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Mar 31, 2024
Tompkins Q1 2024 Earnings Report
Reported diluted earnings per share of $1.18 for the first quarter, reflecting a decrease of 12.6% compared to the same period last year.
Key Takeaways
Tompkins Financial Corporation reported a net income of $16.9 million for Q1 2024, a decrease of 13.0% compared to Q1 2023. The decrease was primarily due to lower net interest income and increased provision for credit loss expense, offset by growth in fee-based revenues and lower operating expenses.
Diluted earnings per share were $1.18, down 12.6% year-over-year.
Net income was $16.9 million, down 13.0% year-over-year.
Total loans increased 7.0% year-over-year.
Noninterest expenses decreased by 0.6% year-over-year.
Tompkins
Tompkins
Forward Guidance
Tompkins Financial Corporation remains focused on leveraging its strong balance sheet and driving growth through quality customer relationships amidst industry challenges and the current economic environment.
Positive Outlook
- Continued loan growth with a year-over-year increase of 7.0%.
- Moderation in deposit cost increases.
- 8.5% growth in noninterest income.
- Noninterest expenses were lower compared to the prior year.
- Well positioned with strong capital and liquidity.