Exhibit 99.1
NEWS RELEASE    FOR IMMEDIATE RELEASE

Alliance Financial Announces First Quarter Earnings

Syracuse, NY, April 17, 2012—Alliance Financial Corporation (“Alliance” or the “Company”) (NasdaqGM: ALNC), the holding company for Alliance Bank, N.A., announced today net income for the quarter ended March 31, 2012 of $2.6 million or $0.55 per diluted common share, compared with $3.3 million or $0.70 per diluted common share in the year-ago quarter and $2.8 million or $0.60 per diluted common share in the fourth quarter of 2011.

Net interest income decreased $1.1 million in the first quarter compared with the first quarter of 2011 due to a decline in interest-earning assets and a lower net interest margin.

Jack H. Webb, President and CEO of Alliance said, “Residential mortgage and indirect auto loan originations were strong in the first quarter as we made certain adjustments to increase originations and return to a managed growth strategy in these portfolios following planned portfolio reductions late in 2011 due to the very low interest rate environment. While maintaining our sound underwriting standards, we expect current and planned growth in these portfolios will favorably impact interest income in coming quarters.”

Webb added, “Our asset quality metrics remain very strong and compare favorably with fourth quarter peer averages, with non-performing assets dropping 21% in the first quarter through a combination of successful workouts and write-downs of previously identified impaired loans. Total loan delinquencies were also down 16% in the first quarter.”

Balance Sheet Highlights

Total assets were $1.4 billion at March 31, 2012, which was an increase of $6.5 million from December 31, 2011. Securities available-for-sale decreased $27.9 million, which was offset by an increase in cash of $37.4 million. Total loans and leases (net of unearned income) decreased $2.8 million to $869.9 million at March 31, 2012.

Loan origination volumes in the first quarter increased $21.6 million or 42.5% to $72.5 million compared to the first quarter of 2011 on strong year-over-year growth in residential mortgage and indirect lending.

Residential mortgages outstanding decreased $3.0 million in the first quarter to $313.8 million, as many of our first quarter originations were sold on the secondary market. Originations of residential mortgages totaled $30.0 million in the first quarter of 2012, compared with $40.8 million in the fourth quarter of 2011 and $18.2 million in the year-ago quarter. We expect to achieve modest growth in our residential


The following information was filed by Alliance Financial Corp (ALNC) on Tuesday, April 17, 2012 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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