# EDGAR Filing Document

**Accession Number:** 0000717538
**File Stem:** 0000717538-26-000041
**Filing Date:** 2026-3
**Character Count:** 25786
**Document Hash:** 0e8ee4445cc1f34caddae36c37057412
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000717538-26-000041.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000717538-26-000041

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARROW FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000717538
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 222448962
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-12507
- **FILM NUMBER:** 26801094

**BUSINESS ADDRESS:**
- **STREET 1:** 250 GLEN ST
- **CITY:** GLENS FALLS
- **STATE:** NY
- **ZIP:** 12801
- **BUSINESS PHONE:** 5184154299

**MAIL ADDRESS:**
- **STREET 1:** 250 GLEN STREET
- **CITY:** GLENS FALLS
- **STATE:** NY
- **ZIP:** 12801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARROW BANK CORP
- **DATE OF NAME CHANGE:** 19900710

?xml version='1.0' encoding='ASCII'? arow-20251231

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**<u>FORM 10-K/A</u>**

**<u>Amendment No. 1</u>**

☒ Annual Report Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

**For the Fiscal Year Ended December 31, 2025** 

☐ Transition Report Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

**Commission File Number: 0-12507** 

**<u>ARROW FINANCIAL CORPORATION</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **<u>New York</u>** | **<u>22-2448962</u>** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>250 Glen Street,</u>** | **<u>Glens Falls</u>** | **<u>New York</u>** | **<u>12801</u>** | **<u>12801</u>** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) | (Zip Code) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | 518 | 745-1000 |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of Each Exchange on Which Registered** |
| Common Stock, Par Value $1.00 per share | AROW | NASDAQ Global Select Market |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. <u>☐</u> Yes&nbsp;&nbsp;&nbsp;&nbsp; <u>☒</u> No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. <u>☐</u> Yes&nbsp;&nbsp;&nbsp;&nbsp;<u>☒</u> No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. <u>☒</u> Yes&nbsp;&nbsp;&nbsp;&nbsp;<u>☐</u> No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). <u>☒</u> Yes&nbsp;&nbsp;&nbsp;&nbsp; <u>☐</u> No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
| Indicate by a check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7562(b)) by the registered public accounting firm that prepared or issued its audit report. | Indicate by a check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7562(b)) by the registered public accounting firm that prepared or issued its audit report. | Indicate by a check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7562(b)) by the registered public accounting firm that prepared or issued its audit report. | ☒ |
| If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | ☐ |
| Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive oﬃcers during the relevant recovery period pursuant to §240.10D-1(b). | Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive oﬃcers during the relevant recovery period pursuant to §240.10D-1(b). | Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive oﬃcers during the relevant recovery period pursuant to §240.10D-1(b). | ☐ |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). | ☐ |

---

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter: $426,347,636

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| <u>Class</u> | <u>Outstanding as of February 27, 2026</u> |
| Common Stock, par value $1.00 per share | 16511643 |

---

<u>DOCUMENTS INCORPORATED BY REFERENCE</u>

Portions of the Registrant's Proxy Statement for Annual Meeting of Shareholders to be held June 3, 2026 are incorporated by reference into Part III of this Form 10-K.

Auditor Name: Crowe LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditor Location: Indianapolis, Indiana&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditor Firm ID: 173&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

EXPLANATORY NOTE

This Amendment No. 1 to the Annual Report on Form 10-K (this "Amendment") amends the Annual Report on Form 10-K for the year ended December 31, 2025, originally filed on March 6, 2026 (the "Original Filing") by Arrow Financial Corporation ("Arrow" or the "Company"). Arrow is filing this Amendment to add Exhibit 97.1, the Arrow Financial Corporation Clawback Policy (Adopted as of December 1, 2023), which was inadvertently omitted from the Original Filing. There were no changes made to the Arrow Financial Corporation Clawback Policy during 2025.

Except as described above, no other changes have been made to the Original Filing. The Original Filing continues to speak as of and for the periods covered in the Original Filing, and the Company has not updated the disclosures contained therein to reflect any subsequent events.

<u>EXHIBIT INDEX</u>

The following exhibits are incorporated by reference herein.

