Exhibit 99.1

 

NEWS RELEASE

   FOR IMMEDIATE RELEASE

Alliance Financial Announces Fourth Quarter and Full Year 2007 Earnings

Syracuse, NY, January 28, 2008 - 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, 2007. Net income increased 17.4% to $2.4 million, or $0.51 per diluted share in the fourth quarter, compared to $2.1 million, or $0.43 per diluted share in the year-ago quarter. Net income in 2007 increased 29.6% to $9.5 million or $1.98 per diluted share, compared to $7.3 million or $1.88 per share in 2006.

The increases in net income and diluted earnings per share for the fourth quarter and year ended December 31, 2007 compared with the year-ago periods resulted from the impact of the acquisition of Bridge Street Financial, Inc. (“Bridge Street”), a $219.3 million bank holding company, in October 2006, along with higher non-interest income and close attention to expense control, all of which offset higher loan loss provisions.

Jack H. Webb, President and CEO of Alliance said, “We showed meaningful improvement in net income and earnings per share compared with the year-ago periods despite an extremely difficult operating environment for the financial services sector. Loan demand was strong in the fourth quarter, especially for commercial and residential loans, for which our originations during the quarter reached highs for the year. As a locally based community bank with a strong balance sheet, we remain well positioned and committed to serving the credit needs of our Central New York market.”

Total assets were $1.3 billion at December 31, 2007, an increase of $34.4 million or 2.7% from December 31, 2006. Total loans and leases (net of unearned income) were $895.5 million at December 31, 2007, compared with $890.8 million and $881.4 million at September 30, 2007 and December 31, 2006, respectively.

Residential mortgages totaled $273.5 million or 30.6% of total loans and leases at December 31, 2007, reflecting increases of $5.2 million and $21.3 million compared with September 30, 2007 and December 31, 2006, respectively. The growth in residential mortgages has come entirely from conventional mortgages originated in our local markets as the result of our long established plan to grow our mortgage origination operations. The Company does not originate sub-prime, Alt-A, negative amortizing or other higher risk residential mortgages in its portfolio.

Commercial loans totaled $217.1 million or 24.4% of total loans and leases at December 31, 2007, compared with $214.2 million or 24.1% and $223.6 million or 25.4% of total loans and leases at September 30, 2007 and December 31, 2006, respectively.


The following information was filed by Alliance Financial Corp (ALNC) on Tuesday, January 29, 2008 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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