On April 24, 2020, Arrow Financial Corporation issued a press release containing unaudited financial information and accompanying discussion for the year-to-date period ended March 31, 2020. A copy of this press release is furnished as Exhibit 99 to this report on Form 8-K.

Item 8.01 Other Events.

Supplemental Risk Factor

In light of the rapidly evolving COVID -19 pandemic, the Company is also filing this Current Report on Form 8-K for the purpose of supplementing the risk factors disclosed in Item 1A of its Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Accordingly, the Company’s risk factor disclosure is hereby updated as follows:

The outbreak of the novel coronavirus (“COVID-19”) may adversely affect Arrow’s business activities, financial condition and results of operations.

The business of Arrow and its subsidiary banks depends on the willingness and ability of its customers to conduct financial transactions. The spread of COVID-19 and the resulting “shelter in place” and “stay at home” orders, travel restrictions and other precautions have caused severe disruptions in the United States economy, which could in turn disrupt the business, activities, and operations of Arrow’s customers, as well as its business and operations. The pandemic has also caused significant disruption in the financial markets both globally and in the United States. The spread of COVID-19 may result in a significant decrease in business and/or cause Arrow’s customers to be unable to meet existing obligations to the Company, particularly in the event of significant outbreak in the Upstate New York region. The virus’s spread could also interfere with the availability of key personnel or third party service providers necessary to conduct business activities.

Arrow has taken steps to mitigate the risk of harm to its employees and customers and to its operations from the pandemic. In particular, facilities have limited access to appointments only and encouraged customers to use contact-free alternatives like digital banking and ATMs. Arrow has also minimized contact for a large portion of its employee base through remote working, minimal travel and in-person meetings and social distancing. Nevertheless, there are a number of uncertainties related to the potential effects of the pandemic that may not be able to be addressed by these efforts. If the spread of COVID-19 has an adverse effect on (i) customer deposits, (ii) the ability of borrowers to satisfy their obligations, (iii) the demand for loans or other financial products and services, (iv) the ability of Arrow’s personnel and third party service providers to perform effectively, (v) financial markets, real estate markets, or economic growth, or (vi) other aspects of operations, then Arrow’s liquidity, financial condition and/or results of operations may be materially and adversely affected.

Item 9.01. Financial Statements and Exhibits.

Exhibits:

Exhibit No.>>>>>>>Description

Exhibit 99 >>>>>Arrow Financial Corporation Earnings Press Release dated April 24, 2020

ARROW FINANCIAL CORP Exhibit
EX-99 2 ex99-earningsq12020.htm EXHIBIT 99 Exhibit 250 Glen StreetGlens Falls,…
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About ARROW FINANCIAL CORPORATION (NASDAQ:AROW)

Arrow Financial Corporation (Arrow) is a bank holding company. The Company’s banking subsidiaries are Glens Falls National Bank and Trust Company (Glens Falls National) and Saratoga National Bank and Trust Company (Saratoga National). It operates in community banking industry segment. The Company’s business consists primarily of the ownership, supervision and control of its approximately two banks. It provides advisory and administrative services and coordinates the general policies and operation of the banks. The Company offers a range of commercial and consumer banking, and financial products. Its deposit base consists of deposits derived from the communities it serves. Through its banks’ trust operations, the Company provides retirement planning, trust and estate administration services for individuals, and pension, profit-sharing and employee benefit plan administration for corporations.