ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) today reported net income of $12.7 million, or 85 cents a share, in the fourth quarter, down from $14.3 million, or 96 cents, in the year-ago period.
The Ithaca–based banking company’s total interest and dividend income fell to $46.7 million in the fourth quarter from $48.3 million in the same quarter in 2013. Meanwhile, its income-tax expense rose to nearly $6.5 million from $4.9 million a year ago.
Those factors offset increases in noninterest income and decreases in operating expenses and interest expenses.
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Tompkins Financial produced nearly $60 million in revenue in the latest quarter.
For the full 2014 year, Tompkins Financial reported net income of more than $52 million, or $3.48 a share, up from nearly $51 million, or $3.46 per share, in 2013.
The banking company generated nearly $235 million in revenue in 2014.
Tompkins Financial serves the Central, Western, and Hudson Valley regions of New York and Southeastern Pennsylvania. It is parent of Tompkins Trust Company, the Bank of Castile, Mahopac Bank, VIST Bank, Tompkins Insurance Agencies, Inc., and offers wealth-management services through Tompkins Financial Advisors.
Tompkins Trust ranks sixth in deposit market share in the 16-county Central New York region with $1.3 billion in deposits and nearly a 5 percent share of total market deposits, according to the latest FDIC data from June 30, 2014. The bank has 13 branches in the CNY market.