Exhibit 99.1

 

NEWS RELEASE   FOR IMMEDIATE RELEASE

 

 

Alliance Financial Announces Second Quarter Earnings

Syracuse, NY, July 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 June 30, 2012 of $2.9 million or $0.61 per diluted common share, compared with $3.5 million or $0.73 per diluted common share in the year-ago quarter and $2.6 million or $0.55 per diluted common share in the first quarter of 2012.

Net income for the six months ended June 30, 2012 was $5.6 million or $1.16 per diluted share, compared with $6.8 million or $1.43 per diluted share in the first half of 2011.

Net interest income decreased $1.3 million and $2.4 million in the three and six month periods ended June 30, 2012, respectively, compared with the year-ago periods due to the continuing pressure on our net interest margin caused by the exceptionally low interest rate environment, which was partially mitigated by strong loan growth.

Jack H. Webb, President and CEO of Alliance said, “Our loan portfolio grew at an annualized rate of 13% in the second quarter with broad-based loan growth in each of our commercial, residential, and indirect portfolios as we continue to capture market share. Loan originations across all our business lines totaled more than $106 million in the second quarter, which was an increase of 98% from the second quarter of 2011, and was up 47% from the first quarter of this year.”

Webb added, “While we grew our loan portfolio, we also continued to improve on our already low levels of non-performing and delinquent loans. Our non-performing loans dropped 25% in the second quarter as a direct result of successful workouts and payoffs of non-performing loans. Total loan delinquencies were also down 12% in the second quarter.”

Balance Sheet Highlights

Total assets were $1.4 billion at June 30, 2012, which was an increase of $7.2 million from March 31, 2012. Total loans and leases (net of unearned income) increased $28.6 million from the previous quarter to $898.5 million at June 30, 2012.

Loan origination volumes in the second quarter increased $52.5 million, or 97.5%, to $106.4 million, compared with $53.8 million in the year-ago quarter and $72.5 million in the first quarter of 2012 on strong origination growth in each of our commercial, residential mortgage and indirect lending businesses.


The following information was filed by Alliance Financial Corp (ALNC) on Tuesday, July 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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