Recent News
On July 1, 2026 the company announced completion of its acquisition of Adirondack Bancorp, Inc., merging Adirondack Bank into Arrow Bank and reporting combined pro-forma totals of roughly $5.4 billion in assets, $4.8 billion in deposits and $4.1 billion in loans; management flagged a banking system conversion and integration to finish later in 2026. The July investor presentation noted subsequent balance-sheet actions, including the sale of about $74 million of low-yielding securities. Separate July 23, 2026 filings confirmed second-quarter results and the declaration of a $0.30 third-quarter dividend.
Technical Analysis
Directional indicators read bullish despite weak trend strength: ADX registers 17.21, indicating no established trend; DI+ at 21.08 trends higher (bullish) while DI- at 24.69 trends lower (bullish). Together this pattern signals directional bias without trend conviction, which dampens follow-through risk for short-term momentum.
MACD stands at -0.08 and trends higher with the MACD above its signal line (-0.20), a bullish momentum crossover that supports continued upside in the coming weeks if momentum holds.
MRO sits at 6.54 and trends upward, indicating the price sits modestly above the modeled target and therefore carries some downside pressure if momentum stalls; the magnitude suggests only a modest reversion risk at present.
RSI reads 49.36 and trends up, placing the stock near neutral momentum with room to move either direction before hitting typical overbought/oversold thresholds.
Price sits at $39.15, above the 20-day average ($38.57) and 200-day average ($35.43) but just below the 50-day average ($39.49). The 12-day EMA at $38.83 trends up and the ichimoku cloud shows Senkou A at $39.80 and Senkou B at $38.62, leaving price inside the cloud band near its upper boundary—supportive of consolidation with a bullish tilt if the cloud holds.
Fundamental Analysis
Earnings: Reported EPS of $0.71 missed the $0.85 estimate, producing an EPS surprise of -16.47%. Forward EPS sits at $1.0769, producing a forward P/E of 34.08 versus a trailing P/E of 54.36. The EPS miss reduces near-term earnings momentum despite a lower forward multiple that partially reflects expected earnings growth.
Growth: Revenue expanded year-over-year by 28.54% and quarter-over-quarter by 135.79%, reflecting acquisition-related top-line lift. Reported net income of $10.962 million and headline revenue of $44.187 million show material scale pickup tied to completed transaction activity and subsequent balance-sheet actions.
Profitability & returns: Return on equity reads 2.456% (below the industry peer mean of 2.777%) while return on assets reads 0.243% (below the industry peer mean of 0.311%). Net interest income totaled $35.931 million and interest expense registered $17.686 million, producing a narrower net-interest spread that the company will need to manage as acquired funding and securities rebalancing complete.
Capital structure & liquidity: Total assets approximate $4.482 billion with total equity at $446.306 million. Debt-to-assets stands at 7.475%, above the industry peer mean of 5.766%, while debt-to-equity registers 0.75078. Cash on hand reads $186.788 million and free cash flow registers $11.587 million with a free-cash-flow yield of 1.814% (below the industry peer mean of 2.621%).
Dividends and payout: Quarterly dividend per share at $0.30 yields about 0.78% with a dividend payout ratio near 45.25% and dividend coverage around 2.21, signaling the company keeps a conservative coverage buffer.
Valuation: Price-to-book stands at 1.4309, modestly above the industry peer mean book multiple of 1.2996 and near the industry peer median of 1.2752. Trailing P/E at 54.36 exceeds the industry peer mean of 46.08, while forward P/E at 34.08 sits below that trailing level but above the industry peer mean forward P/E of 40.34 (note: forward P/E here reflects company guidance and WMDST forward EPS). The current valuation, as determined by WMDST, classifies the stock as over-valued; enterprise-value-to-revenue ratio reads 22.04 and the mean analyst price target sits near $40.94 against a last close of $39.15, implying limited upside relative to present price without improved earnings visibility.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-23 |
| NEXT REPORT DATE: | 2026-10-22 |
| CASH FLOW | Begin Period Cash Flow | $ 285.6 M |
| Operating Cash Flow | $ 15.8 M | |
| Capital Expenditures | $ -4.21 M | |
| Change In Working Capital | $ 3.4 M | |
| Dividends Paid | $ -4.96 M | |
| Cash Flow Delta | $ -98.82 M | |
| End Period Cash Flow | $ 186.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 44.2 M | |
| Forward Revenue | $ 18.0 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 1.3 M | |
