Arrow Financial Corporation

Arrow Financial Corporation is listed on NASDAQ (AROW). Our holding company, Arrow Financial Corporation, a New York corporation, was incorporated on March 21, 1983 and is registered as a bank holding company within the meaning of the Bank Holding Company Act of 1956. Arrow owns two nationally chartered banks in New York, Glens Falls National Bank and Trust Company, Glens Falls, New York (Glens Falls National), and Saratoga National Bank and Trust Company, Saratoga Springs, New York (Saratoga National), as well as seven non-bank subsidiaries, the operations of which are not significant. We own directly or indirectly all voting stock of all our subsidiaries. Subsidiary Banks (dollars in thousands) Glens Falls National Saratoga National Bank & Trust Co. Bank & Trust Co.

Arrow International Inc.

Arrow International Inc. is listed on NASDAQ (ARRO). Certain of the information contained in this Form 10-K, including the discussion which follows in Managements Discussion and Analysis of Financial Condition and Results of Operations found in Item 7 of this Report, contain forward-looking statements. For a discussion of important factors that could cause actual results to differ materially from such forward-looking statements, carefully review this report, including Item 1. Business - Certain Risks Relating to Arrow, as well as other information contained in Arrow International, Inc.s periodic reports filed with the Securities and Exchange Commission, or the SEC. Arrow International, Inc. (together with its subsidiaries, Arrow) was incorporated as a Pennsylvania corporation in 1975. Arrow develops, manufactures and markets a broad range of clinically advanced, disposable catheters, heart assist devices and related products for critical and cardiac care.

BIW Limited ..ham Utilities, Inc. (BUI or Birmingham Utilities) a specially chartered Connecticut public service corporation in the business of collecting and distr..

Building Materials Holding Corporation ..he largest residential building products and construction services companies in the United States with annual sales in excess of $2 billion. We compet..

Bank of Commerce Holdings (CA) .. a financial holding company (FHC) registered under the Bank Holding Company Act of 1956, as amended, and was incorporated in California on January 21..

Syntel Inc. ..o Syntel, Inc. and its wholly owned subsidiaries worldwide on a consolidated basis. FORWARD-LOOKING STATEMENTS This report on Form 10-K, including wit..

Bowater Incorporated ..anufacture, sale and distribution of newsprint, uncoated specialty paper, coated groundwood paper, market pulp, lumber and timber. We operate faciliti..

CallWave Inc. ..s typically used a landline telephone as their primary means of communication. The emergence of mobile telephones and the Internet has reshaped the co..

Catalytica Energy Systems Inc. ..) was incorporated in Delaware in 1995 as a subsidiary of Catalytica, Inc. Catalytica Energy operated as part of Catalytica, Inc.'s research and devel..

Cambior Inc. ..ree-Year History The year 2002 was significant for the Company as it was emerging from a financial restructuring program and was positioning itself fo..

Cabot Microelectronics Corporation ..ctronics, the Company, us, we, or our), which was incorporated in the state of Delaware in 2000, is the leading supplier of high-performance polishing..

Central Garden & Pet Company ..ter and producer of quality branded products. We are one of the largest suppliers in the lawn and garden and pet supplies industries. The total lawn a..

Churchill Downs Incorporated ..ing company that conducts pari-mutuel wagering on live Thoroughbred, Quarter Horse and Standardbred horse racing and simulcasts signals of races. Addi..

CompX International Inc. ..manufacturer of precision ball bearing slides, security products and ergonomic computer support systems used in office furniture, computer-related app..

Commercial Capital Bancorp Inc. ..tion, is a diversified financial services holding company that provides a variety of lending and deposit products and services to middle market commer..

Commercial Metals Company ..el and metal products and related materials and services through a network of locations located throughout the United States and internationally. We c..

China Netcom Group Corporation (Hong Kong) Limited ..hina Netcom Group Corporation (Hong Kong) Limited. Our principal executive offices are located at Building C, No. 156 Fuxingmennei Avenue, Xicheng Dis..

CPFL Energia S.A. .. and existing under the laws of Brazil with the legal name CPFL Energia S.A. Our principal executive offices are located at Rua Gomes de Carvalho, 1,5..

Cronos Group (The) ..ed in Luxembourg with its registered office at 16, Allée Marconi, Boîte Postale 260, L-2120 Luxembourg (telephone (352) 453145). The Company is regist..

Crescent Banking Company ..e parent holding company of Crescent Bank & Trust Company (Crescent Bank or the Bank), Crescent Mortgage Services, Inc. (CMS) and Crescent Capital Tru..

