EXHIBIT 99.1

 

NEWS RELEASE

FOR IMMEDIATE RELEASE

_______________________________________________________________________

 

Alliance Financial Announces Fourth Quarter and Full Year 2006 Earnings

 

Syracuse, NY, January 30, 2007 - Alliance Financial Corporation (“Alliance”, or the “Company”)(NASDAQ: ALNC), the holding company for Alliance Bank, N.A., announced today its net income for the quarter and year ended December 31, 2006. Net income was $2.1 million, or $0.43 per diluted share in the fourth quarter, compared to $1.8 million, or $0.48 per diluted share in the year-ago quarter. Net income in 2006 was $7.3 million or $1.88 per diluted share, compared to $7.5 million or $2.05 per share in 2005.

 

The decline in diluted earnings per share for the fourth quarter and year ended December 31, 2006 compared with the year-ago periods resulted primarily from the issuance of 1,292,000 shares of common stock in connection with the acquisition of Bridge Street Financial, Inc. (“Bridge Street”), a $219.3 million bank holding company, on October 6, 2006. Much of the earnings enhancement in the fourth quarter attributable to the acquisition was offset by acquisition and integration expenses related to the transaction, which totaled approximately $1.0 million before taxes.

 

Net income for 2006 was most impacted by non-interest income growth of $3.6 million compared with 2005, resulting largely from our expanded trust business and higher service charges, and by a $2.6 million increase in non-interest expenses due in large part to the acquisition of Bridge Street and the associated one-time and ongoing expenses. The provision for loan and lease losses increased $2.3 million in 2006 compared with 2005 due to the growth and changing mix of our loan and lease portfolio and to a higher level of charge-offs, including two relationship totaling $951,000 which were charged off in the first half of 2006.

 

Jack H. Webb, President and CEO of Alliance said, “The acquisition of Bridge Street and successful integration of its branch network and systems was a significant milestone for our franchise. With $1.3 billion in assets and an additional 1.3 million shares of Alliance common stock outstanding as a result of the acquisition, this strategic transaction, which is expected to be accretive to earnings per share in 2007, raises the profile of Alliance in our market area and in the investment community. Alliance is well-positioned, through this acquisition, in combination with our de-novo branch expansion strategy which resulted in six new branches in the Syracuse area over the last three years, to execute on our strategic growth objectives for 2007 and beyond.”

 


The following information was filed by Alliance Financial Corp (ALNC) on Wednesday, January 31, 2007 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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