Tompkins Financial Corporation (NYSEMKT:TMP)
Tompkins Financial Corporation reported record diluted earnings
per share of $3.48 for the year ended December 31, 2014, up from
$3.46 per share reported in 2013. The Company reported diluted
earnings per share of $0.85 for the fourth quarter of 2014, down
from the $0.96 reported for December 31, 2013. Both quarterly and
year-to-date results in 2013 included non-recurring income and
expense items, which are more fully described in the non-GAAP
disclosure tables included in this press release. Adjusting for
these non-recurring items, diluted earnings per share for the year
ended December 31, 2014, reflected an increase of 3.6% over 2013;
while diluted earnings per share for the quarter ended December 31,
2014, reflected a decrease of 6.6% from the same period in
2013.
President and CEO, Stephen S. Romaine said “We are excited to
report on another record year of earnings for our Company. These
results were achieved through a combination of factors that
included revenue growth from both Net Interest Income and
Noninterest Income. The current year results also benefited from
improved credit quality trends that contributed to a reduced
provision for loan and lease losses. Nonperforming assets have
improved for five consecutive quarters”.
SELECTED HIGHLIGHTS FOR FOURTH QUARTER:
- Credit quality continues to improve
with nonperforming asset down 11.8% compared to the most recent
quarter end, and down 34.7% compared to December 31, 2013.
- Year end loan balances were up 6.2%
over December 31, 2013 and are up 4.2% over the most recent quarter
end.
- Average noninterest bearing deposits
were up 12.1% as compared to the prior year, and are up 5.3% for
the quarter as compared to the most recent quarter.
- Year-to-date provision expense was down
62.6% compared to 2013, with year-to-date net charge offs down
54.9% from the prior year.
- Fee based income from insurance,
investment services, and deposit service charges were all up from
the same quarter last year, and were up a combined 3.6% for the
full year.
- Tangible book value per share is up
8.4% from the fourth quarter of 2013. Refer to Non-GAAP disclosure
for additional details on tangible book value per share.
NET INTEREST INCOME
Net interest income was $41.7 million for the fourth quarter of
2014, an increase of 0.3% over the most recent quarter and a
decrease of 2.2% when compared to the same quarter in 2013.
Year-to-date net interest income of $163.8 million was up 1.7%
compared to net interest income of $161.1 million reported for the
same period in 2013. Improved year-to-date net interest income was
achieved mainly as a result of growth in average loans (up 6.1%
from 2013) and average noninterest bearing deposits (up 12.1% from
2013). The net interest margin for the fourth quarter of 2014 was
3.53%, compared to 3.58% for the prior quarter end, and 3.78% for
the same period in 2013.
NONINTEREST INCOME
Noninterest income was $18.1 million for the fourth quarter of
2014, and $70.8 million year-to-date, up 3.5% and 1.2%,
respectively, compared to December 31, 2013. For the year-to-date
period noninterest income represented 30.2% of total revenue which
was in line with the same period in 2013.
Fee based revenue increased year-over-year with insurance
revenues up 2.1%, investment revenue up 2.5%, deposit fee revenue
up 10.7%, and card servicing revenue up 10.1%. Revenue related to
the fee based business areas represented 26.1% of total revenues,
compared to 25.4% for 2013.
NONINTEREST EXPENSE
Noninterest expense was $39.0 million for the fourth quarter of
2014, down 3.1% compared to the fourth quarter of 2013. For the
year-to-date period, noninterest expense was up 1.0% from the same
period in 2013. The slight decrease in noninterest expense compared
to the prior quarter is mainly due to the decrease in salary and
wage expense.
ASSET QUALITY
Asset quality trends continue to improve with nonperforming
assets down 11.8% compared to prior quarter end, and down 34.7%
compared to December 31, 2013. The percentages of nonperforming
assets to total assets of 0.54% were down compared to prior quarter
end and prior year end percentages of 0.63% and 0.87%,
respectively. Nonperforming assets levels have shown improvement
for 23 consecutive quarters and remain well below the most recent
peer average of 1.39% reported by the Federal Reserve1. Substandard
and Special Mention loans were $83.6 million at December 31, 2014,
down from $85.4 million at the most recent prior quarter end and
$128.3 million at the same quarter end last year. Provision expense
for loan and lease losses for the year-to-date period was down
62.6% compared to the 2013 year-to-date period, mainly a result of
the asset quality improvements.
