Tompkins Financial (TMP) Q4 2024 earnings summary

Executive summary

• Diluted EPS for Q4 2024 was $1.37, up 5.4% sequentially and 30.5% year-over-year; full-year diluted EPS was $4.97, up 653% from 2023, which included a large one-time loss on securities sales.

• Net income for Q4 2024 was $19.7 million, up 5.5% from Q3 2024 and 31% from Q4 2023; full-year net income was $70.9 million, up $61.3 million from 2023.

• Revenue growth was broad-based, supported by strong loan and deposit growth, and increased fee-based business.

Financial highlights

• Net interest income for Q4 2024 was $56.3 million, up 5.8% sequentially and 7.5% year-over-year; full-year net interest income was $211.1 million, up 0.8%.

• Net interest margin for Q4 2024 was 2.93%, up from 2.79% in Q3 2024 and 2.82% in Q4 2023.

• Noninterest income for Q4 2024 was $20.8 million, up 10.5% year-over-year; full-year noninterest income was $88.1 million, up 760.5% due to the absence of a large securities loss in 2024.

• Noninterest expense for Q4 2024 was $50.0 million, down 2.6% year-over-year; full-year noninterest expense was $199.6 million, down 1.8%.

• Provision for credit losses for Q4 2024 was $1.4 million, down from $1.8 million in Q4 2023; full-year provision was $6.6 million, up from $4.3 million in 2023.

Outlook and guidance

• Management expects continued growth, citing strong customer relationships, broad revenue growth, and improved profitability metrics.