ARROW FINANCIAL CORP — fact timeline

Rocco F. Arcuri, Sr. was appointed as Director and Senior Vice President, Regional President, Mohawk Valley at ARROW FINANCIAL CORP.

“the Board of Directors (the “Board”) of the Company appointed Rocco F. Arcuri, Sr. as a director of the Company effective July 1, 2026.”

ARROW FINANCIAL CORP shareholders approved Ratification of the selection of Crowe LLP as independent auditor for fiscal year ending December 31, 2026 at the 2026-06-03 meeting.

“The ratification of the selection of the independent registered public accounting firm, Crowe LLP, as the Company's independent auditor for the fiscal year ending December 31, 2026.”

ARROW FINANCIAL CORP shareholders approved Advisory approval of the Company's 2025 executive compensation at the 2026-06-03 meeting.

“The approval, on an advisory basis, of the Company’s 2025 executive compensation.”

ARROW FINANCIAL CORP shareholders approved Election of four Class A directors with terms expiring in 2029 at the 2026-06-03 meeting.

“The election of four (4) directors to Class A, for a term of three (3) years and/or until their successors shall have been elected and qualified.”

ARROW FINANCIAL CORP reported first quarter of 2026 results: net income $13.5 million, EPS $0.82.

“Reported net income for the first quarter of 2026 was $13.5 million and fully diluted earnings per share ("EPS") was $0.82, versus net income of $14.0 million and EPS of $0.85 for the fourth quarter of 2025.”

ARROW FINANCIAL CORP entered into Agreement and Plan of Merger with Adirondack Bancorp, Inc., Arrow Merger Sub, Inc. (effective 2026-02-25).

“On February 25, 2026, Arrow Financial Corporation, a New York corporation ("Arrow") entered into an Agreement and Plan of Merger (the “Agreement”) with Adirondack Bancorp, Inc., a New York corporation (“Adirondack”) and Arrow Merger Sub, Inc. (“Merger Sub”), a Maryland corporation and wholly owned subsidiary of Arrow.”

David D. Kaiser departed as Chief Credit Officer at ARROW FINANCIAL CORP.

“Effective June 30, 2025, David D. Kaiser, our Chief Credit Officer, will be retiring and relinquishing all positions he holds with Arrow Financial Corporation (“Arrow”) and its subsidiaries.”

Gary L. Dake departed as Director at ARROW FINANCIAL CORP.

“On January 29, 2025, Gary L. Dake notified the Board of Directors of Arrow Financial Corporation (the "Company") that he will retire from the Board after serving out the rest of his term which ends at the 2025 Annual Meeting.”

Tenée R. Casaccio was appointed as Chair of the Board at ARROW FINANCIAL CORP.

“Tenée R. Casaccio was appointed as the Chair of the Board.”

William L. Owens retired as Director at ARROW FINANCIAL CORP.

“William L. Owens retired from the Company's Board of Directors (the "Board") as a result of having reached the mandatory retirement age for directors as stipulated in the Company’s bylaws.”

ARROW FINANCIAL CORP reported the three-month period ended March 31, 2024 results: net income $7.7 million, EPS $0.45 per diluted share.

“Net income for the first quarter of 2024 was $7.7 million and fully diluted earnings per share ("EPS") was $0.45”

ARROW FINANCIAL CORP engaged Crowe LLP as its auditor.

“(a) The Audit Committee (the “Committee”) of the Board of Directors of Arrow Financial Corporation (the “Company”) recently conducted a competitive selection process to determine the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The Committee invited several public accounting firms to participate in this process, including KPMG LLP (“KPMG”), the Company’s independent registered public accounting firm for the fiscal year ended December 31, 2023. As a result of this process, the Committee approved the appointment of Crowe LLP (“Crowe”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024, subject to completion of its standard client acceptance procedures.”

ARROW FINANCIAL CORP dismissed KPMG LLP as its auditor.

“On March 14, 2024, the Committee dismissed KPMG as the Company’s independent registered public accounting firm, effective immediately.”

ARROW FINANCIAL CORP reported year ended 2022 results: net income 48.8 million, EPS 2.86.

“For the year ended 2023, net income totaled $30.1 million, with EPS of $1.77, versus $48.8 million, and EPS of $2.86, for the same period in 2022.”

ARROW FINANCIAL CORP reported fourth quarter of 2022 results: net income 12.1 million, EPS 0.71.

“Arrow Financial Corporation (NasdaqGS ® – AROW) ("Arrow") reported net income of $7.7 million, and fully diluted earnings per share ("EPS") of $0.46 per share for the fourth quarter of 2023, versus $12.1 million and EPS of $0.71, for the same period in 2022.”

ARROW FINANCIAL CORP reported year ended 2023 results: net income 30.1 million, EPS 1.77.

“Arrow Reports 4th Quarter Net Income of $7.7 Million or $0.46 per Share and $30.1 Million or $1.77 per Share for 2023.”

ARROW FINANCIAL CORP reported fourth quarter of 2023 results: net income 7.7 million, EPS 0.46.

