Arrow Financial (AROW)


Market Price (9/14/2026): $39.18 | Market Cap: $643.6 MilSector: Financials | Industry: Regional Banks

Arrow Financial (AROW)


Market Price (9/14/2026): $39.18
Market Cap: $643.6 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 6.9%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -63%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%

Low stock price volatility
Vol 12M is 26%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

Key risks
AROW key risks include [1] integration challenges from the recent merger of its two subsidiary banks, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 6.9%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -63%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%
3 Low stock price volatility
Vol 12M is 26%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
5 Key risks
AROW key risks include [1] integration challenges from the recent merger of its two subsidiary banks, Show more.

AROW in ETFs

Weight = AROW's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
KRE0.11%
AVUV0.05%
IWN0.04%
VTWO0.02%
DFAS0.01%
+4 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/3/2026

Arrow Financial (AROW) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Strategic Acquisition Completion Expands Asset Base.

Arrow Financial Corporation completed its strategic acquisition of Adirondack Bancorp, Inc. on July 1, 2026, a significant company-specific event within the period. This acquisition substantially increased Arrow Financial's scale by adding approximately $1.0 billion in assets and 19 new branch locations. The transaction is anticipated to contribute significantly to earnings per share (EPS) accretion starting from fiscal year 2027.

2. Strong Revenue Performance and Positive Future Earnings Outlook.

For fiscal Q2 2026, which ended June 30, 2026, Arrow Financial reported revenue of $52.44 million, surpassing analyst estimates of $45.51 million. While adjusted EPS of $0.71 (excluding $1.0 million in merger-related expenses) missed consensus estimates of $0.85-$0.86, analysts project robust future growth. Earnings are expected to increase by 19.72% next year, from $3.55 to $4.25 per share, with an estimated fiscal Q3 2026 EPS of $0.94, representing a 22.08% year-over-year increase.

Show more
Updated on 9/3/2026

Arrow Financial (AROW) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Strategic Acquisition Completion Expands Asset Base.

Arrow Financial Corporation completed its strategic acquisition of Adirondack Bancorp, Inc. on July 1, 2026, a significant company-specific event within the period. This acquisition substantially increased Arrow Financial's scale by adding approximately $1.0 billion in assets and 19 new branch locations. The transaction is anticipated to contribute significantly to earnings per share (EPS) accretion starting from fiscal year 2027.

2. Strong Revenue Performance and Positive Future Earnings Outlook.

For fiscal Q2 2026, which ended June 30, 2026, Arrow Financial reported revenue of $52.44 million, surpassing analyst estimates of $45.51 million. While adjusted EPS of $0.71 (excluding $1.0 million in merger-related expenses) missed consensus estimates of $0.85-$0.86, analysts project robust future growth. Earnings are expected to increase by 19.72% next year, from $3.55 to $4.25 per share, with an estimated fiscal Q3 2026 EPS of $0.94, representing a 22.08% year-over-year increase.

3. Maintained Dividend and Solid Capital Ratios Reinforce Financial Stability.

The company maintained its quarterly cash dividend of $0.30 per share, declared on July 23, 2026, and payable on August 25, 2026, underscoring its commitment to shareholder returns and its appeal as a dividend stock. This was supported by strong capital adequacy, with a Common Equity Tier 1 Capital Ratio of 13.21% and a Total Risk-Based Capital Ratio of 14.98% at the end of fiscal Q2 2026, both exceeding "well capitalized" regulatory standards.

