Tompkins Financial has reported net income of $7.5 million for the first quarter of 2008, a 29.9% increase, compared to net income of $5.8 million for the first quarter of 2007.
The company reported diluted earnings per share of $0.77 for the first quarter of 2008, an increase of 32.8% from the $0.58 per share for the first quarter of 2007.
Net interest income of $19.8 million in the first quarter was up 12.9% over the same period in 2007. The net interest margin improved to 3.68% in the first quarter of 2008, compared to 3.55% in the first quarter of 2007. Non-interest income for the first quarter of 2008 was $12.5 million, up 19.8% from the same period in 2007.
Stephen Romaine, president and CEO of Tompkins Financial, said: We are extremely pleased to report such strong results to start the year, in what has been a very challenging economic environment. Compared to the same period in 2007, the first quarter of 2008 reflected solid growth in both net interest income and non-interest income.