Tompkins Financial Corporation (TMP–NYSE MKT LLC)
Tompkins Financial Corporation reported diluted earnings per
share of $0.95 for the third quarter of 2013, representing the
highest quarterly earnings in Company history. For the
year-to-date, diluted earnings per share were $2.50 for the current
period, up from $1.63 per share reported for the same nine month
period in 2012.
Both current and prior period results were impacted by certain
non-recurring items including, but not limited to, merger related
expenses associated with the acquisition of VIST Financial
Corporation completed on August 1, 2012. After adjusting for
non-recurring income and expenses, quarter to date diluted earnings
per share would have been $0.90 for the third quarter of 2013, up
from $0.87 for the same period last year. On a year-to-date basis,
adjusting for non-recurring items, diluted earnings per share would
have been $2.45 for the nine months ended September 30, 2013,
compared to $2.36 for the same period last year. Additional
information on non-recurring adjustments to earnings per share is
included in the non-GAAP disclosure tables included in this press
release.
President and CEO, Stephen S. Romaine said “We are pleased to
report record earnings for the quarter. It is particularly
rewarding to note that improving trends in several core business
activities were significant contributors to the strong performance
during the quarter. Loan growth and core deposit growth contributed
to improved net interest margin during the quarter. Banking related
fees also improved during the quarter, while revenue from insurance
and wealth management activities were both up from the same period
in 2012, and remained stable when compared to the most recent prior
quarter.”
SELECTED HIGHLIGHTS FOR THE QUARTER INCLUDED:
- Loans were up 2.1% for the quarter and
up 6.5% over the last 12 months
- Noninterest bearing deposits were up
5.9% during the quarter and up 6.6% over the last 12 months
- Noninterest income of $18.5 million was
up 12.0% from the second quarter of 2013, and up 25.4% from the
same quarter last year. Other income in the current period included
a non-recurring pre-tax gain of $1.4 million related to a Trust
Preferred debenture acquired as part of the VIST acquisition, which
was redeemed during the quarter.
NET INTEREST INCOME
Net interest income of $40.5 million for the third quarter of
2013 represents an increase of 10.2% over the same period last
year. The addition of VIST Bank and steady loan growth contributed
to the year-over-year increase. Net interest income for the quarter
was up $647,000, or 1.6%, from the second quarter of 2013,
primarily due to growth in average loans and noninterest-bearing
deposits. The net interest margin for the third quarter of 2013 was
3.63% compared to 3.58% for the second quarter in 2013 and 3.66%
for the third quarter of 2012.
For the year to date period, net interest income of $118.5
million reflects an increase of 28.4% over the first nine months of
2012.
NONINTEREST INCOME
Noninterest income was $18.5 million for the third quarter of
2013, up 25.4% over the same period in 2012, and up 12.0% from the
second quarter of 2013. As previously mentioned, the current
quarter was impacted by the gain on redemption of the Trust
Preferred debenture, while comparisons to the same period last year
are impacted by the VIST acquisition in August 2012. While the
current period benefited from the non-recurring gain, the
underlying trends for noninterest income remain favorable.
Excluding the non-recurring gain, noninterest income was up 3.5%
from the most recent prior quarter, and up 15.9% from the same
quarter last year. For the year to date period, noninterest income
of $52.5 million represented 30.7% of total revenue, compared to
29.8% for the same period in 2012.
NONINTEREST EXPENSE
Noninterest expense was $37.6 million in the third quarter of
2013, down 18.7% from the same period in 2012, and in line with the
second quarter of 2013. The decline from the third quarter of 2012
was largely driven by $13.8 million in pre-tax merger related
expenses related to the VIST acquisition.
ASSET QUALITY
Some positive asset quality trends continued during the quarter
with loans classified as Substandard and Special Mention declining
by $23.1 million from the most recent previous quarter, and
annualized net charge-offs during the quarter representing only a
modest 0.14% of total average loans.
The percentage of nonperforming assets to total assets of 1.00%
reflects some deterioration from 0.88% for the same period last
year and from 0.89% at June 30, 2013. The $5.3 million increase in
nonperforming assets included $2.3 million in acquired loans moving
to Other Real Estate Owned, the remainder of the increase was
attributable to loans that were moved into nonperforming status
during the quarter. The nonperforming asset ratio continues to
compare favorably to the most recent peer averages of 1.88%
published as of June 30, 2013, by the Federal Reserve1.
