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Tompkins Financial net income rises, misses expectations

Rochester Business Journal
July 19, 2013

Tompkins Financial Corp. on Friday reported an increase of nearly 25 percent in second quarter net income attributable to stockholders, but with earnings per share 7 cents lower than analyst expectations.

The Ithaca-based parent of the Bank of Castile, Tompkins Financial Advisors and Tompkins Insurance Agencies Inc. in the Rochester market reported net income of $11 million, or 75 cents a diluted share, up from $8.8 million, or 72 cents a share, in the second quarter 2012.

Wall Street projected earnings per share of 82 cents.

The comparative earnings were affected by Tompkins’ acquisition of VIST Financial Corp. last August, and by merger-related expenses, the company reported.

After adjusting for the after-tax impact of special items, diluted earnings per share for the second quarter 2013 would have been approximately flat compared to the prior year.

“We saw positive trends during the quarter, with net interest income up $1.6 million from the first quarter of 2013, representing an annualized growth rate of 17 percent,” President and CEO Stephen Romaine said in a statement.

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

Tompkins Financial Advisors has an office in Perinton, and Tompkins Insurance has its headquarters in Batavia, Genesee County.

(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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