ITHACA — Tompkins Financial Corp. (NYSE Amex: TMP) earned $8.8 million in the second quarter, down 6.1 percent from a year earlier.
Earnings per share for the period totaled 72 cents, down from 85 cents in the second quarter of 2011.
Tompkins is close to completing an acquisition of VIST Financial Corp. (NASDAQ: VIST) of Wyomissing, Pa. and recorded expenses related to that deal totaling $703,000 during the period. The deal is set to close Aug. 1.
The company also recorded $243,000 after-tax income related to reversal of a liability involved with a recent settlement of litigation between VISA, Inc. and certain merchants.
Excluding the merger expenses and after-tax income, Tompkins earned $9.3 million, or 76 cents per share, for the quarter.
“Although second quarter earnings were down from the same period last year, we are encouraged by several positive trends noted during the quarter,” Tompkins President and CEO Stephen Romaine said in a news release. “These trends included loan growth during the quarter at an annualized rate of more than 8 percent, continued improving trends in asset quality, and a stabilization of the net interest margin.
“We have been working hard to prepare for the integration of VIST Financial into the Tompkins organization and are pleased that we remain on track to close this transaction on Aug. 1. We remain very excited by this opportunity and feel we are well positioned to make this a successful transaction both in the short term, and for years to come.”
Tompkins Financial, based in Ithaca, operates 46 offices in the Central, Western, and Hudson Valley regions of New York through three subsidiary banks: Tompkins Trust Co., The Bank of Castile, and Mahopac National Bank. The company also owns insurance and wealth-management subsidiaries and has total assets of more than $3.5 billion.
Tompkins will have $5 billion in total assets, $3.8 billion in deposits, $2.9 billion in loans, and 67 branches after closing the VIST deal. VIST will operate as a Tompkins subsidiary with local leadership.
Contact Tampone at ktampone@cnybj.com