For 12 months ended December 31, 2007, Alliance Financial’s net income increased 29.6% to $9.5 million or $1.98 per diluted share, compared to $7.3 million or $1.88 per share in 2006. Total assets were $1.3 billion at December 31, 2007, an increase of $34.4 million or 2.7% from December 31, 2006. On the other hand, total loans and leases for the period also raised to $895.5 million from $881.4 million at December 31, 2006.
Jack Webb, president and CEO of Alliance, said: We showed meaningful improvement in net income and earnings per share compared with the year-ago periods despite an extremely difficult operating environment for the financial services sector. Loan demand was strong in the fourth quarter, especially for commercial and residential loans, for which our originations during the quarter reached highs for the year.
