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Q2 net income rises at Tompkins Financial

Tompkins Financial Corp. on Friday reported strong quarterly earnings and net income.

Earnings per diluted share for the second quarter ended June 30 increased more than 13 percent to $1.11. Net income for the quarter rose some 14 percent to $16.9 million from $14.8 million a year ago.

“It is especially rewarding to show strong performance through the first half of 2017, while our team was also focused on a conversion of our core banking system, which was successfully completed in May of this year,” President and CEO Stephen Romaine said in a statement. “Improved net interest income, which was supported by solid loan growth over the prior year, has been the primary driver of improved earnings performance in 2017.”

Tompkins reported net interest income of $50.3 million for the second quarter, an increase of $5.4 million, or 12 percent. Quarterly returns on average assets were 1.07 percent for the quarter, while returns on average equity were 11.85 percent, their highest levels since June 2015.

Total loans of $4.4 billion were up more than 11 percent. Total deposits were $4.8 billion, a 6.3 percent increase over the second quarter last year.

With headquarters in Ithaca, Tompkins Financial operates in Central and Western New York, the Hudson Valley and southeastern Pennsylvania. Shares of company stock (NYSE MKT: TMP) were down slightly at $78.70 in light midday trading.

Follow Velvet Spicer on Twitter: @Velvet_Spicer

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-363-7269 or email madams@bridgetowermedia.com.

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