Tompkins Financial Corporation (TMP) has reported 9.12 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $15.12 million, or $0.99 a share in the quarter, compared with $13.85 million, or $0.92 a share for the same period last year.
Revenue during the quarter went up marginally by 1.96 percent to $60.98 million from $59.81 million in the previous year period. Non-interest income for the quarter fell 8.90 percent over the last year period to $16.32 million.
Tompkins Financial Corp has made provision of $1.71 million for loan losses during the quarter, up 11.29 percent from $1.53 million in the same period last year.
Net interest margin contracted 5 basis points to 3.30 percent in the quarter from 3.35 percent in the last year period.
President and chief executive officer, Stephen S. Romaine said "We are very pleased to end 2016 with the best fourth quarter in our Company’s long history. Fourth quarter performance reflects the ongoing success of our business development efforts that have produced solid growth in net loan and deposit balances, which are up 12.9% and 5.2%, respectively over 2015. Growth in these key balance sheet categories gives us very good momentum as we head into 2017.”
Liabilities outpace assets growthTotal assets stood at $6,236.76 million as on Dec. 31, 2016, up 9.61 percent compared with $5,690 million on Dec. 31, 2015. On the other hand, total liabilities stood at $5,687.35 million as on Dec. 31, 2016, up 9.93 percent from $5,173.53 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $4,222.28 million as on Dec. 31, 2016, up 28.78 percent compared with $3,278.76 million on Dec. 31, 2015. Deposits stood at $4,625.14 million as on Dec. 31, 2016, up 5.23 percent compared with $4,395.31 million on Dec. 31, 2015. Investments stood at $1,571.66 million as on Dec. 31, 2016, up 2.11 percent or $32.53 million from year-ago. Shareholders equity stood at $549.40 million as on Dec. 31, 2016, up 6.38 percent or $32.94 million from year-ago.
Return on average assets moved up 1 basis points to 0.99 percent in the quarter from 0.98 percent in the last year period. At the same time, return on average equity increased 13 basis points to 10.76 percent in the quarter from 10.63 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.36 percent in the quarter, down from 0.43 percent in the last year period.
Tier-1 leverage ratio stood at 8.41 percent for the quarter, down from 8.82 percent for the previous year quarter. Book value per share was $36.20 for the quarter, up 5.29 percent or $1.82 compared to $34.38 for the same period last year.
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