By Ben Glickman
Tompkins Financial Corp. expects to post a third-quarter loss after repositioning its balance sheet.
The Ithaca, N.Y.-based bank said in a regulatory filing Friday that it had sold about $429.6 million of available-for-sale securities with an average book yield of about 0.93%. The sale resulted in an after-tax loss of $47.5 million.
Tompkins said it used the proceeds to buy securities with an estimated average book yield of 5.12%, which the company said would improve its interest income from its securities portfolio by $15.4 million over the next year.
Tompkins said the transaction would improve future earnings beginning in the fourth quarter of 2023, and that its liquidity position remains stable.
Write to Ben Glickman at [email protected]
Read the full article here