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) |
July 31, 2015 |
Tompkins Financial Corporation |
(Exact name of registrant as specified in its 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 (17CFR 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 (17CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial
Condition
On July 31, 2015, the Company
issued a press release announcing its earnings for the calendar quarter ended June 30, 2015. 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 8.01 Other Events
On July 31,
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 August 17, 2015, to common shareholders of record on August 10, 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 July 31, 2015 |
99.2 |
Press Release of Tompkins Financial Corporation dated July 31, 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: July 31, 2015 |
/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
Friday, July 31, 2015
Tompkins Financial Corporation Reports Record Second Quarter
Earnings
ITHACA, NY – Tompkins Financial
Corporation (NYSEMKT:TMP)
Tompkins Financial Corporation reported
record net income of $17.4 million for the second quarter of 2015, an increase of 33.1% from the $13.1 million reported for the
same period in 2014. Diluted earnings per share were $1.15 for the quarter, up from $0.87 per share for the second quarter last
year. Results for the current quarter were helped by a one-time curtailment gain of $3.6 million after tax ($0.24 per share) related
to changes to the Company’s pension plan. If this gain were excluded from the current period results, diluted earnings per
share would have been $0.91, which would still reflect the best second quarter in Company history. The impact of this non-recurring
item on the Company’s financial statements is more fully detailed in the non-GAAP disclosure tables included with this press
release.
For the year-to-date period ended June
30, 2015, net income was $30.1 million, an increase of 17.3% from the $25.6 million reported for the same period in 2014. Diluted
earnings per share were $2.00 for the year-to-date period ended June 30, 2015, up 16.3% compared to the $1.72 per share reported
for the same period last year. These results were also aided by the curtailment gain described above. If this gain were excluded
from year to date results, net income for the period would have been $26.0 million for the first six months of 2015, and diluted
earnings per share would have been $1.75. Refer to non-GAAP disclosures for additional details.
Selected
highlights for second quarter:
| § | Net interest income of $41.3 million was up 2.0% compared to the second quarter of 2014. |
| § | Total loans of $3.5 billion were up 9.1% over June 30, 2014. |
| § | Credit quality improved with non-performing assets representing 0.44% of total assets, which is
the lowest this percentage has been over the past 25 quarters. The percentage is down from 0.66% one year ago and remains well
below the most recent Federal Reserve peer average1 of 0.88%. |
| § | Annualized return on average equity was 13.79% for the second quarter of 2015, compared to 10.91%
reported for the second quarter of 2014, the second quarter of 2015 included a $3.6 million (net of tax) gain on the pension plan
curtailment. |
| § | Tangible book value per share is up 4.1% from the second quarter of 2014. Refer to Non-GAAP disclosure
for additional details on tangible book value per share. |
President and CEO, Stephen S. Romaine said
“It is very exciting to report on another record quarter for earnings performance. When compared to the same period last
year, positive trends that contributed to these results included: growth in loans, deposits, insurance revenue, and card related
revenue, as well as continued excellent asset quality.”
NET INTEREST INCOME
Net interest income of $41.3 million for
the second quarter of 2015 increased 2.0% compared to the same period in 2014, and was in line with the first quarter of 2015.
For the year-to-date period, net interest income of $82.6 million was up 2.5% from the prior year. The net interest margin for
the second quarter of 2015 was 3.37%, compared to 3.55% for the same period in 2014. For the year to date, net interest margin
was 3.41% in 2015, compared to 3.58% in 2014.
NONINTEREST INCOME
Noninterest income represented 31.5% of
total revenue for the second quarter of 2015, compared to 30.4% of total revenue in the second quarter of 2014. Noninterest income
was $19.0 million for the second quarter of 2015, up 7.0% compared to the second quarter of 2014, and up 7.5% compared to first
quarter 2015. The increase over the same quarter last year included improvements in insurance revenue and card services income.
Growth during the quarter also benefited from $723,000 of gains on the sale of available-for-sale securities and $924,000 of gains
on the sale of other real estate owned (OREO). For the first six months of 2015, noninterest income was up $1.5 million, or 4.1%
over the same period in 2014.
NONINTEREST EXPENSE
Noninterest expense was $32.9 million
for the second quarter of 2015, down 15.4% compared to the second quarter of 2014. For the year-to-date period, noninterest expense
was down 5.9% from the same period in 2014. The decrease in noninterest expense for both the quarter-to-date and year-to-date periods
was mainly due to a $6.0 million gain on a pension plan curtailment recorded in the second quarter of 2015. The curtailment gain
is related to a freeze of the Company’s defined benefit pension plan which has been replaced with a more flexible defined
contribution pension plan.
