Tompkins Financial in Ithaca, N.Y., reported a quarterly loss after repositioning its balance sheet.
The $7.7 billion-asset company lost $33.4 million in the third quarter, reflecting a $47.5 million loss from securities sales. Tompkins sold nearly $430 million of securities in the quarter.
Tompkins said the proceeds were largely reinvested in higher-yielding securities, estimating that that securities revenue should improve by roughly $15.4 million over the next 12 months.
“We expect that the improved revenue will exceed the value of the loss recognized in the third quarter through time,” Stephen Romaine, Tompkins’ president and CEO, said in the release.