Arrow Financial Corporation
Annual Report 2014

Plain-text annual report

2014 ANNUAL REVIEW Our Business Customers Shared Their Experiences We asked our business customers why they bank with us, and they responded with great testimonials about their experiences. This positive feedback was the basis for a regional advertising campaign that underscores our commitment to quality service at all levels. G l e n s Fa l l s N a t i o n a l B a n k L e t H e l p e d U s . T h e m H e l p Yo u . I h a v e b e e n i m p r e s s e d w i t h t h e a b i l i t y o f t h i s c o m m u n i t y b a n k t o p r o v i d e t h e m o s t c u r r e n t t e c h n o l o g y f o r m y b u s i n e s s , a l l o w i n g m e t o b e c o m p e t i t i v e — a n d m o s t o f a l l s a f e — i n t h i s f a s t - c h a n g i n g o n l i n e w o r l d . B o b S m i t h P r e s i d e n t , N i n e P l a t t H o s p i t a l P l a t t s b u r g h , N e w Y o r k i t y G r o u p I n v e s t e d i n t h e C o m m u n i t y, C o m m i t t e d t o Yo u . E q u a l H o u s i n g L e n d e r M e m b e r F D I C g f n a t i o n a l . c o m Saratoga National Bank Helped Us. Let Them Help You. I feel that my busi- ness is truly valued at Saratoga National Bank. I especially appreciate the personalized service that only a community bank can provide. David Fusco (left) Fusco Realty Group/Colonial Car Wash Schenectady, New York John Wyatt (right) Vice President, Corporate Banking, Saratoga National Bank Glens Falls National Bank Helped Us. Let Them Help You. It is easy to love doing business with Glens Falls National Bank, as they are there for you when you need them. We have always been made to feel as if we are very important to the Bank — and that is a nice feeling. Mike Hoffman President, Turf Hotels Fo r y o u r b u s i n e s s b a n k i n g n e e d s , c a l l : M a r g a r e t S t r e e t 5 6 1 - 3 1 0 1 C o r n e l i a S t r e e t 5 6 6 - 6 6 5 0 U . S . A v e n u e 3 2 4 - 4 3 6 2 Equal Housing Lender I Member FDIC For your business banking needs, call: 608-1044 | saratoganational.com 501 New Karner Road, Colonie • Rosewood Plaza Invested in the Community, Committed to You. Equal Housing Lender Member FDIC For your business banking needs, call: 793-4121 | gfnational.com Saratoga National Bank Expanded to Colonie Saratoga National Bank opened its eighth office last June in the growing community of Colonie, New York. This branch has performed well in its first year, capturing both retail and commercial banking opportunities, and providing an important introduction to the Albany County market. Cover Photo: The courtyard at Glens Falls National Bank’s Main Office complex, Glens Falls, New York Glens Falls National Bank Helped Us. Let Them Help You. It is easy to love doing business with Glens Falls National Bank, as they are there for you when you need them. We have always been made to feel as if we are very important to the Bank — and that is a nice feeling. Mike Hoffman President, Turf Hotels Invested in the Community, Committed to You. Equal Housing Lender Member FDIC For your business banking needs, call: 793-4121 | gfnational.com To Our Shareholders, Staff and Friends: We are pleased to announce another strong year for Arrow Financial Corporation, marked by growth and solid financial results, as described in this report. Among the highlights, our two bank subsidiaries launched totally redesigned websites and added mobile check deposit for retail customers. In addition, Saratoga National Bank and Trust Company continued to expand, opening its eighth office last June in Colonie, New York. This is our first branch in Albany County, and it positions us well to capture both