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Tompkins Financial Corporation Reports Increase In First Quarter Earnings

Tompkins Financial Corporation (NYSE Amex: TMP)

Tompkins Financial Corporation reported record first quarter net income of $8.8 million for the first quarter of 2011, an increase of 4.2% from the $8.4 million reported for the same period in 2010. Diluted earnings per share were $0.80 for the first quarter of 2011, a 2.6% increase from the $0.78 reported for the first quarter of 2010.

President and CEO Stephen S. Romaine commented, “We are very pleased to report that first quarter earnings represented the best first quarter in our Company’s history. Results for the quarter benefited from our diversified revenue stream, as growth in wealth management fees, insurance commission, and card services fees helped offset a decline in net interest income.”

Selected highlights for the first quarter of 2011 are included below:
  • Capital levels showed continued growth during the quarter and ratios remain well above the regulatory well capitalized minimums. Tier I capital as a percentage of average assets was 8.22%; and the ratio of total capital to risk-weighted assets of 13.66%. These ratios are up from 8.02% and 13.42%, respectively at December 31, 2010.
  • Total loans were $1.9 billion at March 31, 2011, up $27.3 million or 1.5% from March 31, 2010.
  • The level of nonperforming assets declined for the second consecutive quarter, although nonperforming assets levels remain above the totals reported at March 31, 2010. The ratio of nonperforming assets to total assets of 1.40% at March 31, 2011, continues to be well below the most recent peer averages published by the Federal Reserve and we were continuing to receive regular payments on approximately 69% of loan balances that we categorize as nonperforming.
  • Total deposits were $2.6 billion at quarter end, up 4.0% from the same period in 2010. Noninterest-bearing deposits totaled $520.6 million at March 31, 2011, an increase of 18.6% over the first quarter of 2010.
  • Other borrowings of $140.4 million at March 31, 2011 were down 26.3% from March 31, 2010, as deposit growth was used to pay down overnight borrowings with the FHLB.
  • The net interest margin for the first quarter of 2011 was 3.78% compared to 3.95% for the first quarter of 2010. Despite the decline in net interest margin, net interest income of $27.5 million for the first quarter of 2011 was down less than 1.5% when compared to the same quarter last year due to growth in earning assets (primarily in the securities portfolio).
  • Noninterest income was $12.5 million for the quarter, up 10.4% from the same period prior year. Fee income from investment services, insurance, and card services were all up for the quarter, while service charges on deposit accounts declined. Other income in the first quarter of 2011 included a $504,000 gain related to an investment in a Small Business Investment Company.
  • Noninterest expense was $25.2 million for the quarter, up 2.9% from the first quarter of 2010. The increase was mainly centered in salaries and employee benefits.
  • The provision for loan and lease losses was $1.9 million in the first quarter of 2011, compared to $2.2 million in the first quarter of 2010. Net charge-offs for the quarter of $1.7 million are up over the $1.2 million recorded for the same quarter last year, yet remain well below the most recent peer averages published by the Federal Reserve.
  • The Company’s allowance for loan and lease losses totaled $28.0 million at March 31, 2011, which represented 1.46% of total loans, compared to $27.8 million and 1.46% at December 31, 2010 and $25.4 million and 1.34% at March 31, 2010. The allowance for loan and lease losses, as a percentage of nonperforming loans improved during the most recent quarter to 64.33% from 61.46% in December 2010.

Mr. Romaine added, “Although the business and regulatory climates remain challenging, we are encouraged by these first quarter results that showed growth in earnings, revenue, and capital over the same period last year. As we celebrate our Company’s 175 th anniversary in 2011, we remain more committed than ever to our strategy of long term sustainable growth that has served us so well during the most recent, and many previous, economic downturns.”

Tompkins Financial Corporation operates 45 banking offices in the New York State markets served by the Company's three community banks - Tompkins Trust Company, The Bank of Castile, and Mahopac National Bank, insurance through Tompkins Insurance Agencies, Inc. and wealth management through Tompkins Financial Advisors.

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