ITHACA — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors has approved payment of a regular quarterly cash dividend of 50 cents a share for the first quarter.
The dividend will be payable on Feb. 15, to common shareholders of record on Feb. 5. It’s the same amount that the banking company paid in the fourth quarter, when it boosted its dividend from 48 cents in the third quarter.
At Tompkins Financial’s current stock price, the dividend yields 2.65 percent on an annual basis.
Tompkins Financial reported net income of more than $82 million, or $5.35 a share, in 2018, up from $52.5 million, or $3.46 a share, in 2017. The passage of the Tax Cuts and Jobs Act of 2017 affected earnings as Tompkins Financial last year took a one-time, non-cash write-down of net deferred tax assets in the amount of nearly $15 million. So, on an adjusted basis, Tompkins Financial’s earnings per share rose to $5.33 in 2018 from $4.42 in 2017.
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 to Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, Tompkins Insurance Agencies, Inc., and offers wealth-management services through Tompkins Financial Advisors. Tompkins Financial has total assets of $6.7 billion, up from $6.4 billion a year ago.