Tompkins Financial Corp. (TMP) reported a significant turnaround in its financial performance for the third quarter, posting a profit compared to a loss in the same period last year. The company achieved a quarterly net income of $18.6 million, a notable improvement from the loss of $33.4 million in the prior year.
Net interest income reached $53.2 million for the third quarter of 2024, marking an increase of $2.2 million or 4.3% compared to the third quarter of 2023. Additionally, non-interest income experienced a remarkable surge, rising to $23.4 million, an increase of $65.0 million or 156.2% from the same quarter in 2023.
Further, the company declared a regular quarterly cash dividend of $0.62 per share. This dividend will be distributed on November 15, 2024, to shareholders of record as of November 8, 2024.
