Arrow Financial Corp.

A. GENERAL 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. Arrow Bank (dollars in thousands and data is as of December 31, 2025) Total Assets at Year-End $ 4,421,212 Employees (full-time equivalent) 578 Bank Branches 38 Insurance Offices 9 Main Office 250 Glen Street Glens Falls, NY Arrow’s business consists primarily of the ownership, supervision and control of Arrow Bank, including the bank's subsidiaries. Arrow provides various advisory and administrative services and coordinates the general policies and operation of Arrow Bank. There were 578 full-time equivalent employees, including 40 employees within Arrow's insurance agency subsidiary, at December 31, 2025. See the discussion of our human capital resources in Section G ("HUMAN CAPITAL") of this Item 1. Arrow offers a broad range of commercial and consumer banking and financial products. The deposit base consists of deposits derived principally from the communities served. The Company targets lending activities to consumers and small- and mid-sized companies in Arrow's regional geographic area.