The Board of Directors of Arrow Financial Corporation on January 26, 2022, declared a quarterly cash dividend of $0.27 per share payable March 15, 2022, to shareholders of record on March 1, 2022. This represents a 1 cent increase over the December 2021 cash dividend paid to shareholders and is a 3.8% increase over the cash dividend paid in the fourth quarter of 2021, as a result of the 3% stock dividend distributed on September 24, 2021.