Tompkins Financial Corp. in Ithaca, N.Y., reported higher quarterly and annual earnings on Wednesday despite mounting pressure in its net interest margin.
Net income rose 19% from the third quarter and 5.6% from a year earlier, to $9.4 million, as its loan-loss provision decreased.
The $3.4 billion-asset company's loans grew by nearly 4% from a year earlier, to $2 billion at Dec. 31. But its net interest margin shrank 9 basis points from the third quarter and 13 basis points from a year earlier, to 3.62%.
Stephen Romaine, the company's president and chief executive, said in a press release that 2011 was a "strong year" with net income and total assets reaching record levels.
Full-year net income rose 4.7% compared to 2010, to $35.4 million.
