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Investment Securities | 9 Months Ended
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Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | INVESTMENT SECURITIES (In Thousands) Management determines the appropriate classification of securities at the time of purchase. Securities reported as held-to-maturity are those debt securities which Arrow has both the positive intent and ability to hold to maturity and are stated at amortized cost. Securities available-for-sale are reported at fair value, with unrealized gains and losses reported in accumulated other comprehensive income or loss, net of taxes. Beginning January 1, 2018, upon adoption of ASU 2016-01, equity securities with readily determinable fair values are stated at fair value with realized and unrealized gains and losses reported in income. For periods prior to January 1, 2018, equity securities were classified as available-for-sale and stated at fair value with unrealized gains and losses reported as a separate component of accumulated other comprehensive income, net of tax. The following table is the schedule of Available-For-Sale Securities at September 30, 2018, December 31, 2017 and September 30, 2017:
Available-For-Sale Securities
|  | U.S. Government & Agency Obligations |  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  | Mutual Funds and Equity Securities |  | Total Available- For-Sale Securities
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Available-For-Sale Securities, at Amortized Cost |  | $ | 60,135 |  |  | $ | 2,545 |  |  | $ | 284,236 |  |  | $ | 1,000 |  |  | $ | — |  |  | $ | 347,916 |
Available-For-Sale Securities, at Fair Value |  | 59,602 |  |  | 2,548 |  |  | 277,461 |  |  | 800 |  |  | — |  |  | 340,411 |
Gross Unrealized Gains |  | — |  |  | 3 |  |  | 201 |  |  | — |  |  | — |  |  | 204 |
Gross Unrealized Losses |  | 533 |  |  | — |  |  | 6,976 |  |  | 200 |  |  | — |  |  | 7,709 |
Available-For-Sale Securities, Pledged as Collateral |  |  |  |  |  |  |  |  |  |  |  | 219,587 |
Maturities of Debt Securities, at Amortized Cost: |  |  |  |  |  |  |  |  |  |  |  |
Within One Year |  | $ | 42,621 |  |  | $ | 1,346 |  |  | $ | 1,024 |  |  | $ | — |  |  |  |  | $ | 44,991 |
From 1 - 5 Years |  | 17,514 |  |  | 719 |  |  | 164,808 |  |  | — |  |  |  |  | 183,041 |
From 5 - 10 Years |  | — |  |  | — |  |  | 103,597 |  |  | — |  |  |  |  | 103,597 |
Over 10 Years |  | — |  |  | 480 |  |  | 14,807 |  |  | 1,000 |  |  |  |  | 16,287 |
Maturities of Debt Securities, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Within One Year |  | $ | 42,410 |  |  | $ | 1,346 |  |  | $ | 1,025 |  |  | $ | — |  |  |  |  | $ | 44,781 |
From 1 - 5 Years |  | 17,192 |  |  | 722 |  |  | 158,846 |  |  | — |  |  |  |  | 176,760 |
From 5 - 10 Years |  | — |  |  | — |  |  | 102,800 |  |  | — |  |  |  |  | 102,800 |
Over 10 Years |  | — |  |  | 480 |  |  | 14,790 |  |  | 800 |  |  |  |  | 16,070 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 4,831 |  |  | $ | 1,120 |  |  | $ | 167,718 |  |  | $ | — |  |  | $ | — |  |  | $ | 173,669 |
12 Months or Longer |  | 54,771 |  |  | — |  |  | 71,433 |  |  | 800 |  |  | — |  |  | 127,004 |
Total |  | $ | 59,602 |  |  | $ | 1,120 |  |  | $ | 239,151 |  |  | $ | 800 |  |  | $ | — |  |  | $ | 300,673 |
Number of Securities in a Continuous Loss Position |  | 14 |  |  | 5 |  |  | 90 |  |  | 1 |  |  | — |  |  | 110 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 193 |  |  | $ | — |  |  | $ | 3,165 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,358 |
12 Months or Longer |  | 340 |  |  | — |  |  | 3,811 |  |  | 200 |  |  | — |  |  | 4,351 |
Total |  | $ | 533 |  |  | $ | — |  |  | $ | 6,976 |  |  | $ | 200 |  |  | $ | — |  |  | $ | 7,709 |
Disaggregated Details: |  |  |  |  |  |  |  |  |  |  |  |
US Treasury Obligations, at Amortized Cost |  | $ | — |  |  |  |  |  |  |  |  |  |  |
US Treasury Obligations, at Fair Value |  | — |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Amortized Cost |  | 60,135 |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Fair Value |  | 59,602 |  |  |  |  |  |  |  |  |  |  |
Available-For-Sale Securities
|  | U.S. Government & Agency Obligations |  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  | Mutual Funds and Equity Securities |  | Total Available- For-Sale Securities
