Jul. 21, 2010 (Business Wire) -- Tompkins Financial Corporation (TMP–NYSE Amex)
Tompkins Financial Corporation reported record net income of $9.0 million for the second quarter of 2010, an increase of 21.3% over the $7.4 million reported for the same period in 2009. Diluted earnings per share were $0.83 for the second quarter of 2010, a 20.3% increase over the $0.69 reported for the second quarter of 2009 (adjusted for 10% stock dividend approved on January 27, 2010; refer to footnote1).
For the six months ended June 30, 2010, net income was $17.4 million compared to $15.2 million for the same period prior year. Diluted earnings per share totaled $1.61 for the first six months of 2010, an increase of 14.2% over the $1.41 reported for the first six months of 2009.
Selected highlights for the second quarter included:
- Second quarter 2010 diluted earnings per share up 20.3% from same period in 2009 (2010 results would reflect an increase of 7.8% if second quarter 2009 results are adjusted for special FDIC assessment accrued in June 2009);
- Net interest income up 6.0% from the same quarter last year, representing the 13th consecutive quarter of increased net interest income;
- Lower net charge-offs, contributed to a 40.5% decrease in provision expense from $2.4 million in the second quarter of 2009, to $1.4 million in the second quarter of 2010.
- Second quarter Return on Equity of 13.92%. This is up from a 2009 full year Return on Equity of 13.66%, which ranked in top 11% of similar sized bank holding companies in the most recent Federal Reserve performance report2;
- The Company increased it cash dividend to $0.34 per share in the second quarter of 2010, a 10% increase from the immediately preceding quarter (when adjusted for the 10% stock dividend paid on February 15, 2010). The increase is consistent with the 21 consecutive years of annual dividend increases paid to shareholders through year end 2009.
- According to the most recent Federal Reserve performance report2 the Company’s ratio of Net Losses to Average Loans for the calendar year ended December 31, 2009, and for the quarter ended March 31, 2010, was better than 90% of all banks with total assets between $3 billion and $10 billion.
- Capital levels at June 30, 2010, remain well above the regulatory minimums to be considered well capitalized, and improving trends have continued in the current quarter.
Stephen S. Romaine, President and CEO stated, “As the uncertain economic conditions continue to pose challenges for our customers and our industry, we are obviously pleased to report on record earnings both for the quarter and year-to-date periods. We are especially pleased to note continued growth in revenue during the quarter. In addition to the continued growth in net interest income, we saw improving trends in each of our key fee based business activities.”
Growth in average earning assets and deposits has contributed to the increase in net interest income in 2010. When comparing the second quarter of 2010 to the second quarter of 2009, average loans were up 3.5% and average deposits were up 7.8%. Net interest income of $28.1 million in the second quarter of 2010 was up 6.0% over the same period in 2009. Net interest margin has remained relatively stable over the last 12 months. The 3.91% margin reported for the second quarter of 2010 compares to 3.89% in the fourth quarter of 2009, and 3.93% in the second quarter of 2009. Mr. Romaine commented, “The current economic climate has resulted in slower loan demand over the last several quarters, making loan growth more challenging. We remain committed to making loans that support economic activity in the communities we serve and feel that the growth we have experienced over the last twelve months is evidence of that commitment.”
The Company’s allowance for loan and lease losses totaled $26.5 million at June 30, 2010, which represented 1.40% of total loans. Annualized net charge-offs for the first six months of 2010 represented 0.15% of average loans and leases, which is down from 0.19% for the same period in 2009. Net charge-offs for the second quarter of 2010 were $244,000, which benefited from $560,000 in recoveries of loans previously charged off.
