Tompkins Financial Q3 profit rises on net interest margin expansion
Overview
US regional bank's Q3 diluted EPS rose 21% yr/yr, net income up 21%
Net interest income grew 21% yr/yr, net interest margin increased to 3.65%
Noninterest income fell 47% yr/yr after insurance unit sale; dividend raised 13.8% for Q4
Outlook
Tompkins Financial did not provide specific financial guidance for the current or future periods in its press release
Result Drivers
NET INTEREST MARGIN EXPANSION - Co said higher yields on interest-earning assets and growth in average loan balances drove net interest margin increase
LOAN AND DEPOSIT GROWTH - Co reported consistent growth in loans and deposits, with commercial real estate and commercial and industrial portfolios leading loan growth
INSURANCE UNIT SALE - Noninterest income declined due to sale of insurance subsidiary, partially offset by increases in fee-based service income
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $2 | $1.95 (2 Analysts) | |
Q3 Net Interest Income | $77.3 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Tompkins Financial Corp is $104.50, about 3.7% above its October 22 closing price of $100.78
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago
Reuters Recommended Reads
Oct 22 - Glacier Bancorp Q3 net income jumps on higher loan yields
Oct 22 - Associated Banc-Corp Q3 adjusted EPS beats estimates
Oct 22 - First Bank Q3 net income rises, margin expands on higher loan yields
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)