This Week
  • CFO David Klein is leader of the financial team at Constellation Brands.

  • CEO Eric Converse has VirtualScopics on the verge of generating cash.

  • MaeTec Power Inc. began as a part-time operation in 2003.

  • Renovations of buildings downtown are helping to give new life to the center city.

  • Mirror Show Management grabbed the top spot on the 2015 Rochester Top 100.

  • Liz Madison is bringing the farm to doorsteps across Wayne and Monroe counties.

Tompkins Financial Q3 profit falls on merger costs

Rochester Business Journal
October 24, 2012

Tompkins Financial Corp. on Wednesday reported a 55 percent drop in profits due to acquisition costs related to the acquisition of VIST Financial Corp.

The Ithaca-based company earned $3.5 million, or 25 cents a share. Net income for the third quarter of 2011 was $7.9 million, or 71 cents a share.

The results were impacted by after-tax merger expenses of $8.4 million related to the $86 million all-stock purchase of VIST Financial in Pennsylvania, company officials said.

Operating income was $11.9 million, or 87 cents a share, 12 cents better than Wall Street estimates. Analyst projections typically do not include special charges.

Tompkins President and CEO Stephen Romaine is pleased with the 16-cent increase in earnings per share year over year, he said in a statement.

“We are also pleased that the merger-related expenses and credit marks associated with the transaction were in line with our original projections,” he said.

Tompkins Financial is the parent of the Bank of Castile, Tompkins Insurance Agencies Inc. and Tompkins Financial Advisors in the Rochester market.

The Bank of Castile ranks ninth in the market with local deposits of $602 million.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment


Not registered? Sign up now!

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google