The Company's allowance for originated loan and lease losses
totaled $28.2 million at December 31, 2014, which represented 0.99%
of total originated loans, compared to $26.7 million or 1.06% at
December 31, 2013 and $27.2 million or 1.02% at September 30, 2014.
The increase in the allowance when compared to the same period last
year was primarily a result of loan growth and was partially offset
by improved asset quality. The allowance for loan and lease losses
covered 128.4% of nonperforming loans and leases as of December 31,
2014, up from 71.7% at December 31, 2013 and 108.9% at the most
recent prior quarter.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized
minimums. Tier 1 capital to average assets was 8.75% at December
31, 2014, compared to 8.52% reported for the same period prior
year. The ratio of total capital to risk-weighted assets was 13.60%
at December 31, 2014, up from 13.42% at December 31, 2013.
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,
Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST
Bank, Tompkins Insurance Agencies, Inc., and offers wealth
management services through Tompkins Financial Advisors. 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 12/31/2014
12/31/2013 Cash and noninterest bearing
balances due from banks $ 53,921 $ 82,163 Interest bearing balances
due from banks 2,149
721
Cash and
Cash Equivalents 56,070 82,884 Trading
securities, at fair value 8,992 10,991 Available-for-sale
securities, at fair value (amortized cost of $1,397,458 at December
31, 2014 and $1,368,736 at December 31, 2013) 1,402,236 1,354,811
Held-to-maturity securities, at amortized cost (fair value of
$89,036 at December 31, 2014 and $19,625 at December 31, 2013)
88,168 18,980 Originated loans and leases, net of unearned income
and deferred costs and fees 2,839,974 2,527,244 Acquired loans and
leases, covered 19,319 25,868 Acquired loans and leases,
non-covered 533,995 641,172 Less: Allowance for loan and lease
losses 28,997
27,970
Net Loans and
Leases 3,364,291 3,166,314 FDIC
indemnification asset 1,903 4,790 Federal Home Loan Bank stock
21,259 25,041 Bank premises and equipment, net 59,800 55,932
Corporate owned life insurance 73,725 69,335 Goodwill 92,243 92,140
Other intangible assets, net 14,649 16,298 Accrued interest and
other assets 86,225
105,523
Total Assets $
5,269,561 $
5,003,039 LIABILITIES Deposits:
Interest bearing: Checking, savings and money market 2,247,708
2,190,616 Time 898,081 865,702 Noninterest bearing
1,023,365
890,898
Total Deposits
4,169,154 3,947,216 Federal funds purchased
and securities sold under agreements to repurchase 147,037 167,724
Other borrowings, including certain amounts at fair value of
$10,961 at December 31, 2014 and $11,292 at December 31, 2013
356,541 331,531 Trust preferred debentures 37,337 37,169 Other
liabilities 69,909
61,460
Total
Liabilities $
4,779,978 $
4,545,100 EQUITY Tompkins Financial
Corporation shareholders' equity: Common Stock - par value $.10 per
share: Authorized 25,000,000 shares; Issued: 14,931,354 at December
31, 2014; and 14,785,007 at December 31, 2013 1,493 1,479
Additional paid-in capital 348,889 346,096 Retained earnings
