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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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