3,969,509	4,169,868	4,306,348
? Account Payables	0	0	0	0	0	0	0	0	0	0
? Short Term Debt	82,000	123,000	0	0	0	0	0	0	20,000	0
? Deferred Revenue	0	0	0	0	0	0	0	0	0	0
? Total Current Liabilities	105,173	123,000	105,000	234,000	130,000	937,688	811,148	27,000	0	1,467,441
? Long Term Debt	75,000	75,000	180,000	299,000	185,254	70,217	70,169	79,919	51,566	28,600
? Deferred Revenue Non Current	0	0	0	0	0	0	0	0	0	0
? Deferred Tax Liabilities Non Current	0	0	0	0	0	0	0	0	0	0
? Total Non Current Liabilities	75,000	75,000	75,000	65,000	55,254	70,217	70,169	27,000	3,790,096	28,600
? Total Liabilities	2,232,217	2,372,390	2,510,862	2,718,750	2,882,547	70,217	70,169	3,615,971	3,790,096	3,905,447
? Treasury Stock										0
? Preferred Stock	0	0	8,515	0	0	0	0	0	0	0
? Common Stock	17,421	17,943	18,481	19,035	19,606	20,194	20,800	21,424	22,067	22,067
? Retained Earnings	32,139	28,644	20,303	29,257	33,218	41,899	54,078	65,401	65,792	77,215
? Additional Paid In Capital										0
? Total Stockholders Equity	213,971	232,852	249,603	269,584	301,728	334,392	371,186	353,538	379,772	400,901
? Total Equity	213,971	232,852	249,603	269,584	301,728	334,392	371,186	353,538	379,772	400,901
? Minority Interest	0	0	0	0	0	0	0	0	0	0
? Total Liabilities And Total Equity	2,446,188	2,605,242	2,760,465	2,988,334	3,184,275	3,688,636	4,027,952	3,969,509	4,169,868	4,306,348
? Total Investments	1,125,229	1,050,331	946,256	935,826	972,113	955,964	1,316,945	1,330,592	117,038	1,033,891
? Total Debt	157,000	198,000	180,000	299,000	185,254	70,217	70,169	79,919	71,566	33,605
? Net Debt	105,932	140,645	107,162	214,761	115,033	-310,774	-387,527	15,259	-70,970	-120,941
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Net Income	24,662	26,534	29,326	36,279	37,475	40,827	49,857	48,799	30,075	29,709
? Depreciation And Amortization	6,293	5,940	5,398	4,751	5,503	6,867	7,826	7,548	6,718	5,361
? Deferred Income Tax	1,180	-283	-1,530	-92	344	-2,240	945	-1,252	1,799	-789
? Stock Based Compensation	1,030	1,614	937	735	829	545	790	859	823	809
? Change In Working Capital	-1,793	-521	825	-1,858	-2,497	-1,753	-1,028	-570	-19,951	0
? Accounts Receivables	0	0	0	0	0	0	0	0	0	0
? Inventory	0	0	0	0	0	0	0	0	0	0
? Accounts Payables	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Operating Activities	28,926	34,695	37,827	41,976	43,944	42,314	68,206	59,713	20,580	34,469
? Investments In Property Plant And Equipment	-1,621	-1,441	-2,602	-5,103	-7,785	-5,132	-7,137	-14,250	-7,081	0
? Acquisitions Net	132	72	96	98	-191,949	-198,076	-83,576	-318,072	0	32,354
? Purchases Of Investments	-270,030	-217,383	-158,113	-92,252	-135,351	-181,187	-332,749	-196,244	-81,832	-157,219
? Sales Maturities Of Investments	208,777	243,110	210,282	120,785	137,665	204,110	148,891	136,188	232,132	225,000
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	-88,950
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	-17,961
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	-17,961
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	-6,790
? Net Dividends Paid	-12,700	-13,092	-13,599	-14,389	-15,206	-15,740	-16,296	-17,444	-17,983	-18,286
? Common Dividends Paid										-18,286
