Dozens of investors and members of Tompkins Financial Trust gathered at Sinapi”™s Ceola Manor in Jefferson Valley May 25 to celebrate the company”™s 175th anniversary and another year that shareholders will enjoy a dividend.
“That”™s 22 years in a row, despite the Great Recession,” said Stephen Romaine, president and CEO. “We couldn”™t be more pleased that we”™re seeing some positive movement in the economy.”
Tompkins also expanded its insurance presence with the acquisition of Oliver & Associates Insurance Inc. of Ithaca by Tompkins Insurance Agencies, effective June 1.
“We are very pleased to have Oliver & Associates join our team,” Romaine said. “This move brings more valued customers into the expanded Tompkins Financial family in central New York, so that we can continue to improve their experience, meeting their needs through our comprehensive array of financial services.”
The bank reported record first quarter net income of $8.8 million for the first quarter of 2011, a 4.2 percent increase for the same time period in 2010.  Diluted earnings per share were $0.80 for the first quarter of 2011, a 2.6 percent increase over a year earlier.
Capital levels showed continued growth during the quarter and ratios remain well above the regulatory well-capitalized minimums; total loans were $1.9 billion March 31, up $27.3 million.
Total deposits were $2.6 million at the end of the quarter, up 4 percent from March 31, 2010, as deposit growth was used to pay down overnight borrowings with the Federal Home Loan Banks.
Noninterest income was $12.5 million for the quarter, up 10.4 percent from a year earlier. Fee income from investment services, insurance and card services were all up for the quarter, while service charges on deposit accounts declined. Other income in the first quarter 2011 included a $504,000 gain related to an investment in a small business investment company.
The provision for loan and lease losses was $1.9 million in the first quarter of 2011 compared with $2.2 million in the first quarter 2010. Net charge-offs for the quarter of $1.7 million are up over the $1.2 million recorded for the same period last year, but remain well below most peer averages published by the Federal Reserve, according to the bank”™s prepared statement.
“Although the business and regulatory climates remain challenging, we are encouraged by these first quarter results that showed a growth in earnings, revenue and capital over the same time period last year,” Romaine said. “As we celebrate our 175th anniversary, we remain more committed than ever to our strategy of long-term sustainable growth that has served us well during the most recent ”“ and in many previous ”“ economic downturns.”
Tompkins Financial Corp. is the parent company of Mahopac National Bank, with offices in Dutchess, Putnam and Westchester counties.
