Tompkins Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Loan and Lease Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 27, 2017 at 09:00 am
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Tompkins Financial Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest and dividend income of $51,936,000 against $48,565,000 a year ago. Net interest income was $46,374,000 against $43,437,000 a year ago. Net interest income after provision for loan and lease losses was $44,668,000 against $41,904,000 a year ago. Income before income tax expense was $21,595,000 against $20,444,000 a year ago. Net income attributable to the company was $15,118,000 against $13,854,000 a year ago. Diluted earnings per share was $0.99 against $0.92 a year ago. Tangible book value per share was $29.38 against $27.48 a year ago. Return on average assets was 0.99% against 1.00% a year ago. Return on average equity was 10.76% against 10.85% a year ago. Common equity book value per share was $36.20 against $34.38 a year ago.
For the year, the company reported total interest and dividend income of $202,739,000 against $188,746,000 a year ago. Net interest income was $180,636,000 against $168,381,000 a year ago. Net interest income after provision for loan and lease losses was $176,315,000 against $165,436,000 a year ago. Income before income tax expense was $86,516,000 against $87,514,000 a year ago. Net income attributable to the company was $59,340,000 against $58,421,000 a year ago. diluted earnings per share was $3.91 against $3.87 a year ago. Return on average assets was 0.98% against 1.01% a year ago. Return on average equity was 10.63% against 10.85% a year ago.
For the quarter, the company reported net loan and lease charge-offs of $286,000 against $171,000 a year ago.
Tompkins Financial Corporation is a banking and financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. The Company's segments include banking, insurance and wealth management. The banking segment provides services consisting primarily of deposits from the areas served by the Company's banking subsidiary and using those deposits to originate a variety of commercial loans, agricultural loans, consumer loans, real estate loans, and leases in those same areas. The insurance segment provides services, such as property and casualty insurance, employee benefit consulting, life, long-term care and disability insurance. The wealth management segment provides services, including investment management, trust and estate, financial and tax planning as well as life, disability and long-term care insurance services. Its wealth management services are provided under the trade name Tompkins Financial Advisors.
Tompkins Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Loan and Lease Charge-Offs for the Fourth Quarter Ended December 31, 2016