# Arrow Financial Corp: Form 10-Q for the period ended Sep 30, 2025 - Company: [Arrow Financial Corp](/companies/arow.md) (CIK 717538) - Form: 10-Q - Filed: 2025-11-06 - Accepted by EDGAR: Nov 6, 2025, 12:33 ET - Period: 2025-09-30 - Accession: 0000717538-25-000102 - Inline XBRL: yes - Main document: https://www.sec.gov/Archives/edgar/data/717538/000071753825000102/arow-20250930.htm - All documents and exhibits: https://www.sec.gov/Archives/edgar/data/717538/000071753825000102/ ## Figures reported in this filing Standardized XBRL line items for the period ended 2025-09-30. | Line item | Period | Value | XBRL concept | | --- | --- | ---: | --- | | Interest expense | 3 months, 2025-07-01 to 2025-09-30 | $19.5m | us-gaap:InterestExpense | | Interest expense | 9 months, 2025-01-01 to 2025-09-30 | $57.5m | us-gaap:InterestExpense | | Income tax | 3 months, 2025-07-01 to 2025-09-30 | $3.8m | us-gaap:IncomeTaxExpenseBenefit | | Income tax | 9 months, 2025-01-01 to 2025-09-30 | $8.7m | us-gaap:IncomeTaxExpenseBenefit | | Net income | 3 months, 2025-07-01 to 2025-09-30 | $12.8m | us-gaap:NetIncomeLoss | | Net income | 9 months, 2025-01-01 to 2025-09-30 | $29.9m | us-gaap:NetIncomeLoss | | Diluted EPS | 3 months, 2025-07-01 to 2025-09-30 | $0.77 | us-gaap:EarningsPerShareDiluted | | Diluted EPS | 9 months, 2025-01-01 to 2025-09-30 | $1.80 | us-gaap:EarningsPerShareDiluted | | Basic EPS | 3 months, 2025-07-01 to 2025-09-30 | $0.77 | us-gaap:EarningsPerShareBasic | | Basic EPS | 9 months, 2025-01-01 to 2025-09-30 | $1.80 | us-gaap:EarningsPerShareBasic | | Diluted shares (weighted) | 3 months, 2025-07-01 to 2025-09-30 | 16,406,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding | | Diluted shares (weighted) | 9 months, 2025-01-01 to 2025-09-30 | 16,543,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding | | Operating cash flow | 9 months, 2025-01-01 to 2025-09-30 | $35.4m | us-gaap:NetCashProvidedByUsedInOperatingActivities | | Capital expenditure | 9 months, 2025-01-01 to 2025-09-30 | $4.0m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | | Share repurchases | 9 months, 2025-01-01 to 2025-09-30 | $10.1m | us-gaap:PaymentsForRepurchaseOfCommonStock | | Total assets | at 2025-09-30 | $4.59bn | us-gaap:Assets | | Total liabilities | at 2025-09-30 | $4.17bn | us-gaap:Liabilities | | Short-term borrowings | at 2025-09-30 | $4.3m | us-gaap:ShortTermBorrowings | | Shareholders' equity | at 2025-09-30 | $417.7m | us-gaap:StockholdersEquity | ## Management's discussion and analysis As filed, 1,887 characters. ### Unregistered Sales of Equity Securities and Use of Proceeds #### Unregistered Sales of Equity Securities None. #### Issuer Purchases of Equity Securities The following table presents information about purchases of common stock (our only class of equity securities registered pursuant to Section 12 of the Exchange Act) by Arrow during the three months ended September 30, 2025. On July 23, 2025, the Board increased the available amount for share repurchase by $5 million, authorizing management, in its discretion, to repurchase from time to time, in the open market or in privately negotiated transactions, shares of Arrow common stock. 52,947 shares were purchased during the three months ended September 30, 2025. As of September 30, 2025, $5,066,228 remained available under the most recent authorization for the repurchase of shares. | Third Quarter 2025 Calendar Month | (A) Total Number of Shares Purchased 1 | (B) Average Price Paid Per Share 1,2 | (C) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (D) Maximum Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs 3 | | --- | ---: | ---: | ---: | ---: | | July | 19,552 | $27.17 | 19,552 | 5,957,443 | | August | 33,395 | 26.69 | 33,395 | 5,066,228 | | September | — | — | — | 5,066,228 | | Total | 52,947 | 26.87 | 52,947 | | 1 In the months indicated, the listed number of shares purchased were purchased by Arrow through such methods: July - repurchased under the repurchase authorization (19,552 shares); August - repurchased under the repurchase authorization (33,395 shares); and September - none. 2 Average price paid per share excludes the Stock Buyback Tax Under the Inflation Reduction Act of 2022. 3 Reflects the approximate dollar value of shares that may yet be purchased under the repurchase authorization as of September 30, 2025. ## Market risk As filed, 2,482 characters. ### Defaults Upon Senior Securities - None ### Mine Safety Disclosures - None ### Other Information ### Rule 10b5-1 Trading Arrangements During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. ### Exhibits | Exhibit Number | Exhibit | | --- | --- | | 3.(i) | Certificate of Incorporation of the Registrant as Amended through June 3, 2019, incorporated by reference from the Registrant's Current Report on Form 8-K filed June 5, 2019, Exhibit 3.1 | | 3.(ii) | By-laws of the Registrant, as amended, incorporated herein by reference from the Registrant’s Current Report on Form 8-K filed on February 1, 2024, Exhibit 3.1 | | 10.1 | Professional Services Agreement, dated as of July 1, 2025, by and between the Registrant and David D. Kaiser, incorporated herein by reference from the Registrant's Current Report on Form 8-K file on July 1, 2025, Exhibit 10.1 | The following exhibits are submitted herewith: | Exhibit Number | Exhibit | | --- | --- | | 31.1 | Certification of Chief Executive Officer under SEC Rule 13a-14(a)/15d-14(a) | | 31.2 | Certification of Chief Financial Officer under SEC Rule 13a-14(a)/15d-14(a) | | 32 | Certification of Chief Executive Officer under 18 U.S.C. Section 1350 and Certification of Chief Financial Officer under 18 U.S.C. Section 1350 | | 101.INS | XBRL Instance Document | | 101.SCH | XBRL Taxonomy Extension Schema Document | | 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | | 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | | 101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | | 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | 68 ### SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. ### ARROW FINANCIAL CORPORATION Registrant | | | | --- | --- | | November 6, 2025 | /s/ David S. DeMarco | | Date | David S. DeMarco | | | President and Chief Executive Officer | | | (Principal Executive Officer) | | November 6, 2025 | /s/ Penko Ivanov | | Date | Penko Ivanov | | | Chief Financial Officer | | | (Principal Financial and Accounting Officer) | 69 Filed Nov 6, 2025. Source: SEC EDGAR, the filing index for accession 0000717538-25-000102. Last ingested by Listed: Oct 29, 2026, 08:06 ET. No prices; not investment advice.