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8-K - CURRENT REPORT - TOMPKINS FINANCIAL CORPtmp-8k_012412.htm
EX-99.1 - AGREEMENT AND PLAN OF MERGER - TOMPKINS FINANCIAL CORPex2_1.htm
EX-99.3 - PRESS RELEASE - TOMPKINS FINANCIAL CORPex99_3.htm
EX-10.1 - VOTING AGREEMENT - TOMPKINS FINANCIAL CORPex10_1.htm
EX-99.1 - PRESS RELEASE - TOMPKINS FINANCIAL CORPex99_1.htm
EX-10.2 - SUMMARY OF COMPENSATION AGREEMENT - TOMPKINS FINANCIAL CORPex10_2.htm


Tompkins Financial Corporation 8-K
EXHIBIT 99.2
 
(tompkins financial corporation)
 
  For more information contact:
  Stephen S. Romaine, President & CEO
  Francis M. Fetsko, CFO
  Tompkins Financial Corporation 607.273.3210
 
For Immediate Release
Wednesday, January 25, 2012

Tompkins Financial Corporation Reports Increase in Fourth Quarter Earnings and Record 2011 Earnings
 

ITHACA, NY – Tompkins Financial Corporation (TMP–NYSE Amex)
 
Tompkins Financial Corporation reported net income of $9.4 million for the fourth quarter of 2011, an increase of 5.6% over the $8.9 million reported for the same period in 2010.  Diluted earnings per share were $0.84 for the fourth quarter of 2011, a 3.7% increase over the $0.81 reported for the fourth quarter of 2010.
 
For the twelve months ended December 31, 2011, net income was $35.4 million, an increase of 4.7% over net income of $33.8 million for the same period in 2010.  Full year 2011 diluted earnings per share totaled $3.20, an increase of 2.9% over the $3.11 reported for 2010.
 
Stephen S. Romaine, President and CEO stated, “2011 was a strong year for our Company with net income and total assets at record levels.  In an economic environment that continued to be challenging, we were able to grow both loans and deposits in 2011.  We are also pleased with the favorable trends that we are seeing in asset quality measures, with classified loans down from prior quarter and year end 2010.”
 
Selected highlights for the fourth quarter and year-to-date period included:
 
§  
Return on average equity was 12.02% in 2011, which ranks in the top 15% of our most recent peer group average as published by the Federal Reserve1.
 
§  
Total loans were $2.0 billion at December 31, 2011, up $71.5 million or 3.7% from December 31, 2010.
 
§  
Total deposits were $2.7 billion at December 31, 2011, up 6.6% from the same period in 2010.  Noninterest-bearing deposits totaled $616.4 million at December 31, 2011, an increase of 17.8% over the same period in 2010.
 
 
 

 
 
§  
Total revenue was $39.2 million for the fourth quarter of 2011 and $159.4 million for the twelve months ended December 31, 2011, down 2.4% and up 0.9%, respectively, compared to the same periods in 2010.
 
§  
The net interest margin for the fourth quarter of 2011 was 3.62%, compared to 3.71% for the third quarter of 2011, and 3.75% for the fourth quarter of 2010.  For the year to date, net interest margin was 3.72% in 2011, compared to 3.86% for 2010.  Despite the decline in net interest margin over the past 12 months, net interest income of $28.0 million for the fourth quarter of 2011 and $111.4 million for the full year of 2011 were comparable to the same periods in 2010. Growth in interest earning assets, primarily in the securities portfolio, helped mitigate the earnings impact of the decline in margin.
 
§  
Noninterest income was down 8.8% for the quarter and up 4.0% for the full year 2011 compared to the same periods in 2010.  Card services income and insurance commissions and fees were up from the prior year for both the quarter and year to date periods.  Investment services income was down 10.3% for the quarter and was flat for the twelve months ended December 31, 2011, when compared to the same periods in 2010.  Other income was down $958,000 or 39.2% for the quarter and up $374,000 or 5.9% for the twelve months ended December 31, 2011 compared to the same periods in 2010.  Contributing to the decrease from prior quarter were lower loan fees and lower gains on the sale of residential mortgage loans.
 
§  
Noninterest expense for the fourth quarter of 2011 was $24.2 million, down 3.9% compared to the same period prior year. Noninterest expense for the year-to-date period was $98.6 million, comparable to the twelve months ended December 31, 2010.  A reduction in FDIC insurance costs contributed to the decrease in noninterest expense for both the fourth quarter and full year.
 