165,160 137,102 Accumulated other comprehensive loss (24,011 )
(25,119 ) Treasury stock, at cost – 111,436 shares at December 31,
2014, and 105,449 shares at December 31, 2013 (3,400 ) (3,071 )
Total Tompkins Financial Corporation Shareholders’
Equity 488,131 456,487 Noncontrolling interests
1,452
1,452
Total Equity
$ 489,583
$ 457,939
Total Liabilities and Equity
$ 5,269,561
$ 5,003,039 See notes to
consolidated financial statements
TOMPKINS
FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
INCOME Three
Months Ended Twelve Months Ended
(In thousands, except per share data) (Unaudited)
12/31/2014
12/31/2013 12/31/2014
12/31/2013 INTEREST AND
DIVIDEND INCOME Loans $ 38,366 $ 39,684 $ 150,966
$ 151,711 Due from banks 0 1 2 10 Trading securities 97 117 418 589
Available-for-sale securities 7,661 8,138 31,298 31,360
Held-to-maturity securities 373 157 999 685 Federal Home Loan Bank
stock and Federal Reserve Bank stock
194 211
810
749
Total Interest and Dividend Income
46,691
48,308
184,493
185,104 INTEREST EXPENSE Time certificates of
deposits of $100,000 or more 946 1,181 3,845 4,832 Other deposits
1,790 1,841 7,236 7,933 Federal funds purchased and securities sold
under agreements to repurchase 684 872 2,947 3,749 Trust preferred
debentures 573 562 2,287 2,599 Other borrowings
1,006
1,228 4,368
4,862
Total Interest
Expense
4,999 5,684
20,683
23,975 Net Interest Income
41,692
42,624
163,810
161,129 Less: Provision for loan and lease
losses 1,555
585
2,306 6,161
Net
Interest Income After Provision for Loan and Lease Losses
40,137
42,039
161,504
154,968 NONINTEREST INCOME Insurance
commissions and fees 6,666 6,328 28,489 27,916 Investment services
income 3,945 3,929 15,493 15,109 Service charges on deposit
accounts 2,394 2,309 9,404 8,495 Card services income 1,974 2,053
7,942 7,216 Mark-to-market loss on trading securities (89 ) (66 )
(269 ) (538 ) Mark-to-market gain on liabilities held at fair value
71 12 331 555 Other income 2,854 2,998 8,984 10,546 Gain (loss) on
sale of available-for-sale securities
241 (124 )
391
599
Total Noninterest Income
18,056
17,439
70,765 69,898
NONINTEREST EXPENSES Salaries and wages 17,699 18,582
69,558 67,200 Pension and other employee benefits 5,138 5,150
21,102 22,164 Net occupancy expense of premises 2,908 2,892 12,203
11,757 Furniture and fixture expense 1,461 1,334 5,708 5,701 FDIC
insurance 678 813 2,906 3,214 Amortization of intangible assets 525
549 2,095 2,197 Merger related expenses 0 0 0 228 Other operating
expense 10,609
10,931
41,121 40,641
Total Noninterest Expenses
39,018
40,251
154,693 153,102
Income Before Income Tax Expense
19,175
19,227
77,576 71,764
Income Tax Expense
6,453 4,905
25,404
20,777
Net Income attributable to Noncontrolling
Interests and Tompkins Financial Corporation
12,722
14,322
52,172
50,987 Less: Net income attributable to
noncontrolling interests
33 32
131 131
Net Income Attributable to Tompkins Financial
Corporation $
12,689 $ 14,290
$ 52,041
$ 50,856 Basic Earnings Per
Share $ 0.86 $ 0.97 $
3.51 $ 3.48 Diluted Earnings Per Share
$ 0.85
$ 0.96
$ 3.48 $
3.46 See notes to 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
