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Tompkins Financial Corporation reports news about a regional banking and financial services company serving Central, Western and Hudson Valley New York and Southeastern Pennsylvania. The company operates through Tompkins Community Bank, which provides commercial and consumer banking, and offers wealth management services under the Tompkins Financial Advisors brand, including investment management, trust and estate, financial planning and tax planning services.
Recurring developments include quarterly earnings, net interest margin trends, loan and deposit activity, regulatory capital measures, cash dividends and bank leadership changes. Company updates also cover capital actions and portfolio changes, including the completed sale of Tompkins Insurance Agencies, Inc.
Tompkins Financial (NYSE American: TMP) has announced a regular quarterly cash dividend of $0.61 per share, to be paid on August 16, 2024, to shareholders of record as of August 9, 2024. This decision was approved by the company's Board of Directors. Tompkins Financial is a banking and financial services company operating in the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. The company's portfolio includes Tompkins Community Bank, Tompkins Insurance Agencies, Inc., and wealth management services through Tompkins Financial Advisors.
Tompkins Financial (NYSE American: TMP) reported Q2 2024 diluted earnings per share of $1.10, down 6.8% from the previous quarter but up 86.4% from Q2 2023. Net income for Q2 2024 was $15.7 million, down 7.1% from the previous quarter but up 85.0% year-over-year. The significant increase compared to Q2 2023 is largely due to a $7.1 million loss on securities transactions in that quarter.
Key highlights include:
- Net interest margin stable at 2.73%
- Total loans up 7.7% year-over-year
- Fee-based services revenues up 5.0% year-over-year
- Total operating expenses down 3.9% year-over-year
- Regulatory Tier 1 capital to average assets at 9.15%
The company's focus on expense management and balance sheet leverage has resulted in stabilizing and growing revenue with lower expenses.
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