Attached files
| file | filename |
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| 8-K - TOMPKINS 8K - TOMPKINS FINANCIAL CORP | tompkins_8k.htm |
| EX-99.2 - EXHIBIT 99.2 - TOMPKINS FINANCIAL CORP | ex99_2.htm |
Exhibit 99.1
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For more information contact: |
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Stephen S. Romaine, President & CEO |
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Francis M. Fetsko, CFO |
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Tompkins Financial Corporation 607.273.3210 |
For Immediate Release
Wednesday, October 28, 2009
Tompkins Financial Corporation reports record third quarter earnings
ITHACA, NY – Tompkins Financial Corporation (TMP–NYSE Amex)
Tompkins Financial Corporation reported record net income of
$8.5 million for the third quarter of 2009, an increase of 6.6% over the $7.9
million reported for the same period in 2008. Diluted earnings per share were
$0.86 for the third quarter of 2009, a 6.2% increase over the $0.81 reported
for the third quarter of 2008.
Stephen S. Romaine, President and CEO stated, “We would be proud of these quarterly results in the best of economic times. It is especially rewarding to report on such positive results in today’s difficult economic environment. In addition to our record quarterly earnings, we continue to see solid business growth trends, as evidenced by our total assets exceeding $3 billion for the first time at the end of the third quarter.”
For the nine months ended September 30, 2009, net income was $23.6 million compared to $22.6 million for the same period prior year. Diluted earnings per share totaled $2.41 for the first nine months of 2009, an increase of 3.9% over the $2.32 reported for the same period in 2008. Growth in diluted earnings per share for the first nine months of 2009 would have been 12.6% over the prior year, if certain non-recurring items were excluded from 2009 and 2008 year to date results. These non-recurring items included: $1.4 million of expense ($0.09 per diluted share) related to the FDIC’s special deposit insurance assessment, which negatively impacted 2009 earnings; and $1.6 million ($0.10 per diluted share) of pre-tax revenue related to the VISA IPO in the first quarter of 2008, which had a favorable impact on 2008 year to date earning. Please refer to the attached non-GAAP disclosure table for additional details on these items.
Selected highlights for the third quarter and year-to-date period are included below. For the year-to-date period, growth in average assets and average liabilities and growth in certain revenue and expense categories were impacted by the May 2008 acquisition of Sleepy Hollow.
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· |
Net interest income for the third quarter of 2009 was $26.8 million, up 11.4% from the same quarter last year, and up 1.0% over the second quarter of 2009. Net interest income for the year-to-date period ended September 30, 2009 was $79.1 million, an increase of 20.6% over the same period prior year. |
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The net interest margin for the third quarter of 2009 was 3.91% compared to 3.92% for the third quarter of 2008, and 3.93% for the second quarter of 2009. |
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Noninterest expense for the third quarter of 2009 was $23.7 million, up 6.9% over the same period prior year. Noninterest expense for the year-to-date period ended September 30, 2009 was $71.7 million, an increase of 11.4% over the same period in 2008. Higher FDIC insurance costs contributed to the higher expense levels in 2009. |
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Total loans were $1.9 billion at September 30, 2009, up 9.5% from September 30, 2008; while total deposits were $2.4 billion at quarter end, up 14.5% from the same period in 2008. |
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Asset quality indicators remain significantly better than Federal Reserve Board peer group1 averages and showed some stabilizing trends during the quarter. When compared to the most recent previous quarter end, the ratio of nonperforming assets to total assets remained unchanged at 0.87% at September 30, 2009, compared to 0.87% at June 30, 2009. Net charge-offs as a percentage of total loans declined from 0.23% in the second quarter of 2009, to 0.14% in the third quarter of 2009. |
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Capital levels at September 30, 2009, remain comfortably above the regulatory minimums to be considered well capitalized, with a ratio of Tier I capital to average assets of 7.5%; and a ratio of total capital to risk-weighted assets of 11.9%. These ratios are improved from 7.0% and 10.9%, respectively at September 30, 2008. The improved capital ratios continue to be supported by retained earnings which has added $17.7 million in capital over the last 12 months. Growth in regulatory capital was supplemented by, the issuance of $18.6 million of 7% fixed rate Trust preferred securities in the second quarter of 2009. |
Growth in average earning assets and deposits has contributed to the increase in net interest income in 2009. Net interest income of $26.8 million in the third quarter of 2009 was up 11.4% over the same period in 2008. This represented our 11th consecutive quarter of increased net interest income. Net interest margin of 3.91% in the third quarter remained relatively flat compared to 3.93% in the second quarter of 2009, and compared to 3.92% in the third quarter of 2008.