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Stock Movement Drivers

Fundamental Drivers

The 7.5% change in AROW stock from 5/31/2026 to 9/13/2026 was primarily driven by a 7.5% change in the company's P/E Multiple.
(LTM values as of)53120269132026Change
Stock Price ($)36.4239.157.5%
Change Contribution By: 
Total Revenues ($ Mil)1711752.4%
Net Income Margin (%)29.9%29.3%-2.0%
P/E Multiple11.712.57.5%
Shares Outstanding (Mil)1616-0.3%
Cumulative Contribution7.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/13/2026
ReturnCorrelation
AROW7.5% 
Market (SPY)1.0%11.1%
Sector (XLF)11.0%53.8%

Fundamental Drivers

The 19.4% change in AROW stock from 2/28/2026 to 9/13/2026 was primarily driven by a 32.8% change in the company's Net Income Margin (%).
(LTM values as of)22820269132026Change
Stock Price ($)32.7839.1519.4%
Change Contribution By: 
Total Revenues ($ Mil)15617512.2%
Net Income Margin (%)22.0%29.3%32.8%
P/E Multiple15.612.5-19.7%
Shares Outstanding (Mil)1616-0.2%
Cumulative Contribution19.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/13/2026
ReturnCorrelation
AROW19.4% 
Market (SPY)11.7%22.4%
Sector (XLF)11.9%49.2%

Fundamental Drivers

The 36.2% change in AROW stock from 8/31/2025 to 9/13/2026 was primarily driven by a 43.5% change in the company's Net Income Margin (%).
(LTM values as of)83120259132026Change
Stock Price ($)28.7439.1536.2%
Change Contribution By: 
Total Revenues ($ Mil)15017516.9%
Net Income Margin (%)20.4%29.3%43.5%
P/E Multiple15.612.5-19.4%
Shares Outstanding (Mil)17160.7%
Cumulative Contribution36.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/13/2026
ReturnCorrelation
AROW36.2% 
Market (SPY)19.5%23.1%
Sector (XLF)7.3%51.3%

Fundamental Drivers

The 157.8% change in AROW stock from 8/31/2023 to 9/13/2026 was primarily driven by a 88.2% change in the company's P/E Multiple.
(LTM values as of)83120239132026Change
Stock Price ($)15.1939.15157.8%
Change Contribution By: 
Total Revenues ($ Mil)14417521.7%
Net Income Margin (%)27.0%29.3%8.4%
P/E Multiple6.712.588.2%
Shares Outstanding (Mil)17163.8%
Cumulative Contribution157.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/13/2026
ReturnCorrelation
AROW157.8% 
Market (SPY)75.7%36.7%
Sector (XLF)74.0%55.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AROW Return25%2%-11%7%14%28%78%
Peers Return31%-4%-6%19%7%33%100%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
AROW Win Rate67%42%33%50%58%67% 
Peers Win Rate65%42%48%52%57%69% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
AROW Max Drawdown-10%-17%-49%-22%-17%-11% 
Peers Max Drawdown-17%-20%-37%-23%-24%-15% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CBU, NBTB, FISI, TMP, CHMG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)

How Low Can It Go

EventAROWS&P 500
2025 US Tariff Shock
  % Loss-11.7%-18.8%
  % Gain to Breakeven13.2%23.1%
  Time to Breakeven22 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-14.7%-9.5%
  % Gain to Breakeven17.3%10.5%
  Time to Breakeven63 days24 days
2023 SVB Regional Banking Crisis
  % Loss-41.9%-6.7%
  % Gain to Breakeven72.1%7.1%
  Time to Breakeven212 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-15.0%-24.5%
  % Gain to Breakeven17.6%32.4%
  Time to Breakeven28 days427 days
2020 COVID-19 Crash
  % Loss-30.5%-33.7%
  % Gain to Breakeven43.9%50.9%
  Time to Breakeven345 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-14.9%-19.2%
  % Gain to Breakeven17.5%23.8%
  Time to Breakeven268 days105 days

Compare to CBU, NBTB, FISI, TMP, CHMG

In The Past

Arrow Financial's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAROWS&P 500
2023 SVB Regional Banking Crisis
  % Loss-41.9%-6.7%
  % Gain to Breakeven72.1%7.1%
  Time to Breakeven212 days31 days
2020 COVID-19 Crash
  % Loss-30.5%-33.7%
  % Gain to Breakeven43.9%50.9%
  Time to Breakeven345 days140 days

Compare to CBU, NBTB, FISI, TMP, CHMG

In The Past

Arrow Financial's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Arrow Financial (AROW)

Arrow Financial Corporation (AROW) is a bank holding company that offers a comprehensive suite of commercial and consumer banking and financial products and services. Its core operations revolve around taking deposits and providing various lending solutions to both individuals and businesses.

