<SEC-DOCUMENT>0000717538-16-000208.txt : 20160302
<SEC-HEADER>0000717538-16-000208.hdr.sgml : 20160302
<ACCEPTANCE-DATETIME>20160302162415
ACCESSION NUMBER:		0000717538-16-000208
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160229
FILED AS OF DATE:		20160302
DATE AS OF CHANGE:		20160302

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARROW FINANCIAL CORP
		CENTRAL INDEX KEY:			0000717538
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				222448962
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		250 GLEN ST
		CITY:			GLENS FALLS
		STATE:			NY
		ZIP:			12801
		BUSINESS PHONE:		5184154299

	MAIL ADDRESS:	
		STREET 1:		250 GLEN STREET
		CITY:			GLENS FALLS
		STATE:			NY
		ZIP:			12801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARROW BANK CORP
		DATE OF NAME CHANGE:	19900710

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Murphy Thomas J.
		CENTRAL INDEX KEY:			0001463248

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12507
		FILM NUMBER:		161477383

	MAIL ADDRESS:	
		STREET 1:		186 HUDSON POINTE BLVD.
		CITY:			QUEENSBURY
		STATE:			NY
		ZIP:			12804
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wf-form4_145695384411287.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2016-02-29</periodOfReport>

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        <issuerName>ARROW FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>AROW</issuerTradingSymbol>
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            <rptOwnerName>Murphy Thomas J.</rptOwnerName>
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            <rptOwnerStreet1>186 HUDSON POINTE BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>QUEENSBURY</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>12804</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President &amp; CEO</officerTitle>
            <otherText></otherText>
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                <transactionCode>M</transactionCode>
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            <transactionAmounts>
                <transactionShares>
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                <transactionPricePerShare>
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                <transactionShares>
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                <transactionPricePerShare>
                    <value>23.48</value>
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                <transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>10113</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>26.19</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>32673</value>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>2789</value>
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                <transactionPricePerShare>
                    <value>22.85</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        </nonDerivativeTransaction>
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    <derivativeTable>
        <derivativeTransaction>
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                <value>Employee Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>25.35</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2016-02-29</value>
            </transactionDate>
            <transactionCoding>
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                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
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                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2025-01-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2550.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
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                </transactionShares>
                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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            <expirationDate>
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                <underlyingSecurityShares>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
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            <transactionAmounts>
                <transactionShares>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F4"/>
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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                    <value>D</value>
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        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (Right to Buy)</value>
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                <value>22.85</value>
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            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>2789</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F5"/>
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            <expirationDate>
                <value>2021-01-26</value>
            </expirationDate>
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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2789.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>0</value>
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    </derivativeTable>

    <footnotes>
        <footnote id="F1">The information provided reflects 77 shares acquired via dividend reinvestment since January 27, 2016 which did not require a timely Form 4 filing.  This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.</footnote>
        <footnote id="F2">The options vest in four equal installments beginning January 28, 2016.</footnote>
        <footnote id="F3">The options vest in four equal installments beginning January 29, 2015.</footnote>
        <footnote id="F4">The options vest in four equal installments beginning January 25, 2013.</footnote>
        <footnote id="F5">The options vest in four equal installments beginning January 26, 2012.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Thomas J. Murphy</signatureName>
        <signatureDate>2016-03-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</DOCUMENT>
</SEC-DOCUMENT>