The provision for loan and lease losses increased to $2.1 million in the third quarter of 2009, compared to $1.5 million in the third quarter of 2008. For the first nine months of 2009, the provision for loan and lease losses totaled $6.5 million, up from $3.3 million for the same period in 2008. An increase in net charge-offs and nonperforming loans and general economic conditions all contributed to the increased provision expense this year. Mr. Romaine commented, “Although we have seen some deterioration in asset quality, our levels of nonperforming assets and net charge-offs remain significantly below national averages. We are also encouraged that many credit quality indicators have stabilized, when compared to the second quarter of 2009. We remain diligent in our monitoring of the credit portfolio, as we recognize that a continuation or worsening of the current economic situation may result in further stress on the portfolio.”
Annualized net charge-offs for the three months ended September 30, 2009, represented 0.14% of average loans compared to 0.25% for the three months ended September 30, 2008. The Company’s net charge-off ratio compares favorably to the most recent Federal Reserve Board peer group1 ratio of 1.07%. Nonperforming assets represented 0.87% of total assets as of September 30, 2009 (up from 0.56% at December 31, 2008, and 0.48% at September 30, 2008), which compares to a Federal Reserve Board peer group1 ratio of 3.06%. The Company’s allowance for loan and lease losses totaled $22.8 million at September 30, 2009, which represented 1.21% of total loans, an increase of 18 basis points from a ratio of 1.03% at year-end 2008.
Noninterest income for the third quarter of 2009 was $11.6 million, which is in line with the same period in 2008. Year-to-date 2009 noninterest income was $34.1 million, a decrease of 4.5% compared to the same period in 2008. Insurance revenues were up for the quarter and year to date periods, which partially offset declining trends in investment services fees and service charges on deposit accounts, both of which have been impacted by the current weak economic climate. As previously mentioned, year-to-date 2008 noninterest income included nonrecurring income of $1.6 million related to the VISA IPO.
Noninterest expenses for the third quarter 2009 were $23.7 million, up 6.9% from the same period last year. For the year to date period, noninterest expenses were $71.7 million, an increase of 11.4% over the same period in 2008. The increase was largely in the salary and wages and net occupancy expense of premises categories and other noninterest expense. The salary and wages and occupancy expenses were directly impacted by the May 2008 Sleepy Hollow acquisition with the addition of five staffed branches. FDIC insurance expense, included in other noninterest expense, totaled $810,000 in the third quarter of 2009 compared to $347,000 in the third quarter of 2008. For the year to date period, FDIC expense was $3.3 million in 2009, versus $556,000 in 2008. FDIC insurance expense for the first nine months in 2009 includes a special assessment of $1.4 million in the second quarter.
Mr. Romaine concluded, “Our commitment to long term results has allowed us to perform well, even in these difficult economic times. This long term focus was recently recognized by The Staton Institute in its newly released 2010 edition of America’s Finest Companies.®. According to Staton, ‘Tompkins Financial’s record of 36 consecutive years of legitimate earnings growth (EPS) is the second longest among all U.S. public companies’ and only Walmart has a longer history of consecutive years of earnings growth. We are very proud to have received this recognition, and even more proud of the talented and dedicated employees who continue to deliver these outstanding results year after year.”
Tompkins Financial Corporation operates 45 banking offices in the New York State markets served by the Company’s subsidiary banks - Tompkins Trust Company, The Bank of Castile, and Mahopac National Bank. Through its community banking subsidiaries, the Company provides traditional banking services, and offers a full range of money management services through Tompkins Investment Services (a division of Tompkins Trust Company). The Company offers insurance services through its Tompkins Insurance Agencies, Inc. subsidiary, an independent agency serving individuals and business clients throughout New York State. The Company offers fee-based financial planning and wealth management services through its AM&M Financial Services, Inc. subsidiary. AM&M Financial Services, Inc. is also the parent company to Ensemble Financial Services, Inc., an independent broker dealer and leading outsourcing company for financial planners and investment advisors. Each Tompkins subsidiary operates with a community focus, meeting the unique needs of the communities served.
“Safe Harbor” Statement under the Private Securities Litigation Reform of 1995:
This press release may include forward-looking statements with respect to revenue sources, growth, market risk, and corporate objectives. The Company assumes no duty, and specifically disclaims any obligation, to update forward-looking statements, and cautions that these statements are subject to numerous assumptions, risks, and uncertainties, all of which could change over time. Actual results could differ materially from forward-looking statements.