ASSET QUALITY
Asset quality remains strong. Substandard
and Special Mention loans declined by $28.3 million from the same period last year, and by $10.1 million from the previous quarter.
Provision for loan and lease losses
was $922,000 for the second quarter of 2015, up $855,000 compared to the second quarter of 2014. The increase over the second quarter
of 2014 reflects increased provision expense primarily due to loan growth.
The Company’s allowance for
originated loan and lease losses totaled $29.4 million at June 30, 2015, which represented 0.98% of total originated loans, compared
to 1.02% at June 30, 2014 and 0.99% at year-end 2014. The allowance for loan and lease losses covered 139.36% of nonperforming
loans and leases as of June 30, 2015, compared to 103.08% at June 30, 2014 and 128.43% at year-end 2014.
CAPITAL POSITION
Capital ratios remain well above the regulatory
well capitalized minimums. Tier 1 capital to average assets of 8.92% is up from 8.79% at June 30, 2014. The ratio of tangible
common equity to tangible assets (refer to Non-GAAP disclosures) improved to 7.48%, up from 7.40% reported at December 31, 2014.
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 |
|
06/30/2015 |
|
12/31/2014 |
|
|
|
|
|
|
|
Cash and noninterest bearing balances due from banks |
$ |
58,237 |
$ |
53,921 |
Interest bearing balances due from banks |
|
1,902 |
|
2,149 |
|
Cash and Cash Equivalents |
|
60,139 |
|
56,070 |
|
|
|
|
|
|
|
Trading securities, at fair value |
|
8,153 |
|
8,992 |
Available-for-sale securities, at fair value (amortized cost of $1,381,440 at June 30, |
|
|
|
|
|
2015 and $1,397,458 at December 31, 2014) |
|
1,382,484 |
|
1,402,236 |
Held-to-maturity securities, at amortized cost (fair value of $146,076 at June 30, 2015 |
|
|
|
|
|
and $89,036 at December 31, 2014) |
|
145,737 |
|
88,168 |
Originated loans and leases, net of unearned income and deferred costs and fees (2) |
|
3,013,968 |
|
2,839,974 |
Acquired loans and leases, covered (3) |
|
15,771 |
|
19,319 |
Acquired loans and leases, non-covered (3) |
|
492,192 |
|
533,995 |
Less: Allowance for loan and lease losses |
|
30,091 |
|
28,997 |
|
Net Loans and Leases |
|
3,491,840 |
|
3,364,291 |
|
|
|
|
|
|
|
FDIC indemnification asset |
|
634 |
|
1,903 |
Federal Home Loan Bank stock |
|
27,128 |
|
21,259 |
Bank premises and equipment, net |
|
59,451 |
|
59,800 |
Corporate owned life insurance |
|
74,894 |
|
73,725 |
Goodwill |
|
92,243 |
|
92,243 |
Other intangible assets, net |
|
13,569 |
|
14,649 |
Accrued interest and other assets |
|
79,864 |
|
86,225 |
|
Total Assets |
$ |
5,436,136 |
$ |
5,269,561 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Deposits: |
|
|
|
|
|
Interest bearing: |
|
|
|
|
|
Checking, savings and money market |
|
2,314,510 |
|
2,247,708 |
|
Time |
|
906,345 |
|
898,081 |
|
Noninterest bearing |
|
983,234 |
|
1,023,365 |
|
Total Deposits |
|
4,204,089 |
|
4,169,154 |
|
|
|
|
|
|
|
Federal funds purchased and securities sold under agreements to repurchase |
|
131,063 |
|
147,037 |
Other borrowings, including certain amounts at fair value of $10,817 at June 30, 2015 |
|
|
|
|
|
and $10,961 at December 31, 2014 |
|
493,326 |
|
356,541 |
Trust preferred debentures |
|
37,423 |
|
37,337 |
Other liabilities |
|
64,841 |
|
69,909 |
|
Total Liabilities |
$ |
4,930,742 |
$ |
4,779,978 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
Tompkins Financial Corporation shareholders’ equity: |
|
|
|
|
|
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: |
