Arrow Financial (AROW) director adds common stock via DRIP

Rhea-AI Filing Summary

Arrow Financial Corp director Philip C. Morris reported an update to his holdings through the company’s dividend reinvestment plan (DRIP). The filing shows an optional cash purchase of 31 shares of common stock at $34.49 per share on the plan date.

After this transaction, Morris directly holds 7,271 shares of Arrow Financial common stock. This total includes 51 DRIP shares acquired since February 11, 2026 that were not previously reportable on Form 4 and are now disclosed to present his current aggregate holdings.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Morris Philip C

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	31	$34.49	$1K

Holdings After Transaction: Common Stock — 7,271 shares (Direct)

Footnotes (1)

1. The reported transaction represents an optional cash purchase of shares under the Company's DRIP. The information provided reflects 51 shares acquired under the Company's DRIP since February 11, 2026, 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.

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 NY 12801

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

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	03/11/2026		J(1)		31	A	$34.49	7,271(2)	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.

2. The information provided reflects 51 shares acquired under the Company's DRIP since February 11, 2026, 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, Attorney in Fact	03/12/2026
	** 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.

FAQ

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

Arrow Financial director Philip C. Morris reported an optional cash purchase of 31 common shares through the company’s DRIP at $34.49 per share, along with an updated total of his directly held shares as of the reported date.

How many Arrow Financial (AROW) shares does Philip C. Morris now hold?

Following the reported DRIP transaction, Philip C. Morris directly holds 7,271 Arrow Financial common shares. This figure includes prior 51 DRIP shares acquired since February 11, 2026, which were not previously required to be reported on Form 4.

Was the Arrow Financial (AROW) insider transaction an open-market trade?

No, the reported activity reflects an optional cash purchase under Arrow Financial’s dividend reinvestment plan rather than an open-market trade. DRIP purchases typically reinvest cash into additional shares on preset terms instead of using standard market orders.

What does the Arrow Financial (AROW) Form 4 footnote say about prior DRIP purchases?

The footnote explains that 51 shares were acquired under Arrow Financial’s DRIP since February 11, 2026 but did not require earlier Form 4 reporting. They are now included so the filing shows Morris’s total current direct holdings accurately.

Does the Arrow Financial (AROW) Form 4 indicate any derivative securities for Philip C. Morris?

The Form 4 data show only Arrow Financial common stock and no derivative securities for Philip C. Morris. The derivative section is empty, indicating no options or similar instruments are reported in this particular filing.

How significant is the reported Arrow Financial (AROW) DRIP purchase by Philip C. Morris?

The reported DRIP transaction involves 31 shares of Arrow Financial common stock, a relatively small update. The main purpose appears to be clarifying Morris’s total direct shareholdings, rather than signaling a large strategic change in ownership.