Tompkins Financial Corp. (TMP) reported net income of $11.5 million for the first quarter of 2013, an increase of 47.4% from the $7.8 million in the same period in 2012. Earnings per share were $0.79 for the first quarter of 2013, a 12.9% increase from $0.70 reported for the first quarter of 2012. On average, 4 analysts polled by Thomson Reuters expected the company to report earnings of $0.86 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income of $38.2 million for the first quarter of 2013 increased 39.2% or $10.8 million, compared to $27.4 million for the same period in 2012. The addition of VIST Bank and steady loan growth contributed to the year-over-year increase.
Noninterest income was $17.4 million for the first quarter of 2013, up 49.1% over the same period in 2012.
The company also announced that its Board approved payment of a regular quarterly cash dividend of $0.38 per share, payable on May 15, 2013, to common shareholders of record on May 6, 2013.
by RTT Staff Writer
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