XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.21.2

Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | INVESTMENT SECURITIES (In Thousands) The following table is the schedule of Available-For-Sale Securities at September 30, 2021, December 31, 2020 and September 30, 2020:
Available-For-Sale Securities
|  | U.S. Government & Agency Obligations |  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  |  |  | Total Available- For-Sale Securities
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Available-For-Sale Securities, at Amortized Cost |  | $ | 110,001 |  |  | $ | 400 |  |  | $ | 373,042 |  |  | $ | 1,000 |  |  |  |  | $ | 484,443 |
Gross Unrealized Gains |  | 96 |  |  | — |  |  | 5,225 |  |  | — |  |  |  |  | 5,321 |
Gross Unrealized Losses |  | (792) |  |  | — |  |  | (1,872) |  |  | (200) |  |  |  |  | (2,864) |
Available-For-Sale Securities, at Fair Value |  | 109,305 |  |  | 400 |  |  | 376,395 |  |  | 800 |  |  |  |  | 486,900 |
Available-For-Sale Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  |  |  |  |  | 361,014 |
Maturities of Debt Securities, at Amortized Cost: |  |  |  |  |  |  |  |  |  |  |  |
Within One Year |  | $ | — |  |  | $ | — |  |  | $ | 125 |  |  | $ | — |  |  |  |  | $ | 125 |
From 1 - 5 Years |  | 110,001 |  |  | 40 |  |  | 368,296 |  |  | — |  |  |  |  | 478,337 |
From 5 - 10 Years |  | — |  |  | 360 |  |  | 4,621 |  |  | 1,000 |  |  |  |  | 5,981 |
Over 10 Years |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Maturities of Debt Securities, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Within One Year |  | $ | — |  |  | $ | — |  |  | $ | 132 |  |  | $ | — |  |  |  |  | $ | 132 |
From 1 - 5 Years |  | 109,305 |  |  | 40 |  |  | 371,649 |  |  | — |  |  |  |  | 480,994 |
From 5 - 10 Years |  | — |  |  | 360 |  |  | 4,614 |  |  | 800 |  |  |  |  | 5,774 |
Over 10 Years |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 74,695 |  |  | $ | — |  |  | $ | 190,532 |  |  | $ | — |  |  |  |  | $ | 265,227 |
12 Months or Longer |  | 29,513 |  |  | — |  |  | — |  |  | 800 |  |  |  |  | 30,313 |
Total |  | $ | 104,208 |  |  | $ | — |  |  | $ | 190,532 |  |  | $ | 800 |  |  |  |  | $ | 295,540 |
Number of Securities in a Continuous Loss Position |  | 14 |  |  | — |  |  | 27 |  |  | 1 |  |  |  |  | 42 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 305 |  |  | $ | — |  |  | $ | 1,872 |  |  | $ | — |  |  |  |  | $ | 2,177 |
12 Months or Longer |  | 487 |  |  | — |  |  | — |  |  | 200 |  |  |  |  | 687 |
Total |  | $ | 792 |  |  | $ | — |  |  | $ | 1,872 |  |  | $ | 200 |  |  |  |  | $ | 2,864 |
Disaggregated Details: |  |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Amortized Cost |  | $ | 110,001 |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Fair Value |  | 109,305 |  |  |  |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  |  |  | $ | 10,119 |  |  |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  |  |  | 10,165 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  |  |  | 362,923 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  |  |  | 366,230 |  |  |  |  |  |  |
Available-For-Sale Securities
|  | U.S. Government & Agency Obligations |  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  |  |  | Total Available- For-Sale Securities
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Available-For-Sale Securities, at Amortized Cost |  | $ | 65,002 |  |  | $ | 528 |  |  | $ | 290,967 |  |  | $ | 1,000 |  |  |  |  | $ | 357,497 |
Gross Unrealized Gains |  | 184 |  |  | — |  |  | 7,934 |  |  | — |  |  |  |  | 8,118 |
Gross Unrealized Losses |  | (74) |  |  | — |  |  | (54) |  |  | (200) |  |  |  |  | (328) |
Available-For-Sale Securities, at Fair Value |  | 65,112 |  |  | 528 |  |  | 298,847 |  |  | 800 |  |  |  |  | 365,287 |
Available-For-Sale Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  |  |  |  |  | 244,411 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 29,926 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 29,926 |
12 Months or Longer |  | — |  |  | — |  |  | 4,882 |  |  | 800 |  |  |  |  | 5,682 |
Total |  | $ | 29,926 |  |  | $ | — |  |  | $ | 4,882 |  |  | $ | 800 |  |  |  |  | $ | 35,608 |
Number of Securities in a Continuous Loss Position |  | 4 |  |  | — |  |  | 1 |  |  | 1 |  |  |  |  | 6 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 74 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 74 |
12 Months or Longer |  | — |  |  | — |  |  | 54 |  |  | 200 |  |  |  |  | 254 |
Total |  | $ | 74 |  |  | $ | — |  |  | $ | 54 |  |  | $ | 200 |  |  |  |  | $ | 328 |
Disaggregated Details: |  |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Amortized Cost |  | $ | 65,002 |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Fair Value |  | 65,112 |  |  |  |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  |  |  | $ | 12,696 |  |  |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  |  |  | 12,683 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  |  |  | 278,271 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  |  |  | 286,164 |  |  |  |  |  |  |
