Arrow Financial Corporation

Overview

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• TickerAROW on Nasdaq¹
• IndustryNational Commercial Banks¹
• HeadquartersGlens Falls¹
• Websitewww.arrowfinancial.com
• Legal formNew York Business Corporation, corporation¹
• Incorporated inNY⁴
• Business address250 Glen St, Glens Falls, Ny 12801⁴
• Filer categoryAccelerated filer⁴
• LEI2549007Z8GI9ZZIQ1817³
• StatusActive³
• LEI statusIssued and current³
• Registered address250 Glen Street, 12801 Glens Falls, United States³
• Registered withCorporation and Business Entity Database (Division of Corporations, State Records and UCC, Department of State), 829376³

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Arrow was incorporated on March 21, 1983 and is registered as a bank holding company within the meaning of the Bank Holding Company Act of 1956. As of December 31, 2025 the Company had one wholly-owned banking subsidiary, Arrow Bank National Association. Through Arrow Bank, Arrow indirectly owns various non-bank subsidiaries, including an insurance agency, a registered investment adviser and a REIT. See "The Company and Its Subsidiaries," above.⁵ From its latest annual report

Corporate structure

Arrow Financial Corporation sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Arrow Financial Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Investments

Intangibles and goodwill

Properties, in its own words

Arrow's main office is at 250 Glen Street, Glens Falls, New York. The building is owned by Arrow Bank National Association and serves as the main office for Arrow and Arrow Bank. Arrow Bank owns 26 branch banking offices, leases 12 branch banking offices, leases two residential loan origination offices and a business development office, all at market rates. Two of the 12 leased locations reflect the long term lease of property upon which Arrow owns buildings. Arrow's insurance agency is co-located in seven bank-owned branches, as well as two leased insurance offices. Arrow also leases a maintenance building and parking lots near the main office in Glens Falls as well as land and additional office space within our footprint to support our business.

In the opinion of management, the physical properties of Arrow and its subsidiaries are suitable and adequate. For more information on Arrow's properties, see Note 2. Summary of Significant Accounting Policies, Note 6. Premises and Equipment, and Note 18. Leases to the Consolidated Financial Statements contained in Part II, Item 8 of this Report.

Item 2 of the 10-K filed Mar 6, 2026.⁵

Stakes and holdings (Wikidata)

• Arrow Bank

Things Wikidata records the company as owning, with the share when stated.¹

Leadership

Who has led Arrow Financial Corporation, and when. Pick a name to see everywhere that person has worked.

• Chief executive officerDavid S. Demarco Feb 3, 2025 to now¹⁷
• Chief executive officerThomas L. Hoy Feb 10, 2006 to Nov 28, 2012¹⁸
• ChairThomas L. Hoy Feb 10, 2006 to Nov 28, 2012¹⁸
• PresidentDavid S. Demarco Feb 3, 2025 to now¹⁷
• PresidentThomas L. Hoy Feb 10, 2006 to Jan 30, 2012¹⁸
• Chief financial officerPenko Krassimir Ivanov Mar 2, 2023 to now¹⁹
• Chief financial officerEdward J. Campanella Sep 11, 2017 to Jan 27, 2022²⁰
• Chief financial officerTerry R. Goodemote Jan 5, 2007 to Jan 26, 2017²¹
• Chief operating officerAndrew J. Wise Feb 2, 2018 to Nov 29, 2023²²

Subsidiaries and ownership

Also owns

• Arrow Bank

From Wikidata.¹

Timeline

1. Sep 14, 20268-K Financial statements and exhibits⁵⁴
2. Sep 10, 20268-K Other events⁵⁵
3. Jul 23, 20268-K Results of operations; Regulation FD disclosure; Other events⁵⁶
4. Jul 1, 20268-K Completed an acquisition or sale; Executive or director change; Regulation FD disclosure⁵⁷
5. Jun 11, 20268-K Other events⁵⁸
6. Jun 4, 20268-K Shareholder vote⁵⁹
7. Jun 3, 20268-K Regulation FD disclosure⁶⁰
8. Jun 1, 20268-K Other events⁶¹
9. Apr 30, 20268-K Results of operations; Regulation FD disclosure; Other events⁶²
10. Feb 26, 20268-K Entered a material agreement; Regulation FD disclosure; Other events⁶³
11. Jan 29, 20268-K Results of operations; Executive or director change; Regulation FD disclosure⁶⁴
12. Nov 25, 20258-K Executive or director change⁶⁵
13. Feb 3, 2025New chief executive David S. Demarco becomes CEO¹⁷
14. Feb 10, 2006New chief executive Thomas L. Hoy becomes CEO¹⁸
15. Mar 21, 1983Founded Arrow Financial Corporation is founded³
16. 1981Went public Listed on NASDAQ¹

Calendar

Coming up

1. Oct 29, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.77 a share, on Oct 30, 2025.⁶⁶

When it reported results

1. Jul 23, 2026Reported quarterly or annual results⁵⁶
2. Apr 30, 2026Reported quarterly or annual results⁶²
3. Jan 29, 2026Reported quarterly or annual results⁶⁴
4. Oct 30, 2025Reported quarterly or annual results⁶⁷
5. Jul 24, 2025Reported quarterly or annual results⁶⁸
6. May 1, 2025Reported quarterly or annual results⁶⁹
7. Jan 30, 2025Reported quarterly or annual results⁷⁰
8. Oct 31, 2024Reported quarterly or annual results⁷¹

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

543 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 75 major events, 377 insider forms, 6 large holders, 64 other. The latest 20:

