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Earnings fall at Tompkins Financial on acquisition costs

By Kevin Tampone

Date:

ITHACA — Acquisition costs of $8.4 million pushed profit lower at Tompkins Financial Corp. (NYSE Amex: TMP) in the third quarter.

The Ithaca–based banking company earned $3.5 million, or 25 cents a share, in the period, down from $7.9 million, or 71 cents a share, in the third quarter of 2011. Tompkins completed its acquisition of VIST Financial Corp. (NASDAQ: VIST) of Wyomissing, Pa. on Aug. 1 in an all-stock deal worth $86 million.

“The VIST acquisition represents our first expansion into the Pennsylvania market and we are very excited by the opportunity to leverage the full capabilities of the Tompkins business model in this attractive market,” Tompkins President and CEO Stephen Romaine said in a news release.

Tompkins Financial has $4.9 billion in assets with branches in the Central, Western, and Hudson Valley regions of New York and Southeastern Pennsylvania. The company also owns insurance and financial advising subsidiaries.

Contact Tampone at ktampone@cnybj.com

 

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