Tompkins Financial Corporation ( (TMP) ) has issued an update.
Tompkins Financial Corporation announced a robust financial performance for Q3 2024, with net income soaring by 18.9% to $18.6 million compared to the previous quarter, driven by higher net interest margins and growth in loan balances. The company’s earnings per share surged 155.3% from the same quarter last year, largely due to the sale of securities in 2023. Despite an increase in the cost of funds, Tompkins achieved a net interest margin of 2.79%, benefiting from improved yields on assets. The firm remains well-positioned for future growth, supported by a solid capital base and diversified revenue streams.
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