Nonperforming assets represented 1.28% of total assets as of June 30, 2010, up from 1.12% at December 31, 2009, and up from 0.87% at June 30, 2009. Approximately, 57% of the Company’s nonperforming loans were less than 30 days past due as of June 30, 2010. Mr. Romaine added, “Although nonperforming assets increased somewhat from the previous quarter, we are encouraged that during the quarter we noted improving financial conditions for certain credits within the portfolio. Additionally, our nonperforming asset ratios and loss experience remain significantly better than national averages. We remain diligent in monitoring the credit portfolio, as we recognize that many of our customers continue to be challenged by the prolonged economic downturn.”
Despite increases in all major fee income categories, noninterest income for the second quarter of 2010 of $11.3 million reflects a decline of 1.8% from the same period in 2009. Year-to-date 2010 noninterest income was $22.7 million, which is in line with the same period in 2009. Investment services revenue, the largest category of noninterest income, was $3.6 million for the second quarter of 2010, an increase of 8.0% from the second quarter of 2009. Other significant fee income categories include insurance revenue of $3.2 million (up 2.3%); service charges on deposit accounts of $2.4 million (up 7.0%); and cards services income of $1.1 million (up 14.4%). The decline in noninterest income relates primarily to net mark-to-market losses on liabilities held at fair value, which were $490,000 for the second quarter of 2010, compared to net mark-to-market gains of $432,000 as of June 30, 2009. The market-to-market gains and losses are the result of interest rate movements that may positively or negatively impact the carrying amount of certain assets and liabilities carried at fair value.
Noninterest expenses for the second quarter 2010 were $24.5 million, relatively flat compared to the same quarter last year. Noninterest expenses for the six months ended June 30, 2010 totaled $49.0 million, an increase of 2.2% over the same period in 2009. FDIC insurance of $857,000 for the second quarter of 2010 is down from $2.2 million reported in the second quarter of 2009. The large variance is due to the FDIC special assessment expensed in the second quarter of 2009. The largest category of noninterest expense is Salary and Wages, which totaled $10.7 million in the second quarter of 2010, an increase of 6.0% from second quarter of 2009.
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.
1 Share and per share data in this press release have been retroactively adjusted to reflect a 10% stock dividend paid on February 15, 2010.
2 Federal Reserve peer ratio as of March 31, 2010, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion.
| PART I - FINANCIAL INFORMATION | ||||||||
| Item 1. Financial Statements | ||||||||
| TOMPKINS FINANCIAL CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CONDITION | ||||||||
| (In thousands, except share and per share data) (Unaudited) | As of | As of | ||||||
