Tompkins Financial Q1 Net Income Rises

(RTTNews) - Tompkins Financial (TMP) reported net income for the first quarter of $19.7 million, up 16.6% from the $16.9 million reported for the same period in 2024. Earnings per share was $1.37, up 16.1% from earnings per share of $1.18, a year ago. Analysts on average expected the company to report profit per share of $1.31, for the quarter. Analysts' estimates typically exclude special items.

The company said the increase in net income from the first quarter of 2024 was mainly a result of higher net interest income, driven by increased interest income on loans, stabilized funding costs, and growth in fee-based revenues and other income, partially offset by higher provision for credit loss expense.

Net interest income was $56.7 million, up 11.8% compared to the first quarter of 2024. Noninterest income was $25.0 million, up 13.1% compared to the first quarter of 2024.

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