Alliance Financial Corporation Reports Reports Q1 EPS of $0.70

Alliance Financial Corporation ALNC, the holding company for Alliance Bank, N.A., announced today a 20.3% increase in net income for the quarter ended March 31, 2011 compared to the first quarter of 2010. Net income was $3.3 million or $0.70 per diluted common share in the first quarter of 2011, compared with $2.7 million or $0.59 per diluted common share in the year-ago quarter. Net income increased 18.4% compared to the fourth quarter of 2010.