| ASSETS | 06/30/2010 | 12/31/2009 | ||||||
| Cash and noninterest bearing balances due from banks | $ | 47,839 | $ | 43,686 | ||||
| Interest bearing balances due from banks | 1,615 | 1,676 | ||||||
| Federal funds sold | 15,000 | 0 | ||||||
| Money market funds | 100 | 100 | ||||||
| Cash and Cash Equivalents | 64,554 | 45,462 | ||||||
| Trading securities, at fair value | 26,895 | 31,718 | ||||||
| Available-for-sale securities, at fair value | 955,090 | 928,770 | ||||||
| Held-to-maturity securities, fair value of $42,567 at June 30, 2010, and $46,340 at | ||||||||
| December 31, 2009 | 41,235 | 44,825 | ||||||
| Loans and leases, net of unearned income and deferred costs and fees | 1,900,303 | 1,914,818 | ||||||
| Less: Allowance for loan and lease losses | 26,530 | 24,350 | ||||||
| Net Loans and Leases | 1,873,773 | 1,890,468 | ||||||
| FHLB and FRB stock | 19,330 | 20,041 | ||||||
| Bank premises and equipment, net | 46,818 | 46,650 | ||||||
| Corporate owned life insurance | 36,680 | 35,953 | ||||||
| Goodwill | 41,589 | 41,589 | ||||||
| Other intangible assets, net | 4,486 | 4,864 | ||||||
| Accrued interest and other assets | 51,198 | 62,920 | ||||||
| Total Assets | $ | 3,161,648 | $ | 3,153,260 | ||||
| LIABILITIES | ||||||||
| Deposits: | ||||||||
| Interest bearing: | ||||||||
| Checking, savings and money market | 1,198,065 | 1,183,145 | ||||||
| Time | 787,923 | 794,738 | ||||||
| Noninterest bearing | 474,235 | 461,981 | ||||||
| Total Deposits | 2,460,223 | 2,439,864 | ||||||
| Federal funds purchased and securities sold under agreements to repurchase, including certain amounts at fair value of $5,628 at June 30, 2010, and $5,500 at December 31, 2009 | 175,336 | 192,784 | ||||||
| Other borrowings, including certain amounts at fair value of $11,825 at June 30, 2010, and $11,335 at December 31, 2009 | 189,561 | 208,965 | ||||||
| Trust preferred debentures | 25,058 | 25,056 | ||||||
| Other liabilities | 42,787 | 41,583 | ||||||
| Total Liabilities | $ | 2,892,965 | $ | 2,908,252 | ||||
| EQUITY | ||||||||
| Tompkins Financial Corporation shareholders' equity: | ||||||||
| Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued and outstanding: 10,865,911 at June 30, 2010; and 9,785,265 at December 31, 2009 | 1,087 | 978 | ||||||
| Additional paid-in capital | 195,025 | 155,589 | ||||||
| Retained earnings | 67,456 | 92,402 | ||||||
| Accumulated other comprehensive income (loss) | 5,965 | (3,087 | ) | |||||
| Treasury stock, at cost – 88,784 shares at June 30, 2010, and 81,723 shares at December 31, 2009 | (2,367 | ) | (2,326 | ) | ||||
| Total Tompkins Financial Corporation Shareholders’ Equity | 267,166 | 243,556 | ||||||
| Noncontrolling interests | 1,517 | 1,452 | ||||||
| Total Equity | $ | 268,683 | $ | 245,008 | ||||
| Total Liabilities and Equity | $ | 3,161,648 | $ | 3,153,260 | ||||
| See accompanying notes to unaudited condensed consolidated financial statements. | ||||||||
| TOMPKINS FINANCIAL CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| Three Months Ended | Six Months Ended | |||||||