|
|
|
|
|
|
14,978,017 at June 30, 2015; and 14,931,354 at December 31, 2014 |
|
1,498 |
|
1,493 |
|
Additional paid-in capital |
|
351,549 |
|
348,889 |
|
Retained earnings |
|
181,955 |
|
165,160 |
|
Accumulated other comprehensive loss |
|
(27,621) |
|
(24,011) |
|
Treasury stock, at cost – 111,467 shares at June 30, 2015, and 111,436 shares |
|
|
|
|
|
|
at December 31, 2014 |
|
(3,504) |
|
(3,400) |
|
|
|
|
|
|
|
|
Total Tompkins Financial Corporation Shareholders’ Equity |
|
503,877 |
|
488,131 |
Noncontrolling interests |
|
1,517 |
|
1,452 |
|
Total Equity |
$ |
505,394 |
$ |
489,583 |
|
Total Liabilities and Equity |
$ |
5,436,136 |
$ |
5,269,561 |
TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
|
Three Months Ended |
|
Six Months Ended |
(In thousands, except per share data) (Unaudited) |
|
|
06/30/2015 |
|
06/30/2014 |
|
06/30/2015 |
|
06/30/2014 |
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
38,059 |
$ |
37,348 |
$ |
75,435 |
$ |
74,302 |
Due from banks |
|
|
1 |
|
0 |
|
2 |
|
1 |
Trading securities |
|
|
90 |
|
107 |
|
184 |
|
219 |
Available-for-sale securities |
|
|
7,374 |
|
7,984 |
|
15,188 |
|
15,920 |
Held-to-maturity securities |
|
|
674 |
|
186 |
|
1,270 |
|
338 |
Federal Home Loan Bank stock and Federal Reserve Bank stock |
|
|
225 |
|
194 |
|
572 |
|
404 |
Total Interest and Dividend Income |
|
|
46,423 |
|
45,819 |
|
92,651 |
|
91,184 |
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Time certificates of deposits of $250,000 or more |
|
|
354 |
|
328 |
|
689 |
|
635 |
Other deposits |
|
|
2,267 |
|
2,449 |
|
4,553 |
|
4,884 |
Federal funds purchased and securities sold under agreements to |
|
|
|
|
|
|
|
|
|
repurchase |
|
|
665 |
|
763 |
|
1,335 |
|
1,580 |
Trust preferred debentures |
|
|
573 |
|
571 |
|
1,143 |
|
1,141 |
Other borrowings |
|
|
1,234 |
|
1,192 |
|
2,373 |
|
2,401 |
Total Interest Expense |
|
|
5,093 |
|
5,303 |
|
10,093 |
|
10,641 |
Net Interest Income |
|
|
41,330 |
|
40,516 |
|
82,558 |
|
80,543 |
Less: Provision for loan and lease losses |
|
|
922 |
|
67 |
|
1,131 |
|
810 |
Net Interest Income After Provision for Loan and Lease Losses |
|
|
40,408 |
|
40,449 |
|
81,427 |
|
79,733 |
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
Insurance commissions and fees |
|
|
7,407 |
|
7,046 |
|
14,777 |
|
14,303 |
Investment services income |
|
|
3,838 |
|
3,902 |
|
7,844 |
|
7,912 |
Service charges on deposit accounts |
|
|
2,244 |
|
2,388 |
|
4,402 |
|
4,504 |
Card services income |
|
|
2,025 |
|
1,920 |
|
3,843 |
|
4,032 |
Mark-to-market loss on trading securities |
|
|
(74) |
|
(34) |
|
(137) |
|
(93) |
Mark-to-market gain on liabilities held at fair value |
|
|
104 |
|
63 |
|
145 |
|
128 |
Other income |
|
|
2,695 |
|
2,400 |
|
4,721 |
|
4,239 |
Gain on sale of available-for-sale securities |
|
|
723 |
|
35 |
|
1,013 |
|
129 |
Total Noninterest Income |
|
|
18,962 |
|
17,720 |
|
36,608 |
|
35,154 |
NONINTEREST EXPENSES |
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
|
18,394 |
|
17,660 |
|
35,962 |
|
34,306 |
Pension and other employee benefits |
|
|
(519) |
|
4,978 |
|
5,475 |
|
11,023 |
Net occupancy expense of premises |
|
|
3,073 |
|
3,066 |
|
6,412 |
|
6,326 |
Furniture and fixture expense |
|
|
1,483 |
|
1,459 |
|
2,933 |
|
2,796 |
FDIC insurance |
|
|
748 |
|
735 |
|
1,489 |
|
1,546 |
Amortization of intangible assets |
|
|
500 |
|
525 |
|
1,007 |
|
1,052 |
Other operating expense |
|
|
9,239 |
|
10,505 |
|
19,332 |
|
20,089 |
