Banking company’s profit increased 6.5 percent in latest quarter ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors has approved payment of a regular quarterly cash dividend of 54 cents per share. The Ithaca–based banking company will make the dividend payment on Aug. 13, to common shareholders of record as […]
Banking company’s profit increased 6.5 percent in latest quarter
ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors has approved payment of a regular quarterly cash dividend of 54 cents per share.
The Ithaca–based banking company will make the dividend payment on Aug. 13, to common shareholders of record as of Aug. 3. It’s the same amount that Tompkins paid in each of the last three quarters.
Earnings
Tompkins Financial also recently reported that its net income rose 6.5 percent to $22.8 million in the second quarter from $21.4 million in the year-ago quarter, aided by strong fee income and credit quality. The banking company reported earnings per share of $1.54 in the second quarter, up 6.9 percent from $1.44 in the same period in 2020.
Tompkins Financial’s noninterest income jumped almost 10 percent to $18.9 million in the latest quarter, compared to a year earlier.
The company’s provision for credit losses for the second quarter was a credit of $3.1 million compared to an expense of $877,000 for the same period in 2020.
Boosted by a big first quarter, Tompkins Financial’s net income for the six-month period ended June 30 was $48.5 million, up almost 65 percent from $29.4 million for the same period in 2020. Its six-month earnings per share was $3.26, up more than 65 percent from $1.97 for the same year-to-date period last year.
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 is parent of four banks — Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, and Tompkins VIST Bank — as well as Tompkins Insurance Agencies, Inc. and the Tompkins Financial Advisors wealth-management firm. The company’s four banks have announced plans for a rebranding effort, where they will be combined into one bank, Tompkins Trust Company, subject to regulatory approval. The combined bank will conduct business under the “Tompkins” brand name, with a legal name of “Tompkins Community Bank.”