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Tompkins stock up on strong Q3 earnings

Rochester Business Journal
October 21, 2013

Tompkins Financial Corp. stock was trading 50 cents higher Monday, after the Ithaca-based company reported an increase in net income in the third quarter.
 
The parent of the Bank of Castile and Batavia-based Tompkins Insurance Agencies Inc. reported net income attributable to shareholders of more than $14 million, or 95 cents per diluted share. That was 14 cents higher than analyst expectations, and the highest in company history, it reported Friday.

That compares with net income of $3.5 million, or 25 cents a diluted share, in the third quarter 2012. The year-ago quarter was affected by expenses involved in Tompkins’ Aug. 1, 2012, acquisition of VIST Financial Corp. Minus special items, earnings per share for the third quarter 2012 were 90 cents, the company reported.

“It is particularly rewarding to note that improving trends in several core business activities were significant contributors to the strong performance during the quarter,” President and CEO Stephen Romaine said in a statement.

Growth in loans and core deposits during the quarter resulted in improved net interest margin, Romaine said. Revenue growth from fees, insurance and wealth management activity also increased.

The share price rose 3.2 percent Friday to $49.49. It was in the range of $50.10 midday Monday.

The Bank of Castile ranks ninth in the Rochester market with local deposits of $603.0 million, data from the Federal Deposit Insurance Corp. shows.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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