Tompkins Financial Corporation Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 31, 2013
January 24, 2014 at 09:00 am EST
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Tompkins Financial Corporation reported unaudited consolidated financial results for the fourth quarter and full year ended Dec. 31, 2013. The company reported diluted earnings per share of $0.96 for the fourth quarter of 2013 against $0.77 for the same period of last year. After adjusting for non-recurring income and expenses, quarter-to-date diluted earnings per share would have been $0.91 for the fourth quarter of 2013, up from $0.81 for the same period last year. Net interest income for the fourth quarter of 2013 represents an increase of 1.9% over the same quarter last year, and 5.3%, from the third quarter of 2013. Total interest and dividend income was $48,308,000 against $48,768,000 for the same period of last year. Net interest income was 42,624,000 against $41,849,000 for the same period of last year. Income before income tax expense was 19,227,000 against $13,610,000 for the same period of last year. Net income attributable to the company was $14,290,000 against $11,161,000 for the same period of last year. Return on average assets was 1.15% and return on average equity was 12.62% against return on average assets of 0.91% and return on average equity of 10.01% for the same period of last year.
Year-to-date diluted earnings per share was $3.46 for the year ended December 31, 2013, up from $2.43 per share reported for the same period in 2012. On a year-to-date basis, adjusting for non-recurring items, diluted earnings per share would have been $3.36 for the year ended December 31, 2013, compared to $3.17 for the same period last year. For the year to date period, net interest income reflects an increase of 20.1% over the same period in 2012. Total interest and dividend income was 185,104,000 against $158,356,000 for the same period of last year. Net interest income was 161,129,000 against $134,143,000 for the same period of last year. Income before income tax expense was 71,764,000 against $42,506,000 for the same period of last year. Net income attributable to the company was $50,856,000 against $31,285,000 for the same period of last year. Return on average assets was 1.03% and return on average equity was 11.47%.
Tompkins Financial Corporation is a banking and financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. The Company's segments include banking, insurance and wealth management. The banking segment provides services consisting primarily of deposits from the areas served by the Company's banking subsidiary and using those deposits to originate a variety of commercial loans, agricultural loans, consumer loans, real estate loans, and leases in those same areas. The insurance segment provides services, such as property and casualty insurance, employee benefit consulting, life, long-term care and disability insurance. The wealth management segment provides services, including investment management, trust and estate, financial and tax planning as well as life, disability and long-term care insurance services. Its wealth management services are provided under the trade name Tompkins Financial Advisors.
TOMPKINS FINANCIAL CORPORATION 
