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 Corporation (TMP) reported a diluted EPS of $1.61 for Q4 2020, marking a 15.0% increase from Q4 2019. Net income reached $24.0 million, a rise of $2.9 million year-over-year. However, for the full year, EPS declined by 3.2% to $5.20, with net income of $77.6 million, down from $81.7 million in 2019, largely impacted by a $16.3 million provision for credit losses due to the COVID-19 pandemic. Total loans were $5.3 billion, up 7.0%, and deposits increased to $6.4 billion, reflecting a 23.5% growth.