§  
Provision for loan and lease losses was $1.2 million for the fourth quarter of 2011, down from $4.9 million in the third quarter of 2011, and $1.4 million in the fourth quarter of 2010.  For the full year, provision for loan and lease losses was $8.9 million, up from $8.5 million in 2010.  The third quarter provision was largely the result of an increase in loan charge-offs during the period, which included a single credit that represented 91.7% of the $5.5 million in gross charge offs during the third quarter.
 
§  
Nonperforming assets were generally flat when compared to the most recent two quarters, and are down 8.2% when compared to the same quarter last year.  The ratio of nonperforming assets to total assets of 1.26% at December 31, 2011, has improved for five consecutive quarters and remains well below the most recent peer averages of 3.10% published as of September 30, 2011, by the Federal Reserve1.  The Company continues to receive regular payments on over 64% of loan balances that we categorize as nonperforming.
 
 
 

 
 
§  
The Company’s allowance for loan and lease losses totaled $27.6 million at December 31, 2011, which represented 1.39% of total loans, compared to $27.8 million and 1.46% at December 31, 2010.  The allowance for loan and lease losses covered 66.65% of nonperforming loans as of December 31, 2011, reflecting improvement from 61.46% at December 31, 2010.
 
§  
Capital levels continued to improve during the quarter and ratios remain well above the regulatory well capitalized minimums.  Tier 1 capital as a percentage of average assets was 8.51%; and the ratio of total capital to risk-weighted assets was 14.17%.
 
Mr. Romaine, added, “Although the interest rate and economic environment will remain a challenge for our business, our strong balance sheet and earnings performance, along with a dedicated and professional team of employees, continues to position us well to take advantage of new growth opportunities.”

Tompkins Financial Corporation operates 45 banking offices in the New York State markets served by the Company's three community banks - Tompkins Trust Company, The Bank of Castile, and Mahopac National Bank, insurance through Tompkins Insurance Agencies, Inc. and wealth management through Tompkins Financial Advisors.
 
"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.
 
1 Federal Reserve peer ratio as of September 30, 2011, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion.
 
 
 

 
 
 
TOMPKINS FINANCIAL CORPORATION
 
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
 
 
 
 
   
 
 
(In thousands, except share and per share data) (Unaudited)
 
As of
   
As of
 
ASSETS
 
12/31/2011
   
12/31/2010
 
 
 
 
   
 
 
Cash and noninterest bearing balances due from banks
  $ 47,297     $ 47,339  
Interest bearing balances due from banks
    2,170       2,226  
Money market funds
    100       100  
Cash and Cash Equivalents
    49,567       49,665  
 
               
Trading securities, at fair value
    19,598       22,837  
Available-for-sale securities, at fair value
    1,143,546       1,039,608  
Held-to-maturity securities, fair value of $27,255 at December 31, 2011, and $56,064
               
at December 31, 2010
    26,673       54,973  
Loans and leases, net of unearned income and deferred costs and fees
    1,981,849       1,910,358  
Less:  Allowance for loan and lease losses
    27,593       27,832  
Net Loans and Leases
    1,954,256       1,882,526  
 
               
Federal Home Loan Bank stock and Federal Reserve Bank stock
    19,070       21,985  
Bank premises and equipment, net
    44,712       46,103  
Corporate owned life insurance
    43,044       40,024  
Goodwill
    43,898       41,649  
Other intangible assets, net
    4,096       4,207  
Accrued interest and other assets
    51,788       56,766  
Total Assets
  $ 3,400,248     $ 3,260,343  
 
               
LIABILITIES
               
Deposits:
               
Interest bearing:
               
  Checking, savings and money market
    1,356,870       1,230,815  
  Time
    687,321       741,829  
Noninterest bearing
    616,373       523,229  
Total Deposits
    2,660,564       2,495,873  
 
               
Federal funds purchased and securities sold under agreements to repurchase
    169,090       183,609  
Other borrowings, including certain amounts at fair value of $12,093 at December 31, 2011
               
and $11,629 at December 31, 2010
    186,075       244,193  
Trust preferred debentures
    25,065       25,060  
Other liabilities
    60,311       38,200  
Total Liabilities
  $ 3,101,105     $ 2,986,935  
 
               
EQUITY
               
Tompkins Financial Corporation shareholders' equity:
               
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued:
               
