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Retirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The following tables set forth changes in the plans benefit obligations (projected benefit obligation for pension benefits and accumulated benefit obligation for postretirement benefits) and changes in the plans assets and the funded status of the pension plans and other postretirement benefit plan at December 31:
Schedule of Defined Benefit Plan Disclosures
 
Employees'
Pension
Plan
 
Select
Executive
Retirement
Plan
 
Postretirement
Benefit
Plans
Defined Benefit Plan Funded Status
 
 
 
 
 
December 31, 2016
 
 
 
 
 
Fair Value of Plan Assets
$
50,220

 
$

 
$

Benefit Obligation
36,154

 
4,547

 
7,623

Funded Status of Plan
$
14,066

 
$
(4,547
)
 
$
(7,623
)
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
Fair Value of Plan Assets
$
47,234

 
$

 
$

Benefit Obligation
35,982

 
4,784

 
7,701

Funded Status of Plan
$
11,252

 
$
(4,784
)
 
$
(7,701
)
 
 
 
 
 
 
Change in Benefit Obligation
 
 
 
 
 
Benefit Obligation, at January 1, 2016
$
35,982

 
$
4,784

 
$
7,701

Service Cost
1,400

 
40

 
147

Interest Cost
1,641

 
206

 
340

Plan Participants' Contributions

 

 
402

Amendments

 

 

Actuarial Gain
(738
)
 
(31
)
 
(327
)
Benefits Paid
(2,131
)
 
(452
)
 
(640
)
Benefit Obligation, at December 31, 2016
$
36,154

 
$
4,547

 
$
7,623

Schedule of Defined Benefit Plan Disclosures
 
Employees'
Pension
Plan
 
Select
Executive
Retirement
Plan
 
Postretirement
Benefit
Plans
Benefit Obligation, at January 1, 2015
$
36,966

 
$
5,072

 
$
9,170

Service Cost
1,503

 
32

 
250

Interest Cost
1,545

 
211

 
394

Plan Participants' Contributions

 

 
481

Amendments
277

 
91

 

Actuarial Gain
(1,670
)
 
(152
)
 
(1,715
)
Benefits Paid
(2,639
)
 
(470
)
 
(879
)
Benefit Obligation, at December 31, 2015
$
35,982

 
$
4,784

 
$
7,701

 
 
 
 
 
 
Change in Fair Value of Plan Assets
 
 
 
 
 
Fair Value of Plan Assets, at January 1, 2016
$
47,234

 
$

 
$

Actual Return on Plan Assets
5,117

 

 

Employer Contributions

 
452

 
238

Plan Participants' Contributions

 

 
402

Benefits Paid
(2,131
)
 
(452
)
 
(640
)
Fair Value of Plan Assets, at December 31, 2016
$
50,220

 
$

 
$

 
 
 
 
 
 
Fair Value of Plan Assets, at January 1, 2015
$
45,704

 
$

 
$

Actual Return on Plan Assets
1,169

 

 

Employer Contributions
3,000

 
470

 
398

Plan Participants' Contributions

 

 
481

Benefits Paid
(2,639
)
 
(470
)
 
(879
)
Fair Value of Plan Assets, at December 31, 2015
$
47,234

 
$

 
$

 
 
 
 
 
 
Accumulated Benefit Obligation at December 31, 2016
$
35,770

 
$
4,547

 
$
7,623

 
 
 
 
 
 
Amounts Recognized in the Consolidated Balance Sheets
 
 
 
 
 
December 31, 2016
 
 
 
 
 
Prepaid Pension Asset
$
14,066

 
$

 

Accrued Benefit Liability

 
(4,547
)
 
(7,623
)
Net Benefit Recognized
$
14,066

 
$
(4,547
)
 
$
(7,623
)
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
Prepaid Pension Asset
$
11,252

 
$

 

Accrued Benefit Liability

 
(4,784
)
 
(7,701
)
Net Benefit Recognized
$
11,252

 
$
(4,784
)
 
$
(7,701
)
 
 
 
 
 