retail and commercial banking op- portunities in the dynamic Capital Region. Last year also brought a number of honors and recognitions. Both subsidiary banks maintained a 5-Star Superior rating from BauerFinancial, and Saratoga Nation- tal Bank was recognized as the Capital Region’s No. 1 Small Community Lender by the Small Business Administration. Plus, Arrow Financial Corporation was again named one of “America’s 100 Most Trustworthy Companies” by Forbes, a “Top-Performing Mid-Sized Bank” by the ABA Banking Journal, and included on the Sandler O’Neill “Sm-All Stars Class of 2014” list of top-performing small-cap banks and thrifts. Additionally, I would like to welcome former Congressman Bill Owens to the Arrow and Glens Falls National boards as of January 2015. Bill has a deep knowledge of the North Country and Plattsburgh region – important markets for our Company – and a strong commitment to 2014 Financial HigHligHts • Record net income of $23.4 million • Strong profitability, represented by 11.79% return on average equity (ROE), 1.07% return on average assets (ROA), and 13.56% return on tangible equity • 2% stock dividend distributed in September • Cash dividends paid to shareholders effectively increased 2% • Continued strong levels of capital, includ- ing increases in book value per share of 4.5% and stockholders’ equity of 4.6% • Record assets of $2.217 billion at year-end • $131.2 million in mortgage loans originated • Strong asset quality, represented by only 0.37% of non-performing assets at year-end and loans charged-off just 0.05% of average loans outstanding • Income from fiduciary activities rose 10.9% • Insurance income increased 6.3% his community. We are honored to have him serve as a Director. Looking ahead, our management team will strive to continue to deliver shareholder value by adhering to our conservative business model. We are very proud of our performance, our employees and our ser- vice to our customers, our communities and our shareholders. We couldn’t do any of this without you and your continued support. Thank you. Sincerely, Tom Murphy President and Chief Executive Officer PerFormance comParisons $1.77 $1.76 $1.77 $1.73 $1,908 $1,963 $2,023 $1.85 $2,164 $2,217 2011 2014 2010 2012 DILUTED EARNINGS PER SHARE 2013 * For the 12 Months Ended December 31 2010 2011 2012 ASSETS 2013 2014 As of December 31 ($ in Millions) $.89 $.92 $.95 $.97 $.99 $1,534 $1,644 $1,842 $1,903 $1,731 2011 2014 2010 2012 CASH DIVIDENDS PAID PER SHARE 2013 * For the 12 Months Ended December 31 2010 2011 2013 2014 2012 DEPOSITS As of December 31 ($ in Millions) $12.38 $13.33 $14.05 $15.24 $15.92 $192 $201 $152 $166 $176 2010 2011 2012 BOOK VALUE PER SHARE 2013 2014 2010 2011 2012 STOCKHOLDERS’ EQUITY 2013 2014 * As of December 31 As of December 31 ($ in Millions) *Per share amounts have been restated for stock dividends distributed. total return PerFormance Comparison of 5-Year Cumulative Total Return Assumes Initial Investment of $100 Comparison of 5-Year Cumulative Total Return Assumes Initial Investment of $100 December 2014 December 2014 Comparison of 5-Year Cumulative Total Return Assumes Initial Investment of $100 Comparison of 5-Year Cumulative Total Return Assumes Initial Investment of $100 December 2014 December 2014 2009 2010 2011 2012 2013 2014 250.00 250.00 200.00 200.00 150.00 150.00 100.00 100.00 50.00 50.00 0.00 0.00 Arrow Financial Corporation 2009 2010 NASDAQ Banks Index 2011 2012 Russell 2000 Index 2013 Zacks $1B-$5B Bank Assets Index 2014 Arrow Financial Corporation NASDAQ Banks Index 2009 2010 Russell 2000 Index 2011 Zacks $1B-$5B Bank Assets Index 2012 2013 2014 Arrow Financial Corporation NASDAQ Banks Index Arrow