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Investment Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | INVESTMENT SECURITIES (Dollars In Thousands) The following table is the schedule of Available-For-Sale Securities at December 31, 2024 and 2023:
Available-For-Sale Securities
|  | U.S. Treasuries |  | U.S. Government & Agency Obligations |  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  |  |  | Total Available- For-Sale Securities
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-For-Sale Securities, at Amortized Cost |  | $ | 97,985 |  |  | $ | 70,000 |  |  | $ | 240 |  |  | $ | 330,448 |  |  | $ | 1,000 |  |  |  |  | $ | 499,673 |
Gross Unrealized Gains |  | 90 |  |  | 32 |  |  | — |  |  | 29 |  |  | — |  |  |  |  | 151 |
Gross Unrealized Losses |  | (5) |  |  | (818) |  |  | — |  |  | (35,869) |  |  | (21) |  |  |  |  | (36,713) |
Available-For-Sale Securities, at Fair Value |  | $ | 98,070 |  |  | $ | 69,214 |  |  | $ | 240 |  |  | $ | 294,608 |  |  | $ | 979 |  |  |  |  | $ | 463,111 |
Available-For-Sale Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  |  |  |  |  |  |  | 181,759 |
Maturities of Debt Securities, at Amortized Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within One Year |  | 24,960 |  |  | 45,000 |  |  | — |  |  | 1,852 |  |  | — |  |  |  |  | 71,812 |
From 1 - 5 Years |  | 24,650 |  |  | 25,000 |  |  | — |  |  | 166,436 |  |  | 1,000 |  |  |  |  | 217,086 |
From 5 - 10 Years |  | 48,375 |  |  | — |  |  | 240 |  |  | 162,160 |  |  | — |  |  |  |  | 210,775 |
Over 10 Years |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Maturities of Debt Securities, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within One Year |  | 25,046 |  |  | 44,932 |  |  | — |  |  | 1,826 |  |  | — |  |  |  |  | 71,804 |
From 1 - 5 Years |  | 24,654 |  |  | 24,282 |  |  | — |  |  | 149,746 |  |  | 979 |  |  |  |  | 199,661 |
From 5 - 10 Years |  | 48,370 |  |  | — |  |  | 240 |  |  | 143,036 |  |  | — |  |  |  |  | 191,646 |
Over 10 Years |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 48,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 66,958 |  |  | $ | — |  |  |  |  | $ | 115,328 |
12 Months or Longer |  | — |  |  | 54,182 |  |  | — |  |  | 221,305 |  |  | 979 |  |  |  |  | 276,466 |
Total |  | $ | 48,370 |  |  | $ | 54,182 |  |  | $ | — |  |  | $ | 288,263 |  |  | $ | 979 |  |  |  |  | $ | 391,794 |
Available-For-Sale Securities
|  | U.S. Treasuries |  | U.S. Government & Agency Obligations |  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  |  |  | Total Available- For-Sale Securities
Number of Securities in a Continuous Loss Position |  | 2 |  |  | 7 |  |  | — |  |  | 97 |  |  | 1 |  |  |  |  | 107 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,037 |  |  | $ | — |  |  |  |  | $ | 2,042 |
12 Months or Longer |  | — |  |  | 818 |  |  | — |  |  | 33,832 |  |  | 21 |  |  |  |  | 34,671 |
Total |  | $ | 5 |  |  | $ | 818 |  |  | $ | — |  |  | $ | 35,869 |  |  | $ | 21 |  |  |  |  | $ | 36,713 |
Disaggregated Details: |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury Obligations, at Amortized Cost |  | $ | 97,985 |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury Obligations, at Fair Value |  | 98,070 |  |  |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Amortized Cost |  |  |  | $ | 70,000 |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Fair Value |  |  |  | 69,214 |  |  |  |  |  |  |  |  |  |  |
