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Mar 31, 2023
Tompkins Q1 2023 Earnings Report
Reported diluted earnings per share of $1.35 for the first quarter of 2023 and net income of $19.4 million.
Key Takeaways
Tompkins Financial Corporation reported a decrease in net income for the first quarter of 2023, primarily due to increased funding costs and operating expenses. Diluted earnings per share were $1.35, down 15.6% from the same period in 2022. Despite industry headwinds, the company reported an increase in common equity for the second consecutive quarter and maintained a strong liquidity position.
Diluted earnings per share were $1.35, down 15.6% compared to Q1 2022.
Net income decreased by 16.7% to $19.4 million compared to the same period in 2022.
Net interest margin was 2.99% for the first quarter of 2023.
Noninterest income increased by 2.1% to $20.4 million compared to Q1 2022.