PRINT | CLOSE WINDOW

Tompkins Financial Q3 profit falls on merger costs

By THOMAS ADAMS - 10/24/2012 3:25:49 PM

Tompkins Financial Corp. on Wednesday reported a 55 percent drop in profits due to acquisition costs related to the acquisition of VIST Financial Corp.

The Ithaca-based company earned $3.5 million, or 25 cents a share. Net income for the third quarter of 2011 was $7.9 million, or 71 cents a share.

The results were impacted by after-tax merger expenses of $8.4 million related to the $86 million all-stock purchase of VIST Financial in Pennsylvania, company officials said.

Operating income was $11.9 million, or 87 cents a share, 12 cents better than Wall Street estimates. Analyst projections typically do not include special charges.

Tompkins President and CEO Stephen Romaine is pleased with the 16-cent increase in earnings per share year over year, he said in a statement.

“We are also pleased that the merger-related expenses and credit marks associated with the transaction were in line with our original projections,” he said.

Tompkins Financial is the parent of the Bank of Castile, Tompkins Insurance Agencies Inc. and Tompkins Financial Advisors in the Rochester market.

The Bank of Castile ranks ninth in the market with local deposits of $602 million.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.