ARROW FINANCIAL CORP

APPENDIX 50

Reconciliation of Non-GAAP Financial Measures 51 Three months ended June 30, 2026 Six months ended June 30, 2026 Interest Income (GAAP) $ 53,617 $ 107,411 Add: Tax-Equivalent adjustment (Non-GAAP) 133 256 Interest Income - Tax Equivalent (Non-GAAP) $ 53,750 $ 107,667 Net Interest Income (GAAP) $ 35,931 $ 72,061 Add: Tax-Equivalent adjustment (Non-GAAP) 133 256 Net Interest Income - Tax Equivalent (Non-GAAP) $ 36,064 $ 72,317 Average Earning Assets 4,211,209 4,216,860 Net Interest Margin (Non-GAAP)* 3.43% 3.46% 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 52 Three months ended June 30, 2026 Six months ended June 30, 2026 Non-Interest Expense $ 27,464 $ 54,329 Less: Intangible Asset Amortization 71 143 Net Non-Interest Expense $ 27,393 $ 54,186 Net Interest Income, Tax-Equivalent $ 36,064 $ 72,317 Non-Interest Income 8,256 16,884 Less: Net (Loss) Gain on Securities 155 300 Net Gross Income $ 44,164 $ 88,901 Efficiency Ratio 62.03% 60.95% 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 53 June 30, 2026 Total Stockholders' Equity (GAAP) $ 446,306 Less: Goodwill and Other Intangible assets, net 25,401 Tangible Equity (Non-GAAP) $ 420,905 Total Assets (GAAP) $ 4,482,359 Less: Goodwill and Other Intangible assets, net 25,401 Tangible Assets (Non-GAAP) $ 4,456,958 Tangible Equity to Tangible Assets (Non-GAAP) (TCE) 9.44% Period End Shares Outstanding 16,545 Tangible Book Value per Share (Non-GAAP) $ 25.44 Net Income 10,962 Return on Tangible Equity (Net Income/Tangible Equity - Annualized) 10.46% 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.