Total Noninterest Expenses |
|
|
32,918 |
|
38,928 |
|
72,610 |
|
77,138 |
Income Before Income Tax Expense |
|
|
26,452 |
|
19,241 |
|
45,425 |
|
37,749 |
Income Tax Expense |
|
|
9,030 |
|
6,148 |
|
15,290 |
|
12,054 |
Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation |
|
|
17,422 |
|
13,093 |
|
30,135 |
|
25,695 |
Less: Net income attributable to noncontrolling interests |
|
|
32 |
|
32 |
|
65 |
|
65 |
Net Income Attributable to Tompkins Financial Corporation |
|
$ |
17,390 |
$ |
13,061 |
$ |
30,070 |
$ |
25,630 |
Basic Earnings Per Share |
|
$ |
1.16 |
$ |
0.88 |
$ |
2.01 |
$ |
1.73 |
Diluted Earnings Per Share |
|
$ |
1.15 |
$ |
0.87 |
$ |
2.00 |
$ |
1.72 |
Average Consolidated Statements of Condition and Net Interest
Analysis (Unaudited)
|
|
|
|
Quarter Ended |
|
Year to Date Period Ended |
|
Year to Date Period Ended |
|
|
|
|
June 30, 2015 |
|
June 30, 2015 |
|
June 30, 2014 |
|
|
|
|
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 |
$ |
1,824 |
$ |
1 |
0.22% |
$ |
1,607 |
$ |
2 |
0.25% |
$ |
885 |
$ |
1 |
0.23% |
|
Securities (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government securities |
|
1,450,039 |
|
7,513 |
2.08% |
|
1,442,846 |
|
15,366 |
2.15% |
|
1,301,015 |
|
14,877 |
2.31% |
|
|
Trading securities |
|
8,453 |
|
90 |
4.27% |
|
8,654 |
|
184 |
4.29% |
|
10,584 |
|
219 |
4.17% |
|
|
State and municipal (5) |
|
86,710 |
|
832 |
3.85% |
|
87,502 |
|
1,703 |
3.92% |
|
89,964 |
|
2,127 |
4.77% |
|
|
Other securities (5) |
|
3,752 |
|
30 |
3.21% |
|
3,758 |
|
60 |
3.22% |
|
4,729 |
|
76 |
3.24% |
|
|
Total securities |
|
1,548,954 |
|
8,465 |
2.19% |
|
1,542,760 |
|
17,313 |
2.26% |
|
1,406,292 |
|
17,299 |
2.48% |
|
FHLBNY and FRB stock |
|
23,927 |
|
225 |
3.76% |
|
22,355 |
|
572 |
5.15% |
|
20,670 |
|
404 |
3.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and leases, net of unearned income (5)(6) |
|
3,463,881 |
|
38,680 |
4.48% |
|
3,431,282 |
|
76,635 |
4.50% |
|
3,206,950 |
|
75,161 |
4.73% |
|
Total interest-earning assets |
|
5,038,586 |
|
47,371 |
3.77% |
|
4,998,004 |
|
94,522 |
3.81% |
|
4,634,797 |
|
92,865 |
4.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
352,528 |
|
|
|
|
355,264 |
|
|
|
|
371,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
5,391,114 |
|
|
|
|
5,353,268 |
|
|
|
|
5,006,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking, savings, & money market |
|
2,326,361 |
|
924 |
0.16% |
|
2,337,605 |
|
1,914 |
0.17% |
|
2,272,478 |
|
2,211 |
0.20% |
|
|
Time deposits |
|
917,986 |
|
1,697 |
0.74% |
|
912,016 |
|
3,328 |
0.74% |
|
895,073 |
|
3,308 |
0.75% |
|
|
Total interest-bearing deposits |
|
3,244,347 |
|
2,621 |
0.32% |
|
3,249,621 |
|
5,242 |
0.33% |
|
3,167,551 |
|
5,519 |
0.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased & securities sold under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
agreements to repurchase |
|
131,324 |
|
665 |
2.03% |
|
136,811 |
|
1,335 |
1.97% |
|
153,939 |
|
1,580 |
2.07% |
Other borrowings |
|
422,364 |
|
1,234 |
1.17% |
|
385,233 |
|
2,373 |
1.24% |
|
263,633 |
|
2,401 |
1.84% |
Trust preferred debentures |
|
37,395 |
|
573 |
6.15% |
|
37,374 |
|
1,143 |
6.17% |
|
37,205 |
|
1,141 |
6.18% |
|
Total interest-bearing liabilities |
|
3,835,430 |
|
5,093 |
0.53% |
|
3,809,039 |
|
10,093 |
0.53% |
|
3,622,328 |
|
10,641 |
0.59% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing deposits |
|
983,199 |
|
|
|
|
978,233 |
|
|
|
|
856,161 |
|
|
|
Accrued expenses and other liabilities |
|
66,818 |
|
|
|
|
