Overview

• U.S. regional bank's Q1 diluted EPS rose 33% yr/yr, net income up 33%

• Net interest income climbed 27% yr/yr due to growth in average loan balance and lower funding costs

• Noninterest income fell 53% yr/yr after insurance business sale; expenses declined on lower staffing

Outlook

• Company did not provide specific guidance for the current quarter or full year

Result Drivers

• NET INTEREST MARGIN - Higher net interest margin, driven by improved yields on earning assets and lower funding costs, supported profitability

• NONINTEREST INCOME DROP - Noninterest income fell sharply due to the sale of the insurance subsidiary

• EXPENSE REDUCTION - Noninterest expenses declined mainly due to lower staffing costs after the insurance business sale

Company press release: ID:nBw4nsXT6a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS	Beat	$1.82	$1.75 (2 Analysts)
Q1 Net Interest Income		$71.90 mln
Q1 Net Interest Margin		3.57%

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Tompkins Financial Corp is $84.50, about 0.3% below its April 23 closing price of $84.72

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

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