Arrow Financial records $3.75M reserve on $15M CRE loan in foreclosure

ARROW FINANCIAL CORP

Recorded $3.75M specific reserve on a $15M commercial real estate loan secured by two Upstate NY office parks.
Loan had zero reserve based on Jan 2024 appraisal of $86.1M; new appraisal shows $50M valuation.
Borrower in payment default; bank group commenced foreclosure as of March 31, 2025.
Arrow is 22% participant in a $67M multi-bank deal; estimated remaining exposure ~$10.64M after reserve.
Event will adversely impact Arrow's Q1 2025 financial performance; more details in upcoming earnings release.

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