Financial Corporation 100.00 2009 100.00 100.00 117.96 2010 118.92 117.96 107.90 2011 106.36 107.90 122.09 2012 127.24 122.09 137.93 2013 182.11 137.93 151.37 2014 191.37 151.37 Russell 2000 Index NASDAQ Banks Index 100.00 100.00 126.81 118.92 121.52 106.36 141.42 127.24 196.32 182.11 205.93 191.37 Zacks $1B-$5B Bank Assets Index Russell 2000 Index 100.00 100.00 117.59 126.81 109.67 121.52 131.82 141.42 181.24 196.32 192.66 205.93 Zacks $1B-$5B Bank Assets Index 100.00 117.59 109.67 131.82 181.24 192.66 250.00 250.00 200.00 200.00 150.00 150.00 100.00 100.00 50.00 50.00 0.00 0.00 Comparison of 10-Year Cumulative Total Return Assumes Initial Investment of $100 December 2014 Comparison of 10-Year Cumulative Total Return Assumes Initial Investment of $100 December 2014 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Arrow Financial Corporation 2004 2005 2006 NASDAQ Banks Index 2008 2007 2009 Russell 2000 Index 2010 2011 Zacks $1B-$5B Bank Assets Index 2013 2012 2014 Arrow Financial Corporation 2005 2004 NASDAQ Banks Index Russell 2000 Index 2006 2007 2008 2009 2010 2011 Zacks $1B-$5B Bank Assets Index 2014 2013 2012 100.00 100.00 2007 82.68 2006 88.53 2005 87.41 2004 100.00 Arrow Financial Arrow Corporation Financial NASDAQ Corporation Banks Index NASDAQ Russell 2000 Banks Index Index Russell 2000 Zacks $1B- Index $5B Bank Zacks $1B- Assets Index $5B Bank Source: Prepared by Zacks Investment Research, Inc. Used with permission. All rights reserved. Copyright 1980 - 2015 Assets Index 2009 107.59 2010 126.91 2011 116.09 2008 100.95 104.51 97.60 121.71 86.29 129.84 65.50 102.38 55.70 124.42 61.09 100.00 100.00 123.67 112.09 80.56 75.87 97.68 104.51 86.80 121.71 62.62 129.84 52.66 102.38 56.01 124.42 100.00 100.00 109.68 123.67 100.95 63.28 126.91 62.62 107.59 52.66 116.09 56.01 88.53 109.68 100.00 112.09 63.28 80.56 87.41 97.68 82.68 86.80 65.50 61.09 97.60 86.29 75.87 55.70 2012 131.35 2013 148.40 2014 162.86 131.35 67.00 148.40 95.90 162.86 100.78 67.00 144.79 95.90 201.00 100.78 210.84 144.79 73.43 201.00 100.96 210.84 107.32 73.43 100.96 107.32                     consolidated statements oF income (unaudited) (in thousands, except per share amounts) 2010 2011 2012 2013 2014 Interest and Dividend Income $ 84,972 $ 76,791 $ 69,379 $ 64,138 $ 66,861 Years Ended December 31 Interest Expense 23,695 18,679 11,957 7,922 5,767 _______ _______ _______ _______ _______ Net Interest Income 61,277 58,112 57,422 56,216 61,094 Provision for Loan Losses 1,302 845 845 200 1,848 _______ _______ _______ _______ _______ Net Interest Income After Provision for Loan Losses Total Noninterest Income Total Noninterest Expense 59,975 57,267 56,577 56,016 59,246 19,089 25,928 27,099 28,061 28,316 47,418 51,548 51,836 53,203 54,028 _______ _______ _______ _______ _______ Income Before Taxes 31,646 31,647 31,840 30,874 33,534 Provision for Income Taxes 9,754 9,714 9,661 9,079 10,174 _______ _______ _______ _______ _______ Net Income $ 21,892 $ 21,933 $ 22,179 $ 21,795 $ 23,360 _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ Share and Per Share Data Diluted Average Shares Outstanding 12,352 12,466 12,502 12,573 12,633 Diluted Earnings Per Share $ 1.77 $ 1.76 $ 1.77 $ 1.73 $ 1.85 Cash Dividends Per Share .89 .92 .95 .97 .99 Book Value Per Share 12.38 13.33 14.05 15.24 15.92 Tangible Book Value Per Share 10.97 11.19 11.94 13.17 13.89 Key Earnings Ratios Return on Average Assets 1.16% 1.13% 1.11% 1.04% 1.07% Return on Average Equity 14.56% 13.45% 12.88% 12.11% 11.79% Return on Tangible Equity 16.42% 15.84% 15.24% 14.19% 13.56% Net Interest Margin 3.58% 3.36% 3.26% 3.06% 3.17% Capital Ratios Tier 1 Leverage Ratio 8.53% 8.95% 9.10% 9.19% 9.44% Total Risk-Based