 
Amounts Recognized in Other Comprehensive Income (Loss)
 
 
 
 
 
For the Year Ended December 31, 2016
 
 
 
 
 
Net Unamortized Gain Arising During the Period
$
(2,657
)
 
$
(32
)
 
$
(328
)
Net Prior Service Cost Arising During the Period

 

 

Amortization of Net Loss
(591
)
 
(125
)
 

Amortization of Prior Service Credit (Cost)
57

 
(57
)
 
12

  Total Other Comprehensive (Loss) for Pension and
     Other Postretirement Benefit Plans
$
(3,191
)
 
$
(214
)
 
$
(316
)
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
Net Unamortized Loss Arising During the Period
$
472

 
$
(152
)
 
$
(1,715
)
Net Prior Service Cost Arising During the Period
277

 
91

 

Amortization of Net Loss
(601
)
 
(131
)
 
(114
)
Amortization of Prior Service Credit (Cost)
83

 
(58
)
 
31

  Total Other Comprehensive Income (Loss) for Pension and
     Other Postretirement Benefit Plans
$
231

 
$
(250
)
 
$
(1,798
)
 
 
 
 
 
 
Schedule of Defined Benefit Plan Disclosures
 
Employees'
Pension
Plan
 
Select
Executive
Retirement
Plan
 
Postretirement
Benefit
Plans
For the Year Ended December 31, 2014
 
 
 
 
 
Net Unamortized Loss Arising During the Period
$
2,855

 
$
871

 
$
884

Net Prior Service Cost Arising During the Period

 

 
570

Amortization of Net Loss
(356
)
 
(93
)
 
(25
)
Amortization of Prior Service (Cost) Credit
45

 
(72
)
 
114

  Total Other Comprehensive (Loss) Income for Pension and
     Other Postretirement Benefit Plans
$
2,544

 
$
706

 
$
1,543

 
 
 
 
 
 
Accumulated Other Comprehensive Income
 
 
 
 
 
December 31, 2016
 
 
 
 
 
Net Actuarial Loss
$
7,479

 
$
2,012

 
$
(238
)
Prior Service (Credit) Cost
207

 
546

 
422

Total Accumulated Other Comprehensive Income, Before Tax
$
7,686

 
$
2,558

 
$
184

 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
Net Actuarial Loss
$
10,727

 
$
2,169

 
$
90

Prior Service (Credit) Cost
150

 
603

 
410

Total Accumulated Other Comprehensive Income, Before Tax
$
10,877

 
$
2,772

 
$
500

Amounts that will be Amortized from Accumulated
  Other Comprehensive Income the Next Year
 
 
 
 
 
Net Actuarial Loss
$
232

 
$
117

 
$

Prior Service (Credit) Cost
$
(57
)
 
$
57

 
$
(10
)
 
 
 
 
 
 
Net Periodic Benefit Cost
 
 
 
 
 
For the Year Ended December 31, 2016
 
 
 
 
 
Service Cost
$
1,400

 
$
40

 
$
147

Interest Cost
1,641

 
206

 
340

Expected Return on Plan Assets
(3,198
)
 

 

Amortization of Prior Service (Credit) Cost
(57
)
 
57

 
(12
)
Amortization of Net Loss
591

 
125

 

Net Periodic Benefit Cost
$
377

 
$
428

 
$
475

 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
Service Cost
$
1,503

 
$
32

 
$
250

Interest Cost
1,545

 
211

 
394

Expected Return on Plan Assets
(3,311
)
 

 

Amortization of Prior Service (Credit) Cost
(83
)
 
58

 
(31
)
Amortization of Net Loss
601

 
131

 
114

Net Periodic Benefit Cost
$
255

 
$
432

 
$
727

 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
Service Cost
$
1,410

 
$
10

 
$
173

Interest Cost
1,621

 
206

 
374

Expected Return on Plan Assets
(3,230
)
 

 

Amortization of Prior Service (Credit) Cost
(45
)
 
