ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors approved payment of a regular quarterly cash dividend of 57 cents a share for the fourth quarter. The dividend is payable on Nov. 15, to common shareholders of record on Nov. 2. The dividend represents a 5.6-percent increase over the […]
ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors approved payment of a regular quarterly cash dividend of 57 cents a share for the fourth quarter.
The dividend is payable on Nov. 15, to common shareholders of record on Nov. 2. The dividend represents a 5.6-percent increase over the cash dividend of 54 cents that the Ithaca–based banking company paid in this year’s third quarter.
At Tompkins Financial’s current stock price, the payment yields about 2.7 percent on an annual basis.
Tompkins Financial separately announced that it generated net income of $21.3 million in the third quarter of 2021, down 12 percent from $24.2 million in the same period in 2020. Results for this year’s third quarter were negatively impacted by about $4.1 million of nonrecurring expenses related to the prepayment of borrowings and the redemption of trust-preferred securities, Tompkins Financial said in its latest earnings report. Though these transactions had a negative impact on current quarterly earnings, they are expected to have a favorable impact on future earnings through reduced interest expense, the banking company added.
Tompkins Financial is a financial-services firm serving the Central, Western, and Hudson Valley regions of New York and the Southeastern part of Pennsylvania. Tompkins Financial is parent of Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, and Tompkins Insurance Agencies, Inc. It also offers wealth-management services through Tompkins Financial Advisors.
The company’s four wholly owned banking subsidiaries will soon be combined into one bank, with The Bank of Castile, Mahopac Bank, and VIST Bank merging with and into Tompkins Trust Company. The combined bank will conduct business under the “Tompkins” brand name, with a legal name of “Tompkins Community Bank.”