Tompkins Financial Corporation Reports Third Quarter Earnings
Tompkins Financial Corporation (NYSE American: TMP)
Tompkins Financial Corporation reported diluted earnings per share of $1.34 for the third quarter of 2019, down 1.5% from the $1.36 per share reported for the same quarter period last year. Net income was $20.2 million for the third quarter of 2019, down from the $20.9 million reported for the same period in 2018.
For the year-to-date period ended September 30, 2019, diluted earnings per share were $3.97, down 3.6% from the $4.12 per share reported for the same period in 2018. Year-to-date net income was $60.6 million for the period ended September 30, 2019, a decrease of $2.8 million from the same period in 2018.
President and CEO, Stephen S. Romaine said “Despite earnings being down slightly from the prior year, the quarter saw improvement over the second quarter of 2019 in terms of net interest margin, returns on equity and diluted earnings per share. Solid growth in deposits and reduced borrowing costs contributed to the overall improvement from the second quarter, as did higher revenue from insurance and wealth management business.”
SELECTED HIGHLIGHTS FOR THE THIRD QUARTER:
- Total loans of $4.9 billion were up 1.1% over total loans at September 30, 2018
- Total deposits of $5.4 billion reflect an increase of 6.9% over the same period last year
- Net interest margin was 3.43% for the third quarter of 2019, up from 3.34% for the second quarter of 2019, and up from 3.35% for the same quarter last year
- Return on average equity was 12.15% for the third quarter of 2019, up from 11.96% for the second quarter of 2019, and down from 13.89% for the same quarter last year
NET INTEREST INCOME
Net interest income was relatively flat compared to the same quarter and year-to-date periods in 2018. Third quarter 2019 net interest income was $53.2 million, unchanged from the same quarter last year. Net interest income for the third quarter reflected an increase over the second quarter of 2019, driven largely by lower funding costs, which benefited from lower market interest rates, the paydown of borrowings, and growth in noninterest-bearing deposits. The net interest margin for the third quarter of 2019 was 3.43%, compared to 3.34% for the second quarter of 2019, and 3.35% reported for the same period in 2018.