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Jun 30, 2022
Tompkins Q2 2022 Earnings Report
Reported a decrease in earnings for the second quarter of 2022.
Key Takeaways
Tompkins Financial Corporation reported a decrease in net income for the second quarter of 2022, primarily due to a variance in provision for credit losses. However, the company saw favorable trends compared to the prior quarter, including an improved net interest margin, increased loan balances, and higher revenue.
Diluted earnings per share decreased by 5.8% to $1.45 compared to the second quarter of 2021.
Net income decreased by 8.6% to $20.9 million compared to the same period in 2021.
Net interest income increased by 6.2% to $58.3 million compared to the second quarter of 2021.
Noninterest expense increased by 3.5% to $49.1 million compared to the second quarter of 2021.