Tompkins Financial Outperforms with $1.2B Deposits

Tompkins Financial Corporation recently presented its annual shareholder meeting, highlighting several key financial metrics and performance indicators. Despite a decline in deposits in 2023, total deposits at the end of March 2024 remained at $1.2 billion, representing a 24% increase from pre-pandemic levels.

The company reported a nonperforming assets to total asset ratio of 0.81% and a net recovery to average loans for the last two years. Furthermore, liquidity improved, with the ratio of borrowings as a percentage of total assets at 8.3% in Q1 2024, compared to 9.7% in 2019.

The past year was marked by unprecedented volatility, including a pause in Federal Reserve rate hikes, a 525 basis point increase, and persistent curve inversion. Despite these challenges, the company has been profitable every year since at least 1942 and remains committed to sustainable performance.

In terms of earnings, the company's diluted EPS for Q1 2024 increased by 12.5% compared to the previous quarter. Additionally, the loan growth for the first quarter was 7% year over year, while deposit costs moderated, showing an 11 basis point increase compared to the linked quarter.

Tompkins Financial Corporation also highlighted its commitment to sustainable performance, noting that it has been profitable for at least 82 consecutive years, with cash dividends increasing for 35 consecutive years and being paid for 144 consecutive years.

The company's stock performance over the last 10 years, 5 years, and the last twelve months showed a total return of 3.2%, -7.4%, and -10.6% respectively. This was compared to a proxy peer median total return of 5.8%, -1.3%, and 20.3% over the same periods.

Following these announcements, the company's shares moved 1.1%, and are now trading at a price of $47.44. For the full picture, make sure to review Tompkins Financial's 8-K report.

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