1. Sep 25, 20264 EDGAR
2. Sep 25, 20264 EDGAR
3. Sep 25, 20264 EDGAR
4. Sep 25, 20264 EDGAR
5. Sep 25, 20264 EDGAR
6. Sep 25, 20264 EDGAR
7. Sep 25, 20264 EDGAR
8. Sep 25, 20264 EDGAR
9. Sep 25, 20264 EDGAR
10. Sep 25, 20264 EDGAR
11. Sep 25, 20264 EDGAR
12. Sep 25, 20264 EDGAR
13. Sep 14, 20268-K/A EDGAR
14. Sep 10, 20268-K EDGAR
15. Sep 9, 20264 EDGAR
16. Sep 1, 20264 EDGAR
17. Aug 18, 20264 EDGAR
18. Aug 18, 20264 EDGAR
19. Aug 13, 20264 EDGAR
20. Aug 10, 20264 EDGAR

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

67 open-market trades by officers, directors and large owners since October 2021: 28 buys and 39 sales. Grants, option exercises and gifts are left out.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

• VANGUARD GROUP INCSCHEDULE 13G/A, 3 filings Feb 9, 2022 to Mar 26, 2026⁷²
• BlackRockSC 13G/A, 3 filings Feb 1, 2022 to Jan 26, 2024⁷³

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Arrow Financial Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

• Name on EDGARARROW FINANCIAL CORP²
• CIK0000717538
• Employer ID (EIN)22-2448962⁵
• Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company⁵
• Incorporated inNew York⁵
• Fiscal year endsDecember 31²
• Industry code (SIC)6021 National Commercial Banks²
• SEC reviewing officeOffice of Finance, Division of Corporation Finance²
• Business address250 Glen St, Glens Falls, NY 12801²
• Mailing address250 Glen Street, Glens Falls, NY 12801²
• Phone5184154299²
• Shares outstanding18,523,723 as of Jul 31, 2026¹²
• Public float$426.3M as of Jun 30, 2025⁵
• AuditorCrowe LLP, Indianapolis, Indiana PCAOB ID 173; it also attests to the company’s internal control over financial reporting⁵
• On EDGAR sinceAug 10, 1995²
• Filings2,147 in all: 4 (1,286), 8-K (250), 5 (117), 10-Q (94), 13F-HR (79), 144 (61), DEF 14A (31), 10-K (29)²
  All 43 form types

  3 (27), 4/A (20), SC 13G/A (18), DEFA14A (17), CORRESP (14), S-8 (12), UPLOAD (12), EFFECT (11), S-3 (11), ARS (6), 10-Q/A (5), 8-K/A (5), S-3/A (5), 3/A (4), S-8 POS (4), SC 13G (4), 10-K/A (3), 10-K405 (2), 424B3 (2), S-4 (2), S-4/A (2), 11-K (1), 13F-NT (1), 425 (1), 8-A12G (1), 8-A12G/A (1), D (1), NT 10-K (1), NT 10-K/A (1), NT 10-Q (1), NT 11-K (1), PRE 14A (1), S-3D (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

• Latest filingsAnnual report (10-K) Mar 6, 2026
  Quarterly report (10-Q) Aug 6, 2026
  Proxy statement (DEF 14A) Apr 23, 2026
  Latest 8-K (8-K) Sep 10, 2026

Securities registered for trading

From the cover page of the 10-K filed Mar 6, 2026 (Section 12(b) of the Exchange Act).⁵

Risk factors and legal proceedings

The risks Arrow Financial Corporation names in Item 1A of its 10-K filed Mar 6, 2026: 17 risks under these headings, as written.⁵

• MACROECONOMIC AND INDUSTRY RISKS
• Arrow remains subject to inflationary risk which could adversely impact our business and our customers.
• Market conditions could present significant challenges to the U.S. commercial banking industry and its core business of making and servicing loans. Any substantial downturn in the regional markets in which Arrow operates or in the U.S. economy generally could adversely affect Arrow's ability to maintain and/or grow earnings.
• Arrow operates in a highly competitive industry and market areas that could negatively affect growth and profitability.
• Geopolitical and other external events, such as severe weather, natural disasters, public health emergencies and pandemics, acts of war or terrorism, and other external events could impact Arrow Bank’s ability to conduct business.
• RISKS RELATED TO MERGER WITH ADIRONDACK
• The market price of Arrow’s common stock may decline as a result of the Merger.
• Combining Arrow and Adirondack may be more difficult, costly or time-consuming than expected, and Arrow may fail to realize the anticipated benefits of the Merger.
• The Agreement may be terminated in accordance with its terms and the Merger may not be completed.
• OPERATIONAL RISKS
• Arrow Bank is subject to risks and losses resulting from fraudulent activities that could adversely impact its financial performance and results of operations.
• Business could suffer if Arrow loses key personnel unexpectedly.

Legal proceedings

Arrow, including its subsidiaries, is not currently the subject of any material pending legal proceedings, other than ordinary routine litigation occurring in the normal course of their business. On an ongoing basis, Arrow is often the subject of, or a party to, various legal claims by other parties against Arrow, by Arrow against other parties, or involving Arrow, which arise in the normal course of business. The various pending legal claims against Arrow will not, in the opinion of management based upon consultation with counsel, result in any material liability. Legal expenses incurred in connection with loss contingencies are expensed as incurred.

As announced in the November 5, 2025 Current Report on Form 8-K filed with the SEC, Arrow received preliminary approval of a settlement of the Shareholder Derivative Complaint filed by Stephen Bull as described in various SEC filings over the last 18 months. The Court granted final approval of the settlement on January 22, 2026 and the matter is now closed. There was no material financial impact to results of operations or financial position of Arrow as a result of the settlement.

The opening of Item 3, Legal Proceedings.⁵

Links

• Websitewww.arrowfinancial.com¹
• WikidataQ58606588
• SEC EDGARCIK 717538