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Tompkins Financial profit jumps in first quarter

By Adam Rombel

Date:


ITHACA — Tompkins Financial Corp. (stock ticker: TMP) today reported net income of $11.5 million in the first quarter, up 47 percent from $7.8 million a year ago, boosted by last year’s acquisition of VIST Financial Corp. in Pennsylvania.

Earnings per share at Tompkins Financial totaled 79 cents in the first quarter, up 13 percent from 70 cents in the year-earlier period.

“We are pleased to start 2013 with some positive trends. Earnings per share for the quarter reflect double digit growth over the same period last year; loan and deposit balances are both up from year end; and noninterest income was up during the quarter, driven largely by growth in insurance revenues,” Tompkins Financial CEO Stephen S. Romaine said in a news release. “With the integration of VIST largely behind us, we look forward to strengthening our customer relationships and welcoming new customers in the Southeastern, Pennsylvania market.”

Net interest income at Tompkins Financial increased 39 percent to $38.2 million and noninterest income gained 49 percent to $17.4 million in the first quarter, compared to the year-earlier period.

Tompkins Financial reported total loans of $3 billion in the latest quarter, a 51 percent increase over the same period in 2012. Total deposits were $4.1 billion as of March 31, up 42 percent from a year ago.

Headquartered in Ithaca, Tompkins Financial is parent to Tompkins Trust Co., The Bank of Castile, Mahopac National Bank, VIST Bank, Tompkins Insurance Agencies, Inc., and Tompkins Financial Advisors.

 

Contact Rombel at arombel@cnybj.com

 

 

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