72

 
(114
)
Amortization of Net Loss
356

 
93

 
25

Net Periodic Benefit Cost
$
112

 
$
381

 
$
458

 
 
 
 
 
 
Schedule of Defined Benefit Plan Disclosures
 
Employees'
Pension
Plan
 
Select
Executive
Retirement
Plan
 
Postretirement
Benefit
Plans
Weighted-Average Assumptions Used in
  Calculating Benefit Obligation
 
 
 
 
 
December 31, 2016
 
 
 
 
 
Discount Rate
4.83
%
 
4.73
%
 
4.80
%
Rate of Compensation Increase
3.50
%
 
3.50
%
 
3.50
%
Interest Rate Credit for Determining
  Projected Cash Balance Account
3.00
%
 


 
 
Interest Rate to Annuitize Cash
      Balance Account
4.50
%
 


 
 
Interest Rate to Convert Annuities to Actuarially
  Equivalent Lump Sum Amounts
4.50
%
 
4.50
%
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
Discount Rate
4.73
%
 
4.61
%
 
4.69
%
Rate of Compensation Increase
3.50
%
 
3.00
%
 
3.50
%
Interest Rate Credit for Determining
  Projected Cash Balance Account
3.03
%
 


 
 
Interest Rate to Annuitize Cash
      Balance Account
5.00
%
 


 
 
Interest Rate to Convert Annuities to Actuarially
  Equivalent Lump Sum Amounts
5.00
%
 
5.00
%
 
 
 
 
 
 
 
 
Weighted-Average Assumptions Used in
  Calculating Net Periodic Benefit Cost
 
 
 
 
 
December 31, 2016
 
 
 
 
 
Discount Rate
4.73
%
 
4.61
%
 
4.69
%
Expected Long-Term Return on Plan Assets
7.00
%
 


 
 
Rate of Compensation Increase
3.50
%
 
3.50
%
 
3.50
%
Interest Rate Credit for Determining
      Projected Cash Balance Account
3.03
%
 


 
 
Interest Rate to Annuitize Cash
      Balance Account
5.00
%
 


 
 
Interest Rate to Convert Annuities to Actuarially
  Equivalent Lump Sum Amounts
5.00
%
 
5.00
%
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
Discount Rate
4.31
%
 
4.26
%
 
4.31
%
Expected Long-Term Return on Plan Assets
7.50
%
 


 
 
Rate of Compensation Increase
3.50
%
 
3.50
%
 
3.50
%
Interest Rate Credit for Determining
      Projected Cash Balance Account
3.04
%
 


 
 
Interest Rate to Annuitize Cash
      Balance Account
4.75
%
 


 
 
Interest Rate to Convert Annuities to Actuarially
  Equivalent Lump Sum Amounts
4.75
%
 
4.75
%
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
Discount Rate
5.10
%
 
4.85
%
 
5.10
%
Expected Long-Term Return on Plan Assets
7.50
%
 


 
 
Rate of Compensation Increase
3.50
%
 
3.50
%
 
3.50
%
Interest Rate Credit for Determining
      Projected Cash Balance Account
4.00
%
 


 
 
Interest Rate to Annuitize Cash
      Balance Account
5.25
%
 


 
 
Interest Rate to Convert Annuities to Actuarially
  Equivalent Lump Sum Amounts
5.25
%
 
5.25
%
 
 
Schedule of Defined Benefit Plan Disclosures
Information about Defined Benefit Plan Assets - Employees' Pension Plan
Fair Value Measurements Using:
Asset Category
Quoted Prices
in Active Markets
for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Percent of Total
 
Target Allocation Minimum
 
Target Allocation Maximum
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
$
40

 
$

 
$

 
$
40

 
0.1
%
 
%
 
15.0
%
Interest-Bearing Money Market Fund
3,080

 

 

 
3,080

 
6.1
%
 
%
 
15.0
%
Arrow Common Stock1
6,592

 

 

 
6,592

 
13.1
%
 
%
 
10.0
%
North Country Funds - Equity 2
18,640

 

 

 
18,640

 
37.2
%
 


 