CAPITALSOURCE INC ..oviding loans to small and medium-sized businesses. Our goal is to be the lender of choice for small and medium-sized businesses with annual revenues ..

Connecticut Water Service Inc. ..eferred to as the Company, we or our) was organized in 1956. Connecticut Water Service, Inc. is a non-operating holding company, whose income is deriv..

CVS Corporation ..e industry in the United States with net sales of $30.6 billion in 2004. As of January 1, 2005, we operated 5,375 retail and specialty pharmacy stores..

Dress Barn Inc. (The) ..ries operates a chain of womens apparel specialty stores, operating principally under the names dressbarn and dressbarn woman and, since our January 2..

Delta Galil Industries Ltd. ..rael in 1975 and operates as a public company with liability limited by shares under the Israeli Companies Law, 1999. Our registered offices are locat..

Deluxe Corporation .. of the State of Minnesota in 1920. From 1920 until 1988 our company was named Deluxe Check Printers, Incorporated. Our principal corporate offices ar..

Dominos Pizza Inc ..Domino's or in the first person notations of we, us and our) is the number one pizza delivery company in the United States, based on reported consumer..

Dreamworks Animation SKG Inc. ..ooking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21..

DeVry Inc. ..State of Delaware. The Companys executive offices are located at One Tower Lane, Oakbrook Terrace, Illinois, 60181. The Companys telephone number is (..

Consolidated Graphics Inc. ..hics, CGX, the Company, we, our and us refer to Consolidated Graphics, Inc, collectively with our consolidated subsidiaries, unless the context indica..

EDO Corporation ..25 by Earl Dodge Osborn, from whose initials EDO is derived. EDO Corporation designs and manufactures a diverse range of products for the defense indu..

EMCORE Corporation ..oducts or the markets we serve, please visit our website at http:-www.emcore.com. The information on EMCOREs website is not incorporated by reference ..

En Pointe Technologies Inc. ..orated in Texas on January 25, 1993 and reincorporated in Delaware on February 6, 1996. We are a national provider of information technology products ..

Environmental Tectonics Corp. ..re principally engaged in the design, manufacture and sale of software driven products used to create and monitor the physiological effects of motion ..

Eaton Vance Corporation ..gement business for over eighty years, tracing its history to two Boston-based investment managers: Eaton & Howard, formed in 1924, and Vance, Sanders..

Family Dollar Stores Inc. ..most 6,000 retail discount stores in a 44-state area, providing primarily low to lower-middle income consumers with a wide range of general merchandis..

Freescale Semiconductor Inc ..n the design and manufacture of embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets. Freescale became a ..

Factory Card & Party Outlet Corporation ..ry, Factory Card Outlet of America Ltd., are a specialty retailer offering a wide selection of party supplies, greeting cards, giftwrap, balloons, gif..

Flagstar Bancorp Inc. ..rift holding company founded in 1993. Our stock is traded on the New York Stock Exchange under the symbol FBC. Our primary subsidiary is Flagstar Bank..

1st Constitution Bancorp (NJ) ..y registered under the Bank Holding Company Act of 1956, as amended. The Company was organized under the laws of the State of New Jersey in February 1..

Fieldstone Investment Corporation .. that has a portfolio of mortgage loans we originated and that originates, securitizes, sells and services non-conforming and conforming single-family..

L.S. Starrett Company (The) ..n 1929 and is engaged in the business of manufacturing industrial, professional, and consumer products. The total number of different items made and s..

Wilson Greatbatch Technologies Inc. ..teries, capacitors, feedthroughs, enclosures, and other components used in implantable medical devices (IMDs) through our Implantable Medical Componen..

GrafTech International Ltd ..r and faster than our competition, through the creation, innovation and manufacture of graphite and carbon material science-based solutions. We have o..

Given Imaging Ltd. ..poration under the laws of the State of Israel in January 1998. We are registered with the Israeli registrar of companies in Jerusalem. Our registrati..

Gallery of History Inc. ..he State of Nevada on November 10, 1981. The Company is engaged in the business of marketing historical documents such as letters, documents and signa..

Group 1 Automotive Inc. ..the $1 trillion automotive retailing industry. We own and operate 142 dealership franchises and 32 collision centers primarily located in major metrop..

Goodrich Corporation (The) ..omponents, systems and services to the commercial, regional, business and general aviation markets. We are also a leading supplier of systems and prod..

Havas ..tions services company. With our headquarters located in Suresnes, France, two operating divisions headquartered in the United States and the third he..