The company's offerings include a range of deposit products such as checking, savings, and time deposits. On the lending side, Arrow Financial provides commercial loans, commercial real estate loans, consumer installment loans (like auto and personal lines of credit), and residential real estate loans including fixed home equity and lines of credit. Beyond traditional banking, it also offers retirement planning, trust and estate administration, corporate employee benefit plan administration, insurance agency services, and investment advisory services.

Arrow Financial primarily serves individuals and businesses in the northeastern region of New York State. Its operational footprint covers several counties including Warren, Washington, Saratoga, Essex, Clinton, Rensselaer, Albany, and Schenectady, as well as surrounding areas.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Arrow Financial (AROW):

  • It's like a highly localized version of M&T Bank, serving specific communities in upstate New York.
  • Think of it as a community-focused bank, similar to a smaller Citizens Bank, but concentrating its services on specific counties in northeastern New York.

AI Analysis | Feedback

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  • Deposit Products: Provides various types of accounts including checking, savings, and time deposits for individuals and businesses.
  • Commercial Loans: Offers term loans, lines of credit, and commercial real estate loans to businesses.
  • Consumer Loans: Furnishes installment loans, personal lines of credit, auto loans, and residential real estate loans to individuals.
  • Indirect Lending Program: Operates a program where loans are provided through third-party channels.
  • Residential Real Estate Loan Origination & Secondary Market Sales: Originates residential real estate loans and sells them into the secondary market.
  • Trust and Estate Administration: Delivers services for managing trusts and estates for individuals.
  • Employee Benefit Plan Administration: Administers pension, profit-sharing, and other employee benefit plans for corporations.
  • Insurance Agency Services: Provides group health care, life, property, and casualty insurance products.
  • Investment Advisory Services: Offers investment advice, including to its proprietary mutual funds.
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Arrow Financial (AROW) serves a diversified customer base, primarily consisting of individuals and businesses within its operating region in northeastern New York State. As a bank holding company, it does not have a concentrated list of major corporate customers. Instead, its customer base can be categorized as follows:

  • Consumer Banking Customers: Individuals are a major customer group, utilizing a wide array of products and services. These include various deposit accounts (demand, interest-bearing checking, savings, time deposits), consumer installment loans, personal lines of credit, automobile loans, and residential real estate loans (mortgages, fixed home equity loans, and home equity lines of credit).
  • Commercial Banking Customers: Businesses and corporations form another significant customer segment. Arrow Financial provides them with commercial loans (term loans, time notes, lines of credit), commercial real estate loans for various purposes (purchases, refinancing, expansions, improvements, construction, and land development), and potentially business deposit accounts.
  • Wealth Management and Trust Clients: This category includes individuals seeking retirement planning, trust, and estate administration services. It also encompasses corporations that utilize the company's services for pension, profit-sharing, and employee benefit plan administration. Additionally, investors utilizing its investment advisory services for proprietary mutual funds fall into this segment.
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David S. DeMarco, President and CEO

David S. DeMarco was appointed President and Chief Executive Officer of Arrow Financial Corporation and Arrow Bank in May 2023. He joined the company in 1987 as a commercial lender and has since held positions of increasing responsibility within the organization. In 2012, he was named President and CEO of Saratoga National Bank, which is now known as Arrow Bank. Mr. DeMarco holds a bachelor's degree in finance from the University of Texas at Austin and is a graduate of the Adirondack Regional Chamber of Commerce's Leadership Program and the Stonier Graduate School of Banking.

