Tompkins Financial Corp. on Friday reported quarterly net income of $8.8 million attributable to common shareholders, a 6 percent drop from a year ago and less than analyst estimates.
Diluted earnings per share were 72 cents. The Ithaca-based company reported income of $9.4 million, or 85 cents a share, attributable to shareholders in the second quarter 2011.
The most recent results included $703,000 in after-tax expenses related to the pending merger with VIST Financial Corp., as well as $243,000 in after-tax income related to the reversal of an accrued liability related to the recently announced settlement of litigation between VISA Inc. and certain merchants, the bank reported.
Net income and diluted earnings per share would have been $9.3 million and 76 cents a share without those special items, the bank reported.
Analysts had projected earnings of 78 cents a share.
The bank saw loan growth at an annualized rate of more than 8 percent, improvements in asset quality and a stabilization of the net interest margin, President and CEO Stephen Romaine said.
Tompkins Financial is the parent of the Bank of Castile, Batavia-based 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 $547.7 million as of June 30, 2011, the most recent data from the Federal Deposit Insurance Corp. shows.
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