64,615 |
|
|
|
|
53,539 |
|
|
|
|
Total liabilities |
|
4,885,447 |
|
|
|
|
4,851,887 |
|
|
|
|
4,532,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation Shareholders’ equity |
|
504,166 |
|
|
|
|
499,896 |
|
|
|
|
472,836 |
|
|
|
Noncontrolling interest |
|
1,501 |
|
|
|
|
1,485 |
|
|
|
|
1,485 |
|
|
|
|
Total equity |
|
505,667 |
|
|
|
|
501,381 |
|
|
|
|
474,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
5,391,114 |
|
|
|
$ |
5,353,268 |
|
|
|
$ |
5,006,349 |
|
|
|
Interest rate spread |
|
|
|
|
3.24% |
|
|
|
|
3.28% |
|
|
|
|
3.45% |
|
Net interest income/margin on earning assets |
|
|
|
42,278 |
3.37% |
|
|
|
84,429 |
3.41% |
|
|
|
82,224 |
3.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Equivalent Adjustment |
|
|
|
(948) |
|
|
|
|
(1,871) |
|
|
|
|
(1,681) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income per consolidated financial statements |
|
|
$ |
41,330 |
|
|
|
$ |
82,558 |
|
|
|
$ |
80,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation - Summary Financial Data
(Unaudited)
(In thousands, except per share data) |
|
Quarter-Ended |
Year-Ended |
|
|
Jun-15 |
|
Mar-15 |
|
Dec-14 |
|
Sep-14 |
|
Jun-14 |
|
Dec-14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
Securities |
$ |
1,536,374 |
$ |
1,555,597 |
$ |
1,499,396 |
$ |
1,431,837 |
$ |
1,420,226 |
$ |
1,499,396 |
Originated loans and leases, net of unearned income and deferred costs and fees (2) |
|
3,013,968 |
|
2,898,533 |
|
2,839,974 |
|
2,674,971 |
|
2,610,289 |
|
2,839,974 |
Acquired loans and leases (3) |
|
507,963 |
|
529,024 |
|
553,314 |
|
582,498 |
|
618,679 |
|
553,314 |
Allowance for loan and lease losses |
|
30,091 |
|
29,485 |
|
28,997 |
|
27,786 |
|
27,517 |
|
28,997 |
Total assets |
|
5,436,136 |
|
5,357,533 |
|
5,269,561 |
|
5,090,919 |
|
5,057,821 |
|
5,269,561 |
Total deposits |
|
4,204,089 |
|
4,282,766 |
|
4,169,154 |
|
4,212,860 |
|
4,044,389 |
|
4,169,154 |
Federal funds purchased and securities sold under agreements to repurchase |
|
131,063 |
|
135,769 |
|
147,037 |
|
128,368 |
|
144,796 |
|
147,037 |
Other borrowings |
|
493,326 |
|
330,850 |
|
356,541 |
|
166,509 |
|
287,158 |
|
356,541 |
Trust preferred debentures |
|
37,423 |
|
37,380 |
|
37,337 |
|
37,298 |
|
37,254 |
|
37,337 |
Total common equity |
|
503,877 |
|
502,811 |
|
488,131 |
|
489,061 |
|
487,720 |
|
488,131 |
Total equity |
|
505,394 |
|
504,296 |
|
489,583 |
|
490,611 |
|
489,237 |
|
489,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets |
$ |
5,038,586 |
$ |
4,956,972 |
$ |
4,799,027 |
$ |
4,695,860 |
$ |
4,666,722 |
$ |
4,691,582 |
Average assets |
|
5,391,114 |
|
5,315,002 |
|
5,193,347 |
|
5,058,608 |
|
5,030,395 |
|
5,066,655 |
Average interest-bearing liabilities |
|
3,835,430 |
|
3,782,355 |
|
3,668,311 |
|
3,587,673 |
|
3,620,130 |
|
3,625,184 |
Average equity |
|
505,667 |
|
497,047 |
|
495,531 |
|
489,920 |
|
480,063 |
|
483,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share data |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (basic) |
|
14,751,844 |
|
14,701,397 |
|
14,639,631 |
|
14,711,709 |
|
14,709,881 |
|
14,676,622 |
Weighted average shares outstanding (diluted) |
|
14,878,107 |
|
14,837,935 |
|
14,765,855 |
|
14,795,343 |
|
14,821,191 |
|
14,789,624 |
Period-end shares outstanding |
|
14,942,107 |
|
14,962,079 |
|
14,895,444 |
|
14,794,092 |
|
14,853,439 |
|
14,895,444 |
Common equity book value per share |
$ |
33.72 |
$ |
33.61 |
$ |
32.77 |
$ |
33.06 |
$ |
32.84 |
$ |
32.77 |
Tangible book value per share (Non-GAAP) |
