posted on July 20, 2011 14:01
Tompkins Financial Corporation announced today that its Board of Directors approved payment of a regular quarterly cash dividend of $0.36 per share, payable on August 15, 2011, to common shareholders of record on August 5, 2011. The current dividend represents a 5.9% increase over the $0.34 cash dividend paid in the second quarter of 2011.
Stephen S. Romaine, President and CEO stated, “The approval by our board to increase our dividend is in recognition of the strong earnings performance, credit quality and capital position of our Company.”
The divident was announced as the company reported record net income of $9.4 million for the second quarter of 2011, an increase of 4.1% over the $9.0 million reported for the same period in 2010. Diluted earnings per share were $0.85 for the second quarter of 2011, a 2.4% increase over the $0.83 reported for the second quarter of 2010.
For the six months ended June 30, 2011, net income was $18.2 million compared to $17.4 million for the same period prior year. Diluted earnings per share totaled $1.65 for the first six months of 2011, an increase of 2.5% over the $1.61 reported for the first six months of 2010.