SYRACUSE – Alliance Financial Corp. (NASDAQ: ALNC) earned $2.8 million in the fourth quarter, unchanged from a year earlier.
Earnings per share in the period totaled 60 cents, up from 59 cents in the fourth quarter of 2010. For the full year in 2011, Alliance earned $13.3 million, or $2.80 per share, up more than 14 percent from 2010.
“We set a record for net income in 2011 for the fifth year in a row, while at the same time maintaining a strong balance sheet with very good asset quality and capital ratios,” Alliance President and CEO Jack Webb said in a news release. “Revenues were pressured in 2011 due to a decline in assets and net interest margin, however, our disciplined expense control combined with lower loan loss provisions more than offset the impact of lower revenue in 2011.”
Webb also noted that Alliance originated $250 million in credit to consumers and businesses in Central New York in 2011. Over the past four years, the banking company made more than $1 billion in loans in the region.
“We remain committed to meeting the credit needs of qualified borrowers in our market, however, consistent with the financial sector as a whole, loan growth and revenue growth in the current operating environment will likely remain under pressure as weak economic conditions and low interest rates are expected to continue to weigh on loan demand and our net interest margin,” Webb said.
Syracuse-based Alliance has $1.4 billion in total assets and 29 offices in Cortland, Madison, Oneida, Onondaga, and Oswego counties. The company also runs an investment management administration center in Buffalo and an equipment lease financing company.
Contact Tampone at ktampone@cnybj.com