Tompkins Financial Corporation (TMP) has reported a 2.53 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $14.86 million, or $0.97 a share in the quarter, compared with $14.50 million, or $0.96 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $14.65 million, or $0.97 a share compared with $14.31 million or $0.96 a share, a year ago.
Revenue during the quarter grew 4.89 percent to $62.44 million from $59.53 million in the previous year period. Non-interest income for the quarter rose 2.77 percent over the last year period to $17.90 million.
Tompkins Financial Corporation has made provision of $0.78 million for loan losses during the quarter, up 178.29 percent from $0.28 million in the same period last year.
Net interest margin contracted 4 basis points to 3.31 percent in the quarter from 3.35 percent in the last year period.
However, the adjusted operating income for the quarter stood at $14.65 million compared to $14.31 million in the prior year period. At the same time, adjusted operating margin contracted 58 basis points in the quarter to 23.46 percent from 24.04 percent in the last year period.
President and chief executive officer, Stephen S. Romaine said "We are very pleased to report earnings that represent the best third quarter in our history. Several positive trends continued during the quarter that contributed to these results, including solid growth in loans and deposits, along with continued strong credit quality. We are excited that during the quarter we opened a new office in Lyndon Corners, representing our first physical presence in this attractive Syracuse market."
Liabilities outpace assets growth
Total assets stood at $6,102.22 million as on Sep. 30, 2016, up 9.07 percent compared with $5,594.72 million on Sep. 30, 2015. On the other hand, total liabilities stood at $5,541.02 million as on Sep. 30, 2016, up 9.14 percent from $5,076.76 million on Sep. 30, 2015.
Deposits stood at $4,690.30 million as on Sep. 30, 2016, up 5.71 percent compared with $4,437.07 million on Sep. 30, 2015.
Investments stood at $1,515.76 million as on Sep. 30, 2016, down 1.72 percent or $26.57 million from year-ago. Shareholders equity stood at $561.19 million as on Sep. 30, 2016, up 8.35 percent or $43.23 million from year-ago.
Return on average assets moved down 5 basis points to 1 percent in the quarter from 1.05 percent in the last year period. At the same time, return on average equity decreased 68 basis points to 10.61 percent in the quarter from 11.29 percent in the last year period.
Nonperforming assets moved down 26.99 percent or $7.14 million to $19.30 million on Sep. 30, 2016 from $26.44 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.32 percent in the quarter, down from 0.47 percent in the last year period.
Tier-1 leverage ratio stood at 8.83 percent for the quarter, down from 8.89 percent for the previous year quarter. Book value per share was $37.17 for the quarter, up 7.27 percent or $2.52 compared to $34.65 for the same period last year.
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