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Tompkins Financial profit jumps 33 percent in 2nd quarter

By Journal Staff

Date:

ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) on Friday reported net income of $17.4 million, or $1.15 a share, in the second quarter, up from $13.1 million, or 87 cents, in the year-ago period.

The Ithaca–based banking company said results for the current quarter were boosted by a one-time curtailment gain of $3.6 million after tax, or 24 cents a share, related to changes to the company’s pension plan. If this gain were excluded from the current quarter’s results, Tompkins Financial’s earnings per share would total 91 cents, still the best second quarter in company history, according to the earnings report.

Tompkins Financial produced more than $60 million in revenue in the latest quarter.

The banking company’s shares rose on Friday, after the earnings report was released before the open of trading.

Tompkins Financial serves the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. It 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.

Tompkins Trust ranks sixth in deposit market share in the 16-county Central New York region with almost $1.3 billion in deposits and nearly a 5 percent share of total market deposits, according to the latest FDIC data from June 30, 2014. The bank has 13 branches in the CNY market.

 

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