“Arrow Reports 4th Quarter Net Income of $7.7 Million or $0.46 per Share and $30.1 Million or $1.77 per Share for 2023.”

ARROW FINANCIAL CORP shareholders approved Ratification of KPMG LLP as independent auditor for fiscal year 2023 at the 2023-10-25 meeting.

“5. The ratification of the selection of the independent registered public accounting firm, KPMG LLP, as the Company's independent auditor for the fiscal year ending December 31, 2023. Common Stock Voted On: Votes For Votes Against Abstain KPMG LLP 11,803,025 556,086 181,635”

ARROW FINANCIAL CORP shareholders approved Approval of Arrow Financial Corporation 2023 Directors' Stock Plan at the 2023-10-25 meeting.

“4. The approval of the Arrow Financial Corporation 2023 Directors' Stock Plan. Votes For Votes Against Abstain Broker Non-Votes Common Stock Voted On: Approval of 2023 Directors' Stock Plan. 8,165,099 637,849 258,205 3,479,593”

ARROW FINANCIAL CORP shareholders approved Advisory approval of 2022 executive compensation at the 2023-10-25 meeting.

“3. The approval, on an advisory basis, of the Company’s 2022 executive compensation. Votes For Votes Against Abstain Broker Non-Votes Common Stock Voted On: Executive Compensation 8,020,726 862,312 178,115 3,479,593”

ARROW FINANCIAL CORP shareholders approved Advisory vote on frequency of say-on-pay at the 2023-10-25 meeting.

“2. The approval, on an advisory basis, a frequency of "one year" with which shareholders may vote on the Company's executive compensation. 1 Year 2 Years 3 Years Abstain Broker Non-Votes Common Stock Voted On: Frequency 8,190,752 43,229 721,143 106,029 3,479,593”

ARROW FINANCIAL CORP shareholders approved Election of four Class A directors and one Class B director at the 2023-10-25 meeting.

“1. The election of four (4) directors to Class A for a term of three (3) years and/or until their successors shall have been elected and one (1) director to Class B for a term of one (1) year until his respective successor is elected and qualified. Votes For Votes Withheld Broker Non-Votes Class A Director Nominees: Mark L. Behan 8,551,705 509,448 3,479,593 Gregory J. Champion 8,349,365 711,788 3,479,593 Elizabeth A. Miller 8,210,040 851,113 3,479,593 William L. Owens 5,584,517 3,476,636 3,479,593 Class B Director Nominee: David S. DeMarco 8,673,016 388,137 3,479,593”

ARROW FINANCIAL CORP reported for the three-month period ended September 30, 2023 results: net income $7.7 million, EPS $0.46.

“Arrow Reports Q3 2023 Net Income of $7.7 Million and Earnings per Share of $0.46, Loans of $3.1 Billion on 9% Annualized Loan Growth”

ARROW FINANCIAL CORP reported the second quarter of 2023 results: net income $6.0 million, EPS $0.36.

“Net Income: Net income for the second quarter of 2023 was $6.0 million, decreasing from $8.6 million and $12.0 million in the first quarter of 2023 and the second quarter of 2022, respectively.”

ARROW FINANCIAL CORP reported the three-month period ended June 30, 2023 results: net income $6.0 million, EPS $0.36.

“Arrow Reports $6.0 million in Q2 2023 Net Income, Loans Reach Record High of $3.1 Billion GLENS FALLS, N.Y. (August 8, 2023) – Arrow Financial Corporation (NasdaqGS ® – AROW) ("Arrow") announced financial results for the three-month period ended June 30, 2023. Net income for the second quarter of 2023 was $6.0 million and fully diluted earnings per share was $0.36.”

David S. DeMarco was appointed as Director at ARROW FINANCIAL CORP.

“appointed our President and Chief Executive Officer, David S. DeMarco, to serve as a Class B member of the Board effective immediately.”

ARROW FINANCIAL CORP reported the three-month period ended March 31, 2023 results: revenue $34.8 million, net income $8.6 million, EPS $0.52.

“represented 0.27% of period-end assets. • Net charge-offs to average loans for the first quarter of 2023 were 0.10% as compared to 0.09% for the previous quarter. • Revenue was $34.8 million. • Net income was $8.6 million. • Non-interest expenses of $22.3 million included $1.0 million in incremental expenses related to the delayed filing of the Annual Report on Form”

Penko K. Ivanov was appointed as Senior Executive Vice President at ARROW FINANCIAL CORP.

“The Company has appointed Penko K. Ivanov as Senior Executive Vice President of the Company and the Bank.”

ARROW FINANCIAL CORP received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).

“May 12, 2023, the Company received an additional notice from Nasdaq that the Company remains noncompliant with the Rule as a result of its failure to file its Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the “First Quarter Form 10-Q”) with the SEC by the required due date (the “May Nasdaq Notice” and, together with the April Nasdaq Notice, the “Nasdaq Notices”). As disclosed by the Company on its Notification of Late Filing on Form 12b-25, filed with the SEC on May 11, 2023, the Company was unable to timely file the First Quarter Form 10-Q without unreasonable effort or e”

David S. DeMarco was appointed as President and Chief Executive Officer at ARROW FINANCIAL CORP.

