Loading...
•
Mar 31, 2020
Tompkins Q1 2020 Earnings Report
Tompkins Financial Corporation reported first quarter earnings impacted by the COVID-19 pandemic.
Key Takeaways
Tompkins Financial Corporation announced net income attributable to common shareholders of $7.9 million, or $0.53 per diluted common share for the first quarter of 2020, compared to $21.0 million, or $1.37 per diluted common share, for the first quarter of 2019. The current economic stress resulting from the COVID-19 pandemic contributed to the $16.3 million provision for credit losses recognized during the quarter.
Net income attributable to common shareholders was $7.9 million, or $0.53 per diluted common share.
Net interest margin was 3.44%, up compared to 3.34% in the first quarter of 2019.
Net interest income of $53.0 million, up 2.0% compared to the first quarter of 2019.
Nonperforming assets represented 0.46% of total assets at March 31, 2020, down slightly from 0.47% at December 31, 2019.
Tompkins
Tompkins
Forward Guidance
The overall impact of COVID-19 on our consolidated results of operations for the three months ended March 31, 2020 was limited, with the exception of our provision for credit losses. The extent to which the COVID-19 pandemic will affect our business, results of operation and financial condition going forward is difficult to predict and depends on numerous evolving factors.