| (In thousands, except per share data) (Unaudited) | 06/30/2010 | 06/30/2009 | 06/30/2010 | 06/30/2009 | ||||
| INTEREST AND DIVIDEND INCOME | ||||||||
| Loans | $26,750 | $26,499 | $53,369 | $53,176 | ||||
| Due from banks | 10 | 4 | 22 | 12 | ||||
| Federal funds sold | 6 | 4 | 9 | 8 | ||||
| Money market funds | 0 | 10 | 0 | 28 | ||||
| Trading securities | 278 | 345 | 588 | 707 | ||||
| Available-for-sale securities | 8,794 | 8,927 | 17,793 | 17,570 | ||||
| Held-to-maturity securities | 394 | 483 | 802 | 986 | ||||
| FHLB and FRB stock | 218 | 287 | 501 | 322 | ||||
| Total Interest and Dividend Income | 36,450 | 36,559 | 73,084 | 72,809 | ||||
| INTEREST EXPENSE | ||||||||
| Time certificates of deposits of $100,000 or more | 1,146 | 1,314 | 2,324 | 2,805 | ||||
| Other deposits | 3,502 | 4,827 | 7,329 | 9,960 | ||||
| Federal funds purchased and repurchase agreements | 1,308 | 1,564 | 2,733 | 3,129 | ||||
| Trust preferred securities | 436 | 325 | 803 | 378 | ||||
| Other borrowings | 1,952 | 2,020 | 3,845 | 4,178 | ||||
| Total Interest Expense | 8,344 | 10,050 | 17,034 | 20,450 | ||||
| Net Interest Income | 28,106 | 26,509 | 56,050 | 52,359 | ||||
| Less: Provision for loan/lease losses | 1,408 | 2,367 | 3,591 | 4,403 | ||||
| Net Interest Income After Provision for Loan/Lease Losses | 26,698 | 24,142 | 52,459 | 47,956 | ||||
| NONINTEREST INCOME | ||||||||
| Investment services income | 3,604 | 3,337 | 7,341 | 6,539 | ||||
| Insurance commissions and fees | 3,191 | 3,120 | 6,357 | 6,239 | ||||
| Service charges on deposit accounts | 2,430 | 2,271 | 4,487 | 4,491 | ||||
| Card services income | 1,067 | 933 | 2,041 | 1,723 | ||||
| Mark-to-market gain on trading securities | 291 | 40 | 381 | 98 | ||||
| Mark-to-market (loss) gain on liabilities held at fair value | (490) | 432 | (618) | 688 | ||||
| Other income | 1,180 | 1,386 | 2,486 | 2,667 | ||||
| Net gain on security transactions | 58 | 19 | 176 | 26 | ||||
| Total Noninterest Income | 11,331 | 11,538 | 22,651 | 22,471 | ||||
| NONINTEREST EXPENSES | ||||||||
| Salaries and wages | 10,669 | 10,069 | 21,008 | 19,597 | ||||
| Pension and other employee benefits | 3,442 | 3,360 | 7,354 | 6,746 | ||||
| Net occupancy expense of premises | 1,725 | 1,774 | 3,606 | 3,788 | ||||
| Furniture and fixture expense | 1,143 | 1,128 | 2,326 | 2,244 | ||||
| FDIC insurance | 857 | 2,164 | 1,769 | 2,518 | ||||
| Amortization of intangible assets | 199 | 235 | 401 | 484 | ||||
| Other operating expense | 6,481 | 5,944 | 12,547 | 12,586 | ||||
| Total Noninterest Expenses | 24,516 | 24,674 | 49,011 | 47,963 | ||||
| Income Before Income Tax Expense | 13,513 | 11,006 | 26,099 | 22,464 | ||||
| Income Tax Expense | 4,447 | 3,526 | 8,585 | 7,242 | ||||
| Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation | 9,066 | 7,480 | 17,514 | 15,222 | ||||
| Less: Net income attributable to noncontrolling interests | 33 | 33 | 65 | 65 | ||||
| Net Income Attributable to Tompkins Financial Corporation | $ 9,033 | $ 7,447 | $ 17,449 | $ 15,157 | ||||
| Basic Earnings Per Share | $0.84 | $0.70 | $1.62 | $1.42 | ||||
| Diluted Earnings Per Share | $0.83 | $0.69 | $1.61 | $1.41 | ||||
