Banking

Arrow Financial Executive Compensation (FY25)

Name: Arrow Financial (AROW) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

AROW · Executive and director compensation, fiscal 2022 to 2025

Chief executive, fiscal 2025

◇

David DeMarco

Median of the other named officers

$729,216

7 officers, excluding the chief executive

Latest say-on-pay support

June 3, 2026

Chief executive pay ratio

◇

To the median employee

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Data as of October 23, 2026Latest filing (8-K): June 4, 2026

14 filings cited on this page

Method: intel.velarion.ai/methodology

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340 figures on this page: 330 cited to the filing that reported them, 10 calculated from figures it prints. See the citations

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 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Thomas Murphy President and CEO, Interim Treasurer, CFO, and CAO	◇	—	◇	◇	◇	◇	◇	◇
David DeMarco Senior Executive Vice President and CBO	◇	—	—	◇	◇	◇	◇	◇
David Kaiser Senior Executive Vice President and CCO	◇	—	—	◇	◇	◇	◇	◇
Andrew Wise Senior Executive Vice President and COO	◇	—	—	◇	◇	◇	◇	◇
Edward Campanella former Senior Executive Vice President, Treasurer and CFO Departed during or after this 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	◇	—	—	◇	◇	◇	◇	◇
SEVP Andrew J. Wise CRO and Corporate Secretary	◇	—	—	◇	◇	◇	◇	◇
Andrew Wise Senior Executive Vice President and CRO	◇	—	—	◇	◇	◇	◇	◇
Penko Ivanov Senior Executive Vice President, Treasurer and CFO	◇	◇	—	—	◇	—	◇	◇
SEVP Penko K. Ivanov CFO, Treasurer and CAO	◇	◇	—	—	◇	—	◇	◇

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	◇	—	◇	—	◇	◇	◇	◇
SEVP Penko K. Ivanov CFO, Treasurer and CAO	◇	—	◇	—	◇	◇	◇	◇
David Kaiser Senior Executive Vice President and CCO	◇	—	◇	—	◇	◇	◇	◇
SEVP Andrew J. Wise CRO and Corporate Secretary	◇	—	◇	—	◇	◇	◇	◇
Andrew Wise Senior Executive Vice President and CRO	◇	—	◇	—	◇	◇	◇	◇
Marc Yrsha Senior Executive Vice President and CBO	◇	—	◇	—	◇	◇	◇	◇
SEVP Marc J. Yrsha 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	◇	—	◇	—	◇	◇	◇	◇
SEVP Penko K. Ivanov CFO, Treasurer and CAO	◇	—	◇	—	◇	◇	◇	◇
SEVP Andrew J. Wise CRO and Corporate Secretary	◇	—	◇	—	◇	◇	◇	◇
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	RSU	◇	—	—	◇	—	—	◇
Brooke M. Pancoe	RSU	◇	—	—	◇	—	—	◇
David S. DeMarco	RSU	◇	—	—	◇	—	—	◇
Marc J. Yrsha	RSU	◇	—	—	◇	—	—	◇
Michael J. Jacobs	RSU	◇	—	—	◇	—	—	◇
Penko K. Ivanov	RSU	◇	—	—	◇	—	—	◇

Fiscal 2022, 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
Andrew Wise	Option	◇	—	◇	—
	RSU	◇	◇	—	—
	Option	◇	—	◇	—
David DeMarco	RSU	◇	◇	—	—
	Option	◇	—	◇	—
	Option	◇	—	◇	—
Penko Ivanov	RSU	◇	◇	—	—
Marc Yrsha	RSU	◇	◇	—	—
	Option	◇	—	◇	—
	Option	◇	—	◇	—
Michael Jacobs	RSU	◇	◇	—	—
	Option	◇	—	◇	—
	Option	◇	—	◇	—
Brooke Pancoe	RSU	◇	◇	—	—
	Option	◇	—	◇	—
	Option	◇	—	◇	—

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.

