ARROW FINANCIAL CORP

APPENDIX 40

Financial Snapshot 41 1 Non-GAAP measure. See reconciliation in Appendix Dollars in thousands, except per share amounts 2020 2021 2022 2023 2024 2025 YTD 2026 Total assets $3,688,636 $4,027,952 $3,969,509 $4,169,868 $4,306,348 $4,445,862 $5,547,054 Loans $2,595,030 $2,667,941 $2,983,207 $3,212,908 $3,394,541 $3,453,093 $4,144,587 Loan-to-deposit ratio 80.2% 75.1% 85.3% 87.1% 88.7% 87.7% 87.5% ROA 1.17% 1.28% 1.21% 0.74% 0.70% 1.00% 0.85% Efficiency ratio1 52.80% 54.16% 54.26% 68.81% 67.68% 61.97% 70.57% Net non-interest expense/avg assets 2.02% 2.00% 2.01% 2.28% 2.27% 2.34% 2.98% NIM 2.99% 2.97% 3.03% 2.65% 2.72% 3.19% 3.58% AFC Tier 1 Leverage Ratio 9.07% 9.20% 9.80% 9.84% 9.60% 9.68% 8.93% ROE 12.77% 14.09% 13.55% 8.29% 7.72% 10.66% 8.54% TBV1 per share $18.32 $20.41 $19.37 $21.06 $22.40 $24.71 $23.03 Net interest income $99,202 $110,355 $118,343 $104,832 $111,732 $133,164 $120,794 Net income $40,827 $49,857 $48,799 $30,075 $29,711 $43,953 $30,147 EPS $2.41 $2.92 $2.86 $1.77 $1.77 $2.65 $1.75

Reconciliation of Non-GAAP Financial Measures 42 Three months ended September 30, 2026 Nine months ended September 30, 2026 Interest Income (GAAP) $ 68,075 $ 175,486 Add: Tax-Equivalent adjustment (Non-GAAP) 148 404 Interest Income - Tax Equivalent (Non-GAAP) $ 68,223 $ 175,890 Net Interest Income (GAAP) $ 48,733 $ 120,794 Add: Tax-Equivalent adjustment (Non-GAAP) 148 404 Net Interest Income - Tax Equivalent (Non-GAAP) $ 48,881 $ 121,198 Average Earning Assets 5,089,406 4,510,904 Net Interest Margin (Non-GAAP) 3.81% 3.59% 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 43 Three months ended September 30, 2026 Nine months ended September 30, 2026 Non-Interest Expense $ 51,828 $ 106,157 Less: Intangible Asset Amortization 812 955 Net Non-Interest Expense $ 51,016 $ 105,202 Net Interest Income, Tax-Equivalent $ 48,881 $ 121,198 Non-Interest Income 11,415 28,299 Less: Net Gain (Loss) on Securities 114 414 Net Gross Income $ 60,182 $ 149,083 Efficiency Ratio 84.77% 70.57% 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 44 September 30, 2026 Total Stockholders' Equity (GAAP) $ 515,092 Less: Goodwill and Other Intangible assets, net 88,192 Tangible Equity (Non-GAAP) $ 426,900 Total Assets (GAAP) $ 5,547,054 Less: Goodwill and Other Intangible assets, net 88,192 Tangible Assets (Non-GAAP) $ 5,458,862 Tangible Equity to Tangible Assets (Non-GAAP) (TCE) 7.82% Period End Shares Outstanding 18,535 Tangible Book Value per Share (Non-GAAP) $ 23.03 Net Income 5,700 Return on Tangible Equity (Net Income/Tangible Equity - Annualized) 5.08% 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.

Reconciliation of Non-GAAP Financial Measures 45 Three months ended September 30, 2026 Net Income $ 5,700 Non-Core Expenses: Merger-Related Expenses 15,609 Less: Tax Benefit (3,247) Net Non-Core Expenses (Non-GAAP) 12,362 Core Net Income (Non-GAAP) $ 18,062 Net Non-Interest Expense $ 51,016 Non-Core Expenses: Merger-Related Expenses 15,609 Core Net Non-Interest Expense (Non-GAAP) $ 35,407 Core Earnings Per Share (Non-GAAP) $ 0.97 Core Return on Average Assets (Non-GAAP) 1.33% Core Efficiency Ratio (Non-GAAP) 58.83% * Quarterly ratios have been annualized. Net Income and Net Non-Interest Expense adjusted for non-core expenses. Non-core expenses include merger-related expenses, which are related to the announced acquisition of Adirondack Bancorp, Inc. EPS, efficiency ratio, and ROA are presented on an adjusted basis to reflect these exclusions. In the third quarter of 2026, Arrow issued approximately 1.98 million shares of common stock. These are non-GAAP financial measures, which Arrow believes provides investors with information that is useful in understanding its financial performance.