Provision for loan and lease losses was $2.0 million for the
third quarter of 2013, up from $1.0 million in the same quarter
last year, and down from the $2.5 million recorded in the second
quarter of 2013. Net loan and lease charge-offs totaled $1.1
million in the third quarter of 2013, compared to $1.3 million in
the third quarter last year, and $1.7 million in the second quarter
of 2013.
The Company’s allowance for originated loan and lease losses
totaled $25.7 million at September 30, 2013, which represented
1.06% of total originated loans, compared to 1.16% at December 31,
2012, reflecting improved overall quality of the originated
portfolio.
The allowance for loan and lease losses covered 61.20% of
nonperforming loans and leases as of September 30, 2013, which
compares to 62.34% as of December 31, 2012.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized
minimums. Tier 1 capital to average assets improved for the third
consecutive quarter, to 8.37% at September 30, 2013. Total risk
based capital of 13.32% was relatively unchanged from the second
quarter of 2013. Tangible book value per share was $22.82 at
September 30, 2013, up from $22.08 at June 30, 2013. The
improvement in capital ratios was primarily driven by growth in
retained earnings. Refer to Non-GAAP disclosure for additional
details on tangible book value per share.
ABOUT TOMPKINS FINANCIAL CORPORATION
Tompkins Financial Corporation is a financial services company
serving the Central, Western, and Hudson Valley regions of New York
and the Southeastern region of Pennsylvania. Headquartered in
Ithaca, NY, Tompkins Financial is parent to Tompkins Trust Company,
The Bank of Castile, Mahopac National Bank, VIST Bank, Tompkins
Insurance Agencies, Inc., and Tompkins Financial Advisors
Management Inc. For more information on Tompkins Financial, visit
www.tompkinsfinancial.com.
NON-GAAP MEASURES
This press release contains financial information determined by
methods other than in accordance with accounting principles
generally accepted in the United States of America (GAAP). Where
non-GAAP disclosures are used in this press release, the comparable
GAAP measure, as well as reconciliation to the comparable GAAP
measure, is provided in the accompanying tables. Management
believes that these non-GAAP measures provide useful information.
Non-GAAP measures should not be considered a substitute for
financial measures determined in accordance with GAAP and investors
should consider the Company’s performance and financial condition
as reported under GAAP and all other relevant information when
assessing the performance or financial condition of the Company.
See “Tompkins Financial Corporation - Summary Financial Data
(Unaudited)” tables for Non-GAAP related calculations.
"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 (In thousands, except share and
per share data) (Unaudited)
As of As of ASSETS
09/30/2013 12/31/2012 Cash and noninterest
bearing balances due from banks $ 87,595 $ 117,448 Interest bearing
balances due from banks 985
1,482
Cash and Cash Equivalents
88,580 118,930 Trading securities, at fair
value 11,530 16,450 Available-for-sale securities, at fair value
(amortized cost of $1,359,757 at September 30, 2013 and $1,349,416
at December 31, 2012) 1,358,930 1,393,340 Held-to-maturity
securities, fair value of $20,403 at September 30, 2013, and
$25,163 at December 31, 2012 19,773 24,062 Originated loans and
leases, net of unearned income and deferred costs and fees
2,420,695 2,133,106 Acquired loans and leases, covered 27,363
37,600 Acquired loans and leases, non-covered 671,254 783,904 Less:
Allowance for loan and lease losses
