Arrow Financial (AROW) reports $1.00B in 13F holdings — 318 positions

Rhea-AI Filing Summary

Arrow Financial Corp filed a Form 13F reporting institutional holdings totaling $1,003,074,635 across 318 positions. The report names Arrow Bank National Association as an included manager and is signed by CFO Penko Ivanov on 02-05-2026.

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL

OMB Number:			3235-0006
Estimated average burden
hours per response:			23.8

Report for the Calendar Year or Quarter Ended: 12-31-2025

Check here if Amendment		Amendment Number:
This Amendment (Check only one.):		is a restatement.
		adds new holdings entries.

Institutional Investment Manager Filing this Report:
Name:	Arrow Financial Corp
Address:	250 GLEN STREET
	Glens Falls, NY 12801
Form 13F File Number:	028-12533
CRD Number (if applicable):
SEC File Number (if applicable):

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:		Penko Ivanov
Title:		Chief Financial Officer
Phone:		518-415-4512
Signature, Place, and Date of Signing:
/s/ Penko Ivanov			Glens Falls, NY	02-05-2026
[Signature]			[City, State]	[Date]

Report Type (Check only one.):
X	13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
	13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
	13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

Form 13F Summary Page
	Report Summary:
	Number of Other Included Managers:		1
	Form 13F Information Table Entry Total:		318
	Form 13F Information Table Value Total:		1,003,074,635
			(round to nearest dollar)

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]
	No.	Name	Form 13F File No.	CRD No. (if applicable)	SEC File No. (if applicable)	CIK
	2	ARROW BANK NATIONAL ASSOCIATION				0000902882

FAQ

What does Arrow Financial's (AROW) Form 13F disclose?

It discloses institutional holdings with a total value of $1,003,074,635 across 318 reported positions. The filing is a standard quarterly holdings report signed by CFO Penko Ivanov dated 02-05-2026.

How many positions did Arrow Financial report in the 13F?

The Form 13F Information Table shows 318 entries. That number represents the total number of separate holdings reported by the institutional manager in this filing, not individual trade activity or changes in position size.

Who signed Arrow Financial's Form 13F and when was it signed?

The report is signed by Penko Ivanov, Chief Financial Officer, with a signature location of Glens Falls, NY and a signing date of 02-05-2026. The signature attests to completeness of the report.

Does the 13F filing show trading activity or performance for AROW?

No; the Form 13F lists holdings as of the reporting period and their aggregate value of $1,003,074,635. It does not provide trading performance, buy/sell directions, or portfolio returns in this filing.

Is Arrow Bank National Association listed in the filing?

Yes; the filing includes a List of Other Included Managers with Arrow Bank National Association named as an included manager. The form provides the manager list but does not quantify that manager’s separate holdings in this summary.