Capital Ratio 15.75% 15.96% 16.26% 15.77% 15.54% Asset Quality Ratios Nonperforming Assets to Period-End Assets Allowance for Loan Losses to Period-End Loans 0.26% 0.41% 0.45% 0.37% 0.37% 1.28% 1.33% 1.30% 1.14% 1.10% Share and per share amounts have been restated for stock dividends distributed. consolidated Balance sHeets (unaudited) (in thousands) Assets As of December 31 2010 2011 2012 2013 2014 Cash and Due from Banks $ 25,961 $ 29,598 $ 37,076 $ 37,275 $ 35,081 Interest-Bearing Deposits 5,118 14,138 11,756 12,705 11,214 at Banks Investment Securities 685,904 713,948 724,293 763,148 673,014 Loans 1,145,508 1,131,457 1,172,341 1,266,472 1,413,268 Allowance for Loan Losses (14,689) (15,003) (15,298) (14,434) (15,570) ________ ________ ________ ________ ________ Net Loans 1,130,819 1,116,454 1,157,043 1,252,038 1,397,698 Premises and Equipment, Net 18,836 22,629 28,897 29,154 28,488 Goodwill and Intangible Assets, Net 17,241 26,752 26,495 26,143 25,628 Other Assets 24,457 39,165 37,236 43,235 46,297 ________ ________ ________ ________ ________ Total Assets $1,908,336 $1 ,962,684 $2,022,796 $2,163,698 $2,217,420 ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ Liabilities and Stockholders' Equity Noninterest-Bearing Deposits $ 214,393 $ 232,038 $ 247,232 $ 278,958 $ 300,786 NOW and Savings Deposits 951,206 1,059,350 1,200,650 1,316,145 1,396,319 Time Deposits of $100,000 or More 120,330 123,668 93,375 78,928 61,797 Other Time Deposits 248,075 228,990 189,898 168,299 144,046 ________ ________ ________ ________ ________ Total Deposits 1,534,004 1,644,046 1,731,155 1,842,330 1,902,948 Short-Term Borrowings 53,214 68,293 41,678 64,777 60,421 Federal Home Loan Bank Term Advances 130,000 40,000 30,000 20,000 10,000 Other Long-Term Debt 20,000 20,000 20,000 20,000 20,000 Other Liabilities 18,859 23,960 24,138 24,437 23,125 ________ ________ ________ ________ ________ Total Liabilities 1,756,077 1,796,299 1,846,971 1,971,544 2,016,494 Total Stockholders' Equity 152,259 166,385 175,825 192,154 200,926 ________ ________ ________ ________ ________ Total Liabilities and Stockholders' Equity $1,908,336 $ 1,962,684 $ 2,022,796 $ 2,163,698 $ 2,217,420 ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ Boards oF directors Arrow Financial Corporation Thomas L. Hoy (Chairman) Retired President and CEO John J. Carusone, Jr. Attorney Carusone & Carusone Tenée R. Casaccio, AIA President JMZ Architects and Planners, P.C. Michael B. Clarke Retired President and CEO Lone Star Industries Gary C. Dake President Stewart’s Shops Corp. Director Emeriti David G. Kruczlnicki Retired President and CEO Glens Falls Hospital Elizabeth O’Connor Little New York State Senator 45th District David L. Moynehan President Riverside Gas & Oil Company, Inc. John J. Murphy Retired Executive Vice President, Treasurer and CFO Thomas J. Murphy, CPA President and CEO William L. Owens, Esq. Partner Stafford, Owens, Piller, Murnane, Kelleher & Trombley, PLLC Dr. Colin L. Read Chair Department of Economics and Finance at SUNY Plattsburgh Richard J. Reisman, DMD Chairman - Section of Dentistry Glens Falls Hospital Richard J. Bartlett, Esq. Mary-Elizabeth T. FitzGerald Dr. Edward F. Huntington Jan-Eric O. Bergstedt Herbert O. Carpenter George C. Frost Michael F. Massiano (Chairman Emeritus) Herbert A. Heineman, Jr. Doris E. Ornstein Glens Falls National Bank and Trust Company Thomas L. Hoy (Chairman) Retired President and CEO Tenée R. Casaccio, AIA President JMZ Architects and Planners, P.C. Michael B. Clarke Retired President and CEO Lone Star Industries David G. Kruczlnicki Retired President and CEO Glens Falls Hospital Elizabeth O’Connor Little New York State Senator 45th