| Per share data has been retroactively adjusted to reflect 10% stock dividend paid on February 15, 2010 | ||||||||
| 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 | |||||||||||||||||||||||||||||
| June 30, 2010 | June 30, 2010 | June 30, 2009 | |||||||||||||||||||||||||||||
| Average | Average | Average | Average | Average | 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 | $ | 36,083 | $ | 10 | 0.11 | % | $ | 36,979 | $ | 22 | 0.12 | % | $ | 8,993 | $ | 12 | 0.27 | % | |||||||||||||
| Money market funds | 100 | 0 | 0.00 | % | 100 | 0 | 0.00 | % | 16,841 | 28 | 0.34 | % | |||||||||||||||||||
| Securities (1) | |||||||||||||||||||||||||||||||
| U.S. Government securities | 843,247 | 8,029 | 3.82 | % | 835,570 | 16,248 | 3.92 | % | 699,503 | 15,847 | 4.57 | % | |||||||||||||||||||
| Trading securities | 29,168 | 278 | 3.82 | % | 30,218 | 588 | 3.92 | % | 36,725 | 707 | 3.88 | % | |||||||||||||||||||
| State and municipal (2) | 105,222 | 1,536 | 5.86 | % | 105,181 | 3,109 | 5.96 | % | 115,703 | 3,500 | 6.10 | % | |||||||||||||||||||
| Other securities (2) | 17,784 | 218 | 4.92 | % | 18,171 | 442 | 4.91 | % | 21,307 | 551 | 5.21 | % | |||||||||||||||||||
| Total securities | 995,421 | 10,061 | 4.05 | % | 989,140 | 20,387 | 4.16 | % | 873,238 | 20,605 | 4.76 | % | |||||||||||||||||||
| Federal Funds Sold | 13,409 | 6 | 0.18 | % | 11,256 | 9 | 0.16 | % | 8,727 | 8 | 0.18 | % | |||||||||||||||||||
| FHLB and FRB stock | 19,395 | 218 | 4.51 | % | 19,514 | 501 | 5.18 | % | 20,464 | 322 | 3.17 | % | |||||||||||||||||||
| Loans, net of unearned income (3) | |||||||||||||||||||||||||||||||
| Real estate loans | 1,337,693 | 19,016 | 5.70 | % | 1,332,798 | 37,856 | 5.73 | % | 1,264,018 | 37,583 | 6.00 | % | |||||||||||||||||||
| Commercial loans (2) | 458,845 | 6,283 | 5.49 | % | 465,834 | 12,545 | 5.43 | % | 453,652 | 12,335 | 5.48 | % | |||||||||||||||||||
| Consumer loans | 81,550 | 1,402 | 6.90 | % | 82,809 | 2,862 | 6.97 | % | 87,184 | 2,993 | 6.92 | % | |||||||||||||||||||
| Direct lease financing (2) | 11,177 | 167 | 5.99 | % | 11,404 | 342 | 6.05 | % | 13,453 | 408 | 6.12 | % | |||||||||||||||||||
| Total loans, net of unearned income | 1,889,265 | 26,868 | 5.70 | % | 1,892,845 | 53,605 | 5.71 | % | 1,818,307 | 53,319 | 5.91 | % | |||||||||||||||||||
| Total interest-earning assets | 2,953,673 | 37,163 | 5.05 | % | 2,949,834 | 74,523 | 5.09 | % | 2,746,570 | 74,294 | 5.45 | % | |||||||||||||||||||
| Other assets | 227,803 | 227,459 | 204,214 | ||||||||||||||||||||||||||||
| Total assets | 3,181,476 | 3,177,293 | 2,950,784 | ||||||||||||||||||||||||||||
| LIABILITIES & EQUITY | |||||||||||||||||||||||||||||||
| Deposits | |||||||||||||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||||||||||||
| Interest bearing checking, savings, & money market | 1,230,496 | 1,605 | 0.52 | % | 1,229,835 | 3,395 | 0.56 | % | 1,108,743 | 4,573 | 0.83 | % | |||||||||||||||||||
| Time deposits > $100,000 | 342,695 | 1,146 | 1.34 | % | 338,998 | 2,324 | 1.38 | % | 283,789 | 2,805 | 1.99 | % | |||||||||||||||||||
