Tompkins Financial Q3 profit rises on net interest margin expansion
TMP•TMP•TMP•TMP•Tompkins Financial’s Q3 diluted EPS and net income each rose 21% year over year, while net interest income increased 21% to $77.3 million and net interest margin reached 3.65%. Noninterest income fell 47% after the insurance unit sale, and the company raised its Q4 dividend 13.8%.
Tompkins Financial reported Q3 diluted EPS of $2, compared with an analyst consensus estimate of $1.95. Net interest income rose 21% year over year to $77.3 million, and net interest margin increased to 3.65%, which the company attributed to higher yields on interest-earning assets and growth in average loan balances.
Noninterest income declined 47% year over year following the sale of the insurance subsidiary, partly offset by higher fee-based service income. The company reported growth in loans and deposits, with commercial real estate and commercial and industrial portfolios leading loan growth, and raised its Q4 dividend 13.8%. It provided no specific financial guidance for current or future periods.
