Tompkins Financial Corp. on Wednesday reported record quarterly net income of $8.5 million, or 86 cents a share, up 6.6 percent from $7.9 million, or 81 cents a share, in the third quarter of 2008 and 5 cents better than Wall Street projections.
Tompkins Financial is the Ithaca-based holding company for the Bank of Castile, AM&M Financial Services Inc. and Ensemble Financial Services Inc. in the Rochester area.
“We would be proud of these quarterly results in the best of economic times,” company President and CEO Stephen Romaine said in a statement. “It is especially rewarding to report on such positive results in today’s difficult economic environment.”
The company increased the amount of money reserved to cover bad loans to $2.1 million in the third quarter, compared with $1.5 million in the third quarter of 2008, it reported. Net charge-offs for the quarter represented 0.14 percent of average loans, compared to 0.25 percent in the third quarter of 2008.
The bank’s shares (AMEX: TMP) were trading midday at $43.97, up 9 cents from Tuesday’s close.
The Bank of Castile ranks 10th in the Rochester market with local deposits of $398.1 million, data from the Federal Deposit Insurance Corp. shows.
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