26,408 24,643
Net Loans and
Leases 3,092,904 2,929,967 FDIC
Indemnification Asset 4,239 4,385 Federal Home Loan Bank stock and
Federal Reserve Bank stock 21,955 19,388 Bank premises and
equipment, net 55,607 54,581 Corporate owned life insurance 68,087
65,102 Goodwill 92,140 92,305 Other intangible assets, net 16,841
18,643 Accrued interest and other assets
101,842 100,044
Total Assets $
4,932,428 $ 4,837,197
LIABILITIES Deposits: Interest bearing: Checking,
savings and money market 2,219,136 2,144,367 Time 906,173 973,883
Noninterest bearing
847,447 831,919
Total Deposits
3,972,756 3,950,169 Federal funds purchased
and securities sold under agreements to repurchase 162,117 213,973
Other borrowings, including certain amounts at fair value of
$11,304 at September 30, 2013 and $11,847 at December 31, 2012
242,177 111,848 Trust preferred debentures 37,127 43,668 Other
liabilities 73,975
76,179
Total Liabilities
$ 4,488,152
$ 4,395,837 EQUITY Tompkins Financial
Corporation shareholders' equity: Common Stock - par value $.10 per
share: Authorized 25,000,000 shares; Issued: 14,728,581 at
September 30, 2013; and 14,426,711 at December 31, 2012 1,473 1,443
Additional paid-in capital 343,276 334,649 Retained earnings
128,700 108,709 Accumulated other comprehensive loss (27,751)
(2,106) Treasury stock, at cost – 103,282 shares at September 30,
2013, and 100,054 shares at December 31, 2012 (2,972) (2,787)
Total Tompkins Financial Corporation Shareholders’
Equity 442,726 439,908 Noncontrolling interests
1,550
1,452
Total Equity
$ 444,276 $
441,360 Total Liabilities and Equity
$ 4,932,428
$ 4,837,197 See notes to unaudited condensed
consolidated financial statements
TOMPKINS
FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
INCOME Three Months
Ended Nine Months Ended (In
thousands, except per share data) (Unaudited)
09/30/2013
09/30/2012 09/30/2013
09/30/2012 INTEREST AND DIVIDEND INCOME
Loans $ 38,048 $ 34,003 $ 112,027 $ 84,709 Due from banks 1 6 9 14
Federal funds sold 0 0 0 2 Trading securities 147 182 472 569
Available-for-sale securities 7,830 8,317 23,222 23,016
Held-to-maturity securities 160 208 528 658 Federal Home Loan Bank
stock and Federal Reserve Bank stock
193 203
538 620
Total Interest
and Dividend Income
46,379 42,919
136,796
109,588 INTEREST EXPENSE Time certificates of
deposits of $100,000 or more 1,208 1,043 3,651 2,497 Other deposits
1,894 2,105 6,093 5,930 Federal funds purchased and securities sold
under agreements to repurchase 901 1,174 2,877 3,340 Trust
preferred debentures 660 489 2,037 1,296 Other borrowings
1,243
1,365 3,634
4,231
Total Interest Expense
5,906
6,176 18,292
17,294 Net Interest Income
40,473
36,743
118,504 92,294 Less:
Provision for loan and lease losses
2,049 1,042
5,576 3,178
Net
Interest Income After Provision for Loan and Lease Losses
38,424
35,701
112,928 89,116
NONINTEREST INCOME Insurance commissions and fees 7,160
5,786 21,588 13,184 Investment services income 3,694 3,614 11,180
10,504 Service charges on deposit accounts 2,254 1,988 6,186 5,366
Card services income 1,735 1,504 5,163 4,353 Mark-to-market loss on
trading securities (87) (41) (472) (198) Mark-to-market gain (loss)
on liabilities held at fair value 119 (27) 543 138 Net
other-than-temporary impairment losses 0 (55) 0 (120) Other income
3,372 2,116 7,548 5,151 Gain on securities transactions
281
(112) 723
822
Total Noninterest Income
18,528
14,773 52,459
39,200 NONINTEREST EXPENSES
Salaries and wages 16,755 13,892 48,618 36,273 Pension and other
employee benefits 5,606 4,826 17,014 13,248 Net occupancy expense
of premises 2,850 2,472 8,865 6,070 Furniture and fixture expense
