Tompkins Financial boosts quarterly dividend by 4 percent

ITHACA — Tompkins Financial Corp. (NYSE: TMP) announced on Oct. 18 that its board of directors has approved a 4 percent increase in its quarterly dividend.

Tompkins Financial will pay a regular quarterly cash dividend of 52 cents per share on Nov. 15. It is payable to common shareholders of record on Oct. 29. 

The dividend is up 2 cents from the dividend of 50 cents a share that Tompkins Financial paid last quarter. At the banking company’s current stock price, the payment yields about 2.5 percent on an annual basis.

Tompkins Financial also announced that it generated $20.2 million in net income in the third quarter of this year, down from $20.9 million in the same quarter in 2018.

“Despite earnings being down slightly from the prior year, the quarter saw improvement over the second quarter of 2019 in terms of net interest margin, returns on equity and diluted earnings per share,” Stephen S. Romaine, president and CEO of Tompkins Financial, said in the earnings report. “Solid growth in deposits and reduced borrowing costs contributed to the overall improvement from the second quarter, as did higher revenue from insurance and wealth management businesses.”

Tompkins Financial is a financial-services firm serving the Central, Western, and Hudson Valley regions of New York and the Southeastern part of Pennsylvania. Headquartered in Ithaca, Tompkins Financial is parent to 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.