NORWICH — NBT Bancorp, Inc., (NASDAQ: NBTB), which recently announced plans to merge with Alliance Financial Corp., saw its earnings drop in the third quarter, primarily due to an increase in merger-related costs.
NBT reported net income of $14.5 million, or 43 cents per share, down 4.5 percent from $15.2 million, or 45 cents, in the third quarter of 2011. Merger-related costs were $600,000 during the quarter, up from $200,000 the previous year, generating a negative impact of 1 cent per share on earnings.
“At NBT, we continue to leverage opportunities to invest in our future success through acquisition, including our expansion into New England and our recently announced merger agreement with Alliance Financial Corp.,” NBT President and CEO Martin Dietrich said in a release announcing the earnings. “Acquiring the Alliance franchise in the greater Syracuse market is an exciting opportunity for strategic expansion that will be a great complement to our existing footprint in Central New York.”
NBT reported total assets of $6 billion as of Sept. 30, up $430.5 million from Dec. 31, 2011. Loans and leases were $4.3 billion, up $450.9 million from December. Total deposits were $4.8 billion, up $438.9 million from December.
Headquartered in Norwich, NBT Bancorp is the financial holding company for NBT Bank, N.A. with 137 locations in New York, Vermont, and Massachusetts; Pennstar Bank with 35 locations in Pennsylvania; and Hampshire First Bank with five locations in New Hampshire. NBT also operates EPIC Advisors, Inc., a Rochester 401(k)-plan recordkeeping firm, and Mang Insurance Agency, LLC of Norwich
Contact DeLore at tdelore@tgbbj.com