Tompkins Financial Corporation – Condensed Consolidated Statements of Condition (Unaudited)
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(In thousands, except share data) |
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As of |
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As of |
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ASSETS |
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Cash and noninterest bearing balances due from banks |
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$ |
84,068 |
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$ |
48,133 |
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Interest bearing balances due from banks |
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1,681 |
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4,116 |
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Federal funds sold |
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27,000 |
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0 |
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Money market funds |
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27,000 |
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0 |
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Cash and Cash Equivalents |
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139,749 |
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52,249 |
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Trading securities, at fair value |
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33,363 |
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38,101 |
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Available-for-sale securities, at fair value |
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852,705 |
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764,193 |
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Held-to-maturity securities, fair value of $44,578 at September 30, 2009, and $55,064 at December 31, 2008 |
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42,806 |
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54,453 |
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Loans and leases, net of unearned income and deferred costs and fees |
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1,882,321 |
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1,817,531 |
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Less: Allowance for loan and lease losses |
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22,800 |
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18,672 |
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Net Loans and Leases |
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1,859,521 |
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1,798,859 |
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Bank premises and equipment, net |
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45,793 |
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46,613 |
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Corporate owned life insurance |
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35,635 |
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34,804 |
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Goodwill |
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41,529 |
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41,479 |
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Other intangible assets, net |
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5,063 |
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5,299 |
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Accrued interest and other assets |
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31,875 |
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31,672 |
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Total Assets |
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$ |
3,088,039 |
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$ |
2,867,722 |
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LIABILITIES |
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Deposits: |
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Interest bearing: |
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Checking, savings and money market |
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$ |
1,147,381 |
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$ |
980,011 |
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Time |
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797,214 |
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703,107 |
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Noninterest bearing |
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452,836 |
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450,889 |
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Total Deposits |
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2,397,431 |
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2,134,007 |
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Federal funds purchased and securities sold under agreements to repurchase, fair value of $15,926 at September 30, 2009 and $16,170 at December 31, 2008 |
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192,099 |
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196,304 |
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Other borrowings, fair value of $11,662 at September 30, 2009 and $12,179 at December 31, 2008 |
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194,795 |
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274,791 |
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Trust preferred debentures |
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23,018 |
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3,888 |
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Other liabilities |
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39,049 |
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39,371 |
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Total Liabilities |
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2,846,392 |
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2,648,361 |
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EQUITY |
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Tompkins Financial Corporation shareholders’ equity: |
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Common Stock – par value $.10 per share: Authorized 25,000,000 shares; Issued: 9,755,480 at September 30, 2009; and 9,727,418 at December 31, 2008 |
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976 |
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973 |
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Additional paid-in capital |
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154,512 |
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152,842 |
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Retained earnings |
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87,493 |
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73,779 |
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Accumulated other comprehensive loss |
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(659 |
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(7,602 |
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Treasury stock, at cost – 79,310 shares at September 30, 2009, and 76,881 shares at December 31, 2008 |
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(2,225 |
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(2,083 |
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Total Tompkins Financial Corporation Shareholders’ Equity |
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240,097 |
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217,909 |
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Noncontrolling interest |
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1,550 |
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1,452 |
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Total Equity |
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$ |
241,647 |
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$ |
219,361 |
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Total Liabilities and Equity |
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$ |
3,088,039 |
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$ |
2,867,722 |
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Tompkins Financial Corporation – Condensed Consolidated Statements of Income (Unaudited)
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Three months ended |
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Nine months ended |
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(In thousands, except per share data) (Unaudited) |
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09/30/2009 |
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09/30/2008 |
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09/30/2009 |
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09/30/2008 |
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INTEREST AND DIVIDEND INCOME |
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Loans |
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$ |
26,916 |
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$ |
26,624 |
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$ |
80,092 |
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$ |
75,944 |
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Due from banks |
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3 |
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14 |
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15 |
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124 |
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Federal funds sold |
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2 |
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40 |
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10 |
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115 |
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Money market funds |
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7 |
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5 |
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35 |
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237 |
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Trading securities |
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342 |
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424 |
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1,049 |
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1,517 |
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Available-for-sale securities |
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8,877 |
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8,638 |
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26,769 |
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24,960 |
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Held-to-maturity securities |
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411 |
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455 |
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1,397 |
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1,388 |
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Total Interest and Dividend Income |
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36,558 |
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36,200 |
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109,367 |
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104,285 |
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INTEREST EXPENSE |
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Time certificates of deposits of $100,000 or more |
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1,352 |
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2,069 |
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4,157 |
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7,155 |
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Other deposits |
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4,468 |
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6,111 |
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14,427 |
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19,668 |