Penko K. Ivanov, Senior Executive Vice President, CFO, Treasurer and CAO

Penko K. Ivanov joined Arrow Financial Corporation in 2023 and was appointed Chief Financial Officer, Executive Vice President, Treasurer, and Chief Accounting Officer, effective February 21, 2023. He brings over 30 years of experience in financial planning and analysis, controllership, financial reporting, and treasury. Prior to joining Arrow, Mr. Ivanov served as Executive Vice President and Chief Financial Officer of Bankwell Financial Group, Inc., and also held CFO positions at Darien Rowayton Bank and for Doral Bank's U.S. Operations. He began his career with Ernst & Young GmbH and has held finance positions at General Electric Company and PepsiCo, Inc., as well as accounting/finance positions at GE Capital and Bridgewater Associates. Mr. Ivanov holds an MBA and bachelor's degrees in accounting and finance from the University of South Florida.

Michael Jacobs, Executive Vice President and CIO

Michael Jacobs serves as the Executive Vice President and Chief Information Officer for Arrow Financial Corporation.

Brooke M. Pancoe, Executive Vice President and CHRO

Brooke M. Pancoe is an Executive Vice President and the Chief Human Resources Officer at Arrow Financial Corporation.

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Key Risks to Arrow Financial (AROW)

  1. Interest Rate Fluctuations: As a bank holding company, Arrow Financial Corporation's profitability is significantly exposed to changes in interest rates. Fluctuations can impact the company's net interest margin, its ability to originate loans and attract deposits, and the fair value of its financial assets and liabilities. For example, increased interest expenses due to higher deposit rates presented a challenge in 2024.
  2. Regulatory Compliance and Changes: Arrow Financial operates within a heavily regulated environment at both federal and state levels. The company faces significant risks from evolving banking regulations, particularly those related to capital and liquidity standards, anti-money laundering laws, and the Community Reinvestment Act. Increased scrutiny on mid-sized banks following recent industry events also contributes to heightened regulatory risk and potential compliance costs.
  3. Credit Risk and Economic Conditions: Given its extensive lending activities across commercial, residential real estate, and consumer segments, Arrow Financial is inherently exposed to credit risk, which is the risk of borrowers defaulting on their loans. While asset quality showed improvements in 2025, a downturn in the U.S. economy or within its concentrated operating region in northeastern New York State could negatively impact loan quality, increase non-performing assets, and affect overall earnings.

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The clear emerging threat to Arrow Financial, a regional, branch-based bank, is the rapid advancement and widespread adoption of digital-first banking models. This phenomenon encompasses:

  1. The emergence and growth of **digital-only banks and specialized fintech companies** that operate with minimal physical infrastructure, offering highly competitive rates and superior digital user experiences for deposits, loans, and other financial services. These players can attract customers without geographical constraints, directly challenging Arrow Financial's traditional branch network and regional focus.
  2. The significant **investment by larger national banks into advanced digital banking platforms**, enabling them to deliver sophisticated online and mobile services that can appeal to customers even within Arrow Financial's localized markets. This diminishes the competitive advantage of Arrow's physical presence and community ties.

Collectively, these trends undermine the traditional value proposition of regional, brick-and-mortar banking by providing more convenient, often cheaper, and broadly accessible alternatives, threatening Arrow Financial's customer base, deposit acquisition, and loan origination volumes across its core banking and lending activities.