| Time deposits < $100,000 | 430,810 | 1,784 | 1.66 | % | 430,141 | 3,657 | 1.71 | % | 420,595 | 4,943 | 2.37 | % | |||||||||||||||||||
| Brokered time deposits < $100,000 | 27,464 | 113 | 1.65 | % | 32,326 | 277 | 1.73 | % | 42,982 | 444 | 2.08 | % | |||||||||||||||||||
| Total interest-bearing deposits | 2,031,465 | 4,648 | 0.92 | % | 2,031,300 | 9,653 | 0.96 | % | 1,856,109 | 12,765 | 1.39 | % | |||||||||||||||||||
| Federal funds purchased & securities sold under agreements to repurchase | |||||||||||||||||||||||||||||||
| Repurchase | 177,309 | 1,308 | 2.96 | % | 182,502 | 2,733 | 3.02 | % | 186,516 | 3,129 | 3.38 | % | |||||||||||||||||||
| Other borrowings | 190,414 | 1,952 | 4.11 | % | 194,784 | 3,845 | 3.98 | % | 213,780 | 4,178 | 3.94 | % | |||||||||||||||||||
| Trust preferred debentures | 25,057 | 436 | 6.98 | % | 25,057 | 803 | 6.46 | % | 11,318 | 378 | 6.73 | % | |||||||||||||||||||
| Total interest-bearing liabilities | 2,424,245 | 8,344 | 1.38 | % | 2,433,643 | 17,034 | 1.41 | % | 2,267,723 | 20,450 | 1.82 | % | |||||||||||||||||||
| Noninterest bearing deposits | 456,261 | 448,232 | 418,110 | ||||||||||||||||||||||||||||
| Accrued expenses and other liabilities | 40,773 | 40,498 | 38,394 | ||||||||||||||||||||||||||||
| Total liabilities | 2,921,279 | 2,922,373 | 2,724,227 | ||||||||||||||||||||||||||||
| Tompkins Financial Corporation Shareholders’ equity | 258,695 | 253,436 | 225,073 | ||||||||||||||||||||||||||||
| Noncontrolling interest | 1,502 | 1,484 | 1,484 | ||||||||||||||||||||||||||||
| Total equity | 260,197 | 254,920 | 226,557 | ||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 3,181,476 | $ | 3,177,293 | $ | 2,950,784 | |||||||||||||||||||||||||
| Interest rate spread | 3.67 | % | 3.68 | % | 3.63 | % | |||||||||||||||||||||||||
| Net interest income/margin on earning assets | 28,819 | 3.91 | % | 57,489 | 3.93 | % | 53,844 | 3.95 | % | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
| Tax Equivalent Adjustment | (713 | ) | (1,439 | ) | (1,485 | ) | |||||||||||||||||||||||||
| Net interest income per consolidated financial statements | $ | 28,106 | $ | 56,050 | $ | 52,359 | |||||||||||||||||||||||||
| (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 condensed consolidated financial statements included in Part I of the Company's annual report on Form 10-K for the fiscal year ended December 31, 2009. | |||||||||||||||||||||||||||||||
| Tompkins Financial Corporation - Summary Financial Data (Unaudited) | |||||||||||||||||||
| (In thousands, except per share data | Quarter-Ended | Year-Ended | |||||||||||||||||
| Jun-10 | Mar-10 | Dec-09 | Sep-09 | Jun-09 | Dec-09 | ||||||||||||||
| Period End Balance Sheet | |||||||||||||||||||
| Securities | $ | 1,023,220 | $ | 1,026,301 | $ | 1,005,313 | $ | 908,765 | $ | 903,559 | $ | 1,005,313 | |||||||
| Loans and leases, net of unearned income and deferred costs and fees | 1,900,303 | 1,887,038 | 1,914,818 | 1,882,321 | 1,841,198 | 1,914,818 | |||||||||||||
| Allowance for loan and lease losses | 26,530 | 25,366 | 24,350 | 22,800 | 21,319 | 24,350 | |||||||||||||
