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Tompkins Financial quarterly profits fall 16 percent

Tompkins Financial Corp., the parent company of Tompkins Bank of Castile, reported a 16 percent drop in second-quarter profits, to $14.6 million.

The Ithaca-based bank reported diluted earnings per share of 96 cents, down from $1.15 a year ago.

A year ago, Tompkins benefited from a $3.6 million after-tax gain related to a change in its pension plan.

In the second quarter, the bank’s net interest income from making loans and taking deposits increased 8.7 percent, and its non-interest income declined about 10 percent.

Tompkins Financial also announced a stock repurchase program of up to 400,000 shares. It expects to complete that program over the next 24 months.

Twelve of Tompkins Bank of Castile’s locations are in Orleans, Wyoming and Genesee counties.

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