ITHACA — Tompkins Financial Corp.’s (NYSE: TMP) net income surged more than 30 percent to $22.1 million, or $1.43 per share, in the second quarter from $16.9 million, or $1.11 a share, a year prior, as it benefitted from loan growth and a lower tax rate. The Ithaca–based banking company said in its July 20 […]
ITHACA — Tompkins Financial Corp.’s (NYSE: TMP) net income surged more than 30 percent to $22.1 million, or $1.43 per share, in the second quarter from $16.9 million, or $1.11 a share, a year prior, as it benefitted from loan growth and a lower tax rate.
The Ithaca–based banking company said in its July 20 earnings report that earnings per share for the second quarter and year-to-date periods “reflect the highest earnings in company history for the respective periods.”
Year-to-date net income was $42.5 million, or $2.76 per share, also up 30 percent over the same period in 2017.
Tompkins Financial noted that its effective tax rate was 20.7 percent in the second quarter of 2018, compared to 32.7 percent for the same period in 2017. The decrease is a “direct result” of the Tax Cuts and Jobs Act of 2017, which reduced the federal statutory tax rate from 35 percent in 2017 to 21 percent in 2018.
The banking company reported total loans of $4.8 billion, up 8.4 percent over the same period in 2017, and up more than 2 percent over the figure at the end of 2017.
Tompkins Financial Corp. is “extremely pleased” with its results through the first half of 2018, Stephen Romaine, president and CEO of Tompkins Financial, said in the report.
“The second quarter also marked a significant milestone for our company. In May of this year, we moved our corporate headquarters to a new building located across the street from our former headquarters location in downtown Ithaca. The move has allowed us to consolidate staff, which were previously located in seven different locations, into a new, modern, and more efficient space. The move has been extremely well received by our employees, clients, and the local community,” he explained.
Quarterly results included certain unusual items that were “primarily” related to the move of the corporate headquarters. These included about $2.9 million of gains related to sales of real estate and about $2 million of write downs associated with two leased properties that were recently vacated.
Tompkins Financial opened its 110,000-square-foot, seven-story headquarters building at 118 E. Seneca Street on May 7. Its Tompkins Trust Company retail-banking unit opened its new branch office at the new corporate headquarters a week later.
The structure consolidates more than 300 employees who previously worked from seven buildings in the Ithaca area. Employees of all three company affiliates (Tompkins Trust, Tompkins Insurance Agencies, and Tompkins Financial Advisors) now work under one roof.
The Tompkins Trust retail branch and ATM are located on the first floor and the affiliated businesses are on the floors above. That includes the operations, information technology, finance, and human resources departments.
Tompkins Financial is a financial-services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Tompkins Financial includes Tompkins Trust, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, Tompkins Insurance Agencies, Inc., and offers wealth-management services through Tompkins Financial Advisors.