“Effective on May 13, 2023, the Company appointed Chief Banking Officer and Senior Executive Vice President David S. DeMarco, 61, to serve as President and Chief Executive Officer of the Company and President and Chief Executive Officer of GFNB.”

Thomas J. Murphy was terminated as President and Chief Executive Officer at ARROW FINANCIAL CORP.

“Thomas J. Murphy, the President and Chief Executive Officer and a member of the Board of Directors of Arrow Financial Corporation (the “Company”) and President and Chief Executive Officer of Glens Falls National Bank and Trust Company (“GFNB”), terminated his employment as President and CEO and as a director of the Company and from all other positions he holds with the Company and its affiliates, effective May 12, 2023.”

ARROW FINANCIAL CORP received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).

“April 3, 2023, Arrow Financial Corporation (the “ Company ”) received a notice from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“ Nasdaq ”) that the Company is noncompliant with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) (the “ Rule ”) as a result of its failure to file its Annual Report on Form 10-K for the year ended December 31, 2022 (the “ Untimely Form 10-K ”) with the Securities and Exchange Commission (the “ SEC ”) by the required due date (the “ Nasdaq Notice ”). As previously reported by the Company in i”

Thomas J. Murphy changed role as President and Chief Executive Officer at ARROW FINANCIAL CORP.

“As a result, following Mr. Ivanov’s start date, Thomas J. Murphy, the Company’s President and Chief Executive Officer, will no longer serve as the Company’s interim Treasurer, Chief Financial Officer and Chief Accounting Officer.”

Penko Ivanov was appointed as Chief Financial Officer at ARROW FINANCIAL CORP.

“On February 1, 2023, the board of directors of Arrow Financial Corporation (the “Company”) appointed Penko Ivanov, CPA, MBA, as Chief Financial Officer, Executive Vice President, Treasurer and Chief Accounting Officer of Arrow and its two subsidiary banks, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, as well as its insurance subsidiary, Upstate Agency, LLC., effective February 21, 2023.”

ARROW FINANCIAL CORP reported the fourth quarter of 2022 results: net income $12.1 million, EPS $0.73.

“For the fourth quarter of 2022, net income was $12.1 million, an increase of $1.8 million, or 17.2%, from the fourth quarter of 2021. Diluted EPS was $0.73 for the fourth quarter of 2022, an increase of 17.7% from $0.62 from the comparable 2021 quarter”

ARROW FINANCIAL CORP reported fiscal year 2022 results: revenue $149.2 million, net income $48.8 million, EPS $2.95.

“$0.62 from the comparable 2021 quarter. 2022 Annual Highlights Earnings: • Diluted earnings per Share (EPS) was $2.95. • Net income was $48.8 million. • Revenue for 2022 was $149.2 million. • Return on average assets (ROA) was 1.21%. • Return on average equity (ROE) was 13.55%. • Net interest margin was 3.03%. Balance Sheet: • Total assets were $3.97 billion as of”

ARROW FINANCIAL CORP reported three-month period ended September 30, 2022 results: net income $12.2 million, EPS $0.74.

“50 Glen Street Glens Falls, NY 12801 NASDAQ® Symbol: "AROW" Website: arrowfinancial.com Media Contact: Rachael Murray Tel: (518) 415-4313 Arrow Reports $12.2 million in Q3 Net Income, Loan Growth of $80 Million in the Quarter GLENS FALLS, N.Y.”

Edward J. Campanella resigned as Senior Executive Vice President, Treasurer and Chief Financial Officer at ARROW FINANCIAL CORP.

“Edward J. Campanella, former Senior Executive Vice President, Treasurer and Chief Financial Officer of the Company, resigned from all positions he holds with the Company and its subsidiaries effective September 30, 2022.”

Thomas J. Murphy was appointed as interim Treasurer, Chief Financial Officer and Principal Accounting Officer at ARROW FINANCIAL CORP.

“On September 28, 2022, the Board of Directors of the Company appointed Thomas J. Murphy, the Company’s President and Chief Executive Officer, as interim Treasurer, Chief Financial Officer and Principal Accounting Officer of the Company, effective immediately upon Mr. Campanella’s resignation”

Edward J. Campanella resigned as Senior Executive Vice President, Treasurer and Chief Financial Officer at ARROW FINANCIAL CORP.

“Edward J. Campanella, Senior Executive Vice President, Treasurer and Chief Financial Officer of the Company, resigned from all positions he holds with the Company and its subsidiaries effective September 30, 2022.”

Edward J. Campanella resigned as Senior Executive Vice President, Treasurer and Chief Financial Officer at ARROW FINANCIAL CORP.

“On August 23, 2022, Edward J. Campanella, Senior Executive Vice President, Treasurer and Chief Financial Officer of Arrow Financial Corporation (the “Company”), tendered his resignation from all positions he holds with the Company and its subsidiaries, effective September 30, 2022.”