Tompkins Financial reports Q4 EPS $1.05, consensus $1.24

Reports Q4 tangible book value per share $39.88. Reports Q4 CET1 capital ratio 9.08%. Tompkins president and CEO, Stephen Romaine, commented, “In the fourth quarter we continued to execute on strategic initiatives and are pleased to announce our expanded presence in Syracuse with the grand opening of our City Center office. For the quarter we saw positive momentum with our net interest margin expanding, strong quarterly loan growth driving full year loan growth of 6.4%, signs of stabilization in our deposit base and growth in our noninterest related revenue. During the quarter we also recognized non-recurring expenses relating to three branch closures and other personnel-related expenses intended to help offset future expense growth. While the economic environment remains challenging for the industry we look forward to 2024 with our strong capital and liquidity position to continue to drive growth of quality customer relationships.”