Tompkins Financial Corporation reported a net income of $26.1 million for the first quarter of 2026, translating to diluted earnings per share of $1.82, a notable increase from $19.7 million or $1.37 per share in the same period of 2025. This growth in profitability was primarily driven by a 26.8% rise in net interest income, which reached $71.9 million, attributed to higher interest income from loans and securities, as well as reduced funding costs. The return on average assets improved to 1.23% from 0.99%, while the return on average shareholders' equity increased slightly to 11.11% from 10.96%.
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. The banking segment reported a significant increase in net income, up 60.4% to $25.2 million, largely due to improved net interest margins and a reduction in provision expenses for credit losses, which fell to $1.5 million from $5.3 million year-over-year.
As of March 31, 2026, total assets stood at $8.7 billion, reflecting a modest increase of $27.5 million or 0.3% from the end of 2025. Total loans and leases increased by $31.7 million or 0.5%, with commercial real estate loans contributing significantly to this growth. The company’s total deposits rose by $116.4 million or 1.7%, primarily in checking and savings accounts. The allowance for credit losses was $58.1 million, representing 0.90% of total loans, a slight increase from 0.89% at the end of 2025.
Looking ahead, Tompkins Financial remains focused on sustainable growth through organic expansion and potential acquisitions. The company is well-capitalized, with total equity of $946.7 million, and maintains strong liquidity ratios, ensuring it can meet future demands for credit and investment opportunities. Management's outlook suggests confidence in navigating the current economic landscape, with strategies in place to manage interest rate risks and enhance operational efficiency.
About TOMPKINS FINANCIAL CORP
Tompkins Financial Corporation is a community-based financial services company offering banking, insurance, and wealth management. Its primary activities include retail banking, commercial lending, trust and investment management, and insurance services across New York and Pennsylvania. The company emphasizes responsible growth, personalized customer service, digital innovation, and community involvement, operating through its subsidiary, Tompkins Community Bank, with a focus on long-term value creation.
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