 11,159,466 at December 31, 2011; and 10,934,385 at December 31, 2010
    1,116       1,093  
Additional paid-in capital
    206,395       198,114  
Retained earnings
    96,445       76,446  
Accumulated other comprehensive loss
    (3,677 )     (1,260 )
Treasury stock, at cost – 95,105 shares at December 31, 2011, and 92,025 shares
               
 at December 31, 2010
    (2,588 )     (2,437 )
 
               
Total Tompkins Financial Corporation Shareholders’ Equity
    297,691       271,956  
Noncontrolling interests
    1,452       1,452  
Total Equity
  $ 299,143     $ 273,408  
Total Liabilities and Equity
  $ 3,400,248     $ 3,260,343  
 
 
 

 
 
 
 
TOMPKINS FINANCIAL CORPORATION
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 
   
 
 
Three Months Ended
   
Twelve Months Ended
 
 (In thousands, except per share data) (Unaudited)
 
12/31/2011
   
12/31/2010
   
12/31/2011
   
12/31/2010
 
 INTEREST AND DIVIDEND INCOME
 
 
   
 
   
 
   
 
 
 Loans
  $ 26,280     $ 26,314     $ 103,998     $ 106,357  
 Due from banks
    1       4       12       31  
 Federal funds sold
    2       2       7       17  
 Trading securities
    205       242       873       1,084  
 Available-for-sale securities
    6,996       7,980       30,103       33,989  
 Held-to-maturity securities
    240       375       1,185       1,535  
 Federal Home Loan Bank stock and Federal Reserve Bank stock
    189       317       910       1,049  
 Total Interest and Dividend Income
    33,913       35,234       137,088       144,062  
 INTEREST EXPENSE
                               
 Time certificates of deposits of $100,000 or more
    758       938       3,292       4,297  
 Other deposits
    2,156       2,873       9,795       13,380  
 Federal funds purchased and securities sold under agreements to repurchase
    1,129       1,349       4,872       5,418  
 Trust preferred debentures
    382       371       1,580       1,581  
 Other borrowings
    1,489       1,842       6,143       7,611  
 Total Interest Expense
    5,914       7,373       25,682       32,287  
 Net Interest Income
    27,999       27,861       111,406       111,775  
 Less:  Provision for loan and lease losses
    1,160       1,433       8,945       8,507  
 Net Interest Income After Provision for Loan and Lease Losses
    26,839       26,428       102,461       103,268  
 NONINTEREST INCOME
                               
 Investment services income
    3,196       3,564       14,287       14,329  
 Insurance commissions and fees
    3,136       3,016       13,542       12,738  
 Service charges on deposit accounts
    2,235       1,952       8,491       8,554  
 Card services income
    1,275       1,138       5,060       4,285  
 Mark-to-market (loss) gain on trading securities
    (108 )     (339 )     62       219  
 Mark-to-market gain (loss) on liabilities held at fair value
    25       500       (464 )     (441 )
 Other income
    1,488       2,446       6,705       6,331  
 Net other-than-temporary impairment losses 
    (65 )     0       (65 )     (34 )
 Net gain on securities transactions
    15       4       396       178  
 Total Noninterest Income
    11,197       12,281       48,014       46,159  
 NONINTEREST EXPENSES
                               
 Salaries and wages
    10,914       10,911       44,140       42,530  
 Pension and other employee benefits
    3,213       3,554       14,275       14,523  
 Net occupancy expense of premises
    1,796       1,735       7,117       7,161  
 Furniture and fixture expense
    1,138       1,109       4,463       4,421  
 FDIC insurance
    471       1,022       2,527       3,768  
 Amortization of intangible assets
    136       175       589       762  
 Other operating expense
    6,532       6,677       25,441       25,880  
 Total Noninterest Expenses
    24,200       25,183       98,552       99,045  
 Income Before Income Tax Expense
    13,836       13,526       51,923       50,382  
 Income Tax Expense
    4,417       4,602       16,373       16,420  
 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation
    9,419       8,924       35,550       33,962  
 Less:  Net income attributable to noncontrolling interests
    32       32       131       131  
 Net Income Attributable to Tompkins Financial Corporation
  $ 9,387     $ 8,892     $ 35,419     $ 33,831  
 Basic Earnings Per Share
  $ 0.84     $ 0.82     $ 3.21     $ 3.13  
 Diluted Earnings Per Share
  $ 0.84     $ 0.81     $ 3.20     $ 3.11  
  
                               
   
See accompanying notes to unaudited condensed consolidated financial statements.
 
