XML 45 R27.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2021
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] |
Leases | LEASES (Dollars In Thousands) Arrow is a lessee in its leases, which are mainly for financial services locations in addition to leases for corporate vehicles. These leases generally require the Company to pay third-party expenses on behalf of the Lessor, which are referred to as variable payments. Under some leases, the Company pays the variable payments to the lessor, and in other leases, the Company pays the variable payments directly to the applicable third party. None of the Company's current leases include any residual value guarantees or any subleases, and there are no significant rights or obligations of the Company for leases that have not commenced as of the reporting date. Arrow leases two of its branch offices, at market rates, from Stewart’s Shops Corp. Mr. Gary C. Dake, President of Stewart’s Shops Corp., serves as a director on the board of directors of each of Arrow and Saratoga National. Arrow also leases one administrative office from an entity controlled by Elizabeth Miller, who serves as a director on the board of directors of each of Arrow and Glens Falls National. Additional information regarding these relationships can be found in Arrow's Proxy Statement for its Annual Meeting of Shareholders to be held May 4, 2022 under the caption "Corporate Governance - Related Party Transactions." The following includes quantitative data related to the Company's leases as of and for the twelve months ended December 31, 2021 and December 31, 2020:
|  | Twelve Months Ended
Finance Lease Amounts: | Classification | December 31, 2021 |  | December 31, 2020
Right-of-Use Assets | Premises and Equipment, Net | $ | 4,814 |  |  | $ | 4,991 |
Lease Liabilities | Finance Leases | 5,169 |  |  | 5,217 |
Operating Lease Amounts: |  |  |  |
Right-of-Use Assets | Other Assets | $ | 6,941 |  |  | $ | 5,326 |
Lease Liabilities | Other Liabilities | 7,124 |  |  | 5,410 |
Other Information: |  |  |  |
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities: |  |  |
Operating Outgoing Cash Flows From Finance Leases |  | $ | 195 |  |  | $ | 196 |
Operating Outgoing Cash Flows From Operating Leases |  | 794 |  |  | 778 |
Financing Outgoing Cash Flows From Finance Leases |  | 48 |  |  | 37 |
Right-of-Use Assets Obtained In Exchange For New Finance Lease Liabilities | — |  |  | — |
Right-of-Use Assets Obtained In Exchange For New Operating Lease Liabilities | 2,508 |  |  | 294 |
Weighted-average Remaining Lease Term - Finance Leases (Yrs.) | 28.20 |  | 29.17
Weighted-average Remaining Lease Term - Operating Leases (Yrs.) | 11.17 |  | 13.05
Weighted-average Discount Rate—Finance Leases |  | 3.75 | % |  | 3.75 | %
Weighted-average Discount Rate—Operating Leases |  | 2.77 | % |  | 3.28 | %
Lease cost information for the Company's leases is as follows: |  |
| Three Months Ended |  | Twelve Months Ended
| December 31, 2021 |  | December 31, 2020 |  | December 31, 2021 |  | December 31, 2020
Lease Cost: |  |  |  |  |  |  |
Finance Lease Cost: |  |  |  |  |  |  |
Reduction in the Carrying Amount of Right-of-use assets | $ | 44 |  |  | $ | 44 |  |  | $ | 177 |  |  | $ | 177 |
Interest on Lease Liabilities | 49 |  |  | 48 |  |  | 195 |  |  | 196 |
Operating Lease Cost | 270 |  |  | 214 |  |  | 1,007 |  |  | 838 |
Short-term Lease Cost | 19 |  |  | 8 |  |  | 47 |  |  | 40 |
Variable Lease Cost | 67 |  |  | 39 |  |  | 270 |  |  | 204 |
Total Lease Cost | $ | 449 |  |  | $ | 353 |  |  | $ | 1,696 |  |  | $ | 1,455 |
Future Lease Payments at December 31, 2021 are as follows:
|  | Operating Leases |  | Finance Leases
Twelve Months Ended: |  |  |  |
12/31/2022 |  | $ | 1,216 |  |  | $ | 243 |
12/31/2023 |  | 997 |  |  | 243 |
12/31/2024 |  | 756 |  |  | 249 |
12/31/2025 |  | 694 |  |  | 263 |
12/31/2026 |  | 631 |  |  | 268 |
Thereafter |  | 4,208 |  |  | 7,532 |
Total Undiscounted Cash Flows |  | 8,502 |  |  | 8,798 |
Less: Net Present Value Adjustment |  | 1,378 |  |  | 3,629 |
Lease Liability |  | $ | 7,124 |  |  | $ | 5,169 |