December 31, 2014
December 31, 2014
December 31, 2013 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 $ 1,703 $ - 0.00 % $ 1,014 $ 2 0.20 % $ 2,005 $ 10 0.50
% Securities (4) U.S. Government securities 1,380,857 7,597 2.18 %
1,332,449 30,384 2.28 % 1,326,999 28,817 2.17 % Trading securities
9,299 97 4.14 % 10,068 418 4.15 % 14,188 589 4.15 % State and
municipal (5) 86,603 754 3.45 % 85,402 3,290 3.85 % 95,276 4,893
5.14 % Other securities (5) 4,248 32
2.99 % 4,489
139 3.10 %
7,714 265 3.44 % Total
securities 1,481,007 8,480 2.27 % 1,432,408 34,231 2.39 % 1,444,177
34,564 2.39 % FHLBNY and FRB stock 16,129 194 4.77 % 19,168 810
4.23 % 22,153 749 3.38 % Total loans and leases, net of
unearned income (5)(6) 3,300,188 39,035
4.69 % 3,238,992
152,958 4.72 %
3,053,538 153,569
5.03 %
Total interest-earning assets 4,799,027
47,709 3.94
% 4,691,582
188,001 4.01 %
4,521,873
188,892 4.18 %
Other assets 394,320 375,073 406,626
Total
assets 5,193,347
5,066,655
4,928,499
LIABILITIES & EQUITY
Deposits Interest-bearing deposits Interest bearing checking,
savings, & money market 2,348,788 1,036 0.17 % 2,286,707 4,312
0.19 % 2,224,028 4,938 0.22 % Time deposits 912,217
1,700 0.74 %
904,040 6,769 0.75
% 939,630 7,827
0.83 % Total interest-bearing deposits 3,261,005
2,736 0.33 % 3,190,747 11,081 0.35 % 3,163,658 12,765 0.40 %
Federal funds purchased & securities sold under agreements to
repurchase 140,241 684 1.93 % 145,876 2,947 2.02 % 177,784 3,749
2.11 % Other borrowings 229,751 1,006 1.74 % 251,312 4,368 1.74 %
222,345 4,862 2.19 % Trust preferred debentures 37,314
573 6.09 %
37,249 2,287 6.14
% 41,643 2,599
6.24 %
Total interest-bearing liabilities
3,668,311 4,999 0.54 % 3,625,184
20,683 0.57 % 3,605,430 23,975
0.67 % Noninterest bearing deposits 974,657
903,628 806,387 Accrued expenses and other liabilities 54,848
54,244 73,117
Total liabilities 4,697,816 4,583,056
4,484,934 Tompkins Financial Corporation Shareholders’
equity 493,986 482,087 442,054 Noncontrolling interest 1,545 1,512
1,511
Total equity 495,531 483,599
443,565 Total liabilities and equity $
5,193,347 $ 5,066,655 $
4,928,499 Interest rate spread
3.40 % 3.44 %
3.51 % Net interest
income/margin on earning assets
42,710 3.53 %
167,318 3.57 % 164,917 3.65
% Tax Equivalent Adjustment
(1,018 )
(3,508 ) (3,788 ) Net
interest income per consolidated financial statements
$ 41,692
$ 163,810
$ 161,129
Tompkins Financial
Corporation - Summary Financial Data (Unaudited)
(In thousands, except per share
data)
Quarter-Ended Year-Ended
Dec-14 Sep-14
Jun-14 Mar-14 Dec-13
Dec-14
Period End Balance Sheet
Securities
$ 1,499,396 $ 1,431,837 $
1,420,226 $ 1,408,918 $ 1,384,782
$ 1,499,396
Originated loans and leases, net of
unearned income
and deferred costs and fees (2)
2,839,974
2,674,971 2,610,289
2,555,522 2,527,244
2,839,974 Acquired loans and leases (3)
553,314 582,498 618,679
648,690 667,040
553,314 Allowance for loan and lease losses
28,997 27,786
27,517 28,014
27,970 28,997 Total assets
5,269,561 5,090,919
5,057,821 5,041,800
5,003,039 5,269,561 Total
deposits 4,169,154
4,212,860 4,044,389
4,105,170 3,947,216
4,169,154 Federal funds purchased and securities sold under