$ |
26.71 |
$ |
26.56 |
$ |
25.66 |
$ |
25.87 |
$ |
25.65 |
$ |
25.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
41,330 |
$ |
41,228 |
$ |
41,692 |
$ |
41,575 |
$ |
40,516 |
$ |
163,810 |
Provision (Credit) for loan/lease losses |
|
922 |
|
209 |
|
1,555 |
|
(59) |
|
67 |
|
2,306 |
Noninterest income |
|
18,962 |
|
17,646 |
|
18,056 |
|
17,555 |
|
17,720 |
|
70,765 |
Noninterest expense |
|
32,918 |
|
39,692 |
|
39,018 |
|
38,537 |
|
38,928 |
|
154,693 |
Income tax expense |
|
9,030 |
|
6,260 |
|
6,453 |
|
6,897 |
|
6,148 |
|
25,404 |
Net income attributable to Tompkins Financial Corporation |
|
17,390 |
|
12,680 |
|
12,689 |
|
13,722 |
|
13,061 |
|
52,041 |
Noncontrolling interests |
|
32 |
|
33 |
|
33 |
|
33 |
|
32 |
|
131 |
Basic earnings per share (9) |
$ |
1.16 |
$ |
0.85 |
$ |
0.86 |
$ |
0.92 |
$ |
0.88 |
$ |
3.51 |
Diluted earnings per share (9) |
$ |
1.15 |
$ |
0.84 |
$ |
0.85 |
$ |
0.92 |
$ |
0.87 |
$ |
3.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Originated nonaccrual loans and leases |
$ |
14,566 |
$ |
13,811 |
$ |
14,299 |
$ |
16,319 |
$ |
16,918 |
$ |
14,299 |
Acquired nonaccrual loans and leases |
|
5,030 |
|
4,683 |
|
4,729 |
|
4,998 |
|
5,907 |
|
4,729 |
Originated loans and leases 90 days past due and accruing |
|
58 |
|
236 |
|
106 |
|
395 |
|
543 |
|
106 |
Troubled debt restructurings not included above |
|
1,939 |
|
1,589 |
|
3,444 |
|
3,800 |
|
3,327 |
|
3,444 |
Total nonperforming loans and leases |
|
21,593 |
|
20,319 |
|
22,578 |
|
25,512 |
|
26,695 |
|
22,578 |
OREO (8) |
|
2,570 |
|
5,816 |
|
5,683 |
|
6,533 |
|
6,795 |
|
5,683 |
Total nonperforming assets |
$ |
24,163 |
$ |
26,135 |
$ |
28,261 |
$ |
32,045 |
$ |
33,490 |
$ |
28,261 |
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
- continued
|
|
Quarter-Ended |
Year-Ended |
Delinquency - Originated loan and lease portfolio |
|
Jun-15 |
|
Mar-15 |
|
Dec-14 |
|
Sep-14 |
|
Jun-14 |
|
Dec-14 |
Loans and leases 30-89 days past due and |
|
|
|
|
|
|
|
|
|
|
|
|
accruing (2) |
$ |
3,315 |
$ |
2,438 |
$ |
6,849 |
$ |
3,811 |
$ |
5,221 |
$ |
6,849 |
Loans and leases 90 days past due and accruing (2) |
|
58 |
|
236 |
|
106 |
|
395 |
|
543 |
|
106 |
Total originated loans and leases past due and accruing (2) |
|
3,373 |
|
2,674 |
|
6,955 |
|
4,206 |
|
5,764 |
|
6,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquency - Acquired loan and lease portfolio |
Covered loans and leases 30-89 days past due and accruing (3)(7) |
$ |
455 |
$ |
547 |
$ |
533 |
$ |
0 |
$ |
0 |
$ |
533 |
Covered loans and leases 90 days or more past |
|
|
|
|
|
|
|
|
|
|
|
|
due and accruing (3)(7) |
|
674 |
|
682 |
|
914 |
|
1,149 |
|
904 |
|
914 |
Non-covered loans and leases 30-89 days past |
|
|
|
|
|
|
|
|
|
|
|
|
due and accruing (3)(7) |
|
917 |
|
2,546 |
|
1,186 |
|
736 |
|
1,620 |
|
1,186 |
Non-covered loans and leases 90 days past |
|
|
|
|
|
|
|
|
|
|
|
|
due and accruing (3)(7) |
|
3,031 |
|
2,811 |
|
2,614 |
|
3,171 |
|
3,048 |
|
2,614 |
Total acquired loans and leases past due and accruing |
|
5,077 |
|
6,586 |
|
5,247 |
|
5,056 |
|
5,572 |
|
5,247 |
Total loans and leases past due and accruing |
$ |
8,450 |
$ |
9,260 |
$ |
12,202 |
$ |
9,262 |
$ |
11,336 |
$ |
12,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses - Originated loan and lease portfolio |
Balance at beginning of period |
$ |
28,690 |
$ |
28,156 |
$ |
27,185 |
$ |
26,752 |
$ |
26,661 |
$ |
26,700 |
Provision (Credit) for loan and lease losses |
|
769 |
|
340 |
|
1,102 |
|
