UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) |
January 22,
2015 |
Tompkins
Financial Corporation
(Exact
Name of Registrant as specified in Charter)
New
York |
1-12709 |
16-1482357 |
(State
or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
The
Commons, PO Box 460, Ithaca, New York |
14851 |
(Address
of Principal Executive Offices) |
(Zip
Code) |
Registrant’s telephone number, including area code |
(607) 273-3210 |
(Former name or former address,
if changed since last report.)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
☐ Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On January 28, 2015, Tompkins
Financial Corporation, (the “Company”) issued a press release announcing its earnings for the calendar quarter ended
December 31, 2014. A copy of the press release is attached to this Report on Form 8-K as Exhibit 99.1 and is incorporated herein
by reference.
Item 5.02(b) Departure of Directors or Certain Officers
Director James R. Hardie has reached the mandatory
retirement age of 72 as outlined in Article IV, Section 4 of the Company’s Second Amended and Restated Bylaws and will, therefore,
not stand for re-election to the Company’s Board of Directors at the 2015 Annual Meeting of Shareholders.
On January 22, 2015, Director William D. Spain,
Jr. requested that he not be considered for re-nomination to the Company’s Board of Directors at the 2015 Annual Meeting
of Shareholders.
Item 8.01 Other Events
On
January 28, 2015, the Company issued a press release announcing that its Board of Directors approved payment of a regular quarterly
cash dividend of $0.42 per share, payable on February 17, 2015, to common shareholders of record on February 9, 2015. A copy of
the press release is attached to this Report on Form 8-K as Exhibit 99.2 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
| Exhibit No. | Description |
| 99.1 | Press Release of Tompkins Financial Corporation dated January 28, 2015 |
| 99.2 | Press Release of Tompkins Financial Corporation dated January 28, 2015 |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
TOMPKINS FINANCIAL CORPORATION |
|
|
|
|
Date: January 28, 2015 |
By: |
/s/ Stephen S. Romaine |
|
|
Stephen S. Romaine President and CEO |
INDEX TO EXHIBITS
Tompkins Financial Corporation 8-K
Exhibit 99.1
|
For more information
contact:
Stephen S. Romaine, President &
CEO
Francis M. Fetsko, Executive VP, CFO &
COO
Tompkins Financial Corporation (888)
503-5753
|
For Immediate Release
Wednesday, January 28, 2015
Tompkins Financial Corporation Reports Fourth Quarter Earnings
ITHACA, NY – 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation - Summary Financial
Data (Unaudited) - continued |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation - Summary Financial
Data (Unaudited) - continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
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% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins
Financial Corporation - Summary Financial Data (Unaudited) - continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Corporation 8-K
Exhibit
99.2
For
more information contact:
Stephen
S. Romaine, President & CEO
Francis
M. Fetsko, CFO & COO
Tompkins
Financial Corporation (888) 503-5753
For Immediate
Release
Wednesday,
January 28, 2015
Tompkins
Financial Corporation Declares Cash Dividend
ITHACA,
NY - Tompkins Financial Corporation (NYSEMKT:TMP)
Tompkins
Financial Corporation announced today that its Board of Directors approved payment of a regular quarterly cash dividend of $0.42
per share, payable on February 17, 2015, to common shareholders of record on February 9, 2015.
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.
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