Andrew Wise

Senior Executive Vice President, CRO and Corporate Secretary · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Severance base	◇
Severance cash amount	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-compete period	◇
Non-solicit period	◇

David DeMarco

President and CEO · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Severance base	◇
Severance cash amount	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-compete period	◇
Non-solicit period	◇

Marc Yrsha

Senior Executive Vice President and Chief Banking Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Severance base	◇
Severance cash amount	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-compete period	◇
Non-solicit period	◇

Penko Ivanov

Senior Executive Vice President, CFO, Treasurer and Chief Accounting Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Severance base	◇
Severance cash amount	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-compete period	◇
Non-solicit period	◇

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 M. Duffy	◇	◇	—	—	—	—	◇
Kristine D. Duffy	◇	◇	—	—	—	—	◇
Daniel J. White	◇	◇	—	—	—	—	◇
Philip C. Morris	◇	◇	—	—	—	—	◇
Gary C. Dake	—	◇	—	—	—	—	◇
James M. Dawsey	—	◇	—	—	—	—	◇

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.

Board cash retainer	◇
Total board retainer	◇
Board chair premium	◇
Audit committee chair	◇
Audit committee member	◇
Compensation committee chair	◇
Compensation committee member	◇
Nominating and governance chair	◇
Nominating and governance member	◇

Equity is delivered as Restricted Stock.

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

◇

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Sample answer — “What is the CEO’s total compensation?”

- David DeMarco (President and CEO), FY2025 total compensation $1,572,406 (base salary $715,850) [exec_comp, SEC accession 0000717538-26-000045, filed 2026-04-23]

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.

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Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.

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Realizable 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.

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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.

340 figures on this page: 330 cited to the filing that reported them, 10 calculated from figures it prints.

330 cited to the filing

10 calculated from the filing

Documents cited

8-K, filed June 4, 2026
0000717538-26-000085
DEF 14A, filed April 23, 2026
0000717538-26-000045
2025 Director Compensation Table · Compensation Discussion and Analysis · Summary Compensation Table
8-K, filed June 4, 2025
0000717538-25-000064
DEF 14A, filed April 24, 2025
0000717538-25-000039
Summary Compensation Table
8-K, filed June 6, 2024
0000717538-24-000086
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 25, 2024
0000717538-24-000062
Summary Compensation Table
8-K, filed October 27, 2023
0000717538-23-000221
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed September 13, 2023
0000717538-23-000180
8-K, filed May 6, 2022
0000717538-22-000138
8-K, filed May 6, 2021
0000717538-21-000128
8-K, filed May 7, 2020
0000717538-20-000103
8-K, filed May 8, 2019
0000717538-19-000120
8-K, filed April 26, 2018
0000717538-18-000093
8-K, filed May 5, 2017
0000717538-17-000080

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Velarion, “Arrow Financial executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/AROW (accessed 2026).

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14 filings cited on this page

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Banking rankings

Chief executive pay — Banking CEO pay ratio — Banking Say-on-pay support — Banking

Peers Arrow Financial discloses

The companies named in AROW's own disclosed peer group.

Bar Harbor Bank & Trust Camden National Corporation Chemung Financial Corporation Community Bank System ConnectOne Bancorp, Inc.Five Star Bancorp NBT Bancorp Inc.Pathfinder Bancorp, Inc.Tompkins Financial Corporation TrustCo Bancorp NY

Terms on this page

Say-on-Pay Vote CEO Pay Ratio Median Employee Compensation All companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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}
}

More on Arrow Financial

Frequently asked questions

Executive compensation

Equity awards granted

Outstanding awards

Severance and change in control

Director compensation

Director fee schedule

Disclosed peer group

Say-on-pay history

Chief executive pay ratio

Velarion Pro: every company page, peer tools and exports, one seat

What this page does not include

Citations

Documents cited

The paid brief for Arrow Financial

Banking rankings

Peers Arrow Financial discloses

Terms on this page