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Q3 earnings slide at Alliance Financial

By Kevin Tampone

Date:

SYRACUSE — Third-quarter profit at Alliance Financial Corp. (NASDAQ: ALNC) fell more than 37 percent from a year earlier to $2.3 million, or 48 cents a share.

Net income for the third quarter in 2011 received a boost of $472,000 in net securities gains while the same period in 2012 included $598,000 in costs related to the planned acquisition of Alliance by Norwich–based NBT Bancorp (NASDAQ: NBTB).

NBT announced plans to acquire Syracuse–based Alliance earlier this month in a deal worth more than $233 million.

NBT has $6 billion in assets and 135 branches in New York, Pennsylvania, Vermont, Massachusetts, and New Hampshire. The banking company also owns a 401(k) record keeping firm and an insurance agency.

Alliance has more than $1.4 billion in total assets and 29 offices in Cortland, Madison, Oneida, Onondaga, and Oswego counties. The company also owns an equipment lease financing company and operates an investment management administration center in Buffalo.

The acquisition is expected to close in early 2013.

Contact Tampone at ktampone@cnybj.com

 

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