Form 4: Arrow Financial Officer Reports Stock Transactions

Andrew J. Wise, SEVP and Chief Risk Officer of Arrow Financial Corp, reported recent stock transactions including acquisitions and dispositions of common stock.

Summary

• Andrew J. Wise, SEVP and Chief Risk Officer of Arrow Financial Corp (AROW), reported changes in beneficial ownership of common stock.
• On December 10, 2025, Mr. Wise acquired 3,483 shares of common stock at a price of $27.04 per share, likely through the exercise of a derivative security (Transaction Code M).
• Following this acquisition, Mr. Wise beneficially owned 23,968 shares.
• Also on December 10, 2025, Mr. Wise disposed of 2,976 shares of common stock at a price of $31.64 per share (Transaction Code F), typically used for tax withholding related to equity awards.
• After these transactions, Mr. Wise's direct beneficial ownership stands at 21,725 shares.
• The reported holdings also include 218 shares acquired under the Company's DRIP and 515 shares acquired via ESPP purchases on May 29, 2025.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions related to equity compensation, which are generally neutral in sentiment. The acquisition of shares through exercise is balanced by a disposition, likely for tax purposes, indicating no strong positive or negative signal regarding the company's prospects from this filing alone.

Positives

• The acquisition of 3,483 shares indicates the exercise of equity compensation, which is a common form of insider remuneration and can align management interests with shareholders.
• The reporting person continues to hold a significant number of shares (21,725 shares) in the company, demonstrating ongoing vested interest.

Negatives

• The disposition of 2,976 shares, while likely for tax purposes, represents a reduction in direct beneficial ownership.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing is a routine disclosure of insider trading activity, common across all publicly traded companies, particularly in the financial sector where executive compensation often includes equity awards. It provides transparency into management's direct holdings and transactions, which is a standard practice for corporate governance.

Stakeholder Impact

• Shareholders: Provides transparency into the Chief Risk Officer's direct ownership and transactions, which can offer insights into management's alignment with shareholder interests, though these specific transactions are routine.
• Employees: The ESPP purchases mentioned indicate employee participation in company ownership programs.

Key Dates

Keywords

Arrow Financial Corp, AROW, Andrew J. Wise, SEC Form 4, Insider Trading, Beneficial Ownership, Stock Transactions, Equity Compensation, Chief Risk Officer