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For Arrow Financial (AROW), the expected drivers of future revenue growth over the next 2-3 years include:

  1. Strategic Acquisitions and Geographic Expansion: Arrow Financial is focused on expanding its market presence through strategic acquisitions, such as the recent acquisition of Adirondack Bancorp, Inc., which extends its footprint into new counties in the Adirondack region and Mohawk Valley. This builds on previous moves like the acquisition of the Whitehall Branch from Berkshire Bank. The company also aims to expand into additional areas like Rensselaer and Columbia counties, the Hudson Valley, and potentially western Vermont and Massachusetts. These expansions directly increase the customer base, deposits, and loan opportunities.
  2. Expansion and Cross-selling of Wealth Management and Insurance Services: The company is diversifying its revenue streams by expanding its insurance business, as demonstrated by the acquisition of A&B Agency, Inc. Furthermore, the acquisition of Adirondack Bancorp, Inc. is expected to enable Arrow to complement existing product offerings with its wealth management and insurance services, thereby increasing non-interest income.
  3. Growth in Core Lending Activities: With an increased asset base resulting from acquisitions, Arrow Financial is positioned to grow its primary banking revenue through an expanded portfolio of commercial, residential, and consumer loans. The strategic unification and broader market presence provide a larger platform to expand these core lending activities.
  4. Enhanced Operational Efficiency and Strengthened Market Presence from Bank Unification: The unification of its subsidiary banks into "Arrow Bank" is a strategic move designed to simplify brand identity, strengthen market presence, and achieve operational efficiencies. This streamlining is intended to better position the bank for future growth by optimizing resource allocation and enhancing competitive capabilities, which indirectly supports revenue generation.

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Capital Allocation Decisions for Arrow Financial (AROW)

Share Repurchases

  • Arrow Financial expanded its existing stock repurchase program by $5 million in 2023.
  • The company repurchased $9.9 million in stock during 2025.
  • A new stock repurchase program authorizing up to $5 million of common stock was approved in January 2021, replacing prior authorizations.

Share Issuance

  • Arrow Financial issues an annual stock dividend, which it has done for 15 consecutive years as of 2023.
  • The company reinstated its dividend reinvestment program (DRIP) in 2023.
  • As part of the proposed acquisition of Adirondack Bancorp, Inc., Arrow will file a registration statement to issue Arrow common stock to Adirondack shareholders.

Outbound Investments

  • Arrow Financial Corporation announced the strategic acquisition of Adirondack Bancorp, Inc. on February 26, 2026, which is expected to expand its presence into new counties.
  • The aggregate implied transaction value for the acquisition of Adirondack Bancorp, Inc. is approximately $89.1 million, based on AROW's stock price as of February 25, 2026.
  • Adirondack shareholders will receive 1.8610 shares of Arrow common stock plus $18.72 in cash for each outstanding share as part of the merger consideration.

Capital Expenditures

  • Capital Expenditures (CapEx) were reported as $13 million in 2022, $4.37 million in 2023, and $2.27 million in 2024.
  • Arrow invested heavily in a remediation plan to address internal control weaknesses in 2023.
  • By 2023, the company completed a multi-year renovation project on its downtown Glens Falls, New York headquarters.