HemoSense Inc. ..held blood coagulation monitoring systems for use by patients and healthcare professionals in the management of warfarin medication. Warfarin is an or..

HIGHWOODS PPTYS INC ..ed and self-managed equity REIT that began operations through a predecessor in 1978. We are one of the largest owners and operators of suburban office..

Health Net Inc. ..t delivers managed health care services through health plans and government sponsored managed care plans. We operate and conduct our businesses throug..

Hornbeck Offshore Services ..ced, new generation OSVs serving the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico and in select international markets. The focu..

Health Care Property Investors Inc. ..orporation organized in 1985, is a real estate investment trust (REIT) that, together with its consolidated subsidiaries and joint ventures (collectiv..

Iconix Brand Group Inc. .. in 1978, is in the business of licensing and marketing intellectual property. The Company currently owns three brands, CANDIES(R), BONGO(R) and BADGL..

IMERGENT INC .. technology, training and a variety of web-based technology and resources to over 150,000 small businesses and entrepreneurs annually. Our affordably ..

Intermagnetics General Corporation ..ration of its two recently acquired medical device businesses and sold its instrumentation business resulting in a new Intermagnetics that serves the ..

Interchange Corporation ..inesses on the Internet. Our services enable businesses to list their products and services in our distributed Internet search results. By providing l..

Ionatron Inc. ..rward-looking statements for purposes of the securities laws. Forward-looking statements include all statements that do not relate solely to the histo..

Isonics Corporation ..l and useful information, this Form 10-KSB contains certain forward-looking statements (as such term is defined in section 21E of the Securities Excha..

John B. Sanfilippo & Son Inc. ..nder the laws of the State of Delaware in 1979 as the successor by merger to an Illinois corporation that was incorporated in 1959. As used herein, un..

Jones Apparel Group Inc. ..arketer and wholesaler of branded apparel, footwear and accessories. We also market directly to consumers through our chain of specialty retail and va..

Kinetic Concepts Inc. ..ogy company with leadership positions in advanced wound care and therapeutic surfaces. We design, manufacture, market and service a wide range of prop..

Multi-Fineline Electronix Inc. ..ineering, design, and manufacture of flexible printed circuit boards and value-added component assembly solutions for electronics industry. Its produc..

LightPath Technologies Inc. ..) manufactures optical components and higher level assemblies including precision molded glass aspheric optics, isolators, proprietary fiber-optic col..

Microchip Technology Incorporated ..or products used by our customers for a wide variety of embedded control applications. Our product portfolio comprises our PICmicro® field-reprogramma..

Merchants Bancshares Inc. ..ny originally organized under Vermont law in 1983 for the purposes of owning all of the outstanding capital stock of Merchants Bank and providing grea..

Microsoft Corporation ..oughout the world to realize their full potential. We work to achieve our mission through technology that transforms the way people work, play, and co..

Navigators Group Inc. (The) .. consisting of the accounts of The Navigators Group, Inc., a Delaware holding company established in 1982, and its wholly owned subsidiaries are prepa..

Northrop Grumman Corporation ..ovides technologically advanced, innovative products, services, and solutions in defense and commercial electronics, nuclear and non-nuclear shipbuild..

Northwest Bancorp Inc. ..ormed on June 29, 2001, as the successor to a Pennsylvania corporation of the same name. Both the Federal corporation and its Pennsylvania predecessor..

OPTION CARE Inc. ..me infusion pharmacy services and specialty pharmacy services to patients with acute or chronic conditions that can be treated at home, at one of our ..

PC-Tel Inc. ..thin the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, among ..

PreferredPlus Trust ..urities held by PreferredPLUS Trust Series FAR-1, please refer to The First American Corporations (Commission file number 001-13585) periodic reports,..

Praxair Inc. ..1907 and became an independent publicly traded company in 1992. Praxair was the first company in the United States to produce oxygen from air using a ..

Pharmion Corporation ..cused on acquiring, developing and commercializing innovative products for the treatment of hematology and oncology patients. We have established our ..

Richmont Mines Inc. ..ny is Richmont Mines Inc. The Company is a corporation domiciled in Quebec, Canada. The Company was incorporated pursuant to Part 1A of the Companies ..

Reliv International Inc. ..and markets a proprietary nutritional product line and offers an entrepreneurial opportunity for distributors who sell the Company's products and deve..

ServiceMaster Company (The) ..g both residential and commercial customers. ServiceMasters services include lawn care and landscape maintenance; termite and pest control; home warra..