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Pay vs Performance Disclosure
4 Months Ended 8 Months Ended 12 Months Ended
May 12, 2023
Dec. 31, 2023
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure            
Pay vs Performance Disclosure, Table    
Year-end value of $100 invested on December 31, 2019 in:
YearSummary Compensation Table Total for PEO (Murphy)Compensation Actually Paid to PEO (Murphy)Summary Compensation Table Total for PEO (DeMarco)Compensation Actually Paid to PEO (DeMarco)Average Summary Compensation Table Total for Non-PEO NEOsAverage Compensation Actually Paid to Non-PEO NEOsArrow Financial CorporationABA NASDAQ Community Bank Index (TR)Net
Income
(in millions)
Net Operating Earnings (in millions)
(1)(1)(2)(3)(4)(1)(1)(2)(3)(4)(5)(2)(3)(4)(5)(6)
2023$1,662,004$692,271$943,532$798,398$541,482$480,734$96.33$97.22$30.10$34.47
2022$1,742,204$1,922,576N/AN/A$584,089$562,080$107.97$102.65$48.80$48.31
2021$2,146,089$2,013,535N/AN/A$557,166$601,047$105.51$113.25$49.90$49.99
2020$1,692,259$1,430,452N/AN/A$481,414$436,109$84.42$85.57$40.80$40.84
     
Company Selected Measure Name     Net Operating Earnings      
Named Executive Officers, Footnote     The PEO in each reporting year is Thomas J. Murphy, who was an Executive Officer until May 12, 2023. The new PEO is David S. DeMarco. Non-PEO NEOs reflect the average Summary Compensation Table total compensation and average CAP for Penko Ivanov, David D Kaiser and Andrew J. Wise in the 2023 reporting year, and Edward J. Campanella, David S. DeMarco, David D. Kaiser and Andrew J. Wise in for the 2020-2022 reporting years.      
PEO Total Compensation Amount       $ 1,742,204 $ 2,146,089 $ 1,692,259
PEO Actually Paid Compensation Amount       1,922,576 2,013,535 1,430,452
Adjustment To PEO Compensation, Footnote     Subtractions from, and additions to, total compensation in the Summary Compensation table by year to calculate CAP include:
2023202220212020
PEO (Murphy)PEO (DeMarco)Average of Other Non-PEO NEOsPEOAverage of Other Non-PEO NEOsPEOAverage of Other Non-PEO NEOsPEOAverage of Other Non-PEO NEOs
Total Compensation from from Summary Compensation Table$1,662,004 $943,532 $541,482 $1,742,204 $584,089 $2,146,089 $557,166 $1,692,259 $481,414 
Adjustments for Pension
Adjustment Summary Compensation Table Pension$(1,031,417)$(151,195)$(51,964)$(470,237)$(52,579)$(908,942)$(46,099)$(614,685)$(49,985)
Amount added for current year service cost$530,040 $65,438 $24,772 $595,215 $33,255 $571,465 $31,163 $482,936 $29,857 
Total Adjustments for Pension$(501,377)$(85,757)$(27,192)$124,978 $(19,324)$(337,477)$(14,936)$(131,749)$(20,128)
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table$(242,704)$(40,100)$(26,733)$(226,485)$(38,251)$(187,798)$(24,251)$(184,917)$(24,950)
Year-end fair value of unvested awards granted in the current year$— $32,551 $21,701 $230,583 $32,940 $279,970 $54,023 $173,356 $27,724 
Year-over-year difference of year-end fair values and vest date fair values for awards granted in prior years$— $(35,652)$(25,412)$38,559 $18,756 $106,511 $29,766 $(110,642)$(21,395)
Fair values at vest date for awards granted and vested in current year$99,539 $— $— $— $— $— $— $— $— 
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years$(159,079)$(2,844)$(3,112)$(986)$1,098 $(6,543)$(721)$(18,867)$(6,556)
Forfeitures during current year equal to prior year-end fair value$(169,874)$— $— $— $(17,228)$— $— $— $— 
Dividends or dividend equivalents not otherwise included in total compensation$3,762 $— $— $13,723 $— $12,783 $— $11,012 $— 
Total Adjustments for Equity Awards$(468,356)$(46,054)$(33,557)$55,394 $(2,685)$204,923 $58,817 $(130,058)$(25,177)
Compensation Actually Paid (as calculated)$692,271 $798,398 $480,734 $1,922,576 $562,080 $2,013,535 $601,047 $1,430,452 $436,109 
     
