ITHACA — Tompkins Financial Corp. (ticker symbol: TMP) reported that its net income rose more than 9 percent to $12.6 million in the first quarter from $11.5 million in the year-ago quarter. The Ithaca–based banking company’s earnings per share rose over 6 percent to 84 cents in the first quarter from 79 cents a year […]
ITHACA — Tompkins Financial Corp. (ticker symbol: TMP) reported that its net income rose more than 9 percent to $12.6 million in the first quarter from $11.5 million in the year-ago quarter.
The Ithaca–based banking company’s earnings per share rose over 6 percent to 84 cents in the first quarter from 79 cents a year earlier.
“We are pleased to start 2014 with the strongest first quarter in our history,” Tompkins Financial president and CEO Stephen S. Romaine said in the earnings report. “In addition to earnings per share growth over the first quarter of 2013, loan and deposit levels increased from the same period last year, and from the most recent prior quarter. At the same time we saw continued improvement in nearly all credit quality indicators.”
Tompkins Financial’s net interest income increased almost 5 percent to $40 million in the first quarter from the same period last year.
The net interest margin for the first quarter of 2014 was 3.6 percent compared to 3.57 percent in the first quarter of 2013.
Noninterest income at Tompkins Financial was nearly unchanged at $17.43 million in this year’s first quarter, compared to $17.39 million a year earlier.
Credit quality improved in the latest quarter with non-performing assets representing 0.81 percent of total assets, the lowest this percentage has been over the past five years, the banking company said.
Tompkins Financial took a provision for loan and lease losses of $743,000 in the first quarter of 2014, down 28 percent from $1,038,000 in the first quarter of 2013.
Net loan and lease charge-offs totaled $699,000 in the first quarter of 2014, down from $1 million a year prior.
Tompkins Financial’s total loans of $3.2 billion as of the end of this year’s first quarter were up 7 percent over the same period in 2013, and increased an annualized 1.3 percent over year-end 2013.
The company also declared a quarterly dividend of 40 cents per share, payable on May 15 to shareholders of record on May 5.
Tompkins Financial is a financial-services firm serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. It is parent to Tompkins Trust Company, The Bank of Castile, Mahopac Bank, VIST Bank, Tompkins Insurance Agencies, Inc., and Tompkins Financial Advisors, which offers wealth-management services.
Contact Rombel at arombel@cnybj.com