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Federal funds purchased and repurchase agreements |
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1,560 |
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1,738 |
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4,690 |
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5,760 |
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Other borrowings |
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2,398 |
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2,244 |
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6,954 |
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6,080 |
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Total Interest Expense |
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9,778 |
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12,162 |
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30,228 |
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38,663 |
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Net Interest Income |
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26,780 |
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24,038 |
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79,139 |
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65,622 |
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Less: Provision for loan/lease losses |
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2,127 |
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1,515 |
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6,530 |
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3,323 |
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Net Interest Income After Provision for Loan/Lease Losses |
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24,653 |
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22,523 |
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72,609 |
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62,299 |
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NONINTEREST INCOME |
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Investment services income |
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3,287 |
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3,492 |
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9,826 |
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10,728 |
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Insurance commissions and fees |
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3,198 |
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3,048 |
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9,438 |
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8,774 |
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Service charges on deposit accounts |
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2,371 |
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2,671 |
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6,861 |
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7,663 |
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Card services income |
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960 |
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730 |
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2,684 |
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2,511 |
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Other service charges |
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605 |
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660 |
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1,398 |
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1,960 |
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Mark-to-market gain (loss) on trading securities |
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256 |
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204 |
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354 |
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(172 |
) |
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Mark-to-market gain (loss) on liabilities held at fair value |
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73 |
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(203 |
) |
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761 |
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(162 |
) |
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Increase in cash surrender value of corporate owned life insurance |
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348 |
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398 |
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774 |
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1,087 |
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Gain on VISA stock redemption |
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0 |
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0 |
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0 |
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1,639 |
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Gains on sale of loans |
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188 |
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48 |
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1,155 |
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90 |
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Other income |
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356 |
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376 |
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836 |
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1,127 |
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Net other than temporary impairment losses (1) |
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(146 |
) |
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0 |
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(146 |
) |
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0 |
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Net gain (loss) on sale of available-for-sale securities |
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104 |
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18 |
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130 |
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424 |
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Total Noninterest Income |
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11,600 |
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11,442 |
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34,071 |
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35,669 |
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NONINTEREST EXPENSES |
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Salary and wages |
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10,265 |
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10,208 |
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29,862 |
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29,353 |
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Pension and other employee benefits |
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3,340 |
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2,561 |
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10,086 |
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7,753 |
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Net occupancy expense of premises |
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1,680 |
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1,718 |
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5,467 |
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5,086 |
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Furniture and fixture expense |
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1,117 |
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1,075 |
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3,361 |
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3,152 |
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Marketing expense |
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952 |
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847 |
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2,774 |
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2,768 |
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Professional fees |
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800 |
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707 |
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2,402 |
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2,145 |
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Software licenses and maintenance |
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565 |
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581 |
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1,753 |
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1,807 |
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FDIC insurance |
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810 |
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347 |
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3,328 |
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556 |
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Cardholder expense |
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382 |
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|
407 |
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1,122 |
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920 |
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Amortization of intangible assets |
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218 |
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239 |
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702 |
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600 |
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Other operating expense |
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3,594 |
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3,500 |
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10,830 |
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10,188 |
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Total Noninterest Expenses |
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23,723 |
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22,190 |
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71,687 |
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64,328 |
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Income Before Income Tax Expense |
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12,530 |
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11,775 |
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34,993 |
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33,640 |
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Income Tax Expense |
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4,037 |
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3,725 |
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11,279 |
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10,816 |
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Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation |
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8,493 |
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|
8,050 |
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23,714 |
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22,824 |
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Less: Net income attributable to noncontrolling interest |
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33 |
|
|
117 |
|
|
98 |
|
|
264 |
|
|
|
|||||||||||||
|
Net Income Attributable to Tompkins Financial Corporation |
|
$ |
8,460 |
|
$ |
7,933 |
|
$ |
23,616 |
|
$ |
22,560 |
|
|
|
|||||||||||||
|
Basic Earnings Per Share |
|
$ |
0.87 |
|
$ |
0.82 |
|
$ |
2.43 |
|
$ |
2.34 |
|
|
|
|||||||||||||
|
Diluted Earnings Per Share |
|
$ |
0.86 |
|
$ |
0.81 |
|
$ |
2.41 |
|
$ |
2.32 |
|
|
|
|||||||||||||
(1) During the three and nine months ended September 30, 2009, $2.0 million of gross other-than-temporary impairment losses on debt securities available for sale were recognized, of which $1.9 million, were recognized in accumulated other comprehensive income, net of tax.