District David L. Moynehan President Riverside Gas & Oil Company, Inc. Thomas J. Murphy, CPA President and CEO William L. Owens, Esq. Partner Stafford, Owens, Piller, Murnane, Kelleher & Trombley, PLLC Saratoga National Bank and Trust Company Raymond F. O’Conor (Chairman) Retired President and CEO John J. Carusone, Jr. Attorney Carusone & Carusone Gary C. Dake President Stewart’s Shops Corp. James M. Dawsey President MLB Industries, Inc. David S. DeMarco President and CEO Marianne Pompa LaRoche Vice President Pompa Bros. Dr. Colin L. Read Chair Department of Economics and Finance at SUNY Plattsburgh Richard J. Reisman, DMD Chairman - Section of Dentistry Glens Falls Hospital Frank J. Parillo President Saratoga Prime Properties and Wilton Travel Plaza Mary L. Passaretti, MS Principal Aztech Technologies, Inc. management team Arrow Financial Corporation Thomas J. Murphy, CPA President and CEO Terry R. Goodemote, CPA Executive Vice President and CFO David S. DeMarco Senior Vice President Glens Falls National Bank and Trust Company Thomas J. Murphy, CPA President and CEO Terry R. Goodemote, CPA Senior Executive Vice President and CFO Mark E. Bulmer, CPA Executive Vice President Financial Services David D. Kaiser Executive Vice President and Chief Credit Officer Kathleen Kelleher Executive Vice President and Chief Information Officer Donna M. Perkett Executive Vice President Retail Banking Timothy C. Badger Senior Vice President Marketing/Shareholder Relations Laurie A. LaFountain Senior Vice President Trust/Investment Division Suzanna M. Bernd Senior Vice President Business Development Katherine M. Dier Senior Vice President Branch Services Karen E. Guiseppe Senior Vice President Director of Internal Audit Michael J. Jacobs Senior Vice President Information Technology Peter J. Lareau Senior Vice President and Chief Risk Officer Peter F. Luciano Senior Vice President Consumer Loan Administration Debra A. Meier Senior Vice President Human Resources Kurt E. Moser Senior Vice President Corporate Banking Saratoga National Bank and Trust Company David S. DeMarco President and CEO Richard J. Ferguson Senior Vice President Corporate Banking stockHolder inFormation Arrow Stock Arrow’s common stock trades on the NASDAQ Global Select MarketSM under the symbol “AROW”. Dividend Reinvestment Plan The Arrow Financial Corporation Dividend Reinvestment Plan offers participants a conve- nient and economical way to acquire common stock of Arrow Financial Corporation without payment of any brokerage commission or service charge. Participants may reinvest all cash dividends in additional shares as well as make optional cash contributions to buy shares. Since the Plan is entirely voluntary, you may join at any time and terminate whenever you wish. For more information, please contact: American Stock Transfer and Trust Company 6201 15th Avenue Brooklyn, NY 11219 Tel: (800) 278-4353 amstock.com our locations Glens Falls National Bank and Trust Company gfnational.com Main Office 250 Glen Street Glens Falls, NY 12801 (518) 793-4121 Argyle Office 93 Main Street Argyle, NY 12809 (518) 638-8261 Aviation Road Office 339 Aviation Road Queensbury, NY 12804 (518) 793-5386 Bay Road Office 402 Bay Road Queensbury, NY 12804 (518) 743-8349 Broad Street Plaza Office Four Broad Street Plaza Glens Falls, NY 12801 (518) 793-8844 Cambridge Office 25 West Main Street Cambridge, NY 12816 (518) 677-2642 Chestertown Office 6353 State Route 9 Chestertown, NY 12817 (518) 494-2691 Cornelia Street Office 308 Cornelia Street Plattsburgh, NY 12901 (518) 566-6650 Exit 18 Office 221 Corinth Road Queensbury, NY 12804 (518) 636-3146 Fort Ann Office 110 George Street Fort Ann, NY 12827 (518) 639-5591 