| Depreciation and Amortization | $ 1.3 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 53.6 M | |
| Interest Expense | $ 17.7 M | |
| Net Interest Income | $ 35.9 M | |
| Income Before Tax | $ 13.9 M | |
| Tax Provision | $ 2.9 M | |
| Tax Rate | 21.1 % | |
| Net Income | $ 11.0 M | |
| Net Income From Continuing Operations | $ 11.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.85 | |
| EPS Actual | $ 0.71 | |
| EPS Difference | $ -0.14 | |
| EPS Surprise | -16.471 % | |
| Forward EPS | $ 1.08 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.5 B | |
| Intangible Assets | $ 25.4 M | |
| Net Tangible Assets | $ 420.9 M | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 186.8 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | $ 143.4 M | |
| Total Debt | $ 335.1 M | |
| Total Liabilities | $ 4.0 B | |
| EQUITY | ||
| Total Equity | $ 446.3 M | |
| Retained Earnings | $ 116.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 26.98 | |
| Shares Outstanding | 16.545 M | |
| Revenue Per-Share | $ 2.67 | |
| VALUATION | Market Capitalization | $ 638.6 M |
| Enterprise Value | $ 973.7 M | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 22.036 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 10.043 | |
| Asset To Liability | 1.111 | |
| Debt To Capital | 0.429 | |
| Debt To Assets | 0.075 | |
| Debt To Assets QoQ | 1058.915 % | |
| Debt To Assets YoY | 883.553 % | |
| Debt To Assets IPRWA | high: 0.137 AROW: 0.075 median: 0.07 mean: 0.058 low: -0.0 |
|
| Debt To Equity | 0.751 | |
| Debt To Equity QoQ | 1032.74 % | |
| Debt To Equity YoY | 813.58 % | |
| Debt To Equity IPRWA | high: 1.606 AROW: 0.751 median: 0.672 mean: 0.549 low: -0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.431 | |
| Price To Book QoQ | 10.676 % | |
| Price To Book YoY | 30.078 % | |
| Price To Book IPRWA | high: 2.227 AROW: 1.431 mean: 1.3 median: 1.275 low: 0.269 |
|
| Price To Earnings (P/E) | 54.363 | |
| Price To Earnings QoQ | 29.469 % | |
| Price To Earnings YoY | 44.448 % | |
| Price To Earnings IPRWA | high: 69.021 AROW: 54.363 mean: 46.078 median: 43.576 low: 21.512 |
|
| PE/G Ratio | -4.052 | |
| Price To Sales (P/S) | 14.452 | |
| Price To Sales QoQ | 13.675 % | |
| Price To Sales YoY | 29.104 % | |
| Price To Sales IPRWA | high: 27.743 AROW: 14.452 mean: 14.02 median: 13.585 low: 0.098 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 34.084 | |
| Forward PE/G | -2.541 | |
| Forward P/S | 35.685 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.01 | |
| Asset Turnover Ratio QoQ | -1.703 % | |
| Asset Turnover Ratio YoY | 8.278 % | |
| Asset Turnover Ratio IPRWA | high: 0.016 mean: 0.01 median: 0.01 AROW: 0.01 low: 0.006 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.095 | |
| CapEx To Depreciation | -3.342 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 776.5 M | |
| Net Invested Capital | $ 776.5 M | |
| Invested Capital | $ 776.5 M | |
| Net Tangible Assets | $ 420.9 M | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 47.057 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.21 | |
| Dividend Payout Ratio | 0.452 | |
| Dividend Rate | $ 0.30 | |
| Dividend Yield | 0.008 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.877 % | |
| Revenue Growth | 3.103 % | |
| Revenue Growth QoQ | 135.79 % | |
| Revenue Growth YoY | 28.542 % | |
| Revenue Growth IPRWA | high: 29.736 % mean: 5.007 % AROW: 3.103 % median: 1.242 % low: -25.101 % |
|
| Earnings Growth | -13.415 % | |
| Earnings Growth QoQ | 280.136 % | |
| Earnings Growth YoY | -115.93 % | |
| Earnings Growth IPRWA | high: 43.333 % mean: 9.918 % median: 6.557 % AROW: -13.415 % low: -30.303 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 11.6 M | |
| Free Cash Flow Yield | 1.814 % | |
| Free Cash Flow Yield QoQ | -25.959 % | |
| Free Cash Flow Yield YoY | -1.52 % | |
| Free Cash Flow Yield IPRWA | high: 6.857 % mean: 2.621 % median: 2.521 % AROW: 1.814 % low: -2.092 % |
|
| Free Cash Growth | -16.885 % | |
| Free Cash Growth QoQ | -108.965 % | |
| Free Cash Growth YoY | 185.606 % | |
| Free Cash Growth IPRWA | high: 491.918 % median: -2.261 % mean: -10.381 % AROW: -16.885 % low: -414.865 % |
|
| Free Cash To Net Income | 1.057 | |
| Cash Flow Margin | 27.818 % | |
| Cash Flow To Earnings | 1.121 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.16 | |
| Return On Assets (ROA) | 0.243 % | |
| Return On Assets QoQ | -19.269 % | |
| Return On Assets YoY | -0.41 % | |
| Return On Assets IPRWA | high: 0.621 % mean: 0.311 % median: 0.284 % AROW: 0.243 % low: 0.071 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.025 | |
| Return On Equity QoQ | -19.843 % | |
| Return On Equity YoY | -7.146 % | |
| Return On Equity IPRWA | high: 0.046 mean: 0.028 median: 0.025 AROW: 0.025 low: 0.006 |
|
| DuPont ROE | 2.472 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |