Exhibit 99.1

 

NEWS RELEASE    FOR IMMEDIATE RELEASE

Alliance Financial Announces Record Third Quarter Earnings

Syracuse, NY, October 19, 2011 - Alliance Financial Corporation (“Alliance” or the “Company”) (NasdaqGM: ALNC), the holding company for Alliance Bank, N.A., announced today an 18.7% increase in net income for the quarter ended September 30, 2011 compared with the third quarter of 2010. Net income was $3.7 million or $0.77 per diluted common share in the third quarter of 2011, compared with $3.1 million or $0.66 per diluted common share in the year-ago quarter and $3.5 million or $0.73 per diluted share in the second quarter of 2011. Securities gains, when netted against a fixed asset writedown, totaled $472,000 after tax or $0.10 per share in the third quarter.

Net income for the nine months ended September 30, 2011 increased 18.4% to $10.5 million or $2.20 per diluted share, compared with $8.8 million or $1.89 per diluted share in the year-ago period.

Net interest income was slightly lower in the third quarter compared with the year-ago period, while the provision for credit losses decreased 31.5% on lower net charge-offs compared with the year-ago quarter. The third quarter’s results included gains on the sales of securities totaling $1.3 million, which were partially offset by a write-down on fixed assets of $555,000.

Jack H. Webb, President and CEO of Alliance said, “Our record third quarter net income represents a 10.1% increase over the year-ago quarter excluding the effect of non-recurring items, on lower loan loss provisions and generally stable net operating revenues. Loan demand, however, softened in the third quarter and our net interest margin was slightly lower due to persistently low interest rates.”

Webb added, “We continue to be supportive of credit-worthy consumers and businesses located in our markets, however, consistent with the financial sector as a whole, loan growth and revenue growth in the current operating environment will continue to be a challenge as weak economic conditions and low interest rates are expected to continue to negatively impact loan demand and net interest margin.”

Balance Sheet Highlights

Total assets were $1.4 billion at September 30, 2011, which was a decrease of $44.6 million from the end of the second quarter. Total loans and leases (net of unearned income) decreased $10.0 million, and securities available-for-sale decreased $50.7 million in the third quarter.

Loan originations (excluding lines of credit) totaled $59.5 million in the third quarter, compared with $78.3 million in the year-ago quarter and $53.8 million in the second quarter of 2011, as continuing economic


The following information was filed by Alliance Financial Corp (ALNC) on Wednesday, October 19, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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