Other Mutual Funds - Equity
13,560

 

 

 
13,560

 
27.0
%
 


 


Total Equity Funds
32,200

 

 

 
32,200

 
64.2
%
 
55.0
%
 
85.0
%
North Country Funds - Fixed income 2
7,332

 

 

 
7,332

 
14.6
%
 


 


Other Mutual Funds - Fixed Income
976

 

 

 
976

 
1.9
%
 


 


Total Fixed Income Funds
8,308

 

 

 
8,308

 
16.5
%
 
10.0
%
 
30.0
%
  Total
$
50,220

 
$

 
$

 
$
50,220

 
100.0
%
 


 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
$
44

 
$

 
$

 
$
44

 
0.1
%
 
%
 
15.0
%
Interest-Bearing Money Market Fund
2,471

 

 

 
2,471

 
5.2
%
 
%
 
15.0
%
Arrow Common Stock1
4,554

 

 

 
4,554

 
9.6
%
 
%
 
10.0
%
North Country Funds - Equity 2
19,625

 

 

 
19,625

 
41.6
%
 


 


Other Mutual Funds - Equity
13,194

 

 

 
13,194

 
27.9
%
 


 


Total Equity Funds
32,819

 

 

 
32,819

 
69.5
%
 
55.0
%
 
85.0
%
North Country Funds - Fixed income 2
7,346

 

 

 
7,346

 
15.6
%
 


 


Other Mutual Funds - Fixed Income

 

 

 

 
%
 


 


Total Fixed Income Funds
7,346

 

 

 
7,346

 
15.6
%
 
15.0
%
 
30.0
%
  Total
$
47,234

 
$

 
$

 
$
47,234

 
100.0
%
 


 



1 Acquisition of Arrow Financial Corporation common stock was under 10% of the total fair value of the employee's pension plan assets at the time of acquisition.
2 The North Country Funds - Equity and the North Country Funds - Fixed Income are publicly traded mutual funds advised by Arrow's subsidiary, North Country Investment Advisers, Inc.

Schedule of Defined Benefit Plan Disclosures
 
Employees'
Pension
Plan
 
Select
Executive
Retirement
Plan
 
Postretirement
Benefit
Plans
Expected Future Benefit Payments
 
 
 
 
 
2017
$
2,398

 
$
441

 
$
515

2018
2,168

 
429

 
539

2019
2,413

 
417

 
561

2020
2,684

 
403

 
560

2021
2,418

 
388

 
586

2022 - 2026
13,716

 
1,767

 
2,955

 


 
 
 
 
Estimated Contributions During 2017
$

 
$
441

 
$
515

 
 
 
 
 
 
Assumed Health Care Cost Trend Rates
 
 
 
 
 
December 31, 2016
 
 
 
 
 
Health Care Cost Trend
  Rate Assumed for Next Year
 
 
 
 
7.50
%
Rate to which the Cost Trend
  Rate is Assumed to Decline
  (the Ultimate Trend Rate)
 
 
 
 
3.89
%
Year that the Rate Reaches
   the Ultimate Trend Rate
 
 
 
 
2075

 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
Health Care Cost Trend
  Rate Assumed for Next Year
 
 
 
 
7.75
%
Rate to which the Cost Trend
  Rate is Assumed to Decline
  (the Ultimate Trend Rate)
 
 
 
 
3.89
%
Year that the Rate Reaches
   the Ultimate Trend Rate
 
 
 
 
2075

 
 
 
 
 
 
Effect of a One-Percentage Point Change in Assumed
  Health Care Cost Trend Rates
 
 
 
 
 
Effect of a One Percentage Point Increase on
  Service and Interest Cost Components
 
 
 
 
$
47

Effect of a One Percentage Point Decrease on
  Service and Interest Cost Components
 
 
 
 
(40
)
Effect of a One Percentage Point Increase on
  Accumulated Postretirement Benefit Obligation
 
 
 
 
513

Effect of a One Percentage Point Decrease on
  Accumulated Postretirement Benefit Obligation
 
 
 
 
(443
)