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Sep 30, 2021
Tompkins Q3 2021 Earnings Report
Tompkins Financial Corporation reported third quarter earnings that were negatively impacted by nonrecurring expenses but saw positive revenue trends.
Key Takeaways
Tompkins Financial Corporation reported diluted earnings per share of $1.45 for the third quarter of 2021, compared to $1.63 for the same period in 2020. Net income for the quarter was $21.3 million, down from $24.2 million in 2020, impacted by $4.1 million in nonrecurring expenses. However, the company noted positive revenue trends, including growth in net interest income and noninterest income compared to the second quarter of the year.
Diluted earnings per share were $1.45, down from $1.63 in Q3 2020.
Net income was $21.3 million, compared to $24.2 million in the same period last year.
Results were negatively impacted by $4.1 million in nonrecurring expenses.
Positive revenue trends included growth in net interest income and noninterest income compared to the previous quarter.
Forward Guidance
The company expects reduced interest expense from debt restructuring transactions to favorably impact future earnings.
Positive Outlook
- Reduced interest expense expected from debt restructuring.
- Growth in net interest income compared to the second quarter.
- Increase in noninterest income compared to the second quarter.
- New stock repurchase program of up to 400,000 shares authorized.
- Average deposit balances continue to benefit from the PPP loan program
Challenges Ahead
- Nonrecurring expenses negatively impacted current period earnings.
- Net interest margin decreased compared to the third quarter of 2020.
- Net interest income decreased compared to the third quarter of 2020.
- Effective tax rate increased compared to the third quarter of 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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