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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 FORM 10 - K ☑Annual Report Pursuant to Section 13 or 15 ( d ) of The Securities Exchange Act of 1934 For the Fiscal Year Ended December 31 , 2020 Transition Report Pursuant to Section 13 or 15 ( d ) of The Securities Exchange Act of 1934 Commission File Number : 0-12507 ARROW FINANCIAL CORPORATION ( Exact name of registrant as specified in its charter ) New York ( State or other jurisdiction of incorporation or organization ) 22-2448962 ( I.R.S. Employer Identification No. ) 250 Glen Street , Glens Falls New York ( Address of principal executive offices ) Registrant's telephone number , including area code : 12801 ( Zip Code ) 518 745-1000 Securities registered pursuant to Section 12 ( b ) of the Act : Title of Each Class Trading Symbol Common Stock , Par Value $ 1.00 per share AROW Name of Each Exchange on Which Registered NASDAQ Global Select Market Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . _ Yes ✓ No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . _ Yes ☑ No Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . ✓ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( § 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . ✓ Yes □ No Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , or a smaller reporting company . See the definitions of " large accelerated filer , " " accelerated filer ” and “ smaller reporting company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer Non - accelerated filer ☐ ☐ Accelerated filer Smaller reporting company Emerging growth company If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Indicate by a check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7562 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . 冈 × ☐ ☐ ☐ ☑ Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Act ) . ☐ State the aggregate market value of the voting and non - voting common equity held by non - affiliates computed by reference to the price at which the common equity was last sold , or the average bid and asked price of such common equity , as of the last business day of the registrant's most recently completed second fiscal quarter : $ 447,236,731 Indicate the number of shares outstanding of each of the registrant's classes of common stock , as of the latest practicable date . Class Common Stock , par value $ 1.00 per share Outstanding as of February 26 , 2021 15,526,490 DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's Proxy Statement for the Annual Meeting of Stockholders to be held May 5 , 2021 ( Part III ) .