ITHACA — Tompkins Financial Corp. (stock ticker: TMP) reported net income of $11.5 million in the first quarter, up 47 percent from $7.8 million a year ago, boosted by last year’s acquisition of VIST Financial Corp. in Pennsylvania. Earnings per share (EPS) at Tompkins Financial totaled 79 cents in the first quarter, up 13 percent […]
ITHACA — Tompkins Financial Corp. (stock ticker: TMP) reported net income of $11.5 million in the first quarter, up 47 percent from $7.8 million a year ago, boosted by last year’s acquisition of VIST Financial Corp. in Pennsylvania.
Earnings per share (EPS) at Tompkins Financial totaled 79 cents in the first quarter, up 13 percent from 70 cents in the year-earlier period.
Analysts were expecting EPS of 86 cents, according to Yahoo Finance and Thomson Financial Network data. The banking company reported its financial results before the open of trading April 26. Tompkins Financial’s stock price fell 3.3 percent that day.
Net interest income at Tompkins Financial increased 39 percent to $38.2 million, boosted by the addition of VIST Bank and steady loan growth, the company said in its earnings report. Its net interest margin for the first quarter was 3.57 percent, up from 3.51 percent in the year-ago quarter, but down from 3.83 percent last quarter.
Noninterest income rose 49 percent to $17.4 million in the first quarter, compared to the year-earlier period. Insurance commissions and fees, corporate-owned life insurance, and other income rose from the most recent quarter and from a year ago.
Tompkins Financial’s noninterest expense totaled $37.5 million in the first quarter, up 42 percent from a year earlier, primarily because of the VIST acquisition. However, noninterest expense was down almost 2 percent from the fourth quarter of 2012, mainly because of a decline in merger-related expenses to $196,000 in the first quarter from $770,000 in the fourth quarter.
“With the integration of VIST largely behind us, we look forward to strengthening our customer relationships and welcoming new customers in the Southeastern, Pennsylvania market,” Tompkins Financial CEO Stephen S. Romaine said in the earnings report.
Tompkins Financial reported total loans of $3 billion in the latest quarter, up 51 percent from a year ago and up 1.3 percent from year-end 2012.
The banking company had total deposits of $4.1 billion as of March 31, up more than 42 percent from a year ago and 3 percent higher than at 2012 year-end.
Total assets at Tompkins Financial jumped to $4.9 billion as of March 31 from less than $3.5 billion a year earlier.
Tompkins Financial also announced on April 26 that its board of directors approved a regular quarterly cash dividend of 38 cents a share, payable on May 15, to common shareholders of record on May 6.
Headquartered in Ithaca, Tompkins Financial is parent to Tompkins Trust Co., The Bank of Castile, Mahopac National Bank, VIST Bank, Tompkins Insurance Agencies, Inc., and Tompkins Financial Advisors.
Tompkins Trust Co. had nearly a 58 percent market share of deposits in the Ithaca metro area, according to the latest FDIC data as of June 30, 2012. The bank has 11 branch offices in Tompkins County as well as one branch each in Cayuga, Cortland, and Schuyler counties.
Contact Rombel at arombel@cnybj.com