Local Municipal Obligations, at Amortized Cost |  |  |  |  |  | $ | 240 |  |  |  |  |  |  |  |  |
Local Municipal Obligations, at Fair Value |  |  |  |  |  | 240 |  |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  |  |  |  |  | $ | 6,712 |  |  |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  |  |  |  |  | 6,464 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  |  |  |  |  | 323,736 |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  |  |  |  |  | 288,144 |  |  |  |  |  |  |
Corporate Trust Preferred Securities, at Amortized Cost |  |  |  |  |  |  |  |  |  | $ | 1,000 |  |  |  |  |
Corporate Trust Preferred Securities, at Fair Value |  |  |  |  |  |  |  |  |  | 979 |  |  |  |  |
Available-For-Sale Securities |  |
|  | U.S. Treasuries |  | U.S. Government & Agency Obligations |  | State and Municipal Obligations |  | Mortgage- Backed Securities |  | Corporate and Other Debt Securities |  |  |  | Total Available- For-Sale Securities |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-For-Sale Securities, at Amortized Cost |  | $ | 73,761 |  |  | $ | 160,000 |  |  | $ | 280 |  |  | $ | 305,161 |  |  | $ | 1,000 |  |  |  |  | $ | 540,202 |  |  |
Gross Unrealized Gains |  | 243 |  |  | 51 |  |  | — |  |  | 6 |  |  | — |  |  |  |  | 300 |  |  |
Gross Unrealized Losses |  | — |  |  | (7,126) |  |  | — |  |  | (35,407) |  |  | (200) |  |  |  |  | (42,733) |  |  |
Available-For-Sale Securities, at Fair Value |  | $ | 74,004 |  |  | $ | 152,925 |  |  | $ | 280 |  |  | $ | 269,760 |  |  | $ | 800 |  |  |  |  | $ | 497,769 |  |  |
Available-For-Sale Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  |  |  |  |  |  |  | 242,938 |  |  |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  |
12 Months or Longer |  | — |  |  | 137,874 |  |  | — |  |  | 269,286 |  |  | 800 |  |  |  |  | 407,960 |  |  |
Total |  | $ | — |  |  | $ | 137,874 |  |  | $ | — |  |  | $ | 269,286 |  |  | $ | 800 |  |  |  |  | $ | 407,960 |  |  |
Number of Securities in a Continuous Loss Position |  | — |  |  | 19 |  |  | — |  |  | 97 |  |  | 1 |  |  |  |  | 117 |  |  |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  |
12 Months or Longer |  | — |  |  | 7,126 |  |  | — |  |  | 35,407 |  |  | 200 |  |  |  |  | 42,733 |  |  |
Total |  | $ | — |  |  | $ | 7,126 |  |  | $ | — |  |  | $ | 35,407 |  |  | $ | 200 |  |  |  |  | $ | 42,733 |  |  |
Disaggregated Details: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury Obligations, at Amortized Cost |  | $ | 73,761 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury Obligations, at Fair Value |  | 74,004 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Amortized Cost |  |  |  | $ | 160,000 |  |  |  |  |  |  |  |  |  |  |  |  |
US Agency Obligations, at Fair Value |  |  |  | 152,925 |  |  |  |  |  |  |  |  |  |  |  |  |
Local Municipal Obligations, at Amortized Cost |  |  |  |  |  | $ | 280 |  |  |  |  |  |  |  |  |  |  |
Local Municipal Obligations, at Fair Value |  |  |  |  |  | 280 |  |  |  |  |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  |  |  |  |  | $ | 7,291 |  |  |  |  |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  |  |  |  |  | 6,864 |  |  |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  |  |  |  |  | 297,870 |  |  |  |  |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  |  |  |  |  | 262,896 |  |  |  |  |  |  |  |  |
