Arrow Financial (AROW) director boosts stake with DRIP share purchase

Rhea-AI Filing Summary

Arrow Financial Corp director Philip C. Morris reported a small optional cash purchase of common stock under the company’s dividend reinvestment plan (DRIP). The transaction on April 13, 2026 covered 28 shares at $36.33 each, bringing his directly held position to 7,535 shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Morris Philip C

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	28	$36.33	$1K

Holdings After Transaction: Common Stock — 7,535 shares (Direct)

Footnotes (1)

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Key Figures

DRIP shares purchased: 28 shares Purchase price: $36.33 per share Shares held after transaction: 7,535 shares +1 more

4 metrics

DRIP shares purchased 28 shares Optional cash purchase on April 13, 2026

Purchase price $36.33 per share Price for DRIP optional cash purchase

Shares held after transaction 7,535 shares Direct common stock ownership following Form 4 transaction

Transaction classification Code J (other acquisition or disposition) Non-derivative common stock, Form 4 reporting

Key Terms

dividend reinvestment plan (DRIP), Common Stock, other acquisition or disposition, Form 4

4 terms

dividend reinvestment plan (DRIP) financial

"The reported transaction represents an optional cash purchase of shares under the Company's DRIP."

A dividend reinvestment plan (DRIP) is a program that automatically uses the cash dividends an investor receives to buy additional shares (or fractions of shares) of the same company instead of paying out cash. Like a snowball that quietly grows larger, it helps investors compound returns over time, increase ownership without manual trades or commission costs, and change future income streams — though dividends used are still taxable as income.

Common Stock financial

"security_title: "Common Stock" in the non-derivative transaction record"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

other acquisition or disposition financial

"transaction_code_description: "Other acquisition or disposition" for code J"

Form 4 regulatory

"INSIDER FILING DATA (Form 4): { "issuerName": "ARROW FINANCIAL CORP""

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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^*

Morris Philip C

(Last) (First) (Middle)

250 GLEN STREET

(Street)

GLENS FALLS NEW YORK 12801

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ARROW FINANCIAL CORP [ AROW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/13/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	04/13/2026		J(1)		28	A	$36.33	7,535	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 reported transaction represents an optional cash purchase of shares under the Company's DRIP.

Remarks:

	Penko Ivanov, Attorney in Fact	04/15/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Arrow Financial (AROW) report for Philip C. Morris?

Director Philip C. Morris reported an optional cash purchase of 28 shares of Arrow Financial common stock under the company’s DRIP. The transaction occurred on April 13, 2026 at a price of $36.33 per share.

How many Arrow Financial (AROW) shares does Philip C. Morris hold after this Form 4?

After the reported DRIP transaction, Philip C. Morris directly holds 7,535 shares of Arrow Financial common stock. This figure reflects his ownership position immediately following the optional cash purchase of 28 shares at $36.33 each.

Was the Arrow Financial (AROW) insider trade an open-market purchase or sale?

The transaction was not an open-market trade. It was an optional cash purchase of 28 Arrow Financial common shares executed through the company’s dividend reinvestment plan (DRIP), as described in the Form 4 footnote.

What price did Philip C. Morris pay per Arrow Financial (AROW) share?

Philip C. Morris acquired 28 Arrow Financial common shares at $36.33 per share. This price applies specifically to the DRIP optional cash purchase reported on April 13, 2026, and is disclosed directly in the Form 4 transaction details.

Does the Arrow Financial (AROW) Form 4 show any derivative security activity?

The Form 4 does not report any derivative security activity for this transaction. It lists only a non-derivative common stock purchase of 28 shares through the company’s dividend reinvestment plan, with no options or other derivatives shown in the filing.