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Tompkins Financial Corp. Friday reported a 47 percent jump in first-quarter profits but missed Wall Street estimates by 7 cents.
The Ithaca-based parent of the Bank of Castile and financial advisory and insurance services in the Rochester market reported net income of $11.5 million, or 79 cents a share, in the first quarter. Analysts polled by Thomson Reuters projected earnings of 86 cents a share.
Net income was $7.8 million, or 70 cents a share, in the first quarter of 2012, prior to the addition of VIST Financial Corp. offices in southeast Pennsylvania in August 2012.
“Earnings per share for the quarter reflect double-digit growth over the same period last year,” President and CEO Stephen Romaine said in a statement. “Loan and deposit balances are both up from year end, and non-interest income was up during the quarter, driven largely by growth in insurance revenues.”
The Bank of Castile ranked ninth in the Rochester market as of June 2012, with local deposits of $602 million, data from the Federal Deposit Insurance Corp. shows.
Tompkins Financial also includes the Perinton office of Tompkins Financial Advisors and Batavia-based Tompkins Insurance Agencies Inc.
Shares (NYSE: TMP) were trading Friday afternoon at $41.58, down 53 cents from Thursday’s close.
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