US Government Agency Securities, at Amortized Cost |  |  |  |  |  | $ | 74,160 |  |  |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  |  |  | 74,098 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  |  |  | 210,076 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  |  |  | 203,363 |  |  |  |  |  |  |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Available-For-Sale Securities, at Amortized Cost |  | $ | 60,328 |  |  | $ | 10,351 |  |  | $ | 229,077 |  |  | $ | 1,000 |  |  | $ | 1,120 |  |  | $ | 301,876 |
Available-For-Sale Securities, at Fair Value |  | 59,894 |  |  | 10,349 |  |  | 227,596 |  |  | 800 |  |  | 1,561 |  |  | 300,200 |
Gross Unrealized Gains |  | — |  |  | 9 |  |  | 485 |  |  | — |  |  | 441 |  |  | 935 |
Gross Unrealized Losses |  | 434 |  |  | 11 |  |  | 1,966 |  |  | 200 |  |  | — |  |  | 2,611 |
Available-For-Sale Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  |  |  |  |  | 183,052 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 20,348 |  |  | $ | 8,498 |  |  | $ | 70,930 |  |  | $ | — |  |  | $ | — |  |  | $ | 99,776 |
12 Months or Longer |  | 39,546 |  |  | — |  |  | 80,759 |  |  | 800 |  |  | — |  |  | 121,105 |
Total |  | $ | 59,894 |  |  | $ | 8,498 |  |  | $ | 151,689 |  |  | $ | 800 |  |  | $ | — |  |  | $ | 220,881 |
Number of Securities in a Continuous Loss Position |  | 14 |  |  | 36 |  |  | 55 |  |  | 1 |  |  | — |  |  | 106 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 172 |  |  | $ | 11 |  |  | $ | 363 |  |  | $ | — |  |  | $ | — |  |  | $ | 546 |
12 Months or Longer |  | 262 |  |  | — |  |  | 1,603 |  |  | 200 |  |  | — |  |  | 2,065 |
Total |  | $ | 434 |  |  | $ | 11 |  |  | $ | 1,966 |  |  | $ | 200 |  |  | $ | — |  |  | $ | 2,611 |
Disaggregated Details: |  |  |  |  |  |  |  |  |  |  |  |
US Treasury Obligations, at Amortized Cost |  | $ | — |  |  |  |  |  |  |  |  |  |  |
US Treasury Obligations, at Fair Value |  | — |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Amortized Cost |  | 60,328 |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Fair Value |  | 59,894 |  |  |  |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  |  |  | $ | 40,832 |  |  |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  |  |  | 40,832 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  |  |  | 188,245 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  |  |  | 186,764 |  |  |  |  |  |  |
Available-For-Sale Securities
|  | U.S. Government & Agency Obligations |  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  | Mutual Funds and Equity Securities |  | Total Available- For-Sale Securities
September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Available-For-Sale Securities, at Amortized Cost |  | $ | 146,976 |  |  | $ | 11,875 |  |  | $ | 152,858 |  |  | $ | 2,500 |  |  | $ | 1,120 |  |  | $ | 315,329 |
Available-For-Sale Securities, at Fair Value |  | 146,978 |  |  | 11,902 |  |  | 152,806 |  |  | 2,299 |  |  | 1,474 |  |  | 315,459 |
Gross Unrealized Gains |  | 152 |  |  | 27 |  |  | 964 |  |  | — |  |  | 354 |  |  | 1,497 |
Gross Unrealized Losses |  | 150 |  |  | — |  |  | 1,016 |  |  | 201 |  |  | — |  |  | 1,367 |
Available-For-Sale Securities, Pledged as Collateral |  |  |  |  |  |  |  |  |  |  |  | 206,637 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 89,563 |  |  | $ | — |  |  | $ | 85,091 |  |  | $ | 500 |  |  | $ | — |  |  | $ | 175,154 |
12 Months or Longer |  | — |  |  | — |  |  | — |  |  | 1,800 |  |  | — |  |  | 1,800 |
Total |  | $ | 89,563 |  |  | $ | — |  |  | $ | 85,091 |  |  | $ | 2,300 |  |  | $ | — |  |  | $ | 176,954 |
Number of Securities in a Continuous Loss Position |  | 23 |  |  | — |  |  | 31 |  |  | 3 |  |  | — |  |  | 57 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 150 |  |  | $ | — |  |  | $ | 1,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,166 |
12 Months or Longer |  | — |  |  | — |  |  | — |  |  | 201 |  |  | — |  |  | 201 |
Total |  | $ | 150 |  |  | $ | — |  |  | $ | 1,016 |  |  | $ | 201 |  |  | $ | — |  |  | $ | 1,367 |
Disaggregated Details: |  |  |  |  |  |  |  |  |  |  |  |
US Treasury Obligations, at Amortized Cost |  | $ | 64,711 |  |  |  |  |  |  |  |  |  |  |