Peer Outperformance in Regional Banks

AROW has trailed 65% of its 264 Regional Banks peers over 5Y. Regional Banks ranks 6th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that AROW has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
77%
of 287 industry peers · 39.7% return
3Y
89%
of 276 industry peers · 142.7% return
5Y
35%
of 264 industry peers · 46.7% return
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Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is AROW's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Investment Banking & Brokerage 13 4.4%109.9%135.9% IBKR 511% · SNEX 266% · GS 188%
Reinsurance 6 18.8%73.7%132.8% SPNT 164% · RGA 143% · RNR 133%
Diversified Banks 12 37.8%127.6%118.3% JPM 157% · CM 153% · RY 143%
Life & Health Insurance 20 8.2%54.2%103.2% JXN 569% · UNM 321% · FG 203%
Multi-Sector Holdings 4 3.5%53.9%82.7% JONE 361% · BRK-B 84% · VOYA 81%
Regional Banks ← 265 26.8%84.7%68.7% GCBC 366% · ESQ 361% · VBNK 332%
Property & Casualty Insurance 42 9.4%68.6%68.2% ASIC 2746900% · HRTG 471% · UVE 308%
Multi-line Insurance 9 8.9%78.7%64.5% GNW 193% · L 108% · SLF 91%
Consumer Finance 30 5.7%87.6%33.8% ENVA 603% · EZPW 379% · FCFS 180%
Financial Exchanges & Data 15 -6.5%11.8%30.5% VIRT 201% · CBOE 142% · CME 80%
Diversified Financial Services 4 0.9%14.0%24.1% FRHC 174% · EQH 106% · TMS -58%
Insurance Brokers 16 -17.9%-3.8%20.4% LIFE 347% · ARX 89% · AJG 75%
Asset Management & Custody Banks 83 -10.8%13.7%14.4% WT 340% · SII 291% · VCTR 280%
Commercial & Residential Mortgage Finance 12 -48.2%28.3%2.8% FNMA 488% · FMCC 458% · ESNT 70%
Specialized Finance 3 27.4%39.8%-0.4% EFC 30% · CACC 0% · HASI -13%
Mortgage REITs 33 -13.2%8.4%-15.4% NREF 55% · RITM 48% · DX 37%
Transaction & Payment Processing Services 15 2.2%-8.7%-41.9% V 73% · MA 70% · CPAY 60%
Diversified Capital Markets 21 -33.6%2.7%-43.9% OPY 215% · LPLA 153% · GOLD 103%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AROWCBUNBTBFISITMPCHMGMedian
NameArrow Fi.Communit.NBT Banc.Financia.Tompkins.Chemung . 
Mkt Price39.1562.5451.7340.9298.8385.1057.13
Mkt Cap0.63.32.70.81.40.41.1
Rev LTM175860740254261119257
Op Inc LTM-------
FCF LTM4524724656484552
FCF 3Y Avg2821819642723457
CFO LTM5230826261574759
CFO 3Y Avg3425921046793662

Growth & Margins

AROWCBUNBTBFISITMPCHMGMedian
NameArrow Fi.Communit.NBT Banc.Financia.Tompkins.Chemung . 
Rev Chg LTM16.9%10.2%19.4%119.6%-17.0%40.5%18.2%
Rev Chg 3Y Avg7.2%9.7%13.3%24.9%0.2%8.7%9.2%
Rev Chg Q10.1%12.2%9.1%8.5%5.4%213.2%9.6%
QoQ Delta Rev Chg LTM2.4%2.9%2.1%2.0%1.7%21.3%2.3%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM29.7%35.8%35.4%23.9%21.9%39.4%32.5%
CFO/Rev 3Y Avg21.3%32.9%32.7%24.2%30.4%35.4%31.6%
FCF/Rev LTM25.5%28.7%33.2%22.1%18.3%38.1%27.1%
FCF/Rev 3Y Avg17.3%27.8%30.6%21.5%27.7%33.3%27.8%

Valuation

AROWCBUNBTBFISITMPCHMGMedian
NameArrow Fi.Communit.NBT Banc.Financia.Tompkins.Chemung . 
Mkt Cap0.63.32.70.81.40.41.1
P/S3.73.83.63.25.43.43.7
P/Op Inc-------
P/EBIT-------
P/E12.514.412.69.78.012.112.3
P/CFO12.410.710.313.224.78.711.5
Total Yield11.0%9.9%10.8%13.5%15.1%9.9%10.9%
Dividend Yield3.0%3.0%2.9%3.3%2.7%1.6%2.9%
FCF Yield 3Y Avg5.2%7.3%9.0%8.7%8.4%12.4%8.6%
D/E0.50.20.10.40.40.40.4
Net D/E-0.6-0.7-0.10.2-0.4-0.4-0.4