Tompkins Financial Corporation – Average Consolidated Balance Sheet and Net Interest Analysis (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year to Date Period Ended |
|
Year to Date Period Ended |
|
|||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||||
|
(Dollar amounts in thousands) |
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances due from banks |
|
$ |
11,181 |
|
$ |
3 |
|
|
0.11 |
% |
$ |
9,730 |
|
$ |
15 |
|
|
0.21 |
% |
$ |
6,876 |
|
$ |
124 |
|
|
2.41 |
% |
|
Money market funds |
|
|
24,572 |
|
|
7 |
|
|
0.11 |
% |
|
19,447 |
|
|
35 |
|
|
0.24 |
% |
|
11,073 |
|
|
224 |
|
|
2.70 |
% |
|
Securities (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities |
|
|
702,606 |
|
|
7,757 |
|
|
4.38 |
% |
|
700,549 |
|
|
23,605 |
|
|
4.51 |
% |
|
603,517 |
|
|
21,467 |
|
|
4.75 |
% |
|
Trading Securities |
|
|
34,131 |
|
|
342 |
|
|
3.98 |
% |
|
35,851 |
|
|
1,049 |
|
|
3.91 |
% |
|
45,112 |
|
|
1,517 |
|
|
4.49 |
% |
|
State and municipal (2) |
|
|
106,664 |
|
|
1,611 |
|
|
5.99 |
% |
|
112,657 |
|
|
5,111 |
|
|
6.07 |
% |
|
108,154 |
|
|
4,886 |
|
|
6.03 |
% |
|
Other Securities (2) |
|
|
40,880 |
|
|
540 |
|
|
5.24 |
% |
|
41,470 |
|
|
1,413 |
|
|
4.56 |
% |
|
39,226 |
|
|
1,842 |
|
|
6.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total securities |
|
|
884,281 |
|
|
10,250 |
|
|
4.60 |
% |
|
890,527 |
|
|
31,178 |
|
|
4.68 |
% |
|
796,009 |
|
|
29,712 |
|
|
4.99 |
% |
|
Federal Funds Sold |
|
|
5,509 |
|
|
2 |
|
|
0.14 |
% |
|
7,642 |
|
|
10 |
|
|
0.17 |
% |
|
7,003 |
|
|
115 |
|
|
2.19 |
% |
|
Loans, net of unearned income (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
1,291,725 |
|
|
18,865 |
|
|
5.79 |
% |
|
1,273,356 |
|
|
56,447 |
|
|
5.93 |
% |
|
1,051,557 |
|
|
49,110 |
|
|
6.24 |
% |
|
Commercial Loans (2) |
|
|
474,795 |
|
|
6,423 |
|
|
5.37 |
% |
|
460,777 |
|
|
18,756 |
|
|
5.44 |
% |
|
416,496 |
|
|
22,057 |
|
|
7.07 |
% |
|
Consumer Loans |
|
|
87,348 |
|
|
1,532 |
|
|
6.96 |
% |
|
87,239 |
|
|
4,525 |
|
|
6.93 |
% |
|
81,661 |
|
|
4,342 |
|
|
7.10 |
% |
|
Direct Lease Financing (2) |
|
|
12,908 |
|
|
192 |
|
|
5.90 |
% |
|
13,269 |
|
|
602 |
|
|
6.07 |
% |
|
14,471 |
|
|
631 |
|
|
5.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total loans, net of unearned income |
|
|
1,866,776 |
|
|
27,012 |
|
|
5.74 |
% |
|
1,834,641 |
|
|
80,330 |
|
|
5.85 |
% |
|
1,564,185 |
|
|
76,140 |
|
|
6.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total interest-earning assets |
|
|
2,792,319 |
|
|
37,274 |
|
|
5.30 |
% |
|
2,761,987 |
|
|
111,568 |
|
|
5.40 |
% |
|
2,385,146 |
|
|
106,315 |
|
|
5.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
207,642 |
|
|
|
|
|
|
|
|
205,370 |
|
|
|
|
|
|
|
|
187,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total assets |
|
|
2,999,961 |
|
|
|
|
|
|
|
|
2,967,357 |
|
|
|
|
|
|
|
|
2,572,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking, savings, & money market |
|
|
1,103,365 |
|
|
2,059 |
|
|
0.74 |
% |
|
1,106,931 |
|
|
6,632 |
|
|
0.80 |
% |
|
889,022 |
|
|
9,993 |
|
|
1.50 |
% |
|
Time Dep > $100,000 |
|
|
317,366 |
|
|
1,352 |
|
|
1.69 |
% |
|
295,103 |
|
|
4,157 |
|
|
1.88 |
% |
|
280,406 |
|
|
7,155 |
|
|
3.41 |
% |
|
Time Dep < $100,000 |
|
|
416,617 |
|
|
2,208 |
|
|
2.10 |
% |
|
419,254 |
|
|
7,150 |
|
|
2.28 |
% |
|
370,460 |
|
|
9,566 |
|
|
3.45 |
% |
|
Brokered Time Dep < $100,000 |
|
|
41,529 |
|
|
201 |
|
|
1.92 |
% |
|
42,493 |
|
|
645 |
|
|
2.03 |
% |
|
3,886 |
|
|
109 |
|
|
3.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total interest-bearing deposits |
|
|
1,878,877 |
|
|
5,820 |
|
|
1.23 |
% |
|
1,863,781 |
|
|
18,584 |
|
|
1.33 |
