May 2020 Metropolitan and Nonmetropolitan Area Occupational Employment and Wage Estimates
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Current infection rate in Europe
Earthquake activity: Los Angeles-area historical earthquake activity is significantly above California state average. It is % greater than the overall U.S. average. On 7/21/ at , a magnitude ( UK, Class: Major, Intensity: VIII - XII) earthquake occurred miles away from Los Angeles center, causing $50,, total damage On 6/28/ at , a magnitude (6. As of April 18, , there were 48,, confirmed cases of coronavirus (COVID) across the whole of Europe since the first confirmed case on January 25, The final rule changed the assessment base from domestic deposits to average assets minus average tangible equity, adopted a new large-bank pricing assessment scheme, and set a target size for the Deposit Insurance Fund. The rule (as mandated by Dodd-Frank) finalizes a target size for the Deposit Insurance Fund Reserve Ratio at % of insured.
Washington, D. FORM K. The Securities Exchange Act of For the Fiscal Year Ended December 31, Commission File Number: Exact name of registrant as specified in its charter. New York State or other jurisdiction of incorporation or organization I.
Employer Identification No. Securities registered pursuant to Section 12 b of the Act:. I ndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 d of the Act.
Indicate by check mark whether the registrant 1 has filed all reports required to be filed by Section 13 or 15 d of the Securities Exchange Act of during the preceding 12 months or for such shorter period that the registrant was required to file such reports , and 2 has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. Item 1A. Risk Factors. Item 1B. Unresolved Staff Comments. Item 2. Item 3. Legal Proceedings. Item 4. Mine Safety Disclosures.
Item 5. Equity Securities. Item 6. Selected Financial Data. Item 7. Item 7A. Item 8. Financial Statements and Supplementary Data. Item 9. Item 9A. Controls and Procedures. Item 9B. Other Information. Item Exhibits, Financial Statement Schedules. Form K Summary. Exhibit Index. Unless otherwise specifically stated, this peer group is comprised of the group of domestic U. This peer group is not, however, identical to either of the peer groups comprising the two bank indices included in the stock performance graphs on pages 20 and 21 of this Report.
Arrow is a two-bank holding company headquartered in Glens Falls, New York. Active subsidiaries of Glens Falls National include Upstate Agency, LLC an insurance agency that sells property and casualty insurance and also specializes in selling and servicing group health care policies and life insurance , North Country Investment Advisers, Inc. Arrow also owns directly two subsidiary business trusts, organized in and to issue trust preferred securities TRUPs , which are still outstanding.
The information contained in this Annual Report on Form K contains statements that are not historical in nature but rather are based on our beliefs, assumptions, expectations, estimates and projections about the future. Other forward-looking statements are based on our general perceptions of market conditions and trends in activity, both locally and nationally, as well as current management strategies for future operations and development.
These forward-looking statements may not be exhaustive, are not guarantees of future performance and involve certain risks and uncertainties that are difficult to quantify or, in some cases, to identify.
You should not place undue reliance on any such forward-looking statements. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast.
Factors that could cause or contribute to such differences include, but are not limited to the following, which are or may be amplified by the novel coronavirus COVID pandemic:. The Company is under no duty to update any of the forward-looking statements after the date of this Annual Report on Form K to conform such statements to actual results.
All forward-looking statements, express or implied, included in this Report and the documents incorporated by reference and that are attributable to the Company are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or any persons acting on our behalf may issue.
When these exempted measures are included in public disclosures, supplemental information is not required. The following measures used in this Report, which are commonly utilized by financial institutions, have not been specifically exempted by the SEC and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules, although the Company is unable to state with certainty that the SEC would so regard them.
Tax-Equivalent Net Interest Income and Net Interest Margin: Net interest income, as a component of the tabular presentation by financial institutions of Selected Financial Information regarding their recently completed operations, as well as disclosures based on that tabular presentation, is commonly presented on a tax-equivalent basis.
That is, to the extent that some component of the institution's net interest income, which is presented on a before-tax basis, is exempt from taxation e. Moreover, net interest income is itself a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average earning assets.
The Company follows these practices. The Efficiency Ratio: Financial institutions often use an "efficiency ratio" as a measure of expense control. The efficiency ratio typically is defined as the ratio of noninterest expense to net interest income and noninterest income. Net interest income as utilized in calculating the efficiency ratio is typically the same as the net interest income presented in Selected Financial Information table discussed in the preceding paragraph, i.