 
 
 

 
 
Average Consolidated Balance Sheet and Net Interest Analysis            
 
 
 
 
Quarter Ended
 
Year to Date Period Ended
 
Year to Date Period Ended
 
 
 
 
December 31, 2011
 
December 31, 2011
 
December 31, 2010
 
 
 
 
Average
 
 
 
 
Average
 
 
 
 
Average
 
 
 
 
 
 
 
Balance
 
 
Average
 
Balance
 
 
Average
 
Balance
 
 
Average
(Dollar amounts in thousands)
 
(QTD)
 
Interest
Yield/Rate
 
(YTD)
 
Interest
Yield/Rate
 
(YTD)
 
Interest
Yield/Rate
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing balances due from banks
$
 20,815 
$
 1 
0.04%
$
 12,717 
$
 12 
0.09%
$
 25,189 
$
 31 
0.12%
 
Money market funds
 
 100 
 
0.00%
 
 100 
 
0.00%
 
 100 
 
0.00%
 
Securities (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government securities
 
 1,011,681 
 
 6,386 
2.50%
 
 969,303 
 
 27,504 
2.84%
 
 857,724 
 
 30,964 
3.61%
 
 
Trading securities
 
 20,110 
 
 205 
4.04%
 
 21,262 
 
 873 
4.11%
 
 27,389 
 
 1,085 
3.96%
 
 
State and municipal (2)
 
 82,632 
 
 1,156 
5.55%
 
 95,039 
 
 5,143 
5.41%
 
 107,376 
 
 6,059 
5.64%
 
 
Other securities (2)
 
 12,790 
 
 146 
4.53%
 
 13,971 
 
 648 
4.64%
 
 17,465 
 
 849 
4.86%
 
 
Total securities
 
 1,127,213 
 
 7,893 
2.78%
 
 1,099,575 
 
 34,168 
3.11%
 
 1,009,954 
 
 38,957 
3.86%
 
Federal Funds Sold
 
 4,646 
 
 2 
0.09%
 
 5,837 
 
 7 
0.12%
 
 9,233 
 
 17 
0.18%
 
FHLBNY and FRB stock
 
 17,068 
 
 189 
4.44%
 
 17,992 
 
 910 
5.06%
 
 19,597 
 
 1,049 
5.35%
 
Loans, net of unearned income (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate
 
 1,423,532 
 
 18,861 
5.26%
 
 1,395,533 
 
 74,598 
5.35%
 
 1,345,540 
 
 75,610 
5.62%
 
 
Commercial loans (2)
 
 465,471 
 
 6,352 
5.41%
 
 457,120 
 
 24,792 
5.42%
 
 461,339 
 
 24,730 
5.36%
 
 
Consumer loans
 
 65,749 
 
 1,118 
6.74%
 
 68,364 
 
 4,712 
6.89%
 
 80,412 
 
 5,619 
6.99%
 
 
Direct lease financing
 
 6,457 
 
 94 
5.77%
 
 7,523 
 
 446 
5.93%
 
 10,692 
 
 643 
6.01%
 
 
  Total loans, net of unearned income
 
 1,961,209 
 
 26,425 
5.34%
 
 1,928,540 
 
 104,548 
5.42%
 
 1,897,983 
 
 106,602 
5.62%
 
  Total interest-earning assets
 
 3,131,051 
 
 34,511 
4.37%
 
 3,064,761 
 
 139,645 
4.56%
 
 2,962,056 
 
 146,656 
4.95%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other assets
 
 237,084 
 
 
 
 
 230,221 
 
 
 
 
 229,784 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Total assets
 
 3,368,135 
 
 
 
 
 3,294,982 
 
 
 
 
 3,191,840 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES & EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest bearing checking, savings,  & money market
 
 1,400,283 
 
 1,047 
0.30%
 
 1,350,659 
 
 4,741 
0.35%
 
 1,226,852 
 
 5,994 
0.49%
 
 
Time deposits > $100,000
 
 309,773 
 
 758 
0.97%
 
 313,881 
 
 3,292 
1.05%
 
 327,626 
 
 4,297 
1.31%
 
 
Time deposits < $100,000
 
 388,100 
 
 1,109 
1.13%
 
 401,902 
 
 5,033 
1.25%
 
 432,804 
 
 6,984 
1.61%
 
 
Brokered time deposits < $100,000
 
 13 
 
0.00%
 
 1,731 
 
 21 
1.21%
 
 24,886 
 
 402 
1.62%
 
 
Total interest-bearing deposits
 
 2,098,169 
 
 2,914 
0.55%
 
 2,068,173 
 
 13,087 
0.63%
 
 2,012,168 
 
 17,677 
0.88%
Federal funds purchased & securities sold under
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
agreements to repurchase
 
