Banking
Arrow Financial Executive Compensation (FY25)
AROW · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): June 4, 2026
233 figures on this page: 223 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
David DeMarco was paid $1,572,406 in total compensation as President and CEO for fiscal 2025, and DeMarco's total moved 27.5% higher from the $1,233,686 reported for fiscal 2024. For fiscal 2025, the company reported a chief executive pay ratio of 25:1, against median employee compensation of $62,443. Shareholders supported the say-on-pay proposal with 92.5% of votes cast for or against in favor at the meeting held June 3, 2026 for fiscal 2025. The disclosed peer group names Bar Harbor Bank & Trust, Camden National Corporation, Canandaigua National Corporation, Chemung Financial Corporation and Community Bank ConnectOne Bancorp, Inc., among others.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — David DeMarco: $1,233,686 → $1,572,406 (27.5% higher)
Say-on-pay support: 92.9% → 92.5% (0.4 points lower)
CEO pay ratio: 22:1 → 25:1 (13.6% higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Arrow Financial's chief executive and what were they paid?
David DeMarco was paid $1,572,406 in total compensation as President and CEO for fiscal 2025. DeMarco's total moved 27.5% higher from the $1,233,686 reported for fiscal 2024.
What was Arrow Financial's say-on-pay result?
Shareholders supported the say-on-pay proposal with 92.5% of votes cast for or against in favor at the meeting held June 3, 2026 for fiscal 2025.
Which companies are in Arrow Financial's peer group?
The disclosed peer group names Bar Harbor Bank & Trust, Camden National Corporation, Canandaigua National Corporation, Chemung Financial Corporation and Community Bank ConnectOne Bancorp, Inc., among others.
What is Arrow Financial's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 25:1, against median employee compensation of $62,443.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Thomas Murphy Former President and CEO, Interim Treasurer, CFO, and CAO Departed during or after this year Served on an interim basis | ◇ | — | ◇ | ◇ | — | ◇ | ◇ | ◇ |
David DeMarco President and Chief Executive Officer | ◇ | — | — | ◇ | ◇ | ◇ | ◇ | ◇ |
David Kaiser Senior Executive Vice President and CCO | ◇ | — | — | ◇ | ◇ | ◇ | ◇ | ◇ |
Andrew Wise Senior Executive Vice President and CRO | ◇ | — | — | ◇ | ◇ | ◇ | ◇ | ◇ |
Penko Ivanov Senior Executive Vice President, Treasurer and CFO | ◇ | ◇ | — | — | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
David DeMarco President and CEO | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Penko Ivanov CFO, Senior Executive Vice President, Treasurer and CAO | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
David Kaiser Senior Executive Vice President and CCO | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Andrew Wise Senior Executive Vice President and CRO | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Marc Yrsha Senior Executive Vice President and CBO | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
David DeMarco President and CEO | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Penko Ivanov Senior Executive Vice President, CFO, Treasurer and Chief Accounting Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Andrew Wise Senior Executive Vice President, CRO and Corporate Secretary | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Marc Yrsha Senior Executive Vice President and Chief Banking Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Michael Jacobs Executive Vice President and Chief Information Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Brooke Pancoe Executive Vice President and Chief Human Resources Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Andrew J. Wise | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Brooke M. Pancoe | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| David S. DeMarco | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Marc J. Yrsha | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Michael J. Jacobs | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Penko K. Ivanov | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Marc Yrsha | Option | ◇ | — | ◇ | — |
| RSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | — | |
| David DeMarco | Option | ◇ | — | ◇ | — |
| Option | ◇ | — | ◇ | — | |
| RSU | ◇ | ◇ | — | — | |
| Michael Jacobs | RSU | ◇ | ◇ | — | — |
| Option | ◇ | — | ◇ | — | |
| Option | ◇ | — | ◇ | — | |
| Brooke Pancoe | Option | ◇ | — | ◇ | — |
| RSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | — | |
| Penko Ivanov | RSU | ◇ | ◇ | — | — |
| Andrew Wise | Option | ◇ | — | ◇ | — |
| Option | ◇ | — | ◇ | — | |
| RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Tenée R. Casaccio Board chair | ◇ | ◇ | — | — | — | — | ◇ |
David G. Kruczlnicki | ◇ | ◇ | — | — | — | — | ◇ |
Colin L. Read | ◇ | ◇ | — | — | — | — | ◇ |
Gregory J. Champion | ◇ | ◇ | — | — | — | — | ◇ |
Mark L. Behan | ◇ | ◇ | — | — | — | — | ◇ |
Elizabeth A. Miller | — | ◇ | — | — | — | — | ◇ |
Raymond F. O'Conor | ◇ | ◇ | — | — | — | — | ◇ |
Kristine D. Duffy | ◇ | ◇ | — | — | — | — | ◇ |
Daniel J. White | ◇ | ◇ | — | — | — | — | ◇ |
Philip C. Morris | ◇ | ◇ | — | — | — | — | ◇ |
James M. Dawsey | — | ◇ | — | — | — | — | ◇ |
Gary C. Dake | — | ◇ | — | — | — | — | ◇ |
David S. DeMarco and Darrin M. Jahnel served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Audit committee chair | ◇ |
| Audit committee member | ◇ |
| Compensation committee chair | ◇ |
| Compensation committee member | ◇ |
| Nominating and governance chair | ◇ |
| Nominating and governance member | ◇ |
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Bar Harbor Bank & Trust BHB
- Camden National Corporation CAC
- Canandaigua National Corporation symbol not shown
- Chemung Financial Corporation CHMG
- Community Bank ConnectOne Bancorp, Inc. symbol not shown
- Community Bank System CBU
- ConnectOne Bancorp, Inc. CNOB
- Five Star Bancorp FSBC
- NBT Bancorp Inc. NBTB
- Pathfinder Bancorp, Inc. PBHC
- Tompkins Financial Corporation TMP
- TrustCo Bancorp NY TRST
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | June 3, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | June 4, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | June 5, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | October 25, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | May 4, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 5, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | May 6, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 8, 2019 | = | ◇ | ◇ | ◇ |
| 2017 | April 25, 2018 | = | ◇ | ◇ | ◇ |
| 2016 | May 3, 2017 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
What this page does not include
Everything above is a fact Arrow Financial disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Arrow Financial sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple companies at once
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
233 figures on this page: 223 cited to the filing that reported them, 10 calculated from figures it prints.
223 cited to the filing
10 calculated from the filing
Documents cited
- 0000717538-26-000085
- 0000717538-26-0000452025 Director Compensation Table · Director Compensation · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End Table · and 2 more sections
- 0000717538-25-000064
- 0000717538-25-000039Summary Compensation Table
- 0000717538-24-000086Item 5.07 Submission of Matters to a Vote of Security Holders
- 0000717538-24-000062Summary Compensation Table
- 0000717538-23-000221Item 5.07 Submission of Matters to a Vote of Security Holders
- 0000717538-22-000138
- 0000717538-21-000128
- 0000717538-20-000103
- 0000717538-19-000120
- 0000717538-18-000093
- 0000717538-17-000080
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Arrow Financial executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/AROW (accessed 2026).
Short form: data: Velarion
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Peers Arrow Financial discloses
The companies named in AROW's own disclosed peer group.
Terms on this page
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}