Ithaca, NY-based, $3.1 billion-asset Tompkins Financial Corp. reported third-quarter insurance brokerage fee income rose 4.9% to $3.2 million, up from $3.05 million in third quarter 2008, enough to “partially offset declining trends in investment services fees and service charges on deposit accounts, both of which have been impacted by the current weak economic climate,” the company said. Investment services income decreased 5.7% to $3.29 million, down from $3.49 million, and comprised 28.4% of noninterest income, which rose 1.8% to $11.6 million, up from $11.4 million, with insurance earnings comprising 27.6% of that revenue. Net interest income grew 9.5% to $24.65 million, up from $22.52 million, as loan loss provisions increased by $612,000 to $2.127 million, and net income rose 6.6% to $8.5 million, up from $7.9 million a year ago. Tompkins Financial President and CEO Stephen Romaine said, “It is especially rewarding to report on such positive results in today’s difficult economic environment. In addition to our record quarterly earnings, we continue to see solid business growth trends.” In 2008, Tompkins Financial reported $11.6 million in insurance brokerage income, which comprised 25.5% of its noninterest income. The company ranked 15th in insurance brokerage earnings among U.S. bank holding companies (BHCs) with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
Tuesday, December 15, 2009
INCREASED INSURANCE INCOME AT TOMPKINS FINANCIAL OFFSETS DECLINE IN INVESTMENT SERVICES
Ithaca, NY-based, $3.1 billion-asset Tompkins Financial Corp. reported third-quarter insurance brokerage fee income rose 4.9% to $3.2 million, up from $3.05 million in third quarter 2008, enough to “partially offset declining trends in investment services fees and service charges on deposit accounts, both of which have been impacted by the current weak economic climate,” the company said. Investment services income decreased 5.7% to $3.29 million, down from $3.49 million, and comprised 28.4% of noninterest income, which rose 1.8% to $11.6 million, up from $11.4 million, with insurance earnings comprising 27.6% of that revenue. Net interest income grew 9.5% to $24.65 million, up from $22.52 million, as loan loss provisions increased by $612,000 to $2.127 million, and net income rose 6.6% to $8.5 million, up from $7.9 million a year ago. Tompkins Financial President and CEO Stephen Romaine said, “It is especially rewarding to report on such positive results in today’s difficult economic environment. In addition to our record quarterly earnings, we continue to see solid business growth trends.” In 2008, Tompkins Financial reported $11.6 million in insurance brokerage income, which comprised 25.5% of its noninterest income. The company ranked 15th in insurance brokerage earnings among U.S. bank holding companies (BHCs) with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
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