Available-For-Sale Securities
|  | U.S. Government & Agency Obligations |  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  |  |  | Total Available- For-Sale Securities
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Available-For-Sale Securities, at Amortized Cost |  | $ | 35,001 |  |  | $ | 593 |  |  | $ | 329,887 |  |  | $ | 1,000 |  |  |  |  | $ | 366,481 |
Gross Unrealized Gains |  | 184 |  |  | — |  |  | 8,700 |  |  | — |  |  |  |  | 8,884 |
Gross Unrealized Losses |  | (18) |  |  | — |  |  | (219) |  |  | (200) |  |  |  |  | (437) |
Available-For-Sale Securities, at Fair Value |  | 35,167 |  |  | 593 |  |  | 338,368 |  |  | 800 |  |  |  |  | 374,928 |
Available-For-Sale Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  |  |  |  |  | 308,879 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 29,982 |  |  | $ | — |  |  | $ | 13,847 |  |  | $ | — |  |  |  |  | $ | 43,829 |
12 Months or Longer |  | — |  |  | — |  |  | 54,239 |  |  | 800 |  |  |  |  | 55,039 |
Total |  | $ | 29,982 |  |  | $ | — |  |  | $ | 68,086 |  |  | $ | 800 |  |  |  |  | $ | 98,868 |
Number of Securities in a Continuous Loss Position |  | 4 |  |  | — |  |  | 26 |  |  | 1 |  |  |  |  | 31 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 18 |  |  | $ | — |  |  | $ | 36 |  |  | $ | — |  |  |  |  | $ | 54 |
12 Months or Longer |  | — |  |  | — |  |  | 183 |  |  | 200 |  |  |  |  | 383 |
Total |  | $ | 18 |  |  | $ | — |  |  | $ | 219 |  |  | $ | 200 |  |  |  |  | $ | 437 |
Disaggregated Details: |  |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Amortized Cost |  | $ | 35,001 |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Fair Value |  | 35,167 |  |  |  |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  |  |  | $ | 69,575 |  |  |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  |  |  | 69,407 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  |  |  | 260,312 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  |  |  | 268,961 |  |  |  |  |  |  |
At September 30, 2021, there was no allowance for credit losses for the available for sale securities portfolio. The following table is the schedule of Held-To-Maturity Securities at September 30, 2021, December 31, 2020 and September 30, 2020:
Held-To-Maturity Securities
|  | State and Municipal Obligations |  | Mortgage- Backed Securities |  |  |  | Total Held-To Maturity Securities
September 30, 2021 |  |  |  |  |  |  |  |
Held-To-Maturity Securities, at Amortized Cost |  | $ | 179,952 |  |  | $ | 18,385 |  |  |  |  | $ | 198,337 |
Gross Unrealized Gains |  | 4,834 |  |  | 765 |  |  |  |  | 5,599 |
Gross Unrealized Losses |  | — |  |  | — |  |  |  |  | — |
Held-To-Maturity Securities, at Fair Value |  | 184,786 |  |  | 19,150 |  |  |  |  | 203,936 |
Held-To-Maturity Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  | 192,929 |
Maturities of Debt Securities, at Amortized Cost: |  |  |  |  |  |  |  |
Within One Year |  | $ | 23,281 |  |  | $ | 940 |  |  |  |  | $ | 24,221 |
From 1 - 5 Years |  | 140,014 |  |  | 17,445 |  |  |  |  | 157,459 |
From 5 - 10 Years |  | 15,791 |  |  | — |  |  |  |  | 15,791 |
Over 10 Years |  | 866 |  |  | — |  |  |  |  | 866 |
Maturities of Debt Securities, at Fair Value: |  |  |  |  |  |  |  |
Within One Year |  | $ | 23,448 |  |  | $ | 959 |  |  |  |  | $ | 24,407 |
From 1 - 5 Years |  | 143,994 |  |  | 18,191 |  |  |  |  | 162,185 |
From 5 - 10 Years |  | 16,473 |  |  | — |  |  |  |  | 16,473 |
Over 10 Years |  | 871 |  |  | — |  |  |  |  | 871 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
12 Months or Longer |  | — |  |  | — |  |  |  |  | — |
Total |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
Number of Securities in a Continuous Loss Position |  | — |  |  | — |  |  |  |  | — |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
12 Months or Longer |  | — |  |  | — |  |  |  |  | — |
Total |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
Disaggregated Details: |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  | $ | 6,302 |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  | 6,506 |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  | 12,083 |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  | 12,644 |  |  |  |  |
Held-To-Maturity Securities
|  | State and Municipal Obligations |  | Mortgage- Backed Securities |  |  |  | Total Held-To Maturity Securities
December 31, 2020 |  |  |  |  |  |  |  |
Held-To-Maturity Securities, at Amortized Cost |  | $ | 192,352 |  |  | $ | 26,053 |  |  |  |  | $ | 218,405 |
Gross Unrealized Gains |  | 7,080 |  |  | 1,094 |  |  |  |  | 8,174 |
Gross Unrealized Losses |  | (3) |  |  | — |  |  |  |  | (3) |
Held-To-Maturity Securities, at Fair Value |  | 199,429 |  |  | 27,147 |  |  |  |  | 226,576 |
