EXHIBIT 99.1

PRESS RELEASE

 

 

 

Date:

January 25, 2006

 

 

 

 

CONTACTS:

 

 

David P. Kershaw

Joseph M. Russo

 

Executive Vice President &

Senior Vice President

 

Chief Financial Officer

Marketing and Investor Relations

 

315-475-4478

315-475-6710

Alliance Financial Reports 2005 Earnings

SYRACUSE, NEW YORK {January 25, 2006}

Alliance Financial Corporation (Nasdaq: ALNC), parent of Alliance Bank, N. A., announced today that earnings were $2.05 per share on a fully diluted basis for the year ended December 31, 2005, up 2.5% compared with $2.00 for the prior year. The Company’s net income for 2005 of $7.507 million increased 3.5% compared with 2004 net income of $7.255 million. Earnings for the fourth quarter of 2005 were $0.48 per diluted share, up 9.1% compared with $0.44 for the 2004 fourth quarter, and 2005 fourth quarter net income of $1.763 million, was up 10.5% compared with the same period a year ago.

“In 2005, our earnings increased while we were able to make noticeable progress towards our long term goals” said Jack H. Webb, Chairman, President and Chief Executive Officer of Alliance Financial Corporation. “As anticipated, the February 2005 acquisition of a portion of HSBC’s personal trust portfolio increased our non-interest income by more than 50%, and significantly contributed to our ’05 earnings performance. Positive credit quality indictors including net charge offs of 8 basis points of average loans and leases allowed a meaningful reduction in our provision expense. We were very pleased that the asset growth rate of our commercial leasing business exceeded our expectations, and has positioned that business to be accretive to earnings in 2006. The benefits from non-interest income growth and attention to our credit quality have offset the effect of the continued compression in our net interest margin resulting from the rise in short term interest rates and the flattening of the yield curve in 2005. “During the fourth quarter,” Webb continued, “the Bank embarked on an earnings improvement project. This project will conclude in the first quarter of 2006, with improvements in efficiency and streamlined processes that will reduce non-interest expense while enhancing the level of non-interest income through more competitive fee structures in all major lines of business. We have incurred one-time pre-tax expenses related to this project of approximately $500,000 during the fourth quarter and have estimated that this initiative will produce a pre-tax benefit in excess of $2.5 million in 2006.” “Finally”, said Webb, “our record growth in deposits during 2005 demonstrates our ability to acquire new customers and has increased our market share in the Syracuse, Cortland and Oneida markets.”


The following information was filed by Alliance Financial Corp (ALNC) on Wednesday, January 25, 2006 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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