US Treasury Obligations, at Fair Value |  | $ | 64,730 |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Amortized Cost |  | $ | 82,265 |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Fair Value |  | 82,248 |  |  |  |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  |  |  | $ | 503 |  |  |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  |  |  | 505 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  |  |  | 152,355 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  |  |  | 152,301 |  |  |  |  |  |  |
The following table is the schedule of Held-To-Maturity Securities at September 30, 2018, December 31, 2017 and September 30, 2017:
Held-To-Maturity Securities
|  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  | Total Held-To Maturity Securities
September 30, 2018 |  |  |  |  |  |  |  |
Held-To-Maturity Securities, at Amortized Cost |  | $ | 239,367 |  |  | $ | 50,585 |  |  | $ | — |  |  | $ | 289,952 |
Held-To-Maturity Securities, at Fair Value |  | 233,557 |  |  | 49,162 |  |  | — |  |  | 282,719 |
Gross Unrealized Gains |  | 261 |  |  | — |  |  | — |  |  | 261 |
Gross Unrealized Losses |  | 6,071 |  |  | 1,423 |  |  | — |  |  | 7,494 |
Held-To-Maturity Securities, Pledged as Collateral |  |  |  |  |  |  |  | 268,229 |
Maturities of Debt Securities, at Amortized Cost: |  |  |  |  |  |  |  |
Within One Year |  | $ | 19,381 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,381 |
From 1 - 5 Years |  | 93,084 |  |  | 48,039 |  |  | — |  |  | 141,123 |
From 5 - 10 Years |  | 124,277 |  |  | 2,546 |  |  | — |  |  | 126,823 |
Over 10 Years |  | 2,625 |  |  | — |  |  | — |  |  | 2,625 |
Maturities of Debt Securities, at Fair Value: |  |  |  |  |  |  |  |
Within One Year |  | $ | 19,396 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,396 |
From 1 - 5 Years |  | 92,199 |  |  | 46,688 |  |  | — |  |  | 138,887 |
From 5 - 10 Years |  | 119,356 |  |  | 2,474 |  |  | — |  |  | 121,830 |
Over 10 Years |  | 2,606 |  |  | — |  |  | — |  |  | 2,606 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 95,944 |  |  | $ | 46,375 |  |  | $ | — |  |  | $ | 142,319 |
12 Months or Longer |  | 86,378 |  |  | 2,787 |  |  | — |  |  | 89,165 |
Total |  | $ | 182,322 |  |  | $ | 49,162 |  |  | $ | — |  |  | $ | 231,484 |
Number of Securities in a Continuous Loss Position |  | 535 |  |  | 47 |  |  | — |  |  | 582 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 1,443 |  |  | $ | 1,303 |  |  | $ | — |  |  | $ | 2,746 |
12 Months or Longer |  | 4,628 |  |  | 120 |  |  | — |  |  | 4,748 |
Total |  | $ | 6,071 |  |  | $ | 1,423 |  |  | $ | — |  |  | $ | 7,494 |
Disaggregated Details: |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  | $ | 3,147 |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  | 2,222 |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  | 47,438 |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  | 46,940 |  |  |  |  |
Held-To-Maturity Securities
|  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  | Total Held-To Maturity Securities
December 31, 2017 |  |  |  |  |  |  |  |
Held-To-Maturity Securities, at Amortized Cost |  | $ | 275,530 |  |  | $ | 60,377 |  |  | $ | — |  |  | $ | 335,907 |
Held-To-Maturity Securities, at Fair Value |  | 275,353 |  |  | 60,548 |  |  | — |  |  | 335,901 |
Gross Unrealized Gains |  | 1,691 |  |  | 269 |  |  | — |  |  | 1,960 |
Gross Unrealized Losses |  | 1,868 |  |  | 98 |  |  | — |  |  | 1,966 |
Held-To-Maturity Securities, Pledged as Collateral |  |  |  |  |  |  |  | 318,622 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 55,648 |  |  | $ | 13,764 |  |  | $ | — |  |  | $ | 69,412 |
12 Months or Longer |  | 65,152 |  |  | 3,257 |  |  | — |  |  | 68,409 |
Total |  | $ | 120,800 |  |  | $ | 17,021 |  |  | $ | — |  |  | $ | 137,821 |
Number of Securities in a Continuous Loss Position |  | 352 |  |  | 14 |  |  | — |  |  | 366 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 442 |  |  | $ | 56 |  |  | $ | — |  |  | $ | 498 |
12 Months or Longer |  | 1,425 |  |  | 43 |  |  | — |  |  | 1,468 |
Total |  | $ | 1,867 |  |  | $ | 99 |  |  | $ | — |  |  | $ | 1,966 |
Disaggregated Details: |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  | $ | 2,680 |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  | 2,661 |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  | 57,697 |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  | 57,887 |  |  |  |  |
September 30, 2017 |  |  |  |  |  |  |  |
