Tompkins Financial to pay Q2 dividend of 52 cents on May 18

ITHACA — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors approved payment of a regular quarterly cash dividend of 52 cents a share for the second quarter. 

The dividend is payable on May 18, to common shareholders of record on May 11. It’s the same amount that Tompkins Financial paid in each of the last two quarters, after it had boosted its dividend by 2 cents from the 50 cents a share that the banking company had paid out in the third quarter.

At Tompkins Financial’s current stock price, the payment yields about 3.2 percent on an annual basis.

Tompkins Financial also announced that it generated net income attributable to common shareholders of $7.9 million, or 53 cents a common share, in the first quarter, down from $21 million, or $1.37 per share, in the first quarter of 2019. The banking company says its financial results were hurt by the financial fallout from the COVID-19 pandemic. That contributed to the $16.3 million provision for credit losses recognized during the first quarter under the new current expected credit losses (CECL) accounting standard. 

Tompkins Financial is a financial-services firm, with more than $6.7 billion in total assets, serving the Central, Western, and Hudson Valley regions of New York and the Southeastern part of Pennsylvania. Headquartered in Ithaca, Tompkins Financial is parent of Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, and Tompkins Insurance Agencies, Inc. It also offers wealth-management services through Tompkins Financial Advisors.