Returns

AROWCBUNBTBFISITMPCHMGMedian
NameArrow Fi.Communit.NBT Banc.Financia.Tompkins.Chemung . 
1M Rtn-0.3%-5.0%-2.7%-2.0%-2.4%1.4%-2.2%
3M Rtn-1.0%-4.8%8.2%8.0%8.2%17.9%8.1%
6M Rtn22.5%10.6%26.7%36.4%35.6%60.6%31.1%
12M Rtn39.7%8.7%23.6%57.5%47.1%65.7%43.4%
3Y Rtn142.7%54.8%72.8%172.3%118.2%126.5%122.4%
1M Excs Rtn1.2%-2.8%-1.2%-1.1%-0.3%3.5%-0.7%
3M Excs Rtn-0.0%-7.2%5.8%5.1%5.6%14.5%5.3%
6M Excs Rtn6.9%-3.8%12.7%22.8%20.1%44.8%16.4%
12M Excs Rtn21.9%-8.1%6.6%39.4%30.5%48.6%26.2%
3Y Excs Rtn92.3%-17.3%0.5%111.7%50.7%64.5%57.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Community Banking166140134149143
Total166140134149143


Price Behavior

Price Behavior
Market Price$39.15 
Market Cap ($ Bil)0.6 
First Trading Date09/07/1984 
Distance from 52W High-7.2% 
   50 Days200 Days
DMA Price$39.49$35.43
DMA Trendupup
Distance from DMA-0.8%10.5%
 3M1YR
Volatility21.6%25.8%
Downside Capture51.9839.37
Upside Capture39.1071.09
Correlation (SPY)17.4%23.1%
AROW Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.470.600.110.340.450.74
Up Beta1.150.33-0.150.270.510.73
Down Beta-1.560.27-0.35-0.230.160.63
Up Capture-9%30%44%59%55%73%
Bmk +ve Days10213268138427
Stock +ve Days9173167122373
Down Capture108%138%34%51%51%89%
Bmk -ve Days11213259113324
Stock -ve Days12233158127372

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AROW
AROW39.3%25.7%1.24-
Sector ETF (XLF)9.0%14.6%0.3751.2%
Equity (SPY)18.3%12.8%1.0323.0%
Gold (GLD)19.0%29.2%0.59-1.5%
Commodities (DBC)48.3%20.6%1.80-25.5%
Real Estate (VNQ)7.6%13.6%0.2938.3%
Bitcoin (BTCUSD)-32.4%43.8%-0.776.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AROW
AROW7.1%30.9%0.25-
Sector ETF (XLF)10.2%18.4%0.4253.5%
Equity (SPY)12.5%17.2%0.5537.9%
Gold (GLD)18.7%18.8%0.81-0.3%
Commodities (DBC)11.4%19.5%0.463.5%
Real Estate (VNQ)0.7%18.9%-0.0741.1%
Bitcoin (BTCUSD)9.4%52.6%0.3616.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AROW
AROW8.0%32.3%0.31-
Sector ETF (XLF)13.2%22.1%0.5464.4%
Equity (SPY)15.2%17.9%0.7250.5%
Gold (GLD)12.3%16.3%0.62-2.1%
Commodities (DBC)8.7%18.1%0.3912.3%
Real Estate (VNQ)4.7%20.7%0.1948.6%
Bitcoin (BTCUSD)63.2%66.2%1.0315.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity0.5 Mil
Short Interest: % Change Since 815202625.8%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest5.8 days
Basic Shares Quantity16.4 Mil
Short % of Basic Shares3.3%

