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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, 2024

USD ($)

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:
Year	Summary 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 NEOs	Average Compensation Actually Paid to Non-PEO NEOs	Arrow Financial Corporation	ABA NASDAQ Community Bank Index (TR)	Net Income (in millions)	Earning Per Share
	(1)	(1)(2)(3)(4)	(1)	(1)(2)(3)(4)	(5)	(2)(3)(4)(5)				(6)
2024	N/A	N/A	$1,233,686	$1,230,215	$614,197	$614,702	$103.22	$108.39	$29.70	$1.77
2023	$1,662,004	$692,271	$943,532	$811,730	$541,482	$480,734	$96.33	$97.22	$30.10	$1.77
2022	$1,742,204	$1,922,576	N/A	N/A	$584,089	$562,080	$107.97	$102.65	$48.80	$2.87
2021	$2,146,089	$2,013,535	N/A	N/A	$557,166	$601,047	$105.51	$113.25	$49.90	$2.93
2020	$1,692,259	$1,430,452	N/A	N/A	$481,414	$436,109	$84.42	$85.57	$40.80	$2.42

Company Selected Measure Name

Earnings per Share

Named Executive Officers, Footnote

The PEO in each reporting years 2020 through 2023 was Thomas J. Murphy, who was an executive officer until May 12, 2023. The PEO in the reporting year 2024 was David S. DeMarco, our current PEO. Non-PEO NEOs reflect the average Summary Compensation Table total compensation and average CAP for Penko Ivanov, David D. Kaiser, Andrew J. Wise and Marc J. Yrsha in the 2024 reporting year, 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 the 2020-2022 reporting years.

PEO Total Compensation Amount

$ 1,233,686

$ 1,742,204

$ 2,146,089

$ 1,692,259

PEO Actually Paid Compensation Amount

$ 1,230,215

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:


		2024				2023						2022				2021				2020
		PEO (DeMarco)		Average Non-CEO NEOs		PEO (Murphy)		PEO (DeMarco)		Average of Other Non-PEO NEOs		PEO		Average of Other Non-PEO NEOs		PEO		Average of Other Non-PEO NEOs		PEO		Average of Other Non-PEO NEOs
Total Compensation from from Summary Compensation Table		$	1,233,686	$	614,197	$	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	$	(96,736)	$	(23,300)	$	(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	$	87,095	$	22,704	$	530,040	$	65,438	$	24,772	$	595,215	$	33,255	$	571,465	$	31,163	$	482,936	$	29,857
Total Adjustments for Pension		$	(9,641)	$	(595)	$	(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	$	(103,926)	$	(45,909)	$	(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	$	118,027	$	52,137	$	—	$	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	$	(5,821)	$	(3,475)	$	—	$	(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	$	(4,372)	$	(2,652)	$	(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	$	2,261	$	999	$	3,762	$	—	$	—	$	13,723	$	—	$	12,783	$	—	$	11,012	$	—
Total Adjustments for Equity Awards		$	6,169	$	1,101	$	(468,356)	$	(46,045)	$	(33,557)	$	55,394	$	(2,685)	$	204,923	$	58,817	$	(130,058)	$	(25,177)
Compensation Actually Paid (as calculated)		$	1,230,215	$	614,702	$	692,271	$	811,730	$	480,734	$	1,922,576	$	562,080	$	2,013,535	$	601,047	$	1,430,452	$	436,109

Non-PEO NEO Average Total Compensation Amount

$ 614,197

$ 541,482

584,089

557,166

481,414

Non-PEO NEO Average Compensation Actually Paid Amount

$ 614,702

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:


		2024				2023						2022				2021				2020
		PEO (DeMarco)		Average Non-CEO NEOs		PEO (Murphy)		PEO (DeMarco)		Average of Other Non-PEO NEOs		PEO		Average of Other Non-PEO NEOs		PEO		Average of Other Non-PEO NEOs		PEO		Average of Other Non-PEO NEOs
Total Compensation from from Summary Compensation Table		$	1,233,686	$	614,197	$	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	$	(96,736)	$	(23,300)	$	(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	$	87,095	$	22,704	$	530,040	$	65,438	$	24,772	$	595,215	$	33,255	$	571,465	$	31,163	$	482,936	$	29,857
Total Adjustments for Pension		$	(9,641)	$	(595)	$	(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	$	(103,926)	$	(45,909)	$	(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	$	118,027	$	52,137	$	—	$	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	$	(5,821)	$	(3,475)	$	—	$	(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	$	(4,372)	$	(2,652)	$	(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	$	2,261	$	999	$	3,762	$	—	$	—	$	13,723	$	—	$	12,783	$	—	$	11,012	$	—
Total Adjustments for Equity Awards		$	6,169	$	1,101	$	(468,356)	$	(46,045)	$	(33,557)	$	55,394	$	(2,685)	$	204,923	$	58,817	$	(130,058)	$	(25,177)
Compensation Actually Paid (as calculated)		$	1,230,215	$	614,702	$	692,271	$	811,730	$	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

Compensation Actually Paid vs. Net Income

CAP and Company Net Income as Reported

Compensation Actually Paid vs. Company Selected Measure

CAP and Company Selected Measure, Earnings per Share as Reported

CAP vs Earnings per Share as Reported.jpg

Total Shareholder Return Vs Peer Group

CAP and Cumulative TSR / Cumulative TSR of the Peer Group

Total Shareholder Return Amount

$ 103.22

96.33

107.97

105.51

84.42

Peer Group Total Shareholder Return Amount

108.39

97.22

102.65

113.25

85.57

Net Income (Loss)

$ 29,700,000

$ 30,100,000

$ 48,800,000

$ 49,900,000

$ 40,800,000

Company Selected Measure Amount

1.77

2.87

2.93

2.42

PEO Name

Thomas J. Murphy

David S. DeMarco, our current PEO

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 ("FYE").

•Number of options and exercise price are valued as of FYE 2024 point-in-time.

•Risk-free-rate is based on the Treasury Constant Maturity rate closest to the remaining expected life as of the vest/FYE.

•Historical volatility is based on daily price history for each expected life (years) prior to each vest/FYE. Closing prices provided by S&P Capital IQ are adjusted for dividends and splits.


	For Stock Options Vesting in
	2024	2023	2022	2021	2020
Expected volatility	31% - 40%	35% - 40%	36% - 39%	36% - 41%	28% - 29%
Expected dividend yield	4.0% - 4.3%	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	3.0 - 4.5
Risk-free interest rate	3.8% - 4.2%	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 2024, 2023, 2022, 2021 and 2020 (note that no awards vested during 2020):