Corporate Trust Preferred Securities, at Amortized Cost |  |  |  |  |  |  |  |  |  | $ | 1,000 |  |  |  |  |  |  |
Corporate Trust Preferred Securities, at Fair Value |  |  |  |  |  |  |  |  |  | 800 |  |  |  |  |  |  |
At December 31, 2024, there was no allowance for credit losses for the available for sale securities portfolio. The following is a summary of realized losses recognized in net income on available-for-sale securities sold during the years ended December 31, 2024 and 2023:
|  | December 31,
|  | 2024 |  | 2023
Proceeds Received on Sale of AFS Securities |  | $ | 71,962 |  |  | $ | 100,739 |
Basis of AFS investments Sold |  | 75,000 |  |  | 109,836 |
Net Loss Recognized on Sale of AFS Securities |  | $ | (3,038) |  |  | $ | (9,097) |
The following table is the schedule of Held-To-Maturity Securities at December 31, 2024 and 2023:
Held-To-Maturity Securities
|  | State and Municipal Obligations |  | Mortgage- Backed Securities |  |  |  | Total Held-To Maturity Securities
December 31, 2024 |  |  |  |  |  |  |  |
Held-To-Maturity Securities, at Amortized Cost |  | $ | 91,829 |  |  | $ | 6,432 |  |  |  |  | $ | 98,261 |
Gross Unrealized Gains |  | — |  |  | — |  |  |  |  | — |
Gross Unrealized Losses |  | (1,456) |  |  | (219) |  |  |  |  | (1,675) |
Held-To-Maturity Securities, at Fair Value |  | $ | 90,373 |  |  | $ | 6,213 |  |  |  |  | $ | 96,586 |
Held-To-Maturity Securities, Pledged as Collateral, at Carrying Value |  |  |  |  |  |  |  | 72,506 |
Held-To-Maturity Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  | 70,831 |
Maturities of Debt Securities, at Amortized Cost: |  |  |  |  |  |  |  |
Within One Year |  | 53,355 |  |  | 756 |  |  |  |  | 54,111 |
From 1 - 5 Years |  | 36,209 |  |  | 5,676 |  |  |  |  | 41,885 |
From 5 - 10 Years |  | 2,259 |  |  | — |  |  |  |  | 2,259 |
Over 10 Years |  | 6 |  |  | — |  |  |  |  | 6 |
Maturities of Debt Securities, at Fair Value: |  |  |  |  |  |  |  |
Within One Year |  | 53,039 |  |  | 746 |  |  |  |  | 53,785 |
From 1 - 5 Years |  | 35,105 |  |  | 5,467 |  |  |  |  | 40,572 |
From 5 - 10 Years |  | 2,223 |  |  | — |  |  |  |  | 2,223 |
Over 10 Years |  | 6 |  |  | — |  |  |  |  | 6 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 378 |  |  | $ | — |  |  |  |  | $ | 378 |
12 Months or Longer |  | 68,112 |  |  | 6,212 |  |  |  |  | 74,324 |
Total |  | $ | 68,490 |  |  | $ | 6,212 |  |  |  |  | $ | 74,702 |
Number of Securities in a Continuous Loss Position |  | 219 |  |  | 16 |  |  |  |  | 235 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 2 |  |  | $ | — |  |  |  |  | $ | 2 |
12 Months or Longer |  | 1,454 |  |  | 219 |  |  |  |  | 1,673 |
Total |  | $ | 1,456 |  |  | $ | 219 |  |  |  |  | $ | 1,675 |
Disaggregated Details: |  |  |  |  |  |  |  |
Municipal Securities, at Amortized Cost |  | $ | 91,829 |  |  |  |  |  |  |
Municipal Securities, at Fair Value |  | 90,373 |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  | $ | 2,308 |  |  |  |  |
Held-To-Maturity Securities
|  | State and Municipal Obligations |  | Mortgage- Backed Securities |  |  |  | Total Held-To Maturity Securities
US Government Agency Securities, at Fair Value |  |  |  | 2,221 |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  | 4,124 |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  | 3,992 |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |
Held-To-Maturity Securities, at Amortized Cost |  | $ | 122,450 |  |  | $ | 8,945 |  |  |  |  | $ | 131,395 |
