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Tompkins Financial Corp., the parent company of Tompkins VIST Bank, reported some good yearover-year news on Friday.
Second quarter results for the Ithaca, N.Y-based bank showed increased profits for period ended June 30, when compared to the second quarter of 2019.
The bank said it had earnings of $1.44 per share. That is an increase of 13.4% compared to $1.27 reported in the second quarter of 2019. Earnings, adjusted for non-recurring costs, came to $1.47 per share.
Net income was $21.4 million, compared to $19.4 million in the same period of 2019.
“We are pleased to report strong financial results for the quarter despite a very challenging business climate,” said President and CEO Stephen S. Romaine in a statement. “Although the longer term impact of the pandemic and related economic conditions are still unknown, there have been several recent positive trends noted with certain national economic indicators, such as reduced levels of unemployment, improving retail sales and improving consumer confidence.”
The financial services company posted revenue of $80.6 million in the period. Its revenue net of interest expense was $73.5 million.
Total loans of $5.4 billion were up $568 million, or 11.7%, over the second quarter of 2019. The increase over the prior year included $465.6 million of Paycheck Protection Program loans funded during the second quarter of 2020.
“We have seen several positive trends as well,” Romaine said, “with very strong mortgage application volumes in the second quarter, higher levels of debit card spending and favorable credit quality measures when compared to last quarter. We are encouraged by some of these recent favorable trends, though the recent rise in COVID-19 cases nationally makes it clear that much uncertainty remains. We will remain vigilant in monitoring risk trends as we navigate these challenging times.”
Still, the year-to-date results showed the impact from the coronavirus pandemic. Diluted earnings per share for the first six months were $1.97, down 25.1% from the same period in 2019 and year-todate net income was $29.4 million, down from $40.4 million. The bank said the pandemic contributed to the $16.3 million provision for credit losses recognized during the first quarter of 2020.
Meanwhile, the Board of Directors approved a quarterly cash dividend of 52 cents per share, payable on Aug. 14 to common shareholders of record on Aug. 3.
Tompkins shares have decreased 29% since the beginning of the year. The stock has decreased 16% in the last 12 months. In trading Friday, shares were up 1.1% to $66.03.