% |
|
1,543,774 |
|
|
26,823 |
|
|
2.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased & securities sold under agreements to repurchase |
|
|
192,116 |
|
|
1,560 |
|
|
3.22 |
% |
|
188,403 |
|
|
4,690 |
|
|
3.33 |
% |
|
204,104 |
|
|
5,760 |
|
|
3.77 |
% |
|
Other borrowings |
|
|
195,134 |
|
|
2,051 |
|
|
4.17 |
% |
|
207,496 |
|
|
6,229 |
|
|
4.01 |
% |
|
180,691 |
|
|
5,987 |
|
|
4.43 |
% |
|
Trust preferred debentures |
|
|
23,017 |
|
|
347 |
|
|
5.98 |
% |
|
15,260 |
|
|
725 |
|
|
6.35 |
% |
|
2,103 |
|
|
93 |
|
|
5.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total interest-bearing liabilities |
|
|
2,289,144 |
|
|
9,778 |
|
|
1.69 |
% |
|
2,274,940 |
|
|
30,228 |
|
|
1.78 |
% |
|
1,930,672 |
|
|
38,663 |
|
|
2.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing deposits |
|
|
434,357 |
|
|
|
|
|
|
|
|
423,588 |
|
|
|
|
|
|
|
|
396,676 |
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
42,925 |
|
|
|
|
|
|
|
|
39,920 |
|
|
|
|
|
|
|
|
35,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total liabilities |
|
|
2,766,426 |
|
|
|
|
|
|
|
|
2,738,448 |
|
|
|
|
|
|
|
|
2,363,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
232,001 |
|
|
|
|
|
|
|
|
227,408 |
|
|
|
|
|
|
|
|
205,632 |
|
|
|
|
|
|
|
|
Noncontrolling interest |
|
|
1,534 |
|
|
|
|
|
|
|
|
1,501 |
|
|
|
|
|
|
|
|
3,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total equity |
|
|
233,535 |
|
|
|
|
|
|
|
|
228,909 |
|
|
|
|
|
|
|
|
209,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
2,999,961 |
|
|
|
|
|
|
|
$ |
2,967,357 |
|
|
|
|
|
|
|
$ |
2,572,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest rate spread |
|
|
|
|
|
|
|
|
3.61 |
% |
|
|
|
|
|
|
|
3.62 |
% |
|
|
|
|
|
|
|
3.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net interest income/margin on earning assets |
|
|
|
|
|
27,496 |
|
|
3.91 |
% |
|
|
|
|
81,340 |
|
|
3.94 |
% |
|
|
|
|
67,652 |
|
|
3.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Equivalent Adjustment |
|
|
|
|
|
(715 |
) |
|
|
|
|
|
|
|
(2,201 |
) |
|
|
|
|
|
|
|
(2,030 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net interest income per consolidated financial statements |
|
|
|
|
$ |
26,781 |
|
|
|
|
|
|
|
$ |
79,139 |
|
|
|
|
|
|
|
|
65,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
(1) |
Average balances and yields on available-for-sale securities are based on historical amortized cost. |
|
(2) |
Interest income includes the tax effects of taxable-equivalent adjustments using a combined New York State and Federal effective income tax rate of 40% to increase tax exempt interest income to taxable-equivalent basis. |
|
(3) |
Nonaccrual loans are included in the average asset totals presented above. Payments received on nonaccrual loans have been recognized as disclosed in Note 1 of the consolidated financial statements. |
Tompkins Financial Corporation – Summary Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share and per share data) |
|
Quarter-Ended |
|
Year-Ended |
|
||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
Sep-09 |
|
Jun-09 |
|
Mar-09 |
|
Dec-08 |
|
Sep-08 |
|
Dec-08 |
|
|||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Period End Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities |
|
|
928,874 |
|
|
896,758 |
|
|
962,914 |
|
|
856,747 |
|
|
800,398 |
|
$ |
856,747 |
|
|
Loans and leases, net of unearned income and deferred costs and fees |
|
|
1,882,321 |
|
|
1,841,198 |
|
|
1,811,792 |
|
|
1,817,531 |
|
|
1,718,378 |
|
|
1,817,531 |
|
|
Allowance for loan and lease losses |
|
|
22,800 |
|
|
21,319 |
|
|
19,980 |
|
|
18,672 |
|
|
17,306 |
|
|
18,672 |
|
|
Total assets |
