[Form 4] Arrow Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Arrow Financial Corp. (AROW) Form 4 filing: Penko K. Ivanov, Senior EVP, Treasurer & CFO, bought 1,425 shares of AROW common stock on 08 Aug 2025 (trade date 06 Aug 2025) at $26.50 per share, a cash outlay of roughly $37.8k.

Following the purchase, Ivanov directly owns 7,709 shares. The filing notes an additional 477 shares accumulated since 29 Jan 2025 via the company’s DRIP (10 sh), ESPP (229 sh) and ESOP (238 sh); these did not require prior Form 4 disclosure but are now included in the total.

No derivative securities were reported. There were no dispositions, option exercises, or sales, and the transaction was coded “P” (open-market purchase). While modest in size, a direct insider purchase—especially by the CFO—can signal management confidence in the company’s valuation and prospects.

Positive

• CFO open-market purchase of 1,425 shares at $26.50 suggests insider confidence.
• Total direct holdings increased to 7,709 shares, a roughly 23% rise since last report, aligning management with shareholders.

Negative

• None.

Insights

Securities Analyst

TL;DR – CFO’s open-market purchase adds a mild positive insider signal.

The $38k buy increases Ivanov’s direct stake by ~23%, bringing total holdings to 7,709 shares. Although the dollar amount is small relative to Arrow’s market cap, insider purchases—particularly by senior financial officers—are often viewed as an alignment of interests with shareholders and can improve market sentiment. No sales or derivative grants temper the signal. Overall filing impact: modestly positive, but not transformative.

Corporate Governance Expert

TL;DR – Governance-neutral; modest purchase underscores commitment.

The disclosure complies with Section 16 reporting and consolidates previously unreported plan-based accumulations, enhancing transparency. The absence of complex derivatives or pre-planned 10b5-1 trades further supports a straightforward confidence play. Governance risk unchanged; impact rated neutral-to-positive.

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
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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)
08/06/2025

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	08/06/2025		P		1,425	A	$26.5	7,709(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 10 shares acquired under the Company's DRIP, 229 shares acquired through the company's ESPP, and 238 shares acquired through the company's ESOP since January 29, 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	08/08/2025
	** 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

How many AROW shares did CFO Penko Ivanov buy?

He purchased 1,425 common shares on 08/06/2025.

At what price were the shares purchased?

The shares were bought at $26.50 each.

What is Ivanov’s total direct ownership after the transaction?

He now directly owns 7,709 AROW shares.

Were any derivative securities involved?

No, the filing shows no derivative transactions.

What additional shares were disclosed in the explanation?

477 shares acquired via DRIP, ESPP, and ESOP since 01/29/2025 were included for transparency.