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Dec 31, 2023
Tompkins Q4 2023 Earnings Report
Tompkins Financial Corporation reported a decrease in net income and earnings per share for the fourth quarter of 2023, driven by increased funding costs and operating expenses.
Key Takeaways
Tompkins Financial Corporation reported a decrease in diluted earnings per share to $1.05 for Q4 2023, a 22.8% decrease compared to Q4 2022. Net income for the quarter was $15.0 million, a decrease of 23.3% compared to $19.5 million in the same quarter of the previous year. The results were affected by increased funding costs and operating expenses, including costs related to branch closures and personnel-related charges.
Diluted earnings per share decreased by 22.8% to $1.05 compared to Q4 2022.
Net income decreased by 23.3% to $15.0 million compared to Q4 2022.
Net interest margin expanded to 2.82%, compared to 2.75% for the third quarter of 2023.
Total loans were up $171.1 million, or 3.2% compared to the immediate prior quarter.
Forward Guidance
Tompkins Financial Corporation anticipates continued growth and quality customer relationships, supported by a strong capital and liquidity position, despite the challenging economic environment.
Positive Outlook
- Expanded presence in Syracuse with the opening of a City Center office.
- Net interest margin expansion.
- Strong quarterly loan growth driving full-year loan growth.
- Stabilization in the deposit base.
- Growth in noninterest-related revenue.
Challenges Ahead
- Challenging economic environment.
- Increased funding costs.
- Non-recurring expenses related to branch closures.
- Personnel-related expenses to offset future expense growth.
- Economic environment remains challenging for the industry.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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