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Mar 31, 2022
Tompkins Q1 2022 Earnings Report
Reported diluted earnings per share decreased by 7.0% and net income decreased by 9.2% compared to the same period last year.
Key Takeaways
Tompkins Financial Corporation reported a decrease in diluted earnings per share and net income for the first quarter of 2022 compared to the same period in 2021, primarily due to reduced income from PPP loans and a smaller recapture to the provision for credit losses. However, the company saw improvements in net interest margin, fee-based revenue, and lower past due and nonperforming loan balances.
Diluted earnings per share were $1.60, down 7.0% from $1.72 in the first quarter of 2021.
Net income was $23.3 million, a decrease of 9.2% from $25.6 million in the same period of 2021.
Net interest margin improved to 3.04% compared to 3.01% in both the same period of 2021 and the fourth quarter of 2021.
Nonperforming assets decreased to 0.38% as of March 31, 2022, from 0.59% at March 31, 2021.
Tompkins
Tompkins
Forward Guidance
This press release contains forward-looking statements that are subject to uncertainties and factors that could cause actual results to differ materially. The company does not undertake any obligation to update its forward-looking statements.