ARROW FINANCIAL CORP

APPENDIX 47

Reconciliation of Non-GAAP Financial Measures 48 Three months ended March 31, 2026 Interest Income (GAAP) $ 53,794 Add: Tax-Equivalent adjustment (Non-GAAP) 123 Interest Income - Tax Equivalent (Non-GAAP) $ 53,917 Net Interest Income (GAAP) $ 36,130 Add: Tax-Equivalent adjustment (Non-GAAP) 123 Net Interest Income - Tax Equivalent (Non-GAAP) $ 36,253 Average Earning Assets 4,222,574 Net Interest Margin (Non-GAAP) 3.48% Net Interest Margin is the ratio of annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure, which Arrow believes provides investors with information that is useful in understanding its financial performance.

Reconciliation of Non-GAAP Financial Measures 49 Three months ended March 31, 2026 Non-Interest Expense $ 26,865 Less: Intangible Asset Amortization 72 Net Non-Interest Expense $ 26,793 Net Interest Income, Tax-Equivalent $ 36,253 Non-Interest Income 8,628 Less: Net Gain (Loss) on Securities 145 Net Gross Income $ 44,736 Efficiency Ratio 59.89% Financial Institutions often use the "efficiency ratio", a non-GAAP ratio, as a measure of expense control. Arrow believes the efficiency ratio provides investors with information that is useful in understanding its financial performance. Arrow defines efficiency ratio as the ratio of non-interest expense to net gross income (which equals tax-equivalent net interest income plus non-interest income, as adjusted).

Reconciliation of Non-GAAP Financial Measures 50 March 31, 2026 Total Stockholders' Equity (GAAP) $ 440,143 Less: Goodwill and Other Intangible assets, net 25,481 Tangible Equity (Non-GAAP) $ 414,662 Total Assets (GAAP) $ 4,522,019 Less: Goodwill and Other Intangible assets, net 25,481 Tangible Assets (Non-GAAP) $ 4,496,538 Tangible Equity to Tangible Assets (Non-GAAP) (TCE) 9.22% Period End Shares Outstanding 16,527 Tangible Book Value per Share (Non-GAAP) $ 25.09 Net Income 13,485 Return on Tangible Equity (Net Income/Tangible Equity - Annualized) 13.23% Tangible Book Value, Tangible Equity, and Return on Tangible Equity exclude goodwill and other intangible assets, net from total equity. These are non-GAAP financial measures, which Arrow believes provide investors with information that is useful in understanding its financial performance.