Looking to understand Tompkins Financial net worth in 2024? You’re in the right place. We’ll explore its market cap, revenue sources, loan growth, and financial performance.
Dive into the numbers with Ando Money and see how this regional bank is doing.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | Tompkins Financial Corporation |
| Full Name | Tompkins Financial Corporation |
| Traded as | AMEX: TMP |
| ISIN | N/A |
| Founded | 1836 |
| Founders | N/A |
| Country/Territory | United States |
| Headquarters | Ithaca, New York |
| Chief Executive Officer | Stephen Romaine |
| Number of Employees | 1,048 (2019) |
| Market Cap | $0.82 billion (September 2024) |
| Total Assets | $7.87 billion (June 30, 2024) |
| Total Equity | $674.63 million (June 30, 2024) |
| Revenue | $336.81 million (2019) |
| Net Income | $15.7 million (Q2 2024) |
What is the Net Worth/Market Cap of Tompkins Financial in 2024?
As of September 2024, Tompkins Financial Corporation has a market capitalization of $0.82 billion. This positions the bank among smaller regional financial institutions, reflecting its stable but modest growth trajectory.
Compared to industry giants, Tompkins operates on a much smaller scale, yet its consistent earnings and sound financial health make it a reliable player in the financial services sector.
While its market cap is smaller than national or global banks, Tompkins Financial stands out for its emphasis on local relationships and regional banking services, particularly across New York and Pennsylvania.
When comparing Tompkins to other banks in the industry, here’s a brief list of related financial institutions:
- KeyBank
- M&T Bank
- Citizens Financial Group
- Community Bank, N.A.
- First Niagara Bank
- Berkshire Bank
- People’s United Financial
For those interested in exploring the global financial landscape, you might find the list of the largest banks in the world an insightful resource.
Financial Performance Overview
Key Revenue Drivers
Tompkins Financial derives revenue from various sources, primarily through its retail banking, corporate banking, insurance services, and asset management divisions.
These diverse revenue streams allow the company to mitigate risks and maintain stability, even when specific sectors face challenges.
For 2024, the company emphasized growth in loan portfolios, especially in commercial real estate and commercial and industrial loans, which saw a year-over-year growth of 7.7%.
The increase in loan volume was pivotal in supporting overall financial growth, contributing to the company’s net interest income.
Loan Growth Impact
The company’s loan growth has had a noticeable impact on revenue. In Q2 2024, total loans reached $5.76 billion, marking a 2.2% increase from the previous quarter.
The primary areas of loan growth were in commercial real estate and industrial portfolios. This growth underscores Tompkins’ continued focus on regional development and supporting local businesses.
A 7.7% year-over-year loan increase also strengthens its position as a key lender in its operating regions.
Noninterest Income
Another critical contributor to Tompkins Financial’s financial performance is its noninterest income. Noninterest income for Q2 2024 was reported at $21.8 million, an impressive 72.6% increase compared to the same period in 2023.
This growth was driven by the company’s focus on fee-based services, including insurance commissions, wealth management fees, and service charges on deposit accounts.
Each of these areas contributed to a more stable and diversified revenue structure for the company, with card services income also showing notable increases.
By maintaining a strong presence in the insurance and wealth management sectors, Tompkins Financial has created a more resilient revenue base that supports its operations, even as the competitive banking landscape continues to evolve.
Net Interest Margin
For the second quarter of 2024, net interest margin held steady at 2.73%, remaining unchanged from the first quarter.
However, it showed a slight decrease from 2.83% in the same period of 2023. The key reason for this dip was the rise in funding costs. Despite this, Tompkins managed to maintain a balanced portfolio, with higher interest and dividend income offsetting these costs.
The bank’s strategic approach to managing its interest-bearing liabilities helped it avoid more significant margin compression, despite the challenging interest rate environment.
The company’s careful balance of interest-earning assets, particularly through loan growth, continues to play a pivotal role in maintaining its net interest income levels.
Operating Expenses and Profitability
In terms of expenses, Tompkins Financial maintained tight control over its operating expenses.
For Q2 2024, total operating expenses were $49.9 million, nearly flat compared to the prior quarter but down 3.9% from Q2 2023.
The decrease was largely driven by lower legal fees, marketing expenses, and employee-related costs. This cost control is a testament to the company’s commitment to boosting profitability while managing growth carefully.
Despite these reductions, Tompkins continued to invest in technology and services that enhance customer experience, ensuring that cost-cutting measures do not undermine service quality.
The company’s focus on prudent expense management, coupled with its efforts to streamline operations, contributed to its improved profitability metrics for the quarter.
Capital Ratios and Liquidity
The strength of capital ratios is another important indicator of the company’s financial health.
As of June 30, 2024, Tompkins reported a Tier 1 capital ratio of 9.15%, reflecting solid capitalization and the ability to absorb potential losses.
Furthermore, the total capital to risk-weighted assets ratio was 13.26%, which remains well above regulatory minimums. These strong capital levels enable the bank to continue its growth trajectory while ensuring financial stability.
The company’s liquidity position remained robust, with access to $1.4 billion in liquidity, or 17.3% of its total assets.
This liquidity was further supported by its ability to borrow from institutions like the Federal Home Loan Bank and the Federal Reserve Bank, providing additional stability and flexibility to manage unexpected market fluctuations.
FAQs about Tompkins Financial
What is the market capitalization of the Tompkins Financial in 2024?
As of September 2024, it has a market capitalization of $0.82 billion. This reflects its steady growth and strong customer base.
What services does the bank offer?
It offers retail banking, corporate banking, insurance, and wealth management. Services include loans, financial planning, and investment management.
How has the Tompkins Financial performed financially in 2024?
It reported a net income of $15.7 million in Q2 2024. Noninterest income grew, and the net interest margin held at 2.73%.
Where is the bank headquartered?
It is headquartered in Ithaca, New York. The bank serves customers in New York and Pennsylvania.Ư
Who is the CEO of the bank?
It is led by its CEO, overseeing its growth in loans and noninterest income.
Conclusion
Tompkins Financial’s net worth in 2024 paints a picture of steady growth.
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