Exhibit 99.1

 

NEWS RELEASE    FOR IMMEDIATE RELEASE

 

 

Alliance Financial Announces Fourth Quarter and Record Full Year Earnings

Syracuse, NY, January 26, 2011 - Alliance Financial Corporation (“Alliance” or the “Company”) (NasdaqGM: ALNC), the holding company for Alliance Bank, N.A., announced today its net income for the quarter ended December 31, 2010 was $2.8 million or $0.59 per diluted common share, compared with $3.5 million or $0.75 per diluted common share in the year-ago quarter. Securities gains, net of non-recurring expenses, positively impacted the fourth quarter of 2009 by $0.09 per diluted share.

Net income was $11.6 million for the year ended December 31, 2010, compared with $11.4 million in 2009. Net income available to common shareholders was $11.6 million or $2.48 per diluted share in 2010, compared with $10.4 million or $2.24 per diluted share in 2009. Preferred dividends and the accretion of the discount on preferred stock issued under the U.S. Department of the Treasury’s Capital Purchase Program was $1.1 million or $0.24 per diluted share in 2009. The Company redeemed the preferred stock in May 2009.

Jack H. Webb, President and CEO of Alliance said, “For the fourth consecutive year we set a record for net income while also achieving substantial increases in deposits and commercial loan originations in a difficult operating environment for financial institutions. Our community banking business model, which focuses on delivering responsive customer service and local decision making, has clearly established Alliance as an alternative to the larger financial institutions.”

Webb added, “The investment we made to enhance our commercial banking team contributed to a 55 percent increase in commercial loan originations in 2010 over 2009. Our commercial lending business finished the year strongly, with originations in the fourth quarter up 104 percent over the fourth quarter of 2009 and up 97 percent over the third quarter of 2010. Deposit levels were up strongly in 2010 as well, placing Alliance fourth by total deposits in the Syracuse MSA. Local customer deposit growth of $114 million in 2010 provided the funding for us to continue lending to credit worthy borrowers throughout Central New York.”

Balance Sheet Highlights

Total assets were $1.5 billion at December 31, 2010, an increase of $7.8 million or 0.5% from September 30, 2010. Securities available-for-sale increased $18.7 million in the fourth quarter to $414.4 million at the end of 2010. Total loans and leases (net of unearned income) decreased $3.4 million to $898.5 million at December 31, 2010. This decrease in loan balances resulted from the continued amortization of our lease portfolio combined with the sale of most residential mortgage originations in the fourth quarter, the effects of which were substantially offset by strong commercial loan growth in the fourth


The following information was filed by Alliance Financial Corp (ALNC) on Wednesday, January 26, 2011 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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