Gross Unrealized Gains |  | — |  |  | — |  |  |  |  | — |
Gross Unrealized Losses |  | (2,157) |  |  | (401) |  |  |  |  | (2,558) |
Held-To-Maturity Securities, at Fair Value |  | $ | 120,293 |  |  | $ | 8,544 |  |  |  |  | $ | 128,837 |
Held-To-Maturity Securities, Pledged as Collateral, at Carrying Value |  |  |  |  |  |  |  | 115,030 |
Held-To-Maturity Securities, Pledged as Collateral, at Fair Value |  |  |  |  |  |  |  | 112,472 |
Securities in a Continuous Loss Position, at Fair Value: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 1,472 |  |  | $ | — |  |  |  |  | $ | 1,472 |
12 Months or Longer |  | 102,839 |  |  | 8,544 |  |  |  |  | 111,383 |
Total |  | $ | 104,311 |  |  | $ | 8,544 |  |  |  |  | $ | 112,855 |
Number of Securities in a Continuous Loss Position |  | 319 |  |  | 16 |  |  |  |  | 335 |
Unrealized Losses on Securities in a Continuous Loss Position: |  |  |  |  |  |  |  |
Less than 12 Months |  | $ | 14 |  |  | $ | — |  |  |  |  | $ | 14 |
12 Months or Longer |  | 2,143 |  |  | 402 |  |  |  |  | 2,545 |
Total |  | $ | 2,157 |  |  | $ | 402 |  |  |  |  | $ | 2,559 |
Disaggregated Details: |  |  |  |  |  |  |  |
Municipal Securities, at Amortized Cost |  | $ | 122,450 |  |  |  |  |  |  |
Municipal Securities, at Fair Value |  | 120,293 |  |  |  |  |  |  |
US Government Agency Securities, at Amortized Cost |  |  |  | $ | 3,114 |  |  |  |  |
US Government Agency Securities, at Fair Value |  |  |  | 2,954 |  |  |  |  |
Government Sponsored Entity Securities, at Amortized Cost |  |  |  | 5,831 |  |  |  |  |
Government Sponsored Entity Securities, at Fair Value |  |  |  | 5,589 |  |  |  |  |
In the tables above, maturities of mortgage-backed securities are included based on their contractual 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 December 31, 2024 and December 31, 2023 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 December 31, 2024, 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. Arrow carried no allowance for credit loss at December 31, 2024 and there was no credit loss expense recognized by Arrow with respect to the securities portfolio during 2024. Arrow's held to maturity debt securities are comprised of securities issued by U.S. government agencies or 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 December 31, 2024. The following table is the schedule of Equity Securities at December 31, 2024 and 2023.
Equity Securities
|  | December 31,
|  | 2024 |  | 2023
Equity Securities, at Fair Value |  | $ | 5,055 |  |  | $ | 1,925 |
The following is a summary of realized and unrealized gains and losses recognized in income on equity securities during the years ended December 31, 2024 and 2023:
|  | December 31,
|  | 2024 |  | 2023
Net Gain on Equity Securities |  | $ | 131 |  |  | $ | 9,005 |
Less: Net Gain recognized during the reporting period on equity securities sold during the period |  | — |  |  | 9,254 |
Unrealized Net Gain (Loss) recognized during the reporting period on equity securities still held at the reporting date |  | $ | 131 |  |  | $ | (249) |
Schedule of Federal Reserve Bank and Federal Home Loan Bank Stock (at cost)
|  | December 31,
|  | 2024 |  | 2023
Federal Reserve Bank Stock |  | $ | 1,204 |  |  | $ | 1,197 |
Federal Home Loan Bank Stock |  | 3,149 |  |  | 3,852 |
Total Federal Reserve Bank and Federal Home Loan Bank Stock |  | $ | 4,353 |  |  | $ | 5,049 |

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