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Profile: Arrow Financial Corp (AROW.OQ)

AROW.OQ on NASDAQ Stock Exchange Global Select Market

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Arrow Financial Corporation (Arrow), incorporated on March 21, 1983, is a bank holding company. The Company's banking subsidiaries are Glens Falls National Bank and Trust Company (Glens Falls National) and Saratoga National Bank and Trust Company (Saratoga National). It operates in community banking industry segment. The subsidiaries of Glens Falls National include Capital Financial Group, Inc. (an insurance agency engaged in selling and servicing group healthcare policies and life insurance); Upstate Agency, LLC (a property and casualty insurance agency); Glens Falls National Insurance Agencies, LLC (a property and casualty insurance agency doing business under the name of McPhillips Insurance Agency); North Country Investment Advisers, Inc. (a registered investment advisor that provides investment advice to the Company's mutual funds), and Arrow Properties, Inc. (a real estate investment trust (REIT)). The Company's business consists primarily of the ownership, supervision and control of its two banks. The Company provides advisory and administrative services and coordinates the general policies and operation of the banks. It offers a range of commercial and consumer banking, and financial products. Its deposit base consists of deposits derived from the communities it serves. Through its banks' trust operations, the Company provides retirement planning, trust and estate administration services for individuals, and pension, profit-sharing and employee benefit plan administration for corporations.

Lending Activities

The Company engages in a range of lending activities, including commercial and industrial lending primarily to small and mid-sized companies; mortgage lending for residential and commercial properties, and consumer installment and home equity financing. The Company's loan portfolio includes residential real estate loans, commercial, commercial real estate and construction and land development loans, and automobile loans primarily through indirect lending. The Company maintains an active indirect lending program through its sponsorship of automobile dealer programs, under which it purchases dealer paper primarily from dealers that meet pre-established specifications. From time-to-time, the Company sells a portion of its residential real estate loan originations into the secondary market, to the Federal Home Loan Mortgage Corporation (Freddie Mac), as well as to other financial institutions and governmental agencies. As of December 31, 2016, the Company's net loans were $1.7 billion.

Investment Activities

Investment securities are classified as held-to-maturity, trading, or available-for-sale, depending on the purposes, for which such securities are acquired and thereafter held. The Company held no trading securities. It purchases only pass-through securities and collateralized mortgage obligations (CMOs) that are issued or guaranteed by the United States federal agencies, and the tranches of CMOs that it purchases are those having shorter maturities. As of December 31, 2016, the Company's total available-for-sale securities amounted to $346 million. As of December 31, 2016, the Company's total held-to-maturity securities amounted to $345 million.

Sources of Funds

The Company's deposit portfolio includes demand deposits, interest-bearing checking accounts, savings deposits and other time deposits. As of December 31, 2016, the Company's total deposits amounted to $2.1 billion.

Arrow's subsidiary banks have in place unsecured federal funds lines of credit with two correspondent banks. In addition to liquidity from short-term investments, investment securities and loans, the Company has supplemented available operating liquidity with additional off-balance sheet sources, such as federal funds lines of credit and credit lines with the Federal Home Loan Bank of New York (FHLBNY).

Company Address

Arrow Financial Corp

250 Glen St
GLENS FALLS   NY   12801-3505
P: +1518.4154299

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