agreements to repurchase 147,037
128,368 144,796
158,794 167,724
147,037 Other borrowings 356,541
166,509 287,158
214,616 331,531
356,541 Trust preferred debentures
37,337 37,298 37,254
37,211 37,169
37,337 Total equity
489,583 490,611 489,237
473,822 457,939
489,583
Average Balance Sheet
Average earning assets
$ 4,799,027 $ 4,695,860
$ 4,666,722 $ 4,602,517 $
4,571,099 $ 4,691,582 Average assets
5,193,347 5,058,608
5,030,395 4,982,033
4,950,476 5,066,655 Average
interest-bearing liabilities 3,668,311
3,587,673 3,620,130
3,624,555 3,574,803
3,625,184 Average equity
495,531 489,920
480,063 468,515 449,445
483,599
Share data
Weighted average shares
outstanding (basic) 14,639,631
14,711,709 14,709,881
14,644,548 14,589,120
14,676,622 Weighted average shares outstanding
(diluted) 14,765,855
14,795,343 14,821,191
14,775,386 14,731,786
14,789,621 Period-end shares outstanding
14,895,444 14,794,092
14,853,439 14,829,007
14,749,097 14,895,444 Book value
per share $ 32.87 $ 33.16
$ 32.94 $ 31.95 $ 31.05
$ 32.87 Tangible book value per share (Non-GAAP)
$ 25.69 $ 25.90 $ 25.68
$ 24.65 $ 23.70 $ 25.69
Income Statement
Net interest income $ 41,692
$ 41,575 $ 40,516 $
40,027 $ 42,624 $ 163,810 Provision
(Credit) for loan/lease losses 1,555
(59) 67
743 585 2,306
Noninterest income 18,056
17,555 17,720
17,434 17,439 70,765
Noninterest expense 39,018
38,537 38,928
38,210 40,251
154,693 Income tax expense 6,453
6,897 6,148
5,906 4,905 25,404 Net
income attributable to Tompkins Financial Corporation
12,689 13,722
13,061 12,569
14,290 52,041 Noncontrolling interests
33 33
32 33 32
131 Basic earnings per share (9)
$ 0.86 $ 0.92 $ 0.88 $
0.85 $ 0.97 $ 3.51 Diluted earnings per
share (9) $ 0.85 $ 0.92
$ 0.87 $ 0.84 $ 0.96
$ 3.48
Nonperforming Assets
Originated nonaccrual loans and
leases $ 14,299 $ 16,319
$ 16,918 $ 26,974 $ 29,875
$ 14,299 Acquired nonaccrual loans and leases
4,729 4,998
5,907 6,936 8,508
4,729 Originated loans and leases 90 days past
due and accruing 106
395 543 339
607 106 Troubled debt
restructurings not included above 3,444
3,800 3,327
1,266 45 3,444
Total nonperforming loans and leases
22,578 25,512 26,695
35,515 39,035
22,578 OREO (8) 5,683
6,533 6,795
5,351 4,253 5,683
Total nonperforming assets $ 28,261
$ 32,045 $ 33,490 $ 40,866
$ 43,288 $ 28,261
Quarter-Ended Year-Ended
Delinquency - Originated loan and lease portfolio
Dec-14 Sep-14
Jun-14 Mar-14
Dec-13 Dec-14 Loans and leases 30-89
days past due and accruing (2) $ 6,849
$ 3,811 $ 5,221 $ 5,660
$ 5,762 $ 6,849 Loans and leases 90 days past
due and accruing (2) 106
395 543 339
607 106 Total originated loans
and leases past due and accruing (2)
6,955 4,206 5,764
5,999 6,369
6,955
Delinquency - Acquired loan and lease portfolio
Covered loans and leases 30-89 days past due and accruing (3)(7)
$ 533 $ 0 $ 0
$ 635 $ 0 $ 533 Covered
loans and leases 90 days or more past due and accruing (3)(7)
914 1,149
904 1,135
2,416 914 Non-covered loans and leases 30-89
days past due and accruing (3)(7) 1,186
736 1,620
2,293 1,532 1,186
Non-covered loans and leases 90 days past due and accruing (3)(7)
2,614 3,171
3,048 3,746
4,557 2,614 Total acquired loans and leases