1,448 1,364 4,367 3,580 FDIC insurance 808 759 2,401 1,841
Amortization of intangible assets 544 426 1,648 684 Merger related
expenses 0 13,842 228 14,814 Other operating expense
9,543 8,613
29,710
22,910
Total Noninterest Expenses
37,554
46,194 112,851
99,420 Income Before Income Tax
Expense 19,398
4,280
52,536 28,896
Income Tax Expense
5,316 761
15,873 8,674
Net Income attributable to
Noncontrolling Interests and Tompkins Financial
Corporation
14,082
3,519
36,663 20,222 Less: Net
income attributable to noncontrolling interests
33 32
98 98
Net Income Attributable to Tompkins Financial Corporation
$ 14,049
$ 3,487 $
36,565 $ 20,124 Basic
Earnings Per Share $ 0.96 $ 0.26
$ 2.51 $ 1.63 Diluted Earnings Per
Share $ 0.95
$ 0.25
$ 2.50 $ 1.63
See notes to unaudited condensed consolidated financial
statements
Average Consolidated Statements of
Condition and Net Interest Analysis (Unaudited)
Quarter Ended Year to Date Period Ended
Year to Date Period Ended
September 30, 2013
September 30, 2013 September 30,
2012 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 $ 1,281 $ 1 0.31% $
2,261 $ 9 0.53% $ 19,272 $ 14 0.10% Money market funds - - 0.00% -
- 0.00% 24 - 0.00% Securities (4) U.S. Government securities
1,319,413 7,208 2.17% 1,334,735 21,269 2.13% 1,170,885 21,089 2.41%
Trading securities 13,978 147 4.17% 15,141 472 4.17% 18,526 569
4.10% State and municipal (5) 93,464 1,194 5.07% 97,253 3,750 5.16%
91,452 3,594 5.25% Other securities (5) 7,409
60 3.21% 7,996
210 3.51% 11,773
403 4.57% Total securities 1,434,264
8,609 2.38% 1,455,125 25,701 2.36% 1,292,636 25,655 2.65% Federal
Funds Sold - - 0.00% - - 0.00% 2,453 2 0.11% FHLBNY and FRB stock
24,234 193 3.16% 22,051 538 3.26% 18,107 620 4.57% Total
loans and leases, net of unearned income (5)(6) 3,073,824
38,535 4.97%
3,025,846 113,440 5.01%
2,194,852 85,281
5.19%
Total interest-earning assets 4,533,603
47,338 4.14%
4,505,283 139,688
4.15% 3,527,344
111,572 4.23%
Other assets 364,075 415,809 293,527
Total
assets 4,897,678 4,921,092 3,820,871
LIABILITIES & EQUITY Deposits Interest-bearing
deposits Interest bearing checking, savings, & money market
2,164,364 1,134 0.21% 2,224,540 3,816 0.23% 1,610,667 3,250 0.27%
Time deposits 925,863 1,968
0.84% 955,284 5,928
0.83% 786,856
5,177 0.88% Total interest-bearing deposits
3,090,227 3,102 0.40% 3,179,824 9,744 0.41% 2,397,523 8,427 0.47%
Federal funds purchased & securities sold under
agreements to repurchase 168,446 901 2.12% 180,939 2,877 2.13%
195,553 3,340 2.28% Other borrowings 271,904 1,243 1.81% 211,828
3,634 2.29% 139,148 4,231 4.06% Trust preferred debentures 42,131
660 6.21%
43,160 2,037 6.31%
29,201 1,296 5.93%
Total interest-bearing liabilities 3,572,708
5,906 0.66% 3,615,751 18,292
0.68% 2,761,425 17,294 0.84%
Noninterest bearing deposits 814,865 790,557 645,801 Accrued
expenses and other liabilities 75,623 73,201 59,152
Total
liabilities 4,463,196 4,479,509 3,466,378 Tompkins
Financial Corporation Shareholders’ equity 432,948 440,082 352,991
Noncontrolling interest 1,534 1,501 1,502
Total equity
434,482 441,583 354,493 Total
liabilities and equity $ 4,897,678 $
4,921,092 $ 3,820,871 Interest rate spread
3.48% 3.47%
3.39% Net interest income/margin on
earning assets
41,432 3.63% 121,396
3.60% 94,278 3.57% Tax Equivalent
Adjustment
(959) (2,892) (1,984)
Net interest income per consolidated financial statements
$ 40,473
$ 118,504
$ 92,294
Tompkins Financial Corporation - Summary Financial
Data (Unaudited)
(In thousands,
except per share data)
Quarter-Ended
Year-Ended Sep-13 Jun-13
Mar-13 Dec-12
Sep-12 Dec-12
Period End
Balance Sheet
Securities $ 1,390,233
$ 1,469,315 $ 1,566,510 $
