Tompkins Financial Corporation Reports $29.3 Million Net Income for Q2 2026

Tompkins Financial Corporation reported a net income of $29.3 million for the second quarter of 2026, translating to diluted earnings per share of $2.04, a significant increase from $21.5 million or $1.50 per share in the same quarter of 2025. For the first half of 2026, net income reached $55.4 million, or $3.86 per share, compared to $41.2 million, or $2.87 per share, in the prior year. The growth in profitability is attributed to an increase in net interest income, which rose by 23% to $74.0 million for the quarter and by 24.9% to $145.8 million for the six-month period, driven by higher average loan balances and improved net interest margins.

Total assets for Tompkins Financial increased to $8.8 billion as of June 30, 2026, up $133.3 million or 1.5% from the end of 2025. The company's loan portfolio also expanded, with total loans and leases rising by $150.9 million, or 2.3%, to $6.6 billion. This growth was primarily seen in the commercial real estate and commercial and industrial loan segments. Total deposits increased by $91.3 million, or 1.3%, to $7.0 billion, reflecting a seasonal inflow of municipal deposits.

In terms of operational changes, Tompkins Financial completed the sale of its insurance subsidiary, Tompkins Insurance Agencies, Inc., to Arthur J. Gallagher Risk Management Services on October 31, 2025. This strategic move has allowed the company to focus on its core banking and wealth management services, which are now reported under two segments: banking and wealth management. The banking segment reported a net income of $28.4 million for the second quarter of 2026, a 52% increase from the previous year, while the wealth management segment saw a decrease in net income to $899,000, down 22.2% from the prior year, primarily due to the absence of gains from the sale of customer accounts that occurred in 2025.

The allowance for credit losses stood at $58.5 million as of June 30, 2026, reflecting a slight increase from $57.7 million at the end of 2025. The allowance as a percentage of total loans remained stable at 0.89%. The company reported net charge-offs of $2.4 million for the first half of 2026, a decrease from $6.0 million in the same period of 2025, indicating improved asset quality. The provision for credit losses was $3.2 million for the first half of 2026, significantly lower than the $8.0 million recorded in the prior year.

Looking ahead, Tompkins Financial aims to continue its focus on organic growth and potential acquisitions to enhance its market presence. The company remains committed to maintaining a strong capital position, with total equity increasing to $959.9 million as of June 30, 2026. The capital ratios exceed the minimum requirements for well-capitalized institutions, positioning the company favorably for future growth opportunities.