Fort Edward Office 159 Broadway Fort Edward, NY 12828 (518) 747-4165 Granville Office 8646 State Route 22 Granville, NY 12832 (518) 642-2206 Greenwich Office 132 Main Street Greenwich, NY 12834 (518) 692-2201 Greenwich Drive-In Office 1153 State Route 29 Greenwich, NY 12834 (518) 692-9021 Kingsbury Office 3019 State Route 4 Hudson Falls, NY 12839 (518) 747-2061 Lake George Office 2252 State Route 9 Lake George, NY 12845 (518) 668-5461 Lake Luzerne Office 15 Main Street Lake Luzerne, NY 12846 (518) 696-5819 Margaret Street Office 25 Margaret Street Plattsburgh, NY 12901 (518) 561-3101 Port Henry Office 4307 Main Street Port Henry, NY 12974 (518) 546-3312 Queensbury Office 696 Upper Glen Street Queensbury, NY 12804 (518) 793-9656 Rt.9 - Queensbury Office 1002 State Route 9 Queensbury, NY 12804 (518) 798-7201 Salem Office 212 Main Street Salem, NY 12865 (518) 854-3500 Schroon Lake Office 1080 Main Street Schroon Lake, NY 12870 (518) 532-7121 Schuylerville Office 73 Broad Street Schuylerville, NY 12871 (518) 695-3224 South Glens Falls Office 147 Saratoga Avenue South Glens Falls, NY 12803 (518) 793-4431 Ticonderoga Office 123 Montcalm Street Ticonderoga, NY 12883 (518) 585-9025 Ticonderoga Drive-In Office 1127 Wicker Street Ticonderoga, NY 12883 (518) 585-3621 U.S. Avenue Office 5023 U.S. Avenue Plattsburgh, NY 12903 (518) 324-4362 Warrensburg Office 3853 Main Street Warrensburg, NY 12885 (518) 623-3036 Washington County Office 343 Broadway Fort Edward, NY 12828 (518) 747-0601  Route 9 Wilton Office 3 Carpenter Lane Saratoga Springs, NY 12866 (518) 584-8120 West Avenue Office 91 West Avenue Saratoga Springs, NY 12866 (518) 583-6504 Saratoga National Bank and Trust Company saratoganational.com Main Office 171 South Broadway Saratoga Springs, NY 12866 (518) 583-3114 Ballard Road Office 227 Ballard Road Wilton, NY 12831 (518) 587-4051 Colonie Office 501 New Karner Road Albany, NY 12205 (518) 608-1044 Corinth Office 238 Main Street Corinth, NY 12822 (518) 654-9001 Clifton Park Office 386 Clifton Park Center Road Clifton Park, NY 12065 (518) 935-2707 Jones Road Office 4208 Route 50 Saratoga Springs, NY 12866 (518) 587-8484 Capital Financial Group, Inc. Loomis and LaPann, Inc. capitalfinancialgroupinc.com loomislapann.com 89 Saratoga Avenue South Glens Falls, NY 12803 (518) 793-2885 250 Glen Street Glens Falls, NY 12801 (518) 792-6561 Upstate Insurance Agency, LLC upstateagency.com South Glens Falls Office 89 Saratoga Avenue South Glens Falls, NY 12803 (518) 793-5806 Warrensburg Office 3857 Main Street Warrensburg, NY 12885 (518) 623-2710 Ticonderoga Office 98 Montcalm Street Ticonderoga, NY 12883 (518) 585-6774 Willsboro Office 3423 State Route 22 Willsboro, NY 12996 (518) 963-4663 Chestertown Office 93 Riverside Drive Chestertown, NY 12817 (518) 494-2417 Elizabethtown Office 223 Water Street, Suite 2 Elizabethtown, NY 12932 (518) 873-2149 Schroon Lake Office 1072 State Route 9 Schroon Lake, NY 12870 (518) 532-7396 McPhillips Insurance Agency – A Division of Glens Falls National Insurance Agencies, LLC mcpins.com Glens Falls Office 20 East Washington Street Glens Falls, NY 12801 (518) 792-5841 Greenwich Office 132 Main Street Greenwich, NY 12834 (518) 692-2831 Lake Luzerne Office 15 Main Street Lake Luzerne, NY 12846 (518) 696-2000 Saratoga Springs Office 171 South Broadway Saratoga Springs, NY 12866 (518) 306-2771 Warrensburg Office 3857 Main Street Warrensburg, NY 12885 (518) 623-3151 The Thoroughbred of Banks Insurance sInce 1852 A Subsidiary of Glens Falls National Bank and Trust Company LLC 250 Glen Street • P. O. Box 307 • Glens Falls, NY 12801 Tel: (518) 745-1000 arrowfinancial.com 

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