| Total assets | 3,161,648 | 3,206,763 | 3,153,260 | 3,088,039 | 2,968,057 | 3,153,260 | |||||||||||||
| Total deposits | 2,460,223 | 2,512,201 | 2,439,864 | 2,397,431 | 2,288,809 | 2,439,864 | |||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 175,336 | 181,255 | 192,784 | 192,099 | 189,993 | 192,784 | |||||||||||||
| Other borrowings | 189,561 | 190,545 | 208,965 | 194,795 | 194,754 | 208,965 | |||||||||||||
| Trust preferred debentures | 25,058 | 25,057 | 25,056 | 23,018 | 23,017 | 25,056 | |||||||||||||
| Total equity | 268,683 | 254,444 | 245,008 | 241,647 | 229,308 | 245,008 | |||||||||||||
| Average Balance Sheet | |||||||||||||||||||
| Average earning assets | $ | 2,953,673 | $ | 2,945,953 | $ | 2,920,269 | $ | 2,792,319 | $ | 2,778,425 | $ | 2,801,884 | |||||||
| Average assets | 3,181,476 | 3,173,064 | 3,132,599 | 2,999,961 | 2,982,077 | 3,009,007 | |||||||||||||
| Average interest-bearing liabilities | 2,424,245 | 2,443,145 | 2,408,997 | 2,289,144 | 2,295,454 | 2,308,731 | |||||||||||||
| Average equity | 260,197 | 249,586 | 245,176 | 233,535 | 230,117 | 233,009 | |||||||||||||
| Share data | |||||||||||||||||||
| Weighted average shares outstanding (basic) [1] | 10,818,218 | 10,724,644 | 10,702,447 | 10,693,698 | 10,679,719 | 10,686,989 | |||||||||||||
| Weighted average shares outstanding (diluted) [1] | 10,876,421 | 10,776,934 | 10,752,737 | 10,763,374 | 10,763,784 | 10,759,302 | |||||||||||||
| Period-end shares outstanding | 10,830,001 | 10,793,573 | 9,752,619 | 9,722,834 | 9,720,440 | 9,752,619 | |||||||||||||
| Book value per share [1] | 24.81 | 23.57 | 22.84 | 22.59 | 21.45 | 22.84 | |||||||||||||
| Income Statement | |||||||||||||||||||
| Net interest income | $ | 28,106 | $ | 27,944 | $ | 27,897 | $ | 26,780 | $ | 26,509 | $ | 107,037 | |||||||
| Provision for loan/lease losses | 1,408 | 2,183 | 2,758 | 2,127 | 2,367 | 9,288 | |||||||||||||
| Noninterest income | 11,331 | 11,320 | 12,142 | 11,600 | 11,538 | 46,213 | |||||||||||||
| Noninterest expense | 24,516 | 24,494 | 24,931 | 23,723 | 24,674 | 96,617 | |||||||||||||
| Income tax expense | 4,447 | 4,138 | 4,104 | 4,037 | 3,526 | 15,383 | |||||||||||||
| Net income attributable to Tompkins Financial | 9,033 | 8,416 | 8,214 | 8,460 | 7,447 | 31,831 | |||||||||||||
| Noncontrolling interests | 33 | 33 | 32 | 33 | 33 | 131 | |||||||||||||
| Basic earnings per share [1] | $ | 0.84 | $ | 0.78 | $ | 0.77 | $ | 0.79 | $ | 0.70 | $ | 2.98 | |||||||
| Diluted earnings per share [1] | $ | 0.83 | $ | 0.78 | $ | 0.76 | $ | 0.79 | $ | 0.69 | $ | 2.96 | |||||||
| Asset Quality | |||||||||||||||||||
| Net charge-offs | 244 | 1,167 | 1,208 | 646 | 1,028 | 3,610 | |||||||||||||
| Nonaccrual loans and leases | 33,645 | 29,521 | 31,289 | 25,837 | 24,662 | 31,289 | |||||||||||||
| Loans and leases 90 days past due and accruing | 1,758 | 51 | 369 | 579 | 1,073 | 369 | |||||||||||||
| Troubled debt restructurings not included above | 3,264 | 3,703 | 3,265 | 0 | 0 | 3,265 | |||||||||||||
| Total nonperforming loans and leases | 38,667 | 33,275 | 34,923 | 26,416 | 25,735 | 34,923 | |||||||||||||