(264) |
|
(56) |
|
1,293 |
Net loan and lease charge-offs (recoveries) |
|
31 |
|
(194) |
|
131 |
|
(697) |
|
(147) |
|
(163) |
Allowance for loan and lease losses (originated |
|
29,428 |
|
28,690 |
|
28,156 |
|
27,185 |
|
26,752 |
|
28,156 |
loan portfolio) - balance at end of period |
$ |
$ |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses - Acquired loan and lease portfolio |
Balance at beginning of period |
$ |
795 |
$ |
841 |
$ |
601 |
$ |
765 |
$ |
1,353 |
$ |
1,270 |
Provision (Credit) for loan and lease losses |
|
153 |
|
(131) |
|
453 |
|
205 |
|
123 |
|
1,013 |
Net loan and lease charge-offs (recoveries) |
|
285 |
|
(85) |
|
213 |
|
369 |
|
711 |
|
1,442 |
Allowance for loan and lease losses (acquired |
|
|
|
|
|
|
|
|
|
|
|
|
loan portfolio) - balance at end of period |
|
663 |
|
795 |
|
841 |
|
601 |
|
765 |
|
841 |
Total allowance for loan and lease losses |
$ |
30,091 |
$ |
29,485 |
$ |
28,997 |
$ |
27,786 |
$ |
27,517 |
$ |
28,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Classification - Originated Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
Special Mention |
$ |
25,706 |
$ |
34,965 |
$ |
36,331 |
$ |
27,854 |
$ |
35,484 |
$ |
36,331 |
Substandard |
|
21,600 |
|
19,150 |
|
19,970 |
|
25,889 |
|
21,253 |
|
19,970 |
Loan Classification - Acquired Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
Special Mention |
|
1,589 |
|
5,053 |
|
5,758 |
|
7,605 |
|
12,124 |
|
5,758 |
Substandard |
|
21,932 |
|
21,752 |
|
21,567 |
|
24,034 |
|
30,273 |
|
21,567 |
Loan Classifications - Total Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
Special Mention |
|
27,295 |
|
40,018 |
|
42,089 |
|
35,459 |
|
47,608 |
|
42,089 |
Substandard |
|
43,532 |
|
40,902 |
|
41,537 |
|
49,923 |
|
51,526 |
|
41,537 |
Tompkins Financial Corporation - Summary Financial Data
(Unaudited) - continued
RATIO ANALYSIS |
|
Quarter-Ended |
Year-Ended |
Credit Quality |
|
Jun-15 |
|
Mar-15 |
|
Dec-14 |
|
Sep-14 |
|
Jun-14 |
|
Dec-14 |
Nonperforming loans and leases/total loans and leases (7) |
|
0.61% |
|
0.59% |
|
0.67% |
|
0.78% |
|
0.83% |
|
0.67% |
Nonperforming assets/total assets |
|
0.44% |
|
0.49% |
|
0.54% |
|
0.63% |
|
0.66% |
|
0.54% |
Allowance for originated loan and lease losses/total originated loans and leases |
|
0.98% |
|
0.99% |
|
0.99% |
|
1.02% |
|
1.02% |
|
0.99% |
Allowance/nonperforming loans and leases |
|
139.36% |
|
145.11% |
|
128.43% |
|
108.92% |
|
103.08% |
|
128.43% |
Net loan and lease losses (recoveries) annualized/total average loans and leases |
|
0.04% |
|
(0.03%) |
|
0.04% |
|
(0.04%) |
|
0.07% |
|
0.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Adequacy (period-end) |
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital / average assets * |
|
8.92% |
|
8.85% |
|
8.75% |
|
8.85% |
|
8.79% |
|
8.75% |
Total capital / risk-weighted assets * |
|
13.46% |
|
13.37% |
|
13.60% |
|
13.92% |
|
13.92% |
|
13.60% |
*Beginning with March 31, 2015, ratios are calculated utilizing Basel III regulatory capital framework |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets * |
|
1.29% |
|
0.97% |
|
0.97% |
|
1.08% |
|
1.04% |
|
1.03% |
Return on average equity * |
|
13.79% |
|
10.35% |
|
10.16% |
|
11.11% |
|
10.91% |
|
10.76% |
Net interest margin (TE) * |
|
3.37% |
|
3.45% |
|
3.53% |
|
3.58% |
|
3.55% |
|
3.57% |
* Quarterly ratios have been annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Disclosure - Adjusted Diluted Earnings Per Share |
|
|
|
|
|
|
|
|
Net income available to common shareholders |
