Certification of the Chief Financial Officer Pursuant to

Securities Exchange Act Rules 13a-14 and 15d-14

As Adopted Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Penko Ivanov, certify that:

1.I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K/A of Arrow Financial Corporation and

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Date:    March 27, 2026

By:    /s/ Penko Ivanov

Penko Ivanov

Chief Financial Officer