|
|
3,088,039 |
|
|
2,968,057 |
|
|
2,993,312 |
|
|
2,867,722 |
|
|
2,725,014 |
|
|
2,867,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
|
|
2,397,431 |
|
|
2,288,809 |
|
|
2,335,937 |
|
|
2,134,007 |
|
|
2,094,647 |
|
|
2,134,007 |
|
|
Federal funds purchased and securities sold under agreements to repurchase |
|
|
192,099 |
|
|
189,993 |
|
|
182,744 |
|
|
196,304 |
|
|
190,299 |
|
|
196,304 |
|
|
Other borrowings |
|
|
194,795 |
|
|
217,771 |
|
|
206,056 |
|
|
274,791 |
|
|
185,067 |
|
|
274,791 |
|
|
Trust Preferred Debentures |
|
|
23,018 |
|
|
23,017 |
|
|
3,891 |
|
|
3,890 |
|
|
3,890 |
|
|
3,888 |
|
|
Total equity |
|
|
241,647 |
|
|
227,791 |
|
|
227,385 |
|
|
219,361 |
|
|
212,632 |
|
|
219,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets |
|
$ |
2,792,319 |
|
$ |
2,778,425 |
|
$ |
2,714,669 |
|
$ |
2,613,324 |
|
$ |
2,512,077 |
|
$ |
2,442,502 |
|
|
Average assets |
|
|
2,999,961 |
|
|
2,982,077 |
|
|
2,919,147 |
|
|
2,813,158 |
|
|
2,708,126 |
|
|
2,633,020 |
|
|
Average interest-bearing liabilities |
|
|
2,289,144 |
|
|
2,295,454 |
|
|
2,235,793 |
|
|
1,691,860 |
|
|
2,034,353 |
|
|
1,976,963 |
|
|
Average equity |
|
|
233,535 |
|
|
227,791 |
|
|
227,385 |
|
|
219,361 |
|
|
212,632 |
|
|
210,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (basic) |
|
|
9,721,544 |
|
|
9,708,835 |
|
|
9,701,539 |
|
|
9,683,177 |
|
|
9,668,256 |
|
|
9,651,341 |
|
|
Weighted average shares outstanding (diluted) |
|
|
9,784,886 |
|
|
9,785,267 |
|
|
9,779,003 |
|
|
9,780,358 |
|
|
9,752,250 |
|
|
9,744,402 |
|
|
Period-end shares outstanding |
|
|
9,722,834 |
|
|
9,720,440 |
|
|
9,699,828 |
|
|
9,694,772 |
|
|
9,671,379 |
|
|
9,694,772 |
|
|
Book value per share |
|
$ |
24.69 |
|
$ |
23.43 |
|
$ |
23.44 |
|
$ |
22.63 |
|
$ |
21.99 |
|
$ |
22.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
26,780 |
|
$ |
26,509 |
|
$ |
25,851 |
|
$ |
24,803 |
|
$ |
24,038 |
|
$ |
90,390 |
|
|
Provision for loan/lease losses |
|
|
2,127 |
|
|
2,367 |
|
|
2,036 |
|
|
2,105 |
|
|
1,515 |
|
|
5,428 |
|
|
Noninterest income |
|
|
11,600 |
|
|
11,538 |
|
|
10,933 |
|
|
10,331 |
|
|
11,442 |
|
|
46,035 |
|
|
Noninterest expenses |
|
|
23,723 |
|
|
24,674 |
|
|
23,289 |
|
|
22,728 |
|
|
22,190 |
|
|
87,056 |
|
|
Income tax expense |
|
|
4,037 |
|
|
3,526 |
|
|
3,716 |
|
|
2,994 |
|
|
3,725 |
|
|
13,810 |
|
|
Net income attributable to Tompkins Financial |
|
|
8,460 |
|
|
7,447 |
|
|
7,710 |
|
|
7,274 |
|
|
7,933 |
|
|
29,834 |
|
|
Noncontrolling interest |
|
|
33 |
|
|
33 |
|
|
33 |
|
|
33 |
|
|
117 |
|
|
297 |
|
|
Basic earnings per share |
|
$ |
0.87 |
|
$ |
0.77 |
|
$ |
0.79 |
|
$ |
0.75 |
|
$ |
0.82 |
|
$ |
3.09 |
|
|
Diluted earnings per share |
|
$ |
0.86 |
|
$ |
0.76 |
|
$ |
0.79 |
|
$ |
0.74 |
|
$ |
0.81 |
|
$ |
3.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
|
$ |
646 |
|
$ |
1,028 |
|
$ |
728 |
|
$ |
739 |
|
$ |
1,043 |
|
$ |
2,848 |
|
|
Nonaccrual loans and leases |
|
|
25,837 |
|
|
24,661 |
|
|
15,478 |
|
|
15,798 |
|
|
12,463 |
|
|
15,798 |
|
|
Loans and leases 90 days past due and accruing |
|
|
579 |
|
|
1,073 |
|
|
677 |
|
|
161 |
|
|
0 |
|
|
161 |
|
|
Troubled debt restructurings not included above |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
69 |
|
|
132 |
|
|
69 |
|
|
Total nonperforming loans and leases |
|
|
26,416 |
|
|
25,734 |
|
|
16,155 |
|
|
16,028 |
|
|
12,595 |
|
|
16,028 |
|
|
OREO |
|
|
440 |
|
|
68 |
|
|
103 |
|
|
110 |
|
|
526 |
|
|
110 |
|
|
Nonperforming assets |
|
|
26,856 |
|
|
25,802 |
|
|
16,258 |
|
|
16,138 |
|
|
13,121 |
|
|
16,138 |
|
Tompkins Financial Corporation – Summary Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-Ended |