 170,358 
 
 1,129 
2.63%
 
 173,692 
 
 4,872 
2.80%
 
 185,563 
 
 5,418 
2.92%
Other borrowings
 
 141,735 
 
 1,489 
4.17%
 
 155,650 
 
 6,143 
3.95%
 
 193,296 
 
 7,611 
3.94%
Trust preferred debentures
 
 25,064 
 
 383 
6.06%
 
 25,062 
 
 1,580 
6.30%
 
 25,058 
 
 1,581 
6.31%
 
  Total interest-bearing liabilities
 
 2,435,326 
 
 5,915 
0.96%
 
 2,422,577 
 
 25,682 
1.06%
 
 2,416,085 
 
 32,287 
1.34%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest bearing deposits
 
 584,514 
 
 
 
 
 539,917 
 
 
 
 
 468,219 
 
 
 
Accrued expenses and other liabilities
 
 40,756 
 
 
 
 
 37,868 
 
 
 
 
 41,593 
 
 
 
 
  Total liabilities
 
 3,060,596 
 
 
 
 
 3,000,362 
 
 
 
 
 2,925,897 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tompkins Financial Corporation Shareholders’ equity
 
 305,996 
 
 
 
 
 292,845 
 
 
 
 
 264,431 
 
 
 
Noncontrolling interest
 
 1,543 
 
 
 
 
 1,775 
 
 
 
 
 1,512 
 
 
 
 
  Total equity
 
 307,539 
 
 
 
 
 294,620 
 
 
 
 
 265,943 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Total liabilities and equity
$
 3,368,135 
 
 
 
$
 3,294,982 
 
 
 
$
 3,191,840 
 
 
 
Interest rate spread
 
 
 
 
3.41%
 
 
 
 
3.50%
 
 
 
 
3.61%
 
Net interest income/margin on earning assets
 
 
 
 28,596 
3.62%
 
 
 
 113,963 
3.72%
 
 
 
 114,369 
3.86%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax Equivalent Adjustment
 
 
 
 (597)
 
 
 
 
 (2,557)
 
 
 
 
 (2,594)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income per consolidated financial statements
 
 
$
 27,999 
 
 
 
$
 111,406 
 
 
 
$
 111,775 
 
 
 
(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 Company’s consolidated financial statements included in Part I of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010.
 
 
 
 

 
 
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
 
   
 
   
 
   
 
   
 
   
 
   
 
 
(In thousands, except per share data)
 
Quarter-Ended
   
Year-Ended
 
   
Dec-11
   
Sep-11
   
Jun-11
   
Mar-11
   
Dec-10
   
Dec-11
 
 
Period End Balance Sheet                                                
Securities
  $ 1,189,817     $ 1,130,769     $ 1,138,563     $ 1,121,443     $ 1,117,418     $ 1,189,817  
Loans and leases, net of unearned income and deferred costs and fees
    1,981,849       1,951,598       1,920,716       1,914,344       1,910,358       1,981,849  
Allowance for loan and lease losses
    27,593       27,878       28,361       28,035       27,832       27,593  
Total assets
    3,400,248       3,359,017       3,287,598       3,278,894       3,260,343       3,400,248  
                                                 
Total deposits
    2,660,564       2,675,674       2,572,008       2,612,517       2,495,873       2,660,564  
Federal funds purchased and securities sold under agreements to repurchase
    169,090       171,943       178,545       182,009       183,609       169,090  
Other borrowings
    186,075       138,001       172,643       140,353       244,193       186,075  
Trust preferred debentures
    25,065       25,063       25,062       25,061       25,060       25,065  
Shareholders' equity
    299,143       309,335       300,060       282,237       273,408       299,143  
                                                 
Average Balance Sheet
                                               
Average earning assets
  $ 3,131,051     $ 3,050,346     $ 3,047,494     $ 3,029,188     $ 3,010,361     $ 3,064,761  
Average assets
    3,368,135       3,286,159       3,271,895       3,252,549       3,243,822       3,294,982  
Average interest-bearing liabilities
    2,435,326       2,391,576       2,432,556       2,431,145       2,424,998       2,422,577  
Average equity
    307,539       303,861       288,341       277,283       280,051       294,620  
                                                 
