Tompkins Financial (TMP) reported a significant increase in net income for the second quarter, registering $15.7 million, an impressive 85.0% rise from the previous year. Earnings per share saw a substantial uptick as well, reaching $1.10, an 86.4% increase from $0.59. The company attributed this growth primarily to the sale of $80.9 million in available-for-sale securities, which, however, led to a $7.1 million, or $0.37 per share, loss on securities transactions in the second quarter of 2023.
In reviewing net interest income, the figure stood at $51.0 million for the second quarter of 2024, a slight decline from $51.9 million reported for the same period in 2023. Meanwhile, noninterest income showed robust growth, climbing to $21.8 million, up 72.6% compared to the corresponding period in 2023.
