Exhibit 99.1

 

NEWS RELEASE    FOR IMMEDIATE RELEASE

 

 

Alliance Financial Announces Record Fourth Quarter and Record Full Year 2009 Earnings

Syracuse, NY, January 26, 2010 - Alliance Financial Corporation (“Alliance”, or the “Company”) (NASDAQ: ALNC), the holding company for Alliance Bank, N.A., announced today that it recorded record levels of net income for the fourth quarter and full year 2009.

Net income for the quarter ended December 31, 2009 was $3.5 million or $0.75 per diluted common share, compared with $2.4 million or $0.51 per diluted common share in the year-ago quarter. The results for the fourth quarter of 2009 included gains on sales of securities totaling $707,000 after taxes or $0.15 per diluted share which offset non-recurring expenses incurred in the quarter of approximately $265,000 after taxes or $0.06 per diluted share.

Net income was $11.4 million for the year ended December 31, 2009, compared with $10.4 million in 2008. Net income available to common shareholders was $10.4 million or $2.24 per diluted share in 2009, compared with $10.3 million or $2.21 per diluted share in 2008. Net income for 2009 included gains on sales of securities totaling $1.3 million after taxes or $0.29 per diluted share which offset non-recurring expenses of approximately $482,000 after taxes or $0.11 per diluted share. Preferred stock dividends and the accretion of the preferred stock discount were $1.1 million or $0.24 per diluted share in 2009.

Jack H. Webb, President and CEO of Alliance said, “Despite the significant increase in the expense associated with FDIC Insurance Premiums and unprecedented economic factors in 2009, Alliance achieved record net income through our continued focus on delivering quality financial products and services in Central New York, and a growth strategy designed to capitalize on the opportunities presented by the distractions and credit issues affecting many of the competitors operating in our market. In 2009, we originated more than $300 million of residential, consumer and commercial loans, which was up about 23% over 2008. Our deposit growth exceeded $137 million in 2009, and was distributed among each of our commercial, municipal and retail lines of business.”

Webb continued, “We are pleased with our credit quality metrics, particularly our credit losses which have been significantly lower than industry averages over the past two years. However, as market conditions in Central New York remain weak, we will continue our high level of focus on credit quality both in originations and loan portfolio administration.”

Balance Sheet Highlights

Total assets were $1.4 billion at December 31, 2009, an increase of $49.9 million or 3.6% from December 31, 2008. Securities available-for-sale increased $63.0 million in 2009 to $362.2 million at the end of 2009. Total loans and leases (net of unearned income) increased $3.4 million to $914.2 million at


The following information was filed by Alliance Financial Corp (ALNC) on Tuesday, January 26, 2010 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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