Arrow Financial Corporation (Nasdaq:

) announced operating results for the three and twelve-month periods ended December 31, 2010. Net income for the fourth quarter of 2010 was $5.2 million, representing diluted earnings per share of $.46, as compared to net income of $5.1 million and $.45 diluted EPS for the fourth quarter of 2009, an increase of $.01 per share or 2.2%.