Earnings Returns History

Updated 8/25/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/2026-3.9%-1.7%-5.2%
4/30/20262.2%2.5%2.6%
1/29/20262.1%10.7%3.6%
10/30/20252.6%17.2%15.2%
7/24/20251.2%0.4%5.4%
5/1/2025-0.5%4.0%6.1%
1/30/2025-2.1%-1.2%-1.2%
10/31/2024-2.7%13.9%12.4%
...
SUMMARY STATS   
# Positive91414
# Negative1388
Median Positive2.1%3.8%5.8%
Median Negative-1.1%-1.5%-4.5%
Max Positive4.4%21.3%36.6%
Max Negative-3.9%-7.6%-14.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/2026-3.9%-1.7%-5.2%
4/30/20262.2%2.5%2.6%
1/29/20262.1%10.7%3.6%
10/30/20252.6%17.2%15.2%
7/24/20251.2%0.4%5.4%
5/1/2025-0.5%4.0%6.1%
1/30/2025-2.1%-1.2%-1.2%
10/31/2024-2.7%13.9%12.4%
7/25/20244.4%1.6%-6.6%
4/30/2024-2.3%3.6%12.1%
2/1/2024-0.9%-5.2%-3.8%
10/24/20232.1%21.3%36.6%
8/8/2023-1.3%-7.6%-14.7%
1/30/2023-0.4%-1.4%-7.2%
10/27/20223.6%9.4%14.6%
7/27/20220.9%0.5%0.9%
4/26/2022-0.9%-0.5%3.2%
1/27/2022-1.2%-2.0%-2.3%
10/26/2021-0.7%1.1%4.3%
7/27/2021-0.7%-1.2%-1.8%
4/27/20210.6%5.2%2.4%
1/28/2021-1.1%2.9%8.7%
SUMMARY STATS   
# Positive91414
# Negative1388
Median Positive2.1%3.8%5.8%
Median Negative-1.1%-1.5%-4.5%
Max Positive4.4%21.3%36.6%
Max Negative-3.9%-7.6%-14.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/08/202610-Q
12/31/202503/06/202610-K
09/30/202511/06/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/14/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/10/202410-Q
12/31/202303/11/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202307/27/202310-Q
12/31/202207/18/202310-K
09/30/202211/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/08/202610-Q
12/31/202503/06/202610-K
09/30/202511/06/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/14/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/10/202410-Q
12/31/202303/11/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202307/27/202310-Q
12/31/202207/18/202310-K
09/30/202211/07/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202103/11/202210-K
09/30/202111/04/202110-Q
06/30/202108/06/202110-Q
03/31/202105/06/202110-Q
12/31/202003/10/202110-K
09/30/202011/05/202010-Q
06/30/202008/06/202010-Q
03/31/202005/07/202010-Q
12/31/201902/28/202010-K
09/30/201911/05/201910-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q2 2026 Earnings Reported 7/23/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 EPS AccretionReported      
2026 Assets AddedReported 1.00 Bil 5.3% RaisedGuidance: 950.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Loan VolumeReported      
2026 Assets AddedReported 950.00 Mil    

Insider Activity

Updated 8/18/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Behan, Mark DirectSell622202638.594,110158,605344,570Form
2Demarco, David SPresident & CEO401(k)Buy1230202531.783,03596,45296,452Form
3White, Daniel James DirectBuy1112202530.141,64449,550207,665Form
4Ivanov, Penko KrassimirSEVP, Treasurer and CFODirectBuy1105202529.821,62048,308787,062Form
5Ivanov, Penko KrassimirSEVP, Treasurer and CFODirectBuy912202529.105,000145,499720,045Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Behan, Mark DirectSell622202638.594,110158,605344,570Form
2Demarco, David SPresident & CEO401(k)Buy1230202531.783,03596,45296,452Form
3White, Daniel James DirectBuy1112202530.141,64449,550207,665Form
4Ivanov, Penko KrassimirSEVP, Treasurer and CFODirectBuy1105202529.821,62048,308787,062Form
5Ivanov, Penko KrassimirSEVP, Treasurer and CFODirectBuy912202529.105,000145,499720,045Form
6Ivanov, Penko KrassimirSEVP, Treasurer and CFODirectBuy828202529.4610,922321,728580,742Form
7Ivanov, Penko KrassimirSEVP, Treasurer and CFODirectBuy828202529.461,07831,758258,865Form
8Ivanov, Penko KrassimirSEVP, Treasurer and CFODirectBuy808202526.501,42537,762204,288Form
Core Cache Last Updated: 9/13/2026