Tompkins Financial Corporation, parent company of Mahopac National Bank, reported double-digit increases in both net income and diluted earnings per share for the fourth quarter of 2009 compared to the similar period in 2008.
The Ithaca-based company, which has banks in the Hudson Valley area (including a Mahopac National Bank branch in Sleepy Hollow), the Finger Lakes Region and Western New York, reported net earnings of $8.2 million in the fourth quarter of 2009 − a 12.9 percent increase from the $7.3 million in earnings reported in the fourth quarter of 2008. It also reported diluted earnings per share of $0.76 (adjusted for 10 percent stock dividend approved on January 27) for the fourth quarter of 2009 − an 11.8 percent increase from the $0.68 reported in the fourth quarter of 2008.
Full year diluted earnings per share (adjusted as indicated above) of $2.96 were at an all time high and represent a 6.5 percent increase over the $2.78 reported for the twelve months ended December 31, 2008. Full year net income was $31.8 million in 2009 − up 6.7 percent, compared to $29.8 million in 2008.
“We are obviously pleased to report record earnings in a year when the financial services industry has seen significant turmoil and many in our industry have reported losses,” said Stephen S. Romaine, Tompkins Financial President and CEO.
“As good as our 2009 results were, comparison of growth in diluted earnings per share between 2009 and 2008 would have been even stronger if certain non-recurring items were excluded from 2009 and 2008 year-to-date results.”
These non-recurring items included $1.4 million of expense ($0.07 per diluted share) related to the FDIC’s special deposit insurance assessment which negatively impacted 2009 earnings, and $1.6 million ($0.09 per diluted share) of pre-tax revenue related to the VISA IPO in the first quarter of 2008, which had a favorable impact on 2008 year-to-date earnings.
Echoing the theme of challenges faced by the financial services industry, Gerald J. Klein, President and CEO of Mahopac National Bank, states, “While this past year was a challenging year for our industry and our economy, Mahopac National Bank continued to grow our core loan and deposit business, and we more than doubled new Residential Mortgage Loan Originations over the prior year. We have continued to make responsible loans in our communities, and our new customers have come to appreciate the value of establishing a personal relationship with a bank that listens to their needs. As part of our ongoing expansion in Westchester, we will be opening a new Wealth Management Office in White Plains in the second quarter under our affiliate, Tompkins Financial Advisors, Wealth Managers since 1891. We are excited about our new location in the heart of White Plains, and the growth opportunity for new business.”