past due and accruing 5,247
5,056 5,572
7,809 8,505 5,247 Total
loans and leases past due and accruing $
12,202 $ 9,262 $ 11,336 $
13,808 $ 14,874 $ 12,202
Allowance for Loan Losses - Originated loan and lease
portfolio Balance at beginning of period $
27,185 $ 26,752 $ 26,661
$ 26,700 $ 25,722 $ 26,700 Provision
(Credit) for loan and lease losses
1,102 (264) (56)
511 (325)
1,293 Net loan and lease (recoveries) charge-offs
131 (697)
(147) 550 (1,303)
(163) Allowance for loan and lease losses (originated
28,156 27,185 26,752 26,661 26,700 28,156 loan portfolio) - balance
at end of period $ $
$ $ $ $
Allowance for Loan Losses - Acquired loan and lease
portfolio Balance at beginning of period $
601 $ 765 $ 1,353 $ 1,270
$ 686 $ 1,270 Provision for loan and
lease losses 453
205 123 232
910 1,013 Net loan and lease
charge-offs 213
369 711 149
326 1,442 Allowance for loan and lease
losses (acquired loan portfolio) - balance at end of period
841 601
765 1,353 1,270
841 Total allowance for loan and lease losses
$ 28,997 $ 27,786
$ 27,517 $ 28,014 $ 27,970
$ 28,997
Loan Classification - Originated
Portfolio
Special Mention $ 36,331 $
27,854 $ 35,484 $ 44,725
$ 42,365 $ 36,331 Substandard
19,970 25,889
21,253 32,917 35,022
19,970
Loan Classification - Acquired
Portfolio
Special Mention 5,758
7,605 12,124
14,936 17,322 5,758
Substandard 21,567
24,034 30,273 34,137
33,561 21,567
Loan
Classifications - Total Portfolio
Special Mention
42,089 35,459 47,608
59,661 59,687
42,089 Substandard 41,537
49,923 51,526
67,054 68,583
41,537
RATIO ANALYSIS Quarter-Ended
Year-Ended Credit Quality
Dec-14 Sep-14
Jun-14 Mar-14
Dec-13 Dec-14 Nonperforming loans and
leases/total loans and leases (7) 0.67%
0.78% 0.83%
1.11% 1.22% 0.67%
Nonperforming assets/total assets 0.54%
0.63% 0.66%
0.81% 0.87% 0.54%
Allowance for originated loan and lease losses/total originated
loans and leases 0.99%
1.02% 1.02% 1.04%
1.06% 0.99%
Allowance/nonperforming loans and leases
128.43% 108.92%
103.08% 78.88% 71.65%
128.43% Net loan and lease losses (recoveries)
annualized/total average loans and leases
0.04% (0.04%)
0.07% 0.09% (0.12%)
0.09%
Capital Adequacy
(period-end)
Tier
1 capital / average assets 8.75%
8.85% 8.79%
8.68% 8.52% 8.75% Total
capital / risk-weighted assets 13.60%
13.92% 13.92%
13.67% 13.42%
13.60% Tangible Common Equity/Tangible Assets (Non-GAAP)
7.40% 7.68%
7.70% 7.40%
7.13% 7.40%
Profitability
Return on average assets
* 0.97% 1.08%
1.04% 1.02%
1.15% 1.03% Return on average equity *
10.16% 11.11%
10.91% 10.88%
12.62% 10.76% Net interest
margin (TE) * 3.53%
3.58% 3.55% 3.60%
3.78% 3.57% * Quarterly
ratios have been annualized
Non-GAAP Disclosure -
Adjusted Noninterest Income
Reported noninterest income (GAAP)
$ 18,056 $ 17,555 $ 17,720
$ 17,434 $ 17,439 $
70,765 Adjustments (pre-tax):
Gain on deposit conversion
0 0 0
0 (1,285) 0
Noninterest income (Non-GAAP) 18,056
17,555 17,720
17,434 16,154
70,765
Non-GAAP Disclosure - Adjusted Diluted
Earnings Per Share
Reported net income (GAAP) $ 12,689
$ 13,722 $ 13,061 $
12,569 $ 14,290 $ 52,041 Gain on
deposit conversion (net of tax) 0
0 0
0 (771) 0 Net operating
income (Non-GAAP) 12,689