Held-To-Maturity Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  | 211,176 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 1,513 |  |  | $ | — |  |  |  |  | $ | 1,513 |
12 Months or Longer |  | — |  |  | — |  |  |  |  | — |
Total |  | $ | 1,513 |  |  | $ | — |  |  |  |  | $ | 1,513 |
Number of Securities in a Continuous Loss Position |  | 4 |  |  | — |  |  |  |  | 4 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 3 |  |  | $ | — |  |  |  |  | $ | 3 |
12 Months or Longer |  | — |  |  | — |  |  |  |  | — |
Total |  | $ | 3 |  |  | $ | — |  |  |  |  | $ | 3 |
Disaggregated Details: |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  | $ | 9,440 |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  | 9,762 |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  | 16,613 |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  | 17,385 |  |  |  |  |
Held-To-Maturity Securities
|  | State and Municipal Obligations |  | Mortgage- Backed Securities |  |  |  | Total Held-To Maturity Securities
September 30, 2020 |  |  |  |  |  |  |  |
Held-To-Maturity Securities, at Amortized Cost |  | $ | 195,735 |  |  | $ | 29,064 |  |  |  |  | $ | 224,799 |
Gross Unrealized Gains |  | 7,488 |  |  | 1,257 |  |  |  |  | 8,745 |
Gross Unrealized Losses |  | (43) |  |  | — |  |  |  |  | (43) |
Held-To-Maturity Securities, at Fair Value |  | 203,180 |  |  | 30,321 |  |  |  |  | 233,501 |
Held-To-Maturity Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  | 221,844 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 1,476 |  |  | $ | — |  |  |  |  | $ | 1,476 |
12 Months or Longer |  | — |  |  | — |  |  |  |  | — |
Total |  | $ | 1,476 |  |  | $ | — |  |  |  |  | $ | 1,476 |
Number of Securities in a Continuous Loss Position |  | 4 |  |  | — |  |  |  |  | 4 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 42 |  |  | $ | — |  |  |  |  | $ | 42 |
12 Months or Longer |  | 1 |  |  | — |  |  |  |  | 1 |
Total |  | $ | 43 |  |  | $ | — |  |  |  |  | $ | 43 |
Disaggregated Details: |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  | $ | 10,669 |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  | 11,049 |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  | 18,392 |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  | 19,272 |  |  |  |  |
In the tables above, maturities of mortgage-backed securities are included based on their expected average lives. Actual maturities will differ 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, 2021, December 31, 2020 and September 30, 2020, do not reflect any deterioration of the credit worthiness of the issuing entities. Arrow evaluates available-for-sale debt securities in unrealized loss positions at each measurement date to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized within the allowance for credit losses on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings via credit loss expense. Arrow determined that at September 30, 2021, gross unrealized losses were primarily attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. Arrow does not intend to sell, nor is it more likely than not that Arrow will be required to sell the security before recovery of its amortized cost basis, which may be at maturity. Therefore, Arrow carried no allowance for credit loss at September 30, 2021 and there was no credit loss expense recognized by Arrow with respect to the securities portfolio during the three months ended September 30, 2021. Arrow's held to maturity debt securities are comprised of U.S. government agencies, U.S. government-sponsored enterprises or state and municipal obligations. U.S. government agencies and U.S. government-sponsored enterprise securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. Arrow determined that the expected credit loss on its held to maturity debt portfolio was immaterial and therefore no allowance for credit loss was recorded as of September 30, 2021. The following table is the schedule of Equity Securities at September 30, 2021, December 31, 2020 and September 30, 2020:
Equity Securities
|  | September 30, 2021 | December 31, 2020 | September 30, 2020
Equity Securities, at Fair Value |  | $1,886 | $1,636 | $1,511
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 period ended September 30, 2021 and 2020:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2021 |  |  |  | 2020 |  | 2021 |  | 2020 |  |
Net (Loss) Gain on Equity Securities | $ | (106) |  |  |  |  | $ | (72) |  |  | $ | 250 |  |  | $ | (552) |  |  |
Less: Net (loss) gain recognized during the reporting period on equity securities sold during the period | — |  |  |  |  | — |  |  | — |  |  | — |  |  |
Unrealized net (loss) gain recognized during the reporting period on equity securities still held at the reporting date | $ | (106) |  |  |  |  | $ | (72) |  |  | $ | 250 |  |  | $ | (552) |  |  |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration