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|FOR IMMEDIATE RELEASE|
Alliance Financial Announces Fourth Quarter and Full Year 2012 Earnings
Syracuse, NY, January 28, 2013Alliance Financial Corporation (Alliance or the Company) (NasdaqGM: ALNC), the holding company for Alliance Bank, N.A., announced today net income for the quarter ended December 31, 2012 of $1.3 million or $0.28 per diluted common share, compared with $2.8 million or $0.60 per diluted common share in the year-ago quarter and $2.3 million or $0.48 per diluted common share in the third quarter of 2012. Expenses related to the pending acquisition of the Company by NBT Bancorp Inc. (NBT) totaled $1.4 million after tax or $0.31 per share.
Net income for the year ended December 31, 2012 was $9.2 million or $1.92 per diluted share, compared with $13.3 million or $2.80 per diluted share in 2011. Expenses related to the Companys pending acquisition totaled $2.0 million after tax or $0.43 per share in 2012.
Jack H. Webb, President and CEO of Alliance said, Our fourth quarter loan originations increased 6.6% over the fourth quarter of 2011, capping off a strong year of originations in 2012. Our core business units continue to effectively execute our business strategy of growing organically through meeting the credit needs of qualified borrowers in Central New York. In 2012, we supported the Central New York economy by providing approximately $362 million in loans to consumers and businesses in our markets.
Balance Sheet Highlights
Total assets were $1.4 billion at December 31, 2012. Loans and leases (net of unearned income) were $928.1 million at the end of 2012, representing growth of $21.7 million from September 30, 2012 and $55.4 million from the end of 2011. The growth in our loan portfolio was funded primarily through cash generated from amortization and maturities of investment securities.
Loan origination volumes in the fourth quarter increased $6.0 million, or 6.6%, to $97.0 million, compared with $91.0 million in the year-ago quarter on increased demand in each of our commercial and indirect lending businesses. Loan originations in 2012 totaled $361.9 million, compared with $255.3 million in 2011.
Commercial loans and mortgages increased $22.8 million in the fourth quarter and totaled $297.3 million at December 31, 2012. Originations of commercial loans and mortgages in the fourth quarter (excluding lines of credit) totaled $34.7 million, compared with $31.3 million in the year-ago quarter and $12.5 million in the third quarter of 2012. Originations in 2012 totaled $76.5 million compared with $75.9 million in 2011.
The following information was filed by Alliance Financial Corp (ALNC) on Monday, January 28, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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