Tompkins Financial Corporation reported significant financial improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved a net income of $18.6 million, or $1.31 per share, recovering from a net loss of $33.4 million, or $(2.35) per share, in Q3 2023. For the nine-month period, net income was $51.2 million, compared to a loss of $5.5 million in the prior year.
Total interest and dividend income for Q3 2024 reached $89.1 million, an 18.1% increase from $75.5 million in Q3 2023. Interest income from loans rose to $77.8 million, up from $67.0 million, while total interest expense also increased significantly to $35.9 million from $24.5 million. Net interest income for the quarter was $53.2 million, a slight increase from $51.0 million in the previous year. However, for the nine months ended September 30, 2024, net interest income decreased to $154.8 million, down 1.5% from the same period in 2023.
Noninterest income showed a remarkable recovery, totaling $23.4 million in Q3 2024, compared to a loss of $(41.6) million in Q3 2023. For the nine-month period, noninterest income was $67.3 million, a significant turnaround from a loss of $(8.6) million in 2023. This recovery was driven by improved performance across various segments, including insurance and wealth management.
The company’s total assets increased to $8.0 billion, up $186.7 million from December 31, 2023. Total loans and leases rose by $275.3 million, or 4.9%, to $5.9 billion. Total deposits also increased by $178.0 million, or 2.8%, to $6.6 billion. The allowance for credit losses was $55.4 million, representing 0.94% of total loans, up from 0.92% at year-end 2023.
Tompkins Financial's equity increased by $51.4 million to $721.3 million, with retained earnings rising by $24.9 million due to year-to-date net income. The company maintained a strong capital position, with total capital as a percentage of risk-weighted assets at 13.2%.
Strategically, the company continues to focus on responsible growth through organic means and potential acquisitions. In July 2024, Tompkins initiated a share repurchase plan, although no shares have been repurchased under this plan as of September 30, 2024. The company remains committed to enhancing its financial services while navigating the competitive landscape of the banking sector.
About TOMPKINS FINANCIAL CORP
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