Tompkins Financial in Ithaca, N.Y., reported slightly lower quarterly earnings due to higher costs and lower fee-based revenue.
The $5 billion-asset company's earnings fell 2% from a year earlier, to $13.8 million. Earnings per share of 92 cents beat the average estimate of analysts polled by Bloomberg by 5 cents.
Noninterest expenses climbed 3%, to $38.5 million, mainly from higher salary costs. Lower fee-based revenue also contributed to the third-quarter decline, falling 5%, to $17.5 million.
Net interest income rose 3%, to $41.6 million. Total loans increased 4.4%, to $3.2 billion, while the net interest margin compressed by 5 basis points, to 3.58%.