Leases | LEASES (Dollars In Thousands) Arrow is a lessee in its leases, which are mainly for financial services locations in addition to leases for corporate vehicles. These leases generally require the Company to pay third-party expenses on behalf of the Lessor, which are referred to as variable payments. Under some leases, the Company pays the variable payments to the lessor, and in other leases, the Company pays the variable payments directly to the applicable third party. None of the Company's current leases include any residual value guarantees or any subleases, and there are no significant rights or obligations of the Company for leases that have not commenced as of the reporting date. Arrow leases two of its branch offices, at market rates, from Stewart’s Shops Corp. Mr. Gary C. Dake, President of Stewart’s Shops Corp., serves as a director on the board of directors of each of Arrow and Saratoga National. Arrow also leases one administrative office from an entity controlled by Elizabeth Miller, who serves as a director on the board of directors of each of Arrow and Glens Falls National. Additional information regarding these relationships can be found in Arrow's Proxy Statement for its Annual Meeting of Shareholders to be held May 4, 2022 under the caption "Corporate Governance - Related Party Transactions." The following includes quantitative data related to the Company's leases as of and for the twelve months ended December 31, 2021 and December 31, 2020:
|  | Twelve Months Ended
Finance Lease Amounts: | Classification | December 31, 2021 |  | December 31, 2020
Right-of-Use Assets | Premises and Equipment, Net | $ | 4,814 |  |  | $ | 4,991 |
Lease Liabilities | Finance Leases | 5,169 |  |  | 5,217 |
Operating Lease Amounts: |  |  |  |
Right-of-Use Assets | Other Assets | $ | 6,941 |  |  | $ | 5,326 |
Lease Liabilities | Other Liabilities | 7,124 |  |  | 5,410 |
Other Information: |  |  |  |
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities: |  |  |
Operating Outgoing Cash Flows From Finance Leases |  | $ | 195 |  |  | $ | 196 |
Operating Outgoing Cash Flows From Operating Leases |  | 794 |  |  | 778 |
Financing Outgoing Cash Flows From Finance Leases |  | 48 |  |  | 37 |
Right-of-Use Assets Obtained In Exchange For New Finance Lease Liabilities | — |  |  | — |
Right-of-Use Assets Obtained In Exchange For New Operating Lease Liabilities | 2,508 |  |  | 294 |
Weighted-average Remaining Lease Term - Finance Leases (Yrs.) | 28.20 |  | 29.17
Weighted-average Remaining Lease Term - Operating Leases (Yrs.) | 11.17 |  | 13.05
Weighted-average Discount Rate—Finance Leases |  | 3.75 | % |  | 3.75 | %
Weighted-average Discount Rate—Operating Leases |  | 2.77 | % |  | 3.28 | %
Lease cost information for the Company's leases is as follows: |  |
| Three Months Ended |  | Twelve Months Ended
| December 31, 2021 |  | December 31, 2020 |  | December 31, 2021 |  | December 31, 2020
Lease Cost: |  |  |  |  |  |  |
Finance Lease Cost: |  |  |  |  |  |  |
Reduction in the Carrying Amount of Right-of-use assets | $ | 44 |  |  | $ | 44 |  |  | $ | 177 |  |  | $ | 177 |
Interest on Lease Liabilities | 49 |  |  | 48 |  |  | 195 |  |  | 196 |
Operating Lease Cost | 270 |  |  | 214 |  |  | 1,007 |  |  | 838 |
Short-term Lease Cost | 19 |  |  | 8 |  |  | 47 |  |  | 40 |
Variable Lease Cost | 67 |  |  | 39 |  |  | 270 |  |  | 204 |
Total Lease Cost | $ | 449 |  |  | $ | 353 |  |  | $ | 1,696 |  |  | $ | 1,455 |
Future Lease Payments at December 31, 2021 are as follows:
|  | Operating Leases |  | Finance Leases
Twelve Months Ended: |  |  |  |
12/31/2022 |  | $ | 1,216 |  |  | $ | 243 |
12/31/2023 |  | 997 |  |  | 243 |
12/31/2024 |  | 756 |  |  | 249 |
12/31/2025 |  | 694 |  |  | 263 |
12/31/2026 |  | 631 |  |  | 268 |
Thereafter |  | 4,208 |  |  | 7,532 |
Total Undiscounted Cash Flows |  | 8,502 |  |  | 8,798 |
Less: Net Present Value Adjustment |  | 1,378 |  |  | 3,629 |
Lease Liability |  | $ | 7,124 |  |  | $ | 5,169 |

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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