1,433,852 $ 1,516,913 $ 1,433,852
Originated loans and leases, net of unearned income and deferred
costs and fees (2) 2,420,695 2,309,232
2,208,346 2,133,106
2,060,539 2,133,106
Acquired loans and leases (3) 698,617
745,951 785,449 821,504
869,211 821,504 Allowance
for loan and lease losses 26,408 25,458
24,661 24,643
26,632 24,643 Total assets
4,932,428 4,931,883
4,987,280 4,837,197
4,924,786 4,837,197 Total deposits
3,972,756 3,912,910
4,072,352 3,950,169
4,037,644 3,950,169 Federal funds
purchased and securities sold under agreements to repurchase
162,117 171,498 194,091
213,973 206,996
213,973 Other borrowings 242,177
299,098 156,649
111,848 125,461 111,848
Trust preferred debentures 37,127
43,703 43,687 43,668
43,651 43,668
Shareholders' equity 444,276 431,894
446,812 441,360
440,950 441,360
Average Balance Sheet
Average
earning assets $ 4,533,603 $ 4,571,428
$ 4,409,455 $ 4,431,698 $ 4,087,264
$ 3,754,667 Average assets 4,897,678
4,965,895 4,899,727
4,901,374 4,450,013
4,092,473 Average interest-bearing liabilities
3,572,708 3,663,230
3,611,748 3,563,731
3,248,839 2,963,097 Average equity
434,482 447,088 443,277
443,592 410,300
376,890
Share data
Weighted average shares outstanding (basic)
14,515,053 14,427,838
14,374,265 14,332,672
13,580,771 12,797,173 Weighted average shares
outstanding (diluted) 14,622,512
14,500,429 14,436,757
14,374,368 13,630,464
12,836,043 Period-end shares outstanding 14,692,671
14,599,558 14,447,017
14,390,801 14,358,230
14,390,801 Book value per share 30.24
29.58 30.93
30.67 30.71 30.67
Tangible book value per share (Non-GAAP) 22.82
22.08 23.29 22.96
22.71 22.96
Income Statement
Net interest
income $ 40,473 $ 39,826 $ 38,206
$ 41,849 $ 36,743 $
134,143 Provision for loan/lease losses 2,049
2,489 1,038 5,659
1,042 8,837 Noninterest
income 18,528 16,541
17,390 15,608
14,773 54,808 Noninterest expense
37,554 37,777 37,520
38,188 46,194
137,608 Income tax expense 5,316
5,061 5,495 2,416
761 11,090 Net income
attributable to Tompkins Financial Corporation 14,049
11,007 11,510
11,161 3,487
31,285 Noncontrolling interests 33 33
33 33
32 131 Basic earnings per share (9) $
0.96 $ 0.76 $ 0.80 $ 0.78
$ 0.26 $ 2.44 Diluted earnings per
share (9) $ 0.95 $ 0.75 $ 0.79
$ 0.77 $ 0.25 $ 2.43
Nonperforming Assets
Originated
nonaccrual loans and leases $ 33,881 $ 32,100
$ 32,554 $ 33,388 $ 36,996
$ 33,388 Acquired nonaccrual loans and leases
8,008 6,916 4,561
4,352 -
4,352 Originated loans and leases 90 days past due and accruing
1,217 156 157
257 126
257 Troubled debt restructurings not included above
46 - -
1,532 1,468 1,532
Total nonperforming loans and leases 43,152
39,172 37,272
39,529 38,590 39,529 OREO
(8) 6,264 4,918
3,950 4,862 4,675
4,862 Total nonperforming assets 49,416
44,090 41,222
44,391 43,265
44,391
Tompkins Financial Corporation -
Summary Financial Data (Unaudited) - continued
Quarter-Ended Year-Ended Delinquency
- Originated loan and lease portfolio Sep-13
Jun-13 Mar-13
Dec-12 Sep-12
Dec-12 Loans and leases 30-89 days past due and accruing (2) $
12,193 $ 9,597 $ 10,888 $
7,990 $ 9,412 $ 7,990 Loans and leases
90 days past due and accruing (2) 1,217
156 157 257
126 257 Total originated loans and
leases past due and accruing (2) 13,410
9,753 11,045 8,247
9,538 8,247
Delinquency - Acquired loan and lease portfolio Covered
loans and leases 30-89 days past due and accruing (3)(7)
1,132 1,613 3,503
1,014 669
1,014 Covered loans and leases 90 days or more past due and
accruing (3)(7) 2,980 3,091
3,809 4,272
2,837 4,272 Non-covered loans and leases 30-89
days past due and accruing (3)(7) 6,887
5,591 5,738 4,249
5,848 4,249 Non-Covered loans
and leases 90 days past due and accruing (3)(7) 10,521
