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Jun 30, 2020
Tompkins Q2 2020 Earnings Report
Reported increased earnings per share of $1.44, up 13.4% compared to Q2 2019.
Key Takeaways
Tompkins Financial Corporation reported a strong second quarter with diluted earnings per share of $1.44, a 13.4% increase from the same period in 2019. Net income also increased to $21.4 million. The company saw positive trends such as strong mortgage application volumes and higher debit card spending.
Diluted earnings per share increased by 13.4% to $1.44 compared to Q2 2019.
Net income for the quarter was $21.4 million, up from $19.4 million in the same period last year.
Net interest income rose to $56.4 million, compared to $52.3 million in Q2 2019.
Nonperforming assets decreased to 0.40% of total assets.
Tompkins
Tompkins
Forward Guidance
The longer term impact of the pandemic and related economic conditions are still unknown, there have been several recent positive trends noted with certain national economic indicators, such as reduced levels of unemployment, improving retail sales and improving consumer confidence. At Tompkins, they have seen several positive trends as well, with very strong mortgage application volumes in the second quarter, higher levels of debit card spending, and favorable credit quality measures when compared to last quarter.
Positive Outlook
- Reduced levels of unemployment
- Improving retail sales
- Improving consumer confidence
- Very strong mortgage application volumes in the second quarter
- Higher levels of debit card spending
Challenges Ahead
- The longer term impact of the pandemic and related economic conditions are still unknown
- Recent rise in COVID-19 cases nationally makes it clear that much uncertainty remains
- Challenging business climate
- Potential regulatory actions
- Modifications to operations, products, and services relating to the coronavirus