Director adds Arrow Financial (AROW) shares through DRIP buy

Rhea-AI Filing Summary

Arrow Financial Corp director Morris Philip C reported a small share acquisition through the company’s dividend reinvestment plan (DRIP). On 02/11/2026, he made an optional cash purchase of 29 shares of common stock at $35.08 per share.

Following this transaction, he directly beneficially owns 7,189 shares of Arrow Financial common stock. This filing records the change in his direct ownership and confirms continued participation in the company’s DRIP program.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Morris Philip C

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	29	$35.08	$1K

Holdings After Transaction: Common Stock — 7,189 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^*

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)
02/11/2026

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	02/11/2026		J		29(1)	A	$35.08	7,189	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	02/12/2026
	** 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 Morris Philip C?

Arrow Financial reported that director Morris Philip C acquired 29 shares of common stock through an optional cash purchase under the company’s DRIP on February 11, 2026. This is a routine dividend reinvestment plan transaction rather than an open-market trade.

At what price did the Arrow Financial (AROW) director acquire new shares?

The director acquired 29 Arrow Financial common shares at a price of $35.08 per share. The transaction was executed as an optional cash purchase under the company’s dividend reinvestment plan (DRIP), not as a standard open-market purchase on an exchange.

How many Arrow Financial (AROW) shares does the director own after this Form 4?

After the reported transaction, director Morris Philip C directly beneficially owns 7,189 shares of Arrow Financial common stock. This total reflects his holdings following the 29-share optional cash purchase under the company’s dividend reinvestment plan on February 11, 2026.

What does the footnote in the Arrow Financial (AROW) Form 4 explain?

The footnote explains that the reported transaction is an optional cash purchase of shares under Arrow Financial’s dividend reinvestment plan (DRIP). This clarifies that the acquisition occurred within the DRIP program structure rather than through a discretionary open-market buy order.

Is the Arrow Financial (AROW) Form 4 transaction a buy or sell?

The Form 4 shows a share acquisition by the director. It states that 29 shares of common stock were obtained as an optional cash purchase under the company’s dividend reinvestment plan, indicating an increase in his direct beneficial ownership rather than a share sale.