Business
Tompkins Financial Corporation Reports Improved First Quarter Financial Results
ITHACA, N.Y., April 25, 2025--Tompkins Financial Corporation (NYSE American: TMP)
About this update from Tompkins Financial Corporation
[{"type":"text","content":"ITHACA, N.Y., April 25, 2025--(BUSINESS WIRE)--Tompkins Financial Corporation (NYSE American: TMP)","length":98,"tagName":"p"},{"type":"text","content":"Tompkins Financial Corporation ("Tompkins" or the "Company") reported diluted earnings per share of $1.37 for the first quarter of 2025, unchanged from the immediate prior quarter, and up 16.1% from diluted earnings per share of $1.18 reported in the first quarter of 2024.","length":293,"tagName":"p"},{"type":"text","content":"Net income for the first quarter of 2025 was $19.7 million, in line with the immediate prior quarter, and up 16.6% from the $16.9 million reported for the same period in 2024. 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.","length":469,"tagName":"p"},{"type":"text","content":"Tompkins President and CEO, Stephen Romaine, commented, "Our first quarter earnings continued the positive momentum from 2024. Our improved results were driven by growth in net interest income, noninterest income, and increased loan and deposit balances as compared to the first and fourth quarters of 2024. As we begin the year with new economic uncertainty, we believe that we remain well positioned with a strong balance sheet. We are committed to supporting our local communities and driving growth through building quality customer relationships."","length":562,"tagName":"p"},{"type":"text","content":"SELECTED HIGHLIGHTS FOR THE PERIOD:","length":35,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net interest margin for the first quarter of 2025 was 2.98%, improved from 2.93% for the immediate prior quarter, and 2.73% for the first quarter of 2024.","length":154,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total average cost of funds of 1.84% for the first quarter of 2025 was down 4 basis points compared to the fourth quarter of 2024, and down 2 basis points compared to the same period last year, as a result of funding mix and lower interest rates.","length":246,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Provision expense for the first quarter of 20...