Tompkins Financial Corporation, the parent corporation of Mahopac National Bank, reported net income of $8.8 million for the second quarter of 2012, a decrease of 6.1% from the $9.4 million reported for the same period in 2011. Diluted earnings per share were $0.72 for the second quarter of 2012, a 15.3% decrease from $0.85 reported for the second quarter of 2011.
Quarterly earnings did show improvement from the first quarter, with second quarter net income up 13.0% and diluted earnings per share up 2.9% over the first quarter of 2012.
Results for the current quarter were impacted by $703,000 in after tax expenses related to the pending merger with VIST Financial Corporation as well as $243,000 in after tax income related to the reversal of an accrued liability related to the recently announced settlement of litigation between VISA Inc. and certain merchants. As more fully disclosed in the non-GAAP disclosure section of this press release, net income and diluted earnings per share would have been $9.3 million and $0.76, respectively if the merger expenses and reversal of the accrued liability were excluded from year-to-date results.
For the 2012 year-to-date period, net income of $16.6 million and diluted earnings per share of $1.42, represent declines of 8.4% and 13.9%, respectively over the same six month period in 2011. The current year-to-date net income and diluted earnings per share would have been $17.2 million and $1.47, respectively if the merger expenses and reversal of the accrued liability were excluded from year-to-date results, as disclosed in the non-GAAP disclosure section of this press release.
President and Chief Executive Officer Stephen S. Romaine, commented “Although second quarter earnings were down from the same period last year, we are encouraged by several positive trends noted during the quarter. These trends included loan growth during the quarter at an annualized rate of more than 8%, continued improving trends in asset quality, and a stabilization of the net interest margin. We have been working hard to prepare for the integration of VIST Financial into the Tompkins organization and are pleased that we remain on track to close this transaction on August 1st. We remain very excited by this opportunity and feel we are well positioned to make this a successful transaction both in the short term, and for years to come.”