Moreover, many financial institutions, in calculating the efficiency ratio, also adjust both noninterest expense and noninterest income to exclude from these items as calculated under GAAP certain recurring component elements of income and expense, such as intangible asset amortization which is included in noninterest expense under GAAP but may not be included therein for purposes of calculating the efficiency ratio and securities gains or losses which are reflected in the calculation of noninterest income under GAAP but may be ignored for purposes of calculating the efficiency ratio.
The Company makes these adjustments. Tangible book value per share is tangible equity divided by total shares issued and outstanding. Intangible assets include many items, but in our case, essentially represents goodwill. Adjustments for Certain Items of Income or Expense: In addition to our regular utilization in our public filings and disclosures of the various non-GAAP measures commonly utilized by financial institutions discussed above, we also may elect from time to time, in connection with our presentation of various financial measures prepared in accordance with GAAP, such as net income, earnings per share i.
The Company does so only if it believes that inclusion of the resulting non-GAAP financial measures may improve the average investor's understanding of Arrow's results of operations by separating out items that have a disproportional positive or negative impact on the particular period in question or by otherwise permitting a better comparison from period-to-period in the results of operations with respect to the Company's fundamental lines of business, including the commercial banking business.
The Company believes that the non-GAAP financial measures disclosed from time-to-time are useful in evaluating Arrow's performance and that such information should be considered as supplemental in nature, and not as a substitute for or superior to, the related financial information prepared in accordance with GAAP. Arrow's non-GAAP financial measures may differ from similar measures presented by other companies.
PART I. Item 1. The holding company, Arrow Financial Corporation, a New York corporation, was incorporated on March 21, and is registered as a bank holding company within the meaning of the Bank Holding Company Act of Arrow owns two nationally-chartered banks in New York Glens Falls National and Saratoga National , and through such banks indirectly owns various non-bank subsidiaries, including an insurance agency, a registered investment adviser and a REIT.
See "The Company and Its Subsidiaries," above. Subsidiary Banks dollars in thousands. The holding company provides various advisory and administrative services and coordinates the general policies and operation of the banks. There were full-time equivalent employees, including 42 employees within Arrow's insurance agency affiliate, at December 31, The Company offers a broad range of commercial and consumer banking and financial products.
The deposit base consists of deposits derived principally from the communities served. The Company targets lending activities to consumers and small- and mid-sized companies in Arrow's regional geographic area. In addition, through an indirect lending program the Company acquires consumer loans from an extensive network of automobile dealers that operate in a larger area of upstate New York, and in central and southern Vermont.
Through the 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. Arrow engages in a wide 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.
An active indirect lending program is maintained through Arrow's sponsorship of automobile dealer programs under which consumer auto loans, primarily from dealers that meet pre-established specifications are purchased. From time to time, a portion of the residential real estate loan originations are sold into the secondary market, primarily to the Federal Home Loan Mortgage Corporation "Freddie Mac" and other governmental agencies.
Normally, the Company retains the servicing rights on mortgage loans originated and sold into the secondary markets, subject to periodic determinations on the continuing profitability of such activity.
Generally, Arrow continues to implement lending strategies and policies that are intended to protect the quality of the loan portfolio, including strong underwriting and collateral control procedures and credit review systems. Home equity lines of credit, secured by real property, are systematically placed on nonaccrual status when days past due, and residential real estate loans are placed on nonaccrual status when days past due.
Commercial and commercial real estate loans are evaluated on a loan-by-loan basis and are placed on nonaccrual status when 90 days past due if the full collection of principal and interest is uncertain.
See Part II, Item 7. Arrow lends almost exclusively to borrowers within the normal retail service area in northeastern New York State, with the exception of the indirect consumer lending line of business, where Arrow acquires retail paper from an extensive network of automobile dealers that operate in a larger area of upstate New York and in Vermont. The loan portfolio does not include any foreign loans or any other significant risk concentrations.
Arrow does not generally participate in loan syndications, either as originator or as a participant. However, from time to time, the Company buys participations in individual loans, typically commercial loans, originated by other financial institutions in New York and adjacent states. Much of the portfolio is properly collateralized, and most commercial loans are further supported by personal guarantees.
Arrow also. Arrow does not engage in subprime mortgage lending as a business line and does not extend or purchase so-called "Alt A," "negative amortization," "option ARM's" or "negative equity" mortgage loans. The following generally describes the laws and regulations to which Arrow is subject.