[Form 4] Arrow Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Reporting person: Penko Ivanov, SEVP, Treasurer and CFO of Arrow Financial Corp (AROW). Transactions: Ivanov purchased common stock on 08/26/2025 and 08/27/2025 in three open-market transactions totaling 12,000 shares at prices of $29.46, $29.38 and $29.50 per share, and reports an aggregate holding of 19,715 shares after the trades. The filing also discloses 6 shares acquired under the company's DRIP since August 6, 2025 that are being furnished to show total holdings. The Form 4 reports direct ownership and is filed individually by the reporting person.

Positive

• Insider purchases totaling 12,000 shares in open-market transactions on 08/26-08/27/2025 at prices of $29.46, $29.38 and $29.50
• Total direct holdings disclosed increased to 19,715 shares after the reported transactions
• Supplemental DRIP disclosure of 6 shares acquired since August 6, 2025 to accurately reflect total holdings

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider purchases totaling 12,000 shares increased direct holdings to 19,715 shares, indicating personal buy-side activity by a senior executive.

Ivanov executed three purchase transactions on 08/26-08/27/2025 at prices between $29.38 and $29.50, and the filing clarifies an additional 6 DRIP shares acquired since August 6, 2025. For investors, insider purchases signal confidence but must be sized against overall outstanding shares to assess materiality; this Form 4 shows direct ownership only and contains no derivative activity. The disclosure is routine and complies with Section 16 reporting.

Corporate Governance Expert

TL;DR: A senior officer and director made open-market purchases and properly disclosed DRIP additions, demonstrating timely reporting practices.

The filing shows the SEVP, Treasurer and CFO increased direct holdings via multiple purchases and supplemented holdings via the company DRIP. The report is filed individually and includes an explanatory remark about previously unreported DRIP shares. From a governance perspective, the filing is transparent and timely; it does not disclose any sales, option exercises, or planned trading arrangements such as a 10b5-1 plan.

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)
08/26/2025

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	08/26/2025		P		1,078	A	$29.46	8,787	D
Common Stock	08/27/2025		P		3,925	A	$29.38	12,712	D
Common Stock	08/27/2025		P		6,997	A	$29.5	19,715(1)	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 6 shares acquired under the Company's DRIP since August 06, 2025 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

Remarks:

	Penko Ivanov	08/28/2025
	** 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.

FAQ

What trades did Arrow Financial Corp (AROW) insider Penko Ivanov report on Form 4?

Penko Ivanov reported purchases of 1,078 shares on 08/26/2025 and purchases of 3,925 and 6,997 shares on 08/27/2025, respectively.

What prices were paid by the insider for AROW shares in the Form 4?

Reported prices were $29.46 for the 08/26/2025 purchase, $29.38 and $29.50 for the 08/27/2025 purchases.

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

Beneficial ownership is reported as 19,715 shares following the transactions shown on the Form 4.

Did the Form 4 disclose any derivative transactions or 10b5-1 plans?

No derivatives or 10b5-1 plan transactions are reported; the filing lists only open-market purchases and DRIP-acquired shares.

Why were 6 additional DRIP shares disclosed in the filing?

Explanation provided states 6 shares were acquired under the company DRIP since August 6, 2025 and are furnished to disclose total holdings.