---

| | |
|:---|:---|
| **Exhibit**<br>**<u>Number</u>** | **<u>Exhibit</u>** |
| 3.(i) | <u>[Certificate of Incorporation of the Registrant as Amended through June 3, 2019, incorporated herein by reference from the Registrant's Current Report on Form 8-K, filed June 5, 2019, Exhibit 3.1](https://www.sec.gov/Archives/edgar/data/717538/000071753819000161/arow-certificateofincorpor.htm)</u> |
| 3.(ii) | <u>[By-laws of the Registrant, as amended, incorporated herein by reference from the Registrant's Current Report on Form 8-K filed on February 1, 2024, Exhibit 3.1](https://www.sec.gov/Archives/edgar/data/717538/000071753824000023/arrowbylaws.htm)</u> |
| 4.1 | <u>[Amended and Restated Declaration of the Trust by and among U.S. Bank National Association, as Institutional Trustee, the Registrant, as Sponsor and certain Administrators named therein, dated as of July 23, 2003, relating to Arrow Capital Statutory Trust II, incorporated herein by reference from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003, Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/717538/000071753803000052/trup1.htm)</u> |
| 4.2 | <u>[Indenture between the Registrant, as Issuer, and U.S. Bank National Association, as Trustee, dated as of July 23, 2003, incorporated herein by reference from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003, Exhibit 4.2](https://www.sec.gov/Archives/edgar/data/717538/000071753803000052/trup2.htm)</u> |
| 4.3 | <u>[Placement Agreement by and among the Registrant, Arrow Capital Statutory Trust II and SunTrust Capital Markets, Inc., dated July 23, 2003, incorporated herein by reference from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003, Exhibit 4.3](https://www.sec.gov/Archives/edgar/data/717538/000071753803000052/trup3.htm)</u> |
| 4.4 | <u>[Guarantee Agreement by and between the Registrant and U.S. Bank National Association, dated as of July 23, 2003, incorporated herein by reference from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003, Exhibit 4.4](https://www.sec.gov/Archives/edgar/data/717538/000071753803000052/trup4.htm)</u> |
| 4.5 | <u>[Amended and Restated Trust Agreement among the Registrant, as Depositor, Wilmington Trust Company, as Property Trustee, Wilmington Trust Company, as Delaware trustee, and certain Administrators named therein, dated as of December 28, 2004, relating to Arrow Capital Statutory Trust III, incorporated herein by reference from the Registrant's Annual Report on Form 10-K for the year ended December 31, 2004, Exhibit 4.6](https://www.sec.gov/Archives/edgar/data/717538/000071753805000020/exhibit46.htm)</u> |
| 4.6 | <u>[Junior Subordinated Indenture between the Registrant, as Issuer, and Wilmington Trust Company, as Trustee, dated as of December 28, 2004, incorporated herein by reference from the Registrant's Annual Report on Form 10-K for the year ended December 31, 2004, Exhibit 4.7](https://www.sec.gov/Archives/edgar/data/717538/000071753805000020/exhibit47.htm)</u> |
| 4.7 | <u>[Placement Agreement among the Registrant, Arrow Capital Statutory Trust III and SunTrust Capital Markets, Inc., dated December 28, 2004, incorporated herein by reference from the Registrant's Annual Report on Form 10-K for the year ended December 31, 2004, Exhibit 4.8](https://www.sec.gov/Archives/edgar/data/717538/000071753805000020/exhibit48.htm)</u> |
| 4.8 | <u>[Guarantee Agreement between the Registrant and Wilmington Trust Company, dated as of December 28, 2004, incorporated herein by reference from the Registrant's Annual Report on Form 10-K for the year ended December 31, 2004, Exhibit 4.9](https://www.sec.gov/Archives/edgar/data/717538/000071753805000020/exhibit49.htm)</u> |
| 4.9 | <u>[Description of the Company's Securities incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2019, Exhibit 4.9](https://www.sec.gov/Archives/edgar/data/0000717538/000071753820000054/exhibit49-descriptionofthe.htm)</u> |
| 10.1 | <u>[2022 Long Term Incentive Plan of the Registrant, incorporated herein by reference from the Registrant's Definitive Proxy Statement on Schedule 14A filed on March 25, 2022 as Annex A\*](https://www.sec.gov/Archives/edgar/data/717538/000071753822000091/arrow2022proxystatement.htm#ib6a7a12b870845b1af0162589738fd59_61)</u>  |
| 10.2 | <u>[Profit Sharing Plan of the Registrant, as amended, incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2008, Exhibit 10.6\*](https://www.sec.gov/Archives/edgar/data/717538/000071753809000045/ex106.htm)</u> |
| 10.3 | <u>[Directors' Deferred Compensation Plan of the Registrant, as amended and restated, incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2008, Exhibit 10.7\*](https://www.sec.gov/Archives/edgar/data/717538/000071753809000045/ex107.htm)</u> |
| 10.4 | <u>[Arrow Financial Corporation Directors' Stock Plan, incorporated herein by reference from the Registrant's Definitive Proxy Statement on Schedule 14A filed on September 13, 2023, Appendix A\*](https://www.sec.gov/Archives/edgar/data/717538/000071753823000180/0000717538-23-000180-index.htm)</u> |
| 10.5 | <u>[Select Executive Retirement Plan of the Registrant for benefits accrued or vested after December 31, 2004, as amended and restated, incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2008, Exhibit 10.9\*](https://www.sec.gov/Archives/edgar/data/717538/000071753809000045/ex109.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Exhibit**<br>**<u>Number</u>** | **<u>Exhibit</u>** |
