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Tompkins Financial posts record net income

Rochester Business Journal
January 24, 2014

Tompkins Financial Corp. on Friday reported a 28 percent rise in net income in the fourth quarter, with earnings per share 13 cents better than analyst projections.

The company set records for net income for the year and fourth quarter.

The Ithaca-based parent of the Bank of Castile in the Rochester market reported income of $14.3 million, or 96 cents a diluted share, attributable to common shareholders.
 
Analysts had estimated earnings at 83 cents a share.

Net income attributable to shareholders in the fourth quarter 2012 was $11.2 million, or 77 cents a share.

Net income attributable to shareholders for all of 2013 was $50.9 million, or $3.46 a diluted share, compared with $31.4 million, or $2.43 a share, in 2012.

The bank attributed the 62.6 percent spike largely to the first full year of incorporation of VIST Financial Corp. in southeast Pennsylvania, President and CEO Stephen Romaine said.

“Business activity from our Pennsylvania franchise contributed to our record performance, as did the solid performance from our New York-based banking, insurance and wealth management businesses,” Romaine said in a statement.

“We finished the quarter with positive trends in most business areas, leaving us well-positioned as we head into 2014.”

In addition to the Bank of Castile, Tompkins Financial is the parent of Batavia-based Tompkins Insurance Agencies Inc. and Tompkins Financial Advisors.

The Bank of Castile ranks ninth in Rochester market share with local deposits of $603.0 million, data compiled by the Federal Deposit Insurance Corp. shows.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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