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Dec 31, 2021
Tompkins Q4 2021 Earnings Report
Reported record full year earnings and decreased earnings per share for the fourth quarter due to higher provision for credit losses.
Key Takeaways
Tompkins Financial Corporation reported record full year earnings with diluted earnings per share of $6.05, up 16.4% from 2020. However, diluted earnings per share for the fourth quarter of 2021 were down 17.4% compared to the same period in 2020, primarily due to higher provision for credit losses.
Net income for 2021 was $89.3 million, an increase of $11.7 million compared to 2020.
Diluted earnings per share for the fourth quarter of 2021 were $1.33, down 17.4% compared to $1.61 in 2020.
Net interest income was $57.8 million for both the fourth quarter of 2021 and 2020.
Noninterest income for the fourth quarter of 2021 was $19.2 million, up 1.7% compared to 2020.
Tompkins
Tompkins
Forward Guidance
Effective January 1, 2022, the company's four community banks were combined into a single charter. The company expects the change to be largely transparent to customers, allow it to better leverage the Tompkins brand, and lead to some operating efficiencies. The combined bank will conduct business under the “Tompkins” brand name, with a legal name of “Tompkins Community Bank.
Positive Outlook
- Better leverage of the Tompkins brand.
- Operating efficiencies.
- Better able to leverage product and technology enhancements.
- Transparent to customers.
- Single charter.