13,722 13,061
12,569 13,519 52,041
Adjusted diluted earnings per share (Non-GAAP) (9)
$ 0.85 $ 0.92 $ 0.87
$ 0.84 $ 0.91 $ 3.48
Non-GAAP Disclosure - Tangible Common Equity / Tangible
Assets
Total
Common equity $ 488,131 $
489,060 $ 487,720 $ 472,337
$ 456,487 $ 488,131 Less: Goodwill and
intangibles (10) 105,852
106,377 106,690
107,219 107,395 105,852
Tangible common equity 382,279
382,683 381,030
365,118 349,092
382,279 Total assets 5,269,561
5,090,919 5,057,821
5,041,800 5,003,039
5,269,561 Less: Goodwill and intangibles (10)
105,852 106,377
106,690 107,219
107,395 105,852 Tangible assets
5,163,709 4,984,542
4,951,131 4,934,581
4,895,644 5,163,709
Tangible common equity / tangible assets
(Non-GAAP)
7.40% 7.68%
7.70% 7.40%
7.13% 7.40%
Non-GAAP
Disclosure - Return on Average Quarter-Ended
Year-Ended Tangible Common Equity
Dec-14 Sep-14
Jun-14 Mar-14
Dec-13 Dec-14 Net income
available to common shareholders $ 12,539
$ 13,604 $ 12,943 $
12,452 $ 14,156 $ 51,538 Gain on
deposit conversion (net of tax) 0
0 0
0 (771) 0 Net operating
income (Non-GAAP) 12,539
13,604 12,943
12,452 13,385 51,538
Amortization of intangibles (net of tax)
315 311 315
316 329
1,257 Adjusted net operating income (Non-GAAP)
12,854 13,915
13,258 12,768 13,714
52,795 Average common equity
$ 493,986 $ 488,386 $ 478,561
$ 467,048 $ 447,905 $
482,087 Less: Average goodwill and intangibles (10)
106,151 106,471
106,988 107,399
107,689 106,748 Average tangible common equity
capital 387,835
381,915 371,573 359,649
340,216 375,339 Adjusted
operating return on average tangible common equity (annualized)
(Non-GAAP) 13.15%
14.46% 14.31% 14.40%
15.99% 14.07%
Non-GAAP Disclosure - Tangible Book Value Per Share
Total shareholders' equity (GAAP) $
489,583 $ 490,611 $ 489,237
$ 473,822 $ 457,939 $ 489,583
Less: goodwill and intangibles (10)
106,892 107,449 107,728
108,250 108,438
106,892 Tangible shareholders' equity
382,691 383,162
381,509 365,572
349,501 382,691 Ending shares outstanding
14,895,444
14,794,092 14,853,439
14,829,007 14,749,097
14,895,444 Tangible book value per share (Non-GAAP)
$ 25.69 $ 25.90 $ 25.68
$ 24.65 $ 23.70 $ 25.69
Non-GAAP Disclosure -
(Adjusted Diluted Year-to-date period ended
Earnings Per
Share) Dec-14 Dec-13 Net
income attributable to Tompkins Financial
Corporation $ 52,041 $
50,856
Adjustments (net of tax):
Merger related expenses
0 140 Gain on redemption of trust
preferred securities 0
(846) Gain on deposit conversion
0 (771) Subtotal adjustments
0 (1,477) Net operating income
(Non-GAAP) $ 52,041 $ 49,379
Adjusted diluted earnings per share (Non-GAAP)
$
3.48
$ 3.36 (1) Federal Reserve peer ratio as of
September 30, 2014, 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, 2013. (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. (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.
(10) "Goodwill and intangibles" equal Total Intangible Assets less
Mortgage Servicing Rights in the above tables.
Tompkins Financial CorporationStephen S. Romaine,
888-503-5753President & CEOorFrancis M. Fetsko,
888-503-5753Executive VP, CFO & COO
Tompkins Financial (AMEX:TMP)
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