|
Year-Ended |
|
||||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
|
Sep-09 |
|
Jun-09 |
|
|
Mar-09 |
|
|
Dec-08 |
|
|
Sep-08 |
|
|
Dec-08 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||||
|
Credit Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan and lease losses/ average loans and leases * |
|
|
0.14 |
% |
|
0.23 |
% |
|
0.16 |
% |
|
0.17 |
% |
|
0.25 |
% |
|
0.18 |
% |
|
Nonperforming loans and leases/loans and leases |
|
|
1.40 |
% |
|
1.40 |
% |
|
0.89 |
% |
|
0.88 |
% |
|
0.73 |
% |
|
0.88 |
% |
|
Nonperforming assets/assets |
|
|
0.87 |
% |
|
0.87 |
% |
|
0.54 |
% |
|
0.56 |
% |
|
0.48 |
% |
|
0.56 |
% |
|
Allowance/nonperforming loans and leases |
|
|
86.31 |
% |
|
82.84 |
% |
|
123.68 |
% |
|
116.50 |
% |
|
137.40 |
% |
|
116.50 |
% |
|
Allowance/loans and leases |
|
|
1.21 |
% |
|
1.16 |
% |
|
1.10 |
% |
|
1.03 |
% |
|
1.01 |
% |
|
1.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Adequacy (period-end) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I capital / average assets |
|
|
7.5 |
% |
|
7.4 |
% |
|
6.7 |
% |
|
6.7 |
% |
|
7.0 |
% |
|
6.7 |
% |
|
Total capital / risk-weighted assets |
|
|
11.9 |
% |
|
11.7 |
% |
|
10.8 |
% |
|
10.6 |
% |
|
10.9 |
% |
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets * |
|
|
1.12 |
% |
|
1.00 |
% |
|
1.07 |
% |
|
1.03 |
% |
|
1.17 |
% |
|
1.13 |
% |
|
Return on average equity * |
|
|
14.37 |
% |
|
12.98 |
% |
|
14.12 |
% |
|
13.61 |
% |
|
15.37 |
% |
|
13.89 |
% |
|
Net interest margin (TE) * |
|
|
3.91 |
% |
|
3.93 |
% |
|
3.97 |
% |
|
3.89 |
% |
|
3.92 |
% |
|
3.81 |
% |
* Quarterly ratios have been annualized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-ended |
|
Year-Ended |
|
||||||||||||||
|
|
|
|
|
||||||||||||||||
|
Non-GAAP Disclosure |
|
Sep-09 |
|
Jun-09 |
|
Mar-09 |
|
Dec-08 |
|
Sep-08 |
|
Dec-08 |
|
||||||
|
|
|
|
|
|
|
|
|||||||||||||
|
Reported net income |
|
$ |
8,460 |
|
$ |
7,447 |
|
$ |
7,710 |
|
$ |
7,274 |
|
$ |
7,933 |
|
$ |
29,834 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds and accrual adjustment from VISA IPO (after-tax) |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(983 |
) |
|
FDIC special insurance assessment (after-tax) |
|
|
0 |
|
|
822 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
Subtotal adjustments |
|
|
0 |
|
|
822 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(983 |
) |
|
Adjusted net income |
|
$ |
8,460 |
|
$ |
8,269 |
|
$ |
7,710 |
|
$ |
7,274 |
|
$ |
7,933 |
|
$ |
28,851 |
|
|
Weighted average shares outstanding (diluted) |
|
|
9,784,886 |
|
|
9,785,267 |
|
|
9,779,003 |
|
|
9,780,358 |
|
|
9,752,250 |
|
|
9,744,402 |
|
|
Adjusted diluted earnings per share |
|
$ |
.86 |
|
$ |
.85 |
|
$ |
.79 |
|
$ |
.74 |
|
$ |
.81 |
|
$ |
2.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date period ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Non-GAAP Disclosure |
|
Sep-09 |
|
Sep-08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Reported net income |
|
$ |
23,616 |
|
$ |
22,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds and accrual adjustment from VISA IPO (after-tax) |
|
|
0 |
|
|
(983 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
FDIC special insurance assessment (after-tax) |
|
|
822 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal adjustments |
|
|
822 |
|
|
(983 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
24,438 |
|
$ |
21,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (diluted) |
|
|
9,783,126 |
|
|
9,732,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share |
|
$ |
2.50 |
|
$ |
2.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|