The sale of securities and the resulting pre-tax loss are significant events that directly affect Arrow Financial Corp's balance sheet. The reported loss of $9.2M is likely to be viewed negatively by investors, potentially leading to a decrease in stock price in the short term. The high relevance score is due to the direct mention of the company's financial actions, and the importance is significant as it pertains to the company's investment strategy and financial health. The confidence level is high as the information is sourced from an SEC filing, which is an official and reliable disclosure.