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  4. [Form 4] ARROW FINANCIAL CORP Insider Trading Activity

Arrow Financial CFO reports insider buys; total now 26,394 shares

Filing Impact
(Neutral)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Arrow Financial Corp (AROW) reported insider buying by Penko Ivanov, SEVP, Treasurer and CFO. On 11/04/2025, he purchased 1,617 shares of common stock at $29.82 and 3 shares at $29.67. Following these transactions, he directly owns 26,394 shares.

The filing notes that 30 shares acquired under the Company’s ESPP since September 10, 2025 are included to disclose total holdings as of this report date.

Positive

  • None.

Negative

  • None.
Insider Ivanov Penko Krassimir
Role SEVP, Treasurer and CFO
Bought 1,620 shs ($48K)
Type Security Shares Price Value
Purchase Common Stock 1,617 $29.82 $48K
Purchase Common Stock 3 $29.67 $89.01
Holdings After Transaction: Common Stock — 26,391 shares (Direct)
Footnotes (1)
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Ivanov Penko Krassimir
(Last) (First) (Middle)
16 WHITBECK DRIVE
(Street)
QUEENSBURY NY 12804
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ARROW FINANCIAL CORP [ AROW ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
SEVP, Treasurer and CFO
3. Date of Earliest Transaction (Month/Day/Year)
11/04/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/04/2025 P 1,617 A $29.82 26,391(1) D
Common Stock 11/04/2025 P 3 A $29.67 26,394 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. The information provided reflects 30 shares acquired under the Company's ESPP since September 10, 2025, which were not required to be reported on a Form 4. This information is being provided to disclose the total holdings of the insider as of the date of this Form 4.
Remarks:
Penko Ivanov 11/05/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did AROW’s CFO Penko Ivanov report on Form 4?

He reported open-market purchases of common stock on 11/04/2025: 1,617 shares at $29.82 and 3 shares at $29.67.

How many AROW shares does Penko Ivanov own after the transactions?

He directly owns 26,394 shares after the reported purchases.

What prices were paid for the AROW shares?

The reported prices were $29.82 for 1,617 shares and $29.67 for 3 shares.

Did the filing mention ESPP acquisitions?

Yes. It notes 30 shares acquired under the ESPP since September 10, 2025 are included to reflect total holdings.

What is the insider’s role at Arrow Financial Corp (AROW)?

Penko Ivanov is SEVP, Treasurer and CFO of Arrow Financial Corp.

Was the filing made by one or multiple reporting persons?

It was filed by one reporting person.