NBT Bancorp Q4 net income rises nearly 37 percent

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Tompkins Financial profit soars in 2013, fourth quarter after Pa. acquisition

Banks & Credit Unions, Subscriber Only

ITHACA — Tompkins Financial Corp.’s acquisition of VIST Financial Corp. in mid-2012 contributed to a “record performance” for the banking company in 2013. For the full year, Tompkins Financial (stock ticker: TMP) earned $50.8 million, or $3.46 per share, up from $31.2 million, or $2.43 a share, during 2012, the company said in a news

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ITHACA — Tompkins Financial Corp.’s acquisition of VIST Financial Corp. in mid-2012 contributed to a “record performance” for the banking company in 2013.

For the full year, Tompkins Financial (stock ticker: TMP) earned $50.8 million, or $3.46 per share, up from $31.2 million, or $2.43 a share, during 2012, the company said in a news release.

In the fourth quarter, Tompkins Financial earned $14.29 million, or 96 cents a share, up 27 percent from $11.21 million in the final quarter of 2012.

The earnings-per-share figure was the highest quarterly earnings number in company history, Tompkins Financial said.

Ithaca–based Tompkins Financial listed merger-related expenses associated with the acquisition of VIST Financial among certain non-recurring items that affected both the fourth quarter and full-year 2013 results.

After adjusting for non-recurring income and expenses, earnings per share would have been 91 cents in the fourth quarter, up from 81 cents during the same time period last year.

For the entire year, adjusting for non-recurring items, earnings per share would have been $3.36 for the year ended Dec. 31, compared to $3.17 for the same period in 2012.

It was a “rewarding” year, the first full year with operations in Pennsylvania, Stephen Romaine, president and CEO of Tompkins Financial, said in the news release.

“Business activity from our Pennsylvania franchise contributed to our record performance, as did the solid performance from our New York–based banking, insurance, and wealth-management businesses. We finished the quarter with positive trends in most business areas, leaving us well positioned as we head into 2014,” Romaine said.

Tompkins Financial also announced that its board of directors approved a quarterly cash dividend of 40 cents per share, payable on Feb. 14 to common shareholders of record on Feb. 3.

Tompkins Financial is a financial-services firm with $5 billion in assets serving the Central, Western, and Hudson Valley regions of New York, as well as Southeastern 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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