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Tompkins Financial (TMP) in Ithaca, N.Y., has hired an executive from National Penn Bancshares (NPBC) to run its bank in southeast Pennsylvania.
April 16 -
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.
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
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.