| 10.6 | <u>[Select Executive Retirement Plan of the Registrant for benefits accrued or vested after December 31, 2004, as amended and restated, incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2008, Exhibit 10.9\*](https://www.sec.gov/Archives/edgar/data/717538/000071753809000045/ex109.htm)</u> |
| 10.7 | <u>[Short Term Incentive Plan of the Registrant, as amended, incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2008, Exhibit 10.12\*](https://www.sec.gov/Archives/edgar/data/717538/000071753809000045/ex1012.htm)</u> |
| 10.8 | <u>[2013 Long Term Incentive Plan of the Registrant, incorporated herein by reference from the Registrant's Definitive Proxy Statement on Schedule 14A filed on March 20, 2013 as Appendix A\*](https://www.sec.gov/Archives/edgar/data/717538/000071753813000040/arrow2013proxystatement.htm#s1183B360CBC86BDE95145A9691F64AE1)</u> |
| 10.9 | <u>[Form of Incentive Stock Option Certificate (Employee Award) of the Registrant incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2013, Exhibit 10.15\*](https://www.sec.gov/Archives/edgar/data/717538/000071753814000032/ex1015formofincentivestock.htm)</u> |
| 10.10 | <u>[Form of Non-Qualified Stock Option Certificate (Employee Award) of the Registrant Form of Non-Qualified Stock Option Certificate (Employee Award) of the Registrant incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2013, Exhibit 10.16\*](https://www.sec.gov/Archives/edgar/data/717538/000071753814000032/ex1016formofnon-qualifieds.htm)</u>  |
| 10.11 | <u>[Form of Non-Qualified Stock Option Certificate (Director Award) of the Registrant incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2013, Exhibit 10.17\*](https://www.sec.gov/Archives/edgar/data/717538/000071753814000032/ex1017formofnon-qualifieds.htm)</u> |
| 10.12 | <u>[Form of Restricted Stock Unit Award Agreement of the Registrant incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2021, Exhibit 10.16\*](https://www.sec.gov/Archives/edgar/data/717538/000071753822000081/ex1018arowformofrsu.htm)</u> |
| 10.13 | <u>[Amendment dated October 18, 2013 to Registrant's Select Executive Retirement Plan for benefits accrued or vested after December 31, 2004, as amended and restated, incorporated herein by reference from the Registrant's Annual Report filed on Form10-K for the year ended December 31, 2013, Exhibit 10.18\*](https://www.sec.gov/Archives/edgar/data/717538/000071753814000032/ex1018amendmenttoserp.htm)</u> |
| 10.14 | <u>[Amendment dated January 1, 2018 to Registrant's Select Executive Retirement Plan, incorporated herein, by reference from the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, Exhibit 10.1\*](https://www.sec.gov/Archives/edgar/data/717538/000071753818000098/ex101-serppost2004amendmen.htm)</u> |
| 10.15 | <u>[Form of Restricted Stock Award Agreement Form 2024 (Single Trigger At Will Employees), incorporated herein, by reference from the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, Exhibit 10.1\*](https://www.sec.gov/Archives/edgar/data/717538/000071753824000100/singletriggeratwill.htm)</u> |
| 10.16 | <u>[Form of Restricted Stock Award Agreement Form 2024 (Double Trigger Contracted Employees), incorporated herein, by reference from the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, Exhibit 10.2\*](https://www.sec.gov/Archives/edgar/data/717538/000071753824000100/doubletriggercontractede.htm)</u> |
| 10.17 | <u>[Form of Restricted Stock Award Agreement Form 2024 (Non-Employee Directors), incorporated herein, by reference from the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, Exhibit 10.3\*](https://www.sec.gov/Archives/edgar/data/717538/000071753824000100/nonemployeedirectors.htm)</u> |
| 14 | <u>[Financial Code of Ethics, incorporated herein by reference from the Registrant's Annual Report on Form 10-K for the year ended December 31, 2003, Exhibit 14](https://www.sec.gov/Archives/edgar/data/717538/000071753804000020/ex14.htm)</u> |
| 16.1 | <u>[Change in Registrant's Certifying Accountant (incorporated herein by reference to Current Report on Form 8-K filed March 19, 2024)](https://www.sec.gov/ix?doc=/Archives/edgar/data/717538/000071753824000053/arow-20240314.htm)</u> |
| 19.1 | <u>[Arrow Financial Corporation Policy on Insider Trading - January 2026](https://www.sec.gov/Archives/edgar/data/717538/000071753826000037/insidertradingpolicy1-1x.htm)</u> |
| 21 | <u>[Subsidiaries of Arrow Financial Corporation](https://www.sec.gov/Archives/edgar/data/717538/000071753826000037/ex21subs-2025.htm)</u> |
| 23.1 | <u>[Consent of Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/717538/000071753826000037/ex23croweconsent-2025.htm)</u> |
| 23.2 | <u>[Consent of Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/717538/000071753826000037/ex23kpmgconsent-2025.htm)</u> |
| 31.1 | <u>[Certification of Chief Executive Officer under SEC Rule 13a-14(a)/15d-14(a)](https://www.sec.gov/Archives/edgar/data/717538/000071753826000037/ex311ceocert-2025.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer under SEC Rule 13a-14(a)/15d-14(a)](https://www.sec.gov/Archives/edgar/data/717538/000071753826000037/ex312cfocert-2025.htm)</u> |
| 32 | <u>[Certification of Chief Executive Officer under 18 U.S.C. Section 1350 and Certification of Chief Financial Officer under 18 U.S.C. Section 1350](https://www.sec.gov/Archives/edgar/data/717538/000071753826000037/ex32906cert-2025.htm)</u> |
| 97.1 | <u>[Arrow Financial Corporation Clawback Policy (Adopted as of December 1, 2023) incorporated herein by reference from the Registrant's Annual Report filed on Form 10-K for the year ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/717538/000071753825000023/clawbackpolicy.htm)</u> |

