Tompkins Financial Corp. reported the best first-quarter earnings in its history with net income of $15.7 million.
Earnings for the first quarter were up 10.8 percent from the $14.3 million reported for the same period in 2016. Diluted earnings per share were $1.03 for the quarter, a 9.6 percent increase from 94 cents.
“Solid loan growth and an improved net interest margin were key drivers of improved earnings over the prior year,” President and CEO Stephen Romaine said. “At the same time, we have seen continued positive improvement in credit quality trends, with nonperforming assets improved from already low levels.”
Tompkins Financial net interest income was up 9.1 percent compared with the same period last year and 3.6 percent higher than in the fourth quarter 2016. Total loans of $4.3 billion were up 12.5 percent from the first quarter 2016.
Total deposits of $4.9 billion reflect an increase of 6.5 percent over the same period last year, and are up 4.9 percent from Dec. 31, 2016.
Tompkins Financial’s board of directors approved payment of a regular quarterly cash dividend of 45 cents a share payable May 16 to common shareholders of record on May 8.
With headquarters in Ithaca, Tompkins Financial operates in Central and Western New York, the Hudson Valley and southeastern Pennsylvania.
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