Arrow Named to Piper Sandler Sm-All Stars: Class of 2024

GLENS FALLS, N.Y. (October 10, 2024) - Arrow Financial Corporation (NasdaqGS® - AROW) is pleased to announce it was recently named to the prestigious Piper Sandler Sm-All Stars: Class of 2024, a list of 30 top-performing small-cap banks and thrifts in the country.

To earn Sm-All Star status, banks and thrifts needed to have a market cap below $2.5 billion and meet certain criteria related to growth, profitability, credit quality and capital strength. Against industry medians, banks needed to outperform in earnings per share growth, loan growth, deposit growth and return on average equity, in addition to meeting nonperforming asset, net charge-off and tangible common equity ratio benchmarks.

Arrow is one of just three New York financial institutions on the list and the only bank in Upstate New York. Piper Sandler, an independent investment bank and research firm, evaluated more than 300 institutions that trade on a major exchange, narrowing the field to the top 30.

"We're incredibly honored to be named to the Piper Sandler Sm-All Stars: Class of 2024," said President and CEO Dave DeMarco. "This recognition is a testament to the hard work, dedication and talent of our entire team. We look forward to building on this success and continuing to deliver value to our shareholders, customers and communities."

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About Arrow Financial Corporation: Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc. and Upstate Agency, LLC.