Held-To-Maturity Securities, at Amortized Cost |  | $ | 277,738 |  |  | $ | 63,788 |  |  | $ | — |  |  | $ | 341,526 |
Held-To-Maturity Securities, at Fair Value |  | 279,384 |  |  | 64,515 |  |  | — |  |  | 343,899 |
Gross Unrealized Gains |  | 2,977 |  |  | 738 |  |  | — |  |  | 3,715 |
Gross Unrealized Losses |  | 1,331 |  |  | 11 |  |  | — |  |  | 1,342 |
Held-To-Maturity Securities, Pledged as Collateral |  |  |  |  |  |  |  | 325,096 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 78,238 |  |  | $ | 3,544 |  |  | $ | — |  |  | $ | 81,782 |
12 Months or Longer |  | 13,331 |  |  | — |  |  | — |  |  | 13,331 |
Total |  | $ | 91,569 |  |  | $ | 3,544 |  |  | $ | — |  |  | $ | 95,113 |
Number of Securities in a Continuous Loss Position |  | 252 |  |  | 7 |  |  | — |  |  | 259 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 1,034 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 1,045 |
12 Months or Longer |  | 297 |  |  | — |  |  | — |  |  | 297 |
Total |  | $ | 1,331 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 1,342 |
Held-To-Maturity Securities
|  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  | Total Held-To Maturity Securities
September 30, 2017 |  |  |  |  |  |  |  |
Disaggregated Details: |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  | $ | 2,792 |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  | 2,799 |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  | 60,996 |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  | 61,716 |  |  |  |  |
In the tables above, maturities of mortgage-backed securities are included based on their expected average lives. Actual maturities will differ from the table above because issuers may have the right to call or prepay obligations with, or without, prepayment penalties. Securities in a continuous loss position, in the tables above for September 30, 2018, December 31, 2017 and September 30, 2017, do not reflect any deterioration of the credit worthiness of the issuing entities. The state and municipal obligations are general obligations supported by the general taxing authority of the issuer, and in some cases are insured. Obligations issued by school districts are supported by state aid. An in-house credit analysis is performed for municipal securities based upon data that has been submitted by the issuers to the New York State Comptroller. That analysis reflects satisfactory credit worthiness of the municipalities. Subsequent to September 30, 2018, and through the date of the filing of this Quarterly Report on Form 10-Q, Arrow held no securities with significant credit deterioration. The unrealized losses on temporarily impaired securities are primarily the result of changes in interest rates for fixed rate securities where the interest rate received is less than the current rate available for new offerings of similar securities, changes in market spreads as a result of shifts in supply and demand, and/or changes in the level of prepayments for mortgage related securities. Because Arrow does not currently intend to sell any temporarily impaired securities, and because it is not more likely-than-not that the Company would be required to sell the securities prior to recovery, the impairment is considered temporary. The following table is the schedule of Equity Securities at September 30, 2018. Upon the adoption of ASU 2016-01 effective January 1, 2018, Equity Securities are not included in Securities Available-For-Sale since unrealized gains and losses are now recorded in the Consolidated Statements of Income. Prior to January 1, 2018, Equity Securities were included in Securities Available-For-Sale.
Equity Securities
September 30, 2018 |  |
Equity Securities, at Fair Value |  | $ | 1,916 |
The following is a summary of realized and unrealized gains and losses recognized in net income on equity securities during the three- and nine-month periods ended September 30, 2018:
| Three months ended September 30, 2018 | Nine months ended September 30, 2018
Net Gain on Equity Securities | $ | 114 |  | $ | 355 |
Less: Net gain (loss) recognized during the reporting period on equity securities sold during the period | — |  | — |
Unrealized net gain recognized during the reporting period on equity securities still held at the reporting date | $ | 114 |  | $ | 355 |

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