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	205,386	129,381	126,222	197,195	134,269	455,773	283,101	-59,687	139,946	66,491
? Effect Of Forex Changes On Cash	0	0	0	0	0	0	0	394,336	0	0
? Net Change In Cash	4,773	6,287	15,483	11,401	-14,018	310,770	76,705	-393,036	77,876	12,010
? Cash At End Of Period	51,068	57,355	72,838	84,239	70,221	380,991	457,696	64,660	142,536	154,546
? Cash At Beginning Of Period	46,295	51,068	57,355	72,838	84,239	70,221	380,991	457,696	64,660	142,536
? Operating Cash Flow	28,926	34,695	37,827	41,976	43,944	42,314	68,206	59,713	20,580	34,469
? Capital Expenditure	-1,621	-1,441	-2,602	-5,103	-7,785	-5,132	-7,137	-14,250	-7,081	-5,597
? Free Cash Flow	27,305	33,254	35,225	36,873	36,159	37,182	61,069	45,463	13,499	28,872
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Estimated Revenue (Low)	105,000	112,500	116,500	130,699.999	142,780	150,063.375	135,627.995	143,246.666	162,041.415	173,860.397
Estimated Revenue (High)	105,000	112,500	116,500	130,699.999	142,780	150,356.624	136,512.004	144,180.333	163,097.584	174,993.602
Estimated Revenue (Avg)	105,000	112,500	116,500	130,699.999	142,780	150,210	136,070	143,713.500	162,569.500	174,427
Estimated Ebitda (Low)	42,913.942	49,021.136	44,559.526	51,498.827	59,486.289	62,383.543	68,621.895	53,703.692	60,749.911	65,180.890
Estimated Ebitda (High)	64,370.914	73,531.705	44,559.526	77,248.241	89,229.434	93,575.315	102,932.844	54,053.727	61,145.872	65,605.733
Estimated Ebitda (Avg)	53,642.428	61,276.421	44,559.526	64,373.534	74,357.862	77,979.429	85,777.370	53,878.709	60,947.892	65,393.311
Estimated Net Income (Low)	24,161.051	28,354.324	37,237.432	29,078.881	38,223.071	39,918.563	24,059.999	35,054.319	42,936.359	48,105.373
Estimated Net Income (High)	36,241.577	42,531.485	37,237.432	43,618.322	57,334.607	59,877.843	36,090	35,351.711	43,300.395	48,513.281
Estimated Net Income (Avg)	30,201.314	35,442.905	37,237.432	36,348.602	47,778.839	49,898.204	30,075	35,203.015	42,945.500	48,309.327
Estimated SGA Expense (Low)	39,036.980	38,794.046	36,516.378	33,162.578	38,257.479	42,372.493	46,609.741	48,178.267	54,499.520	58,474.608
Estimated SGA Expense (High)	58,555.470	58,191.069	36,516.378	49,743.868	57,386.218	63,558.739	69,914.611	48,492.288	54,854.743	58,855.740
Estimated SGA Expense (Avg)	48,796.225	48,492.558	36,516.378	41,453.224	47,821.849	52,965.616	58,262.176	48,335.278	54,677.132	58,665.174
Estimated EPS (Avg)	1.740	2.170	2.190	2.360	3.020	2.910	1.790	2.100	2.580	2.880
Estimated EPS (High)	1.740	2.170	2.190	2.360	3.020	2.920	1.800	2.110	2.590	2.900
Estimated EPS (Low)	1.740	2.170	2.190	2.360	3.020	2.910	1.780	2.090	2.560	2.870
Number of Analysts (Estimated Revenue)	14	14	1	1	1	1	1	1	1	1
Number of Analysts (Estimated EPS)	13	13	1	1	1	1	1	1	1	1

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Current Key Metrics

?	Revenue (TTM) :	223.067M	?	P/S (TTM) :	1.85
?	Net Income (TTM) :	29.709M	?	P/E (TTM) :	14.74
?	Enterprise Value (TTM) :	150.516M	?	EV/FCF (TTM) :	5.29
?	Dividend Yield (TTM) :	0.04	?	Payout Ratio (TTM) :	0.65
?	ROE (TTM) :	0.07	?	ROIC (TTM) :	0.06
?	Net Debt (TTM) :	11.025M	?	Debt/Equity (TTM) :
?	P/B (TTM) :		?	Current Ratio (TTM) :