13,324 14,026
14,438 19,339
14,438 Total acquired loans and leases past due and accruing
21,520 23,619
27,076 23,973 28,693
23,973
Total loans and leases past due and accruing $ 34,930
$ 33,372 $ 38,121 $ 32,220
$ 38,231 $ 32,220
Allowance for Loan
Losses - Originated loan and lease portfolio Balance at
beginning of period $ 24,853 $ 24,598 $
24,643 $ 26,632 $ 26,865
$ 27,593 Provision for loan and lease losses 1,499
(994) 820
5,659 1,042 8,837 Net
loan and lease charge-offs (recoveries) 630
(1,249) 865 7,648
1,275 11,787 Allowance
for loan and lease losses (originated 25,722 24,853 24,598 24,643
26,632 24,643 loan portfolio) - balance at end of period
Allowance for
Loan Losses - Acquired loan and lease portfolio Balance at
beginning of period $ 605 $ 63 $ 0
$ 0 $ 0 $ 0 Provision for
loan and lease losses 549 3,483
218 0 0
0 Net loan and lease (recoveries) charge-offs
468 2,941 155
0 0
0 Allowance for loan and lease losses (acquired loan portfolio) -
balance at end of period 686 605
63 0 0
0
Total
allowance for loan and lease losses 26,408
25,458 24,661
24,643 26,632 24,643
Loan Classification - Originated Portfolio
Special Mention $ 42,975 $
43,099 $ 48,468 $ 56,342
$ 58,598 $ 56,342 Substandard 37,004
41,969 43,449
45,083 54,383
45,083 Doubtful 0 0
0 0 494
0
Loan Classification - Acquired Portfolio
Special Mention 23,939
29,300 26,568
25,381 14,723
25,381 Substandard 42,433 55,079
47,698 45,207
31,087 45,207
Loan Classifications -
Total Portfolio
Special Mention
66,914 72,399
75,036 81,723 73,321
81,723 Substandard 79,437
97,048 91,147
90,290 85,470 90,290
Doubtful 0 0 0
0 494
0
Tompkins Financial Corporation -
Summary Financial Data (Unaudited) - continued
RATIO ANALYSIS Quarter-Ended
Year-Ended Credit Quality Sep-13
Jun-13 Mar-13
Dec-12 Sep-12
Dec-12 Nonperforming loans and leases/total loans and leases
(7) 1.38% 1.28%
1.24% 1.34% 1.32%
1.34% Nonperforming assets/total assets 1.00%
0.89% 0.83%
0.92% 0.88% 0.92%
Allowance for originated loan and lease losses/total originated
loans and leases 1.06% 1.08%
1.11% 1.16%
1.29% 1.16% Allowance/nonperforming loans and
leases 61.20% 64.99%
66.16% 62.34%
69.01% 62.34% Net loan and lease losses
(annualized)/total average loans and leases 0.14%
0.22% 0.14%
1.04% 0.20% 0.49%
Capital Adequacy (period-end)
Tier 1 capital / average assets 8.37%
8.16% 8.11%
7.95% 8.50% 7.95%
Total capital / risk-weighted assets 13.32%
13.34% 12.93%
12.94% 12.87% 12.94%
Tangible common equity / tangible assets 6.92%
6.65% 6.87% 6.96%
6.75% 6.96%
Profitability
Return on average
assets * 1.14% 0.89%
0.95% 0.91% 0.31%
0.76% Return on average equity * 12.83%
9.87% 10.53%
10.01% 3.38%
8.30% Net interest margin (TE) * 3.63%
3.58% 3.57% 3.83%
3.66% 3.65% * Quarterly
ratios have been annualized
Non-GAAP Disclosure
Reported noninterest income (GAAP) $
18,528 $ 16,541 $ 17,390
$ 15,608 $ 14,773 $ 54,808 Adjustments
(pre-tax):
Gain on redemption of trust
preferred (1,410) 0
0 0 0
0 Noninterest income (Non-GAAP) $ 17,118
$ 16,541 $ 17,390 $ 15,608
$ 14,773 $ 54,808
Non-GAAP
Disclosure
Reported net income
(GAAP) $ 14,049 $ 11,007 $ 11,510
$ 11,161 $ 3,487 $ 31,285
Adjustments (net of tax):
Accrual adjustment
VISA 0 0 0
0 0 (243)
Merger related expenses 0 22
118 462
8,424 9,664 Gain on redemption of trust
preferred (846) 0
0 0 0
0 Subtotal adjustments (846) 22
118 462
8,424 9,421 Net operating income
(Non-GAAP) 13,203 11,029
11,628 11,623
11,911 40,706 Weighted average shares
outstanding (diluted) 14,622,512
14,500,429 14,436,757
14,374,368 13,630,464
12,836,043 Adjusted diluted earnings per share (Non-GAAP) (9) $
0.90 $ 0.76 $ 0.81 $ 0.81
$ 0.87 $ 3.17
Non-GAAP
Disclosure
