UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2019 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-12507 (Exact name of registrant as specified in its charter) New York 22-2448962 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Ident ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2019 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-12507 (Exact name of registrant as specified in its charter) New York 22-2448962 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identifica ...

Company Overview - Arrow Financial Corporation is a two-bank holding company with subsidiaries including Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company[98]. - The company’s peer group consists of 66 domestic bank holding companies with total consolidated assets between $1 billion and $3 billion[97]. Financial Performance - Net income for the quarter ended March 31, 2019, was $8,734,000, a slight decrease from $8,758,000 in the previous quarter[109]. - Basic earnings per share (EPS) was $0.60, consistent with the previous quarter's EPS of $0.61[109]. - Total stockholders' equity increased to $276,609,000 from $269,584,000 in the previous quarter[112]. - Return on average assets (annualized) improved to 1.19% from 1.18% in the previous quarter[109]. - Return on average equity (annualized) was 12.98%, up from 12.94% in the previous quarter[110]. - Net interest income for the quarter was $21,121,000, down from $21,657,000 in the previous quarter[109]. - Noninterest income increased to $6,887,000 from $6,799,000 in the previous quarter[109]. - Efficiency ratio was 58.55%, slightly higher than 58.04% in the previous quarter[109]. - Tangible book value per share (non-GAAP) rose to $17.48 from $16.99 in the previous quarter[112]. Capital and Liquidity - Tier 1 risk-based capital ratio was 13.95%, an increase from 13.87% in the previous quarter[110]. - Common Equity Tier 1 Capital ratio was 12.98% as of March 31, 2019, exceeding the required minimum of 7.00%[114]. - The company has not experienced any liquidity problems in 2019, relying primarily on asset-based liquidity[128]. - The company’s liquidity ratio, including FHLBNY collateralized borrowing capacity, was 12.1% of total assets, exceeding the internally-set minimum target ratio of 4%[176]. Loans and Asset Quality - Total loans grew by $39.0 million, or 1.8%, compared to December 31, 2018, with consumer loans increasing by $27.3 million, or 3.8%[126]. - The allowance for loan losses was $20.4 million, representing 0.91% of total loans, a slight decrease from 0.92% at December 31, 2018[125]. - Nonperforming loans were $5.3 million, or 0.24% of period-end loans, down from 0.25% at December 31, 2018, which is better than the peer group average of 0.56%[125]. - The total loan portfolio reached $2.21 billion as of March 31, 2019, with consumer loans representing over one-third of this total[141]. - The company expects to collect all payments of contractual interest and principal in full on classified loans[161]. Deposits and Funding - Total deposits increased by $144.5 million, or 6.2%, to $2.49 billion compared to December 31, 2018[131]. - The company experienced a $19.7 million decrease in non-interest bearing deposits, attributed to customers seeking higher returns amid rising short-term interest rates[134]. - The Company acquired $66.5 million in brokered deposits in Q1 2019 to diversify its funding sources at more favorable rates[149]. - Interest-bearing checking accounts decreased to $768.4 million in Q1 2019 from $914.1 million in Q1 2018[150]. Non-GAAP Measures and Adjustments - The company utilizes non-GAAP financial measures such as tax-equivalent net interest income and efficiency ratio to provide better performance comparisons[102][104]. - Adjustments for certain items of income or expense are made to improve understanding of operational results by isolating unusual transactions[106]. - The efficiency ratio is defined as the ratio of noninterest expense to net interest income and noninterest income, indicating expense control[104]. - The company emphasizes the importance of non-GAAP measures as supplemental information for evaluating performance[107]. Forward-Looking Statements and Risks - Forward-looking statements indicate potential risks including rapid changes in economic conditions and interest rates, which could impact asset quality and liquidity[99][100]. - The company is not obligated to update forward-looking statements after the report date, highlighting the uncertainty of future performance[101]. - Significant factors affecting performance include rapid changes in economic conditions, interest rates, and consumer spending patterns[100]. - The company notes potential competition from non-bank entities and regulatory changes impacting the banking sector[100].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2018 Commission File Number: 0-12507 ARROW FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) New York 22-2448962 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 250 GLEN STREET, GLENS FALLS, NEW YORK 12801 (Address of principal ...