ITHACA — Tompkins Financial Corp. (stock ticker: TMP) today reported that net income rose to $14.05 million, or a record 95 cents per share, in the third quarter as its net interest margin improved and bank fee, insurance, and wealth management-related revenue rose.
Those figures compare with net income of $3.5 million, or 25 cents a share, that Tompkins Financial earned in the third quarter of 2012.
Ithaca–based Tompkins Financial said both quarters were affected by some non-recurring items, including merger-related expenses from its acquisition of Southeastern Pennsylvania–based VIST Financial Corp., completed on Aug. 1, 2012.
After adjusting for non-recurring income and expenses, the banking company said it earned 90 cents in this year’s third quarter, up from 87 cents a year ago.
The company’s third-quarter performance was “rewarding,” Stephen Romaine, president and CEO of Tompkins Financial., said in the earnings report.
“…Improving trends in several core business activities were significant contributors to the strong performance during the quarter,” he said.
Net interest income at Tompkins Financial rose 10 percent to $40.5 million and noninterest income increased 25 percent to $18.5 million in the third quarter, compared to the year-earlier period.
Tompkins Financial reported total loans of $2.4 billion at the end of the latest quarter, up from $2.1 billion in the same quarter in 2012. Total deposits were $3.9 billion as of Sept. 30, down from $4.03 million a year prior.
The banking company also announced today that its board of directors approved boosting its next quarterly cash dividend to 40 cents per share from the previous 38 cents.
Tompkins Financial is a financial-services firm with $4.9 billion in assets serving the Central, Western, and Hudson Valley regions of New York, as well as the Southeastern region of Pennsylvania. Tompkins Financial is parent to Tompkins Trust Company, The Bank of Castile, Mahopac National Bank, VIST Bank, Tompkins Insurance Agencies, Inc., and Tompkins Financial Advisors.
Contact Reinhardt at ereinhardt@cnybj.com
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