Non-PEO NEO Average Total Compensation Amount     $ 541,482 584,089 557,166 481,414
Non-PEO NEO Average Compensation Actually Paid Amount     $ 480,734 562,080 601,047 436,109
Adjustment to Non-PEO NEO Compensation Footnote     Subtractions from, and additions to, total compensation in the Summary Compensation table by year to calculate CAP include:
2023202220212020
PEO (Murphy)PEO (DeMarco)Average of Other Non-PEO NEOsPEOAverage of Other Non-PEO NEOsPEOAverage of Other Non-PEO NEOsPEOAverage of Other Non-PEO NEOs
Total Compensation from from Summary Compensation Table$1,662,004 $943,532 $541,482 $1,742,204 $584,089 $2,146,089 $557,166 $1,692,259 $481,414 
Adjustments for Pension
Adjustment Summary Compensation Table Pension$(1,031,417)$(151,195)$(51,964)$(470,237)$(52,579)$(908,942)$(46,099)$(614,685)$(49,985)
Amount added for current year service cost$530,040 $65,438 $24,772 $595,215 $33,255 $571,465 $31,163 $482,936 $29,857 
Total Adjustments for Pension$(501,377)$(85,757)$(27,192)$124,978 $(19,324)$(337,477)$(14,936)$(131,749)$(20,128)
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table$(242,704)$(40,100)$(26,733)$(226,485)$(38,251)$(187,798)$(24,251)$(184,917)$(24,950)
Year-end fair value of unvested awards granted in the current year$— $32,551 $21,701 $230,583 $32,940 $279,970 $54,023 $173,356 $27,724 
Year-over-year difference of year-end fair values and vest date fair values for awards granted in prior years$— $(35,652)$(25,412)$38,559 $18,756 $106,511 $29,766 $(110,642)$(21,395)
Fair values at vest date for awards granted and vested in current year$99,539 $— $— $— $— $— $— $— $— 
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years$(159,079)$(2,844)$(3,112)$(986)$1,098 $(6,543)$(721)$(18,867)$(6,556)
Forfeitures during current year equal to prior year-end fair value$(169,874)$— $— $— $(17,228)$— $— $— $— 
Dividends or dividend equivalents not otherwise included in total compensation$3,762 $— $— $13,723 $— $12,783 $— $11,012 $— 
Total Adjustments for Equity Awards$(468,356)$(46,054)$(33,557)$55,394 $(2,685)$204,923 $58,817 $(130,058)$(25,177)
Compensation Actually Paid (as calculated)$692,271 $798,398 $480,734 $1,922,576 $562,080 $2,013,535 $601,047 $1,430,452 $436,109 
     
Compensation Actually Paid vs. Total Shareholder Return    
CAP and Cumulative TSR / Cumulative TSR of the Peer Group
CAP vs. TSR.jpg
     
Compensation Actually Paid vs. Net Income    
CAP and Company Net Income
CAP vs. Net Income.jpg
     
Compensation Actually Paid vs. Company Selected Measure    
CAP and Company Selected Measure, Net Operating Earnings
CAP vs. Net Operating Earnings.jpg
     
Total Shareholder Return Vs Peer Group    
CAP and Cumulative TSR / Cumulative TSR of the Peer Group
CAP vs. TSR.jpg
     
Tabular List, Table     Net Operating Earnings
Return on Equity
Efficiency Ratio
Non-Performing Loans
Net Charge-Offs
     
Total Shareholder Return Amount     $ 96.33 107.97 105.51 84.42
Peer Group Total Shareholder Return Amount     97.22 102.65 113.25 85.57
Net Income (Loss)     $ 30,100,000 $ 48,800,000 $ 49,900,000 $ 40,800,000
Company Selected Measure Amount     34,470,000 48,310,000 49,990,000 40,840,000
PEO Name Thomas J. Murphy David S. DeMarco   Thomas J. Murphy Thomas J. Murphy Thomas J. Murphy
Additional 402(v) Disclosure     The following table illustrates the valuation assumptions used for stock option awards included as part of CAP:
Expected life of each stock option is based on the "simplified method" using an average of the remaining vest and remaining term, as of the vest/fiscal year end date.
Number of options and exercise price are valued as of Fiscal Year End 2023 point-in-time.
Risk-free-rate is based on the Treasury Constant Maturity rate closest to the remaining expected life as of the vest/fiscal year end date.
Historical volatility is based on daily price history for each expected life (years) prior to each vest/fiscal year end date. Closing prices provided by S&P Capital IQ are adjusted for dividends and splits.
For Stock Options Vesting in
2023202220212020
Expected volatility
35% - 40%
36% - 39%
36% - 41%
28% - 29%
Expected dividend yield
3.3% - 3.3%
3.1% - 3.1%
3.4% - 3.6%
2.9% - 3.0%
Expected term, in years
3.0 - 4.5
3.0 - 4.5
3.0 - 4.5
3.0 - 4.5
Risk-free interest rate
3.6% - 4.0%
1.4% - 1.7%
0.2% - 0.5%
1.3% - 1.4%
The following table illustrates the valuation assumptions as of the vesting date for restricted stock awards that vested in each of 2023, 2022, 2021 and 2020 (note that no awards vested during 2020):
Weighted Average Fair Value
2023202220212020
Weighted Average Fair Value at vesting$22.56$34.35$27.61N/A
     