| OREO | 1,638 | 558 | 299 | 440 | 68 | 299 | |||||||||||||
| Nonperforming assets | 40,305 | 33,833 | 35,222 | 26,856 | 25,803 | 35,222 | |||||||||||||
| RATIO ANALYSIS | Quarter-Ended | Year-Ended | |||||||||||||||||
| Credit Quality | Jun-10 | Mar-10 | Dec-09 | Sep-09 | Jun-09 | Dec-09 | |||||||||||||
| Net loan and lease losses/ average loans and leases * | 0.15% | 0.25% | 0.25% | 0.14% | 0.23% | 0.20% | |||||||||||||
| Nonperforming loans and leases/loans and leases | 2.03% | 1.76% | 1.82% | 1.40% | 1.40% | 1.82% | |||||||||||||
| Nonperforming assets/assets | 1.28% | 1.06% | 1.12% | 0.87% | 0.87% | 1.12% | |||||||||||||
| Allowance/nonperforming loans and leases | 68.61% | 76.23% | 69.72% | 86.31% | 82.84% | 69.72% | |||||||||||||
| Allowance/loans and leases | 1.40% | 1.34% | 1.27% | 1.21% | 1.16% | 1.27% | |||||||||||||
| Capital Adequacy (period-end) | |||||||||||||||||||
| Tier I capital / average assets | 7.77% | 7.56% | 7.44% | 7.44% | 7.37% | 7.44% | |||||||||||||
| Total capital / risk-weighted assets | 13.10% | 12.56% | 12.14% | 11.89% | 11.74% | 12.14% | |||||||||||||
| Profitability | |||||||||||||||||||
| Return on average assets * | 1.14% | 1.08% | 1.04% | 1.12% | 1.00% | 1.06% | |||||||||||||
| Return on average equity * | 13.92% | 13.68% | 13.29% | 14.37% | 12.98% | 13.66% | |||||||||||||
| Net interest margin (TE) * | 3.91% | 3.95% | 3.89% | 3.91% | 3.93% | 3.92% | |||||||||||||
| * Quarterly ratios have been annualized | |||||||||||||||||||
| Quarter-Ended | Year-Ended | ||||||||||||||||||
| Non-GAAP Disclosure | Jun-10 | Mar-10 | Dec-09 | Sep-09 | Jun-09 | Dec-09 | |||||||||||||
| Reported net income | $ | 9,033 | $ | 8,416 | $ | 8,214 | $ | 8,460 | $ | 7,447 | $ | 31,831 | |||||||
| Adjustments: | |||||||||||||||||||
| FDIC special insurance assessment (after-tax) | |||||||||||||||||||
| 0 | 0 | 0 | 0 | 822 | 822 | ||||||||||||||
| Subtotal adjustments | 0 | 0 | 0 | 0 | 822 | 822 | |||||||||||||
| Adjusted net income | 9,033 | 8,416 | 8,214 | 8,460 | 8,269 | 32,653 | |||||||||||||
| Weighted average shares outstanding (diluted) | 10,876,421 | 10,776,934 | 10,752,737 | 10,763,374 | 10,763,794 | 10,759,520 | |||||||||||||
| Adjusted diluted earnings per share | $ | 0.83 | $ | 0.78 | $ | 0.76 | $ | 0.79 | $ | 0.77 | $ | 3.03 | |||||||
|
| |||||||||||||||||||
| Year-to-date period ended | |||||||||||||||||||
| Non-GAAP Disclosure | Jun-10 | Jun-09 | |||||||||||||||||
| Reported net income | $ | 17,449 | $ | 15,157 | |||||||||||||||
| Adjustments: | |||||||||||||||||||
| FDIC special insurance assessment (after-tax) | |||||||||||||||||||
| 0 | 822 | ||||||||||||||||||
| Subtotal adjustments | 0 | 822 | |||||||||||||||||
| Adjusted net income | 17,449 | 15,979 | |||||||||||||||||
| Weighted average shares outstanding (diluted)[1] | 10,819,898 | 10,760,371 | |||||||||||||||||
| Adjusted diluted earnings per share | $ | 1.61 | $ | 1.48 | |||||||||||||||
| [1] Weighted average shares and per share data in this press release have been retroactively adjusted to reflect a 10% stock dividend paid on February 15, 2010. | |||||||||||||||||||
