Alliance Financial Reports Q4 EPS of $.59

Alliance Financial Corporation ALNC 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.