Arrow Approves 2022 Stock Repurchase Program

Rhea-AI Summary

On October 27, 2021, Arrow Financial Corporation (NasdaqGS - AROW) announced a new stock repurchase program allowing for the buyback of up to $5 million of its common stock throughout 2022. This initiative replaces the previous $5 million program that expires on December 31, 2021. As of September 30, 2021, Arrow had repurchased approximately $1.46 million in stock under the prior program. The company, headquartered in Glens Falls, New York, operates as a multi-bank holding company and serves northeastern New York.

Positive

• Authorization of a new stock repurchase program for up to $5 million.
• Continued commitment to returning value to shareholders.
• Past repurchases indicate a proactive approach towards enhancing stock value.

Negative

• None.

GLENS FALLS, N.Y., Oct. 28, 2021 /PRNewswire/ --The Board of Directors of Arrow Financial Corporation (NasdaqGS^® - AROW) on October 27, 2021, approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to $5 million of the Company's common stock for the 2022 calendar year, in open market or negotiated transactions. This new repurchase program will replace the prior $5 million repurchase program authorized on January 27, 2021, which expires December 31, 2021. Through September 30, 2021, the Company had repurchased approximately $1.46 million of Company common stock under the 2021 program.

Arrow Financial Corporation (NasdaqGS® - AROW) is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc., and Upstate Agency, LLC, specializing in property and casualty insurance and group health and employee benefits.

The information contained in this news release may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and our other filings with the Securities and Exchange Commission.

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SOURCE Arrow Financial Corporation

FAQ

What is the purpose of Arrow Financial's new stock repurchase program for 2022?

The program aims to enhance shareholder value by allowing the company to buy back up to $5 million of its common stock.

How much stock has Arrow Financial repurchased as of September 30, 2021?

Arrow Financial has repurchased approximately $1.46 million of its stock under the previous program.

When did Arrow Financial's previous stock repurchase program start and end?

The previous $5 million program was authorized on January 27, 2021, and will expire on December 31, 2021.

How does the new stock repurchase program affect Arrow Financial's stock price?

The new buyback program is intended to support the stock price by reducing the number of shares outstanding, potentially increasing earnings per share.

What is the total value of the new stock repurchase program authorized by Arrow Financial?

The new stock repurchase program is authorized for up to $5 million.