<SEC-DOCUMENT>0001463247-24-000034.txt : 20241122
<SEC-HEADER>0001463247-24-000034.hdr.sgml : 20241122
<ACCEPTANCE-DATETIME>20241122110327
ACCESSION NUMBER:		0001463247-24-000034
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20241120
FILED AS OF DATE:		20241122
DATE AS OF CHANGE:		20241122

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			O'Conor Raymond F
		CENTRAL INDEX KEY:			0001463247
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12507
		FILM NUMBER:		241487416

	MAIL ADDRESS:	
		STREET 1:		7 ROLLING GREEN DRIVE
		CITY:			WILTON
		STATE:			NY
		ZIP:			12831

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARROW FINANCIAL CORP
		CENTRAL INDEX KEY:			0000717538
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1732291399.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <documentType>4</documentType>

    <periodOfReport>2024-11-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000717538</issuerCik>
        <issuerName>ARROW FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>AROW</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001463247</rptOwnerCik>
            <rptOwnerName>O'Conor Raymond F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>7 ROLLING GREEN DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WILTON</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>12831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

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            </transactionDate>
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                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                    <value>1195</value>
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                <transactionPricePerShare>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
            </transactionAmounts>
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                <directOrIndirectOwnership>
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                <value>Common Stock</value>
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            <transactionDate>
                <value>2024-11-20</value>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
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        </nonDerivativeTransaction>
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    <derivativeTable>
        <derivativeTransaction>
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                <value>Director Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>27.47</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-11-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1195</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2028-01-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1195</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
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                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Director Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>27.35</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-11-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>1160</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-01-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1160</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The options vest 25% per year in equal installments, starting one year from the grant date.  One quarter of the options vested and became exercisable on each of January 31, 2019; January 31, 2020; January 31, 2021; and January 31, 2022.</footnote>
        <footnote id="F2">The options vest 25% per year in equal installments, starting one year from the grant date.  One quarter of the options vested and became exercisable on each of January 30, 2020; January 30, 2021; January 30, 2022; and January 30, 2023.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Penko Ivanov, Attorney in Fact</signatureName>
        <signatureDate>2024-11-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
