Archive: Business & Technology

Tompkins Financial Corporation announced last Friday that its Board of Directors approved payment of a regular quarterly cash dividend of $0.44 per share, payable on August 15, 2016, to common shareholders of record on August 2, 2016.

The company reported net income of $14.6 million for the quarter, and $28.8 million for the year to date period ended June 30, 2016, down $2.8 million and $1.3 million, respectively, from the same period in 2015.   Prior year results included a non-recurring curtailment gain of $3.6 million after tax ($0.24 per share) related to changes to the Company's pension plan, which was recognized in the second quarter of 2015.

Diluted earnings per share were $0.96 for the second quarter of 2016, down $0.19 per share (16.5%) from the second quarter of 2015.  For the year to date period ended June 30, 2016, diluted earnings per share were $1.89, down $0.11 per share (5.5%) from the same period in 2015.  If the non-recurring curtailment gain were excluded from prior year results, the current period diluted earnings per share would reflect growth of 5.5% for the quarter and 8.0% for the year to date when compared to the same periods in 2015.  Refer to the table of "NON-GAAP MEASURES" included in this press release for additional details.

President and CEO, Stephen S. Romaine said "The current quarter and year to date periods reflect very good results for our Company.  Solid loan growth, stable margins, and very good credit quality have been key to our success in the first half of the year."

Tompkins Financial Corporation also announced that its Board of Directors has authorized a new stock repurchase program of up to 400,000 shares of the company's outstanding common stock, par value $0.10 per share.  This program replaces the company's existing 400,000 share repurchase program announced on July 25, 2014.

The new stock repurchase program is expected to be completed over the next 24 months.

The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company's stock and general market and economic conditions, and applicable legal requirements.

v12i29