Date: January 25, 2005




  David P. Kershaw
Executive Vice President &
Chief Financial Officer
Joseph M. Russo
Vice President
Marketing and Investor Relations


Alliance Financial Reports 2004 Earnings


SYRACUSE, NEW YORK {January 25, 2005}

Alliance Financial Corporation (Nasdaq: ALNC), parent of Alliance Bank, N. A., announced today that earnings were $2.00 per share on a fully diluted basis for the year ended December 31, 2004, down 10.3% compared with $2.23 for the prior year. Earnings in 2003 included a one-time $0.26 per share benefit from the Bank’s second quarter sale of its Whitney Point branch, the Bank’s only Broome County N.Y. location. Excluding that event, 2004 earnings rose 1.5%, and net income for the year exceeded that reported in 2003 by 2.7%. The Company’s net income for 2004 of $7.3 million declined 9.4% compared with the 2003 net income of $8 million, which likewise benefited nearly $1 million from the Whitney Point branch sale.


“We are pleased with our results in 2004. We achieved record deposit and loan growth levels while pursuing an aggressive branch expansion strategy, incurring costs associated with the opening of three new branches in the Greater Syracuse area,” said Jack H. Webb, Chairman, President and Chief Executive Officer of Alliance Financial Corporation. “In the first quarter of 2005 we have continued this momentum with the announcement of plans to construct a new branch in Camillus and have other locations under review.”


“Our previously announced acquisition of a portion of the personal trust business of HSBC Bank USA, N.A. is on schedule to close February 1, pending approval of the New York State Supreme Court. This transaction will increase trust assets under management to over $800 million and we project it will be accretive to earnings in 2005. This transaction will add significant scale to our trust assets under management and will diversify our earnings by increasing our other income in 2005. We anticipate that our continued investment in new branches in 2005 will partially offset the earnings accretion that is expected from the trust business,” said Webb.


The following information was filed by Alliance Financial Corp (ALNC) on Tuesday, January 25, 2005 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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