Share data
                                               
Weighted average shares outstanding (basic)
    11,074,330       11,049,831       10,974,615       10,905,197       10,888,138       11,002,106  
Weighted average shares outstanding (diluted)
    11,104,623       11,124,331       11,016,515       10,955,430       10,936,042       11,035,384  
Period-end shares outstanding
    11,123,556       11,122,886       11,051,894       10,952,410       10,898,475       11,123,556  
Book value per share
    26.89       27.81       27.15       25.77       25.09       26.89  
                                                 
Income Statement
                                               
Net interest income
  $ 27,999     $ 27,913     $ 27,952     $ 27,542     $ 27,861     $ 111,406  
Provision for loan/lease losses
    1,160       4,870       1,005       1,910       1,433       8,945  
Noninterest income
    11,197       12,312       12,013       12,492       12,281       48,014  
Noninterest expense
    24,200       23,973       25,163       25,216       25,183       98,552  
Income tax expense
    4,417       3,490       4,364       4,102       4,602       16,373  
Net income attributable to Tompkins Financial Corporation
    9,387       7,859       9,400       8,773       8,892       35,419  
Noncontrolling interests
    32       33       33       33       32       131  
Basic earnings per share
  $ 0.84     $ 0.71     $ 0.86     $ 0.80     $ 0.82     $ 3.21  
Diluted earnings per share
  $ 0.84     $ 0.71     $ 0.85     $ 0.80     $ 0.81     $ 3.20  
                                                 
Asset Quality
                                               
Net charge-offs
    1,445       5,353       679       1,707       2,285       9,184  
  Nonaccrual loans and leases
    39,588       40,419       38,457       39,902       41,501       39,588  
  Loans and leases 90 days past due and accruing
    1,380       379       2,512       1,266       1,217       1,380  
  Troubled debt restructurings not included above
    428       441       0       2,411       2,564       428  
Total nonperforming loans and leases
    41,396       41,239       40,969       43,579       45,282       41,396  
  OREO
    1,334       1,632       1,742       2,270       1,255       1,334  
Nonperforming assets
    42,730       42,871       42,711       45,849       46,537       42,730  
Loan Classifications
                                               
  Special Mention
    52,156       66,697       80,470       70,765       80,920       52,156  
  Substandard
    72,920       73,313       80,003       85,973       91,645       72,920  
  Doubtful
    1,494       509       2,450       2,468       0       1,494  
 
 
 

 
 
 
 
 
   
 
   
 
   
 
   
 
   
 
 
RATIO ANALYSIS
 
Quarter-Ended
   
Year-Ended
 
Credit Quality
 
Dec-11
   
Sep-11
   
Jun-11
   
Mar-11
   
Dec-10
   
Dec-11
 
Net loan and lease losses/ average loans
 
 
   
 
   
 
   
 
   
 
   
 
 
     and leases *
    0.29 %     1.10 %     0.14 %     0.36 %     0.48 %     0.48 %
Nonperforming loans and leases/loans and leases
    2.09 %     2.11 %     2.13 %     2.28 %     2.37 %     2.09 %
Nonperforming assets/assets
    1.26 %     1.28 %     1.30 %     1.40 %     1.43 %     1.26 %
Allowance/nonperforming loans and leases
    66.65 %     67.60 %     69.23 %     64.33 %     61.46 %     66.65 %
Allowance/loans and leases
    1.39 %     1.43 %     1.48 %     1.46 %     1.46 %     1.39 %
                                                 
Capital Adequacy (period-end)
                                               
Tier I capital / average assets
    8.51 %     8.55 %     8.39 %     8.22 %     8.02 %     8.51 %
Total capital / risk-weighted assets
    14.17 %     14.11 %     13.98 %     13.66 %     13.42 %     14.17 %
                                                 
Profitability
                                               
Return on average assets *
    1.11 %     0.95 %     1.15 %     1.09 %     1.09 %     1.07 %
Return on average equity *
    12.07 %     10.29 %     13.08 %     12.83 %     12.60 %     12.02 %
Net interest margin (TE) *
    3.62 %     3.71 %     3.77 %     3.78 %     3.75 %     3.72 %
* Quarterly ratios have been annualized