ITHACA — Net income rose to $11.2 million at Ithaca–based Tompkins Financial Corp. (NYSE MKT: TMP) in the fourth quarter, up from $9.4 million a year earlier.
Earnings per share for the period totaled 77 cents, down 8.3 percent from the fourth quarter of 2011. The drop was the result of the larger number of shares outstanding in 2012 after Tompkins issued more stock to complete its acquisition of Wyomissing, Pa.–based VIST Financial Corp. in August.
Net income for the full year in 2012 was $31.3 million, or $2.43 per share, down from $35.4 million, or $3.20 per share, in 2011. Merger costs totaling $9.7 million in 2012, compared with $152,000 in 2011, drove the slide.
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“Results for the year to date and the fourth quarter were negatively impacted by merger related costs,” Tompkins President and CEO Stephen Romaine said in a news release. “Excluding those costs, our per share earnings performance for the two quarters that have included results with VIST has been among the best of any six month period in our company’s long history.”
Tompkins Financial Corp. (NYSE Amex: TMP) has $4.8 billion in assets and its subsidiary banks, Tompkins Trust Co., the Bank of Castile, Mahopac National Bank, and VIST Bank, have branches in the Central, Western, and Hudson Valley regions of New York and southeastern Pennsylvania. The company also owns insurance and financial advising subsidiaries.
Contact Tampone at ktampone@cnybj.com
