Tompkins Financial Profit Rises, Misses Forecasts

By Michelle Zheng July 19, 2013, 3:10 p.m. EDT 1 Min Read

Community banking

Tompkins Hires Rival Banker to Run Pennsylvania Bank

Tompkins Financial (TMP) in Ithaca, N.Y., has hired an executive from National Penn Bancshares (NPBC) to run its bank in southeast Pennsylvania.

By Chris Cumming

April 16
Community banking

Tompkins of New York Plans $30 Million Stock Sale

Tompkins Financial in Ithaca, N.Y., is planning to raise $30 million in a secondary stock offering and may use the proceeds to redeem securities issued to VIST Financial through the Treasury Department's Troubled Asset Relief Program.

By Alan Kline

March 27

Second-quarter profits at Tompkins Financial Corp. (NYSE: TMP) in Ithaca, N.Y., rose on increased loan revenue and fees, but fell short of analysts' estimates.

The $4.9 billion-asset company reported Friday a second-quarter profit of $11 million, up 25% from a year earlier However, earnings per share of 75 cents fell 8 cents short of the average expectation of analysts polled by Bloomberg.

Tompkins reported increased loan revenue due in part to its August 2012 acquisition of VIST Financial Corp., which added $1.4 billion to total assets. Net interest income climbed 42% from a year earlier to $39.8 million. Total interest-earning assets were $4.6 billion at the end of the period, up from $3.2 billion on June 30, 2012. The net interest margin widened 6 basis points, to 3.58%.

Noninterest income rose 30%, to $16.5 million, primarily on a rise in insurance fees.

Noninterest expenses grew 41%, to $37.8 million, primarily on a 47% increase in salaries and wages, to $16.2 million. The company attributed this mainly to the VIST acquisition.

The provision for loan losses was $2.5 million, up from $1.5 million from a year earlier. Tompkins' net recoveries were $1.2 billion, compared with charge-offs of $1 billion a year earlier.

Michelle Zheng