---

The following exhibits are submitted herewith:

------

---

| | |
|:---|:---|
| **Exhibit**<br>**<u>Number</u>** | **<u>Exhibit</u>** |
| 31.3 | <u>[Certification of Chief Executive Officer under SEC Rule 13a-14(a)/15d-14(a)](ex313ceocert-202510xka.htm)</u> |
| 31.4 | <u>[Certification of Chief Financial Officer under SEC Rule 13a-14(a)/15d-14(a)](ex314cfocert-202510xka.htm)</u> |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Management contracts or compensation plans required to be filed as an exhibit.

------

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>ARROW FINANCIAL CORPORATION</u>

---

| | | |
|:---|:---|:---|
| Date: | March 27, 2026 | By: <u>/s/ David S. DeMarco</u><br>David S. DeMarco<br>President and Chief Executive Officer<br>(Principal Executive Officer) |
| Date: | March 27, 2026 | By: <u>/s/ Penko Ivanov</u><br>Penko Ivanov<br>Chief Financial Officer<br>(Principal Financial and Accounting Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below on March 6, 2026 by the following persons in the capacities indicated.

## Exhibit 31.3

**Certification of the Chief Executive Officer Pursuant to**

**Securities Exchange Act Rules 13a-14 and 15d-14**

**As Adopted Pursuant to**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, David S. DeMarco, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K/A of Arrow Financial Corporation and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Date:&nbsp;&nbsp;&nbsp;&nbsp; March 27, 2026

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ David S. DeMarco</u>

David S. DeMarco

Chief Executive Officer

## Exhibit 31.4

**Certification of the Chief Financial Officer Pursuant to**

**Securities Exchange Act Rules 13a-14 and 15d-14**

**As Adopted Pursuant to**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, Penko Ivanov, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K/A of Arrow Financial Corporation and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Date:&nbsp;&nbsp;&nbsp;&nbsp;March 27, 2026

By:&nbsp;&nbsp;&nbsp;&nbsp;/<u>s/ Penko Ivanov</u>

Penko Ivanov

Chief Financial Officer

<br>