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Tompkins Financial profit rises nearly 7 percent in 2nd quarter

Photo credit: Tompkins Financial

ITHACA, N.Y — Tompkins Financial Corp. (NYSE: TMP) reported that its net income rose 6.5 percent to $22.8 million in the second quarter from $21.4 million in the year-ago quarter, boosted by strong fee income and credit quality.

The Ithaca–based banking company reported earnings per share of $1.54 in the second quarter, up 6.9 percent from $1.44 in the same period in 2020.

Tompkins Financial’s noninterest income jumped almost 10 percent to $18.9 million in the latest quarter, compared to a year earlier.

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The banking company’s provision for credit losses for the second quarter was a credit of $3.1 million compared to an expense of $877,000 for the same period in 2020.

Fueled by a big first quarter, Tompkins Financial’s net income for the six-month period ended June 30 was $48.5 million, up almost 65 percent from $29.4 million for the same period in 2020. Its six-month earnings per share was $3.26, up more than 65 percent from $1.97 for the same year-to-date period last year.

“We are pleased to continue our favorable earnings trends in 2021 with another strong quarter of earnings. Though the current interest rate environment resulted in a narrowing of our net interest margin, our revenue for the first half of 2021 compared favorably to the prior year in all three of our primary business lines of banking, insurance, and wealth management,” Stephen Romaine, president and CEO, said in Tompkins Financial’s earnings report.

The banking company also provided an update on its involvement in the Paycheck Protection Program (PPP), the federal initiative of mostly forgivable loans designed to help small businesses stay afloat during the pandemic. Tompkins Financial said that out of the total of $695.2 million of PPP loans that it had funded through July 19, 2021, $471.4 million (or 68 percent) had been forgiven so far by the Small Business Administration under the terms of the program.

Tompkins Financial is a financial-services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Tompkins Financial is parent of four banks — Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, and Tompkins VIST Bank — as well as Tompkins Insurance Agencies, Inc. and the Tompkins Financial Advisors wealth-management firm. The company’s four banks have announced plans for a rebranding effort, where they will be combined into one bank, Tompkins Trust Company, subject to regulatory approval. The combined bank will conduct business under the “Tompkins” brand name, with a legal name of “Tompkins Community Bank.”

 

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