Reported net income
(GAAP) $ 14,049 $ 11,007 $ 11,510
$ 11,161 $ 3,487 $ 31,285
Accrual adjustment VISA 0 0
0 0 0
(243) Merger related expenses (net of tax)
0 22 118
462 8,424
9,664 Gain on redemption of trust preferred (net of tax)
(846) 0 0
0 0 0 Net
operating income (Non-GAAP) $ 13,203 $ 11,029
$ 11,628 $ 11,623 $ 11,911
$ 40,706 Amortization of intangibles, (net of tax)
327 328 334
348 256 758
Adjusted net operating income (Non-GAAP) 13,530
11,357 11,962
11,971 12,167
41,464
Average total
shareholders' equity 434,482 447,088
443,277 443,592
410,300 376,890 Less: Average
goodwill and intangibles 109,277
110,037 110,687 114,644
92,748 76,149 Average
tangible shareholders' equity (Non-GAAP) 325,205
337,051 332,590
328,948 317,552
300,741
Adjusted operating return
on shareholders' tangible equity (annualized) (Non-GAAP)
16.51% 13.52% 14.59%
14.48% 15.24%
13.79%
Tompkins Financial
Corporation - Summary Financial Data (Unaudited) - continued
Non-GAAP Disclosure
Quarter-Ended Year-Ended
Sep-13 Jun-13 Mar-13
Dec-12 Sep-12
Dec-12 Total shareholders' equity (GAAP) $ 444,276
$ 431,894 $ 446,812 $
441,360 $ 440,950 $ 441,360 Less:
goodwill and intangibles 108,981
109,540 110,314 110,948
114,859 110,948 Tangible
shareholders' equity 335,295 322,354
336,498 330,412
326,030 330,412
Ending shares outstanding 14,692,671
14,599,558 14,447,017
14,390,801 14,358,230
14,390,801 Tangible book value per share
(Non-GAAP) 22.82 22.08
23.29 22.96 22.71
22.96
Non-GAAP Disclosure Year-to-date period
ended Sep-13 Sep-12 Reported net income (GAAP)
36,565 $ 20,124 Adjustments (net of tax):
Accrual adjustment VISA
0 (243) Merger related expenses
140 9,202 Gain on redemption of trust
preferred (846) 0 Subtotal adjustments
(706) 8,959 Net operating income
(Non-GAAP) 35,859 29,083 Weighted
average shares outstanding (diluted) 14,622,512
12,319,541 Adjusted diluted earnings per share $ 2.45
$ 2.36 (1) Federal Reserve peer ratio as of
June 30, 2013, includes banks and bank holding companies with
consolidated assets between $3 billion and $10 billion. (2)
"Originated" equals loans and leases not included by definition in
"acquired loans" (3)"Acquired Loans and Leases" equals loans and
leases acquired at fair value, accounted for in accordance with
FASB ASC Topic 805. "Covered Loans" are loans for which the Company
will share losses with the FDIC and consist of loans VIST Bank
acquired as part of an FDIC-assisted transaction during the fourth
quarter of 2010. (4) Average balances and yields on
available-for-sale securities are based on historical amortized
cost. (5) Interest income includes the tax effects of
taxable-equivalent basis. (6) 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, 2012. (7) Certain acquired loans and leases that are
past due are not on nonaccrual and are not included in
nonperforming loans. The risk of credit loss on these loans has
been considered by virtue of the Corporation's estimate of
acquisition-date fair value and these loans are considered accruing
as the Corporation primarily recognizes interest income through
accretion of the difference between the carrying value of these
loans and their expected cash flows. There have been no significant
changes in expected cash flows since acquisition. (8) Includes all
other real estate owned, including those balances acquired through
business combinations. (9)Earnings per share year-to-date may not
equal the sum of the quarterly earnings per share as a result of
rounding of average shares.
Tompkins Financial CorporationStephen S. Romaine, President
& CEOFrancis M. Fetsko, CFO & COO888-503-5753
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