Option Awards, Expected Volatility, Minimum     35.00% 36.00% 36.00% 28.00%
Option Awards, Expected Volatility, Maximum     40.00% 39.00% 41.00% 29.00%
Option Awards, Expected Dividend Yield, Minimum     3.30% 3.10% 3.40% 2.90%
Option Awards, Expected Dividend Yield, Maximum     3.30% 3.10% 3.60% 3.00%
Option Awards, Expected Term, Minimum     3 years 3 years 3 years 3 years
Option Awards, Expected Term, Maximum     4 years 6 months 4 years 6 months 4 years 6 months 4 years 6 months
Option Awards, Risk-Free Interest Rate, Minimum     3.60% 1.40% 0.20% 1.30%
Option Awards, Risk-Free Interest Rate, Maximum     4.00% 1.70% 0.50% 1.40%
Restricted Share Awards, Weighted Average Fair Value | $ / shares     $ 22.56 $ 34.35 $ 27.61  
Measure:: 1            
Pay vs Performance Disclosure            
Name     Net Operating Earnings      
Non-GAAP Measure Description     Net Operating Earnings are as defined in the Compensation Discussion and Analysis section of this Proxy Statement.      
Measure:: 2            
Pay vs Performance Disclosure            
Name     Return on Equity      
Measure:: 3            
Pay vs Performance Disclosure            
Name     Efficiency Ratio      
Measure:: 4            
Pay vs Performance Disclosure            
Name     Non-Performing Loans      
Measure:: 5            
Pay vs Performance Disclosure            
Name     Net Charge-Offs      
Thomas J. Murphy [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     $ 1,662,004 $ 1,742,204 $ 2,146,089 $ 1,692,259
PEO Actually Paid Compensation Amount     692,271 1,922,576 2,013,535 1,430,452
David S. DeMarco [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     943,532      
PEO Actually Paid Compensation Amount     798,398      
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       (470,237) (908,942) (614,685)
PEO | Pension Adjustments Service Cost            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       595,215 571,465 482,936
PEO | Equity Awards Adjustments            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       55,394 204,923 (130,058)
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       (226,485) (187,798) (184,917)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       230,583 279,970 173,356
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       38,559 106,511 (110,642)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       (986) (6,543) (18,867)
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       0 0 0
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       13,723 12,783 11,012
PEO | Pension Adjustments [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       124,978 (337,477) (131,749)
PEO | Thomas J. Murphy [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (1,031,417)      
PEO | Thomas J. Murphy [Member] | Pension Adjustments Service Cost            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     530,040      
PEO | Thomas J. Murphy [Member] | Equity Awards Adjustments            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (468,356)      
PEO | Thomas J. Murphy [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (242,704)      
PEO | Thomas J. Murphy [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Thomas J. Murphy [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Thomas J. Murphy [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     99,539      
PEO | Thomas J. Murphy [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (159,079)      
PEO | Thomas J. Murphy [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (169,874)      
PEO | Thomas J. Murphy [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     3,762      
PEO | Thomas J. Murphy [Member] | Pension Adjustments [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (501,377)      
PEO | David S. DeMarco [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (151,195)      
PEO | David S. DeMarco [Member] | Pension Adjustments Service Cost            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     65,438      
PEO | David S. DeMarco [Member] | Equity Awards Adjustments            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (46,054)      
PEO | David S. DeMarco [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (40,100)      
PEO | David S. DeMarco [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     32,551      
PEO | David S. DeMarco [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (35,652)      
PEO | David S. DeMarco [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | David S. DeMarco [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (2,844)      
PEO | David S. DeMarco [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | David S. DeMarco [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | David S. DeMarco [Member] | Pension Adjustments [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (85,757)      
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (51,964) (52,579) (46,099) (49,985)
Non-PEO NEO | Pension Adjustments Service Cost            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     24,772 33,255 31,163 29,857
Non-PEO NEO | Equity Awards Adjustments            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (33,557) (2,685) 58,817 (25,177)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (26,733) (38,251) (24,251) (24,950)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     21,701 32,940 54,023 27,724
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (25,412) 18,756 29,766 (21,395)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (3,112) 1,098 (721) (6,556)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0 (17,228) 0 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0 0 0 0
Non-PEO NEO | Pension Adjustments [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     $ (27,192) $ (19,324) $ (14,936) $ (20,128)