ITHACA, N.Y. (APN) — Tompkins Financial Corporation reported an 18.2% increase in quarterly earnings Thursday, driven by loan growth and improved interest margins.The regional bank posted third-quarter earnings of $1.30 per share, up from $1.10 in the previous quarter. Net income reached $18.6 million, marking a significant recovery from the $33.4 million loss reported in the same quarter last year.The improved performance reflects the bank’s recovery from a substantial securities sale in 2023 that resulted in a $62.9 million pre-tax loss.Total loans grew 8.2% on an annualized basis to reach $5.8 billion, while deposits increased 4.7% to $6.6 billion during the quarter.“Our third quarter net income was up over 18% as compared to the second quarter, driven by a strengthening net interest margin and growth across our business,” said Stephen Romaine, Tompkins president and CEO.The bank’s net interest margin — a key measure of lending profitability — improved to 2.79%, up from 2.73% in the previous quarter. Fee-based services, including insurance and wealth management, grew 3.2% compared to the same period last year.The company maintained strong capital levels, with its Tier 1 capital ratio at 9.19%, well above regulatory requirements for well-capitalized institutions.