$ |
17,390 |
$ |
12,680 |
$ |
12,689 |
$ |
13,722 |
$ |
13,061 |
$ |
52,041 |
Less: Dividends and undistributed earnings allocated to unvested restricted stock awards |
|
234 |
|
182 |
|
150 |
|
119 |
|
118 |
|
503 |
Adjusted net income available to common shareholders |
|
17,156 |
|
12,498 |
|
12,539 |
|
13,603 |
|
12,943 |
|
51,538 |
Gain on pension plan curtailment (net of tax) |
|
(3,602) |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
Net operating income (Non-GAAP) |
|
13,554 |
|
12,498 |
|
12,539 |
|
13,603 |
|
12,943 |
|
51,538 |
Weighted average shares outstanding (diluted) |
|
14,878,107 |
|
14,837,935 |
|
14,765,855 |
|
14,795,343 |
|
14,821,191 |
|
14,789,624 |
Adjusted diluted earnings per share (Non-GAAP) (9) |
$ |
0.91 |
$ |
0.84 |
$ |
0.85 |
$ |
0.92 |
$ |
0.87 |
$ |
3.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Disclosure - Tangible Common Equity / Tangible Assets |
|
|
|
|
|
|
|
|
Total Common equity |
$ |
503,877 |
$ |
502,811 |
$ |
488,131 |
$ |
489,061 |
$ |
487,720 |
$ |
488,131 |
Less: Goodwill and intangibles (10) |
|
104,845 |
|
105,344 |
|
105,852 |
|
106,377 |
|
106,690 |
|
105,852 |
Tangible common equity |
|
399,032 |
|
397,467 |
|
382,279 |
|
382,684 |
|
381,030 |
|
382,279 |
Total assets |
|
5,436,136 |
|
5,357,533 |
|
5,269,561 |
|
5,090,919 |
|
5,057,821 |
|
5,269,561 |
Less: Goodwill and intangibles (10) |
|
104,845 |
|
105,344 |
|
105,852 |
|
106,377 |
|
106,690 |
|
105,852 |
Tangible assets |
|
5,331,291 |
|
5,252,189 |
|
5,163,709 |
|
4,984,542 |
|
4,951,131 |
|
5,163,709 |
Tangible common equity / tangible assets (Non-GAAP) |
|
7.48% |
|
7.57% |
|
7.40% |
|
7.68% |
|
7.70% |
|
7.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
- continued
Non-GAAP Disclosure - Return on Average |
|
Quarter-Ended |
Year-Ended |
Tangible Common Equity |
|
Jun-15 |
|
Mar-15 |
|
Dec-14 |
|
Sep-14 |
|
Jun-14 |
|
Dec-14 |
Net income available to common shareholders |
$ |
17,390 |
$ |
12,680 |
$ |
12,689 |
$ |
13,722 |
$ |
13,061 |
$ |
52,041 |
Less: Dividends and undistributed earnings allocated to unvested restricted stock awards |
|
234 |
|
182 |
|
150 |
|
119 |
|
118 |
|
503 |
Adjusted net income available to common shareholders |
|
17,156 |
|
12,498 |
|
12,539 |
|
13,603 |
|
12,943 |
|
51,538 |
Gain on pension plan curtailment (net of tax) |
|
(3,602) |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
Net operating income (Non-GAAP) |
|
13,554 |
|
12,498 |
|
12,539 |
|
13,603 |
|
12,943 |
|
51,538 |
Amortization of intangibles (net of tax) |
|
300 |
|
304 |
|
315 |
|
311 |
|
315 |
|
1,257 |
Adjusted net operating income (Non-GAAP) |
|
13,854 |
|
12,802 |
|
12,854 |
|
13,914 |
|
13,258 |
|
52,795 |
Average common equity |
|
504,166 |
|
495,579 |
|
493,986 |
|
488,386 |
|
478,561 |
|
482,087 |
Less: Average goodwill and intangibles (10) |
|
105,130 |
|
105,644 |
|
106,151 |
|
106,471 |
|
106,988 |
|
106,748 |
Average tangible common equity capital |
|
399,036 |
|
389,935 |
|
387,835 |
|
381,915 |
|
371,573 |
|
375,339 |
Adjusted operating return on average tangible common equity (annualized) (Non-GAAP) |
|
13.93% |
|
13.32% |
|
13.15% |
|
14.46% |
|
14.31% |
|
14.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Disclosure - Tangible Book Value Per Share |
|
Total common equity |
$ |
503,877 |
$ |
502,811 |
$ |
488,131 |
$ |
489,061 |
$ |
487,720 |
$ |
488,131 |
Less: Goodwill and intangibles (10) |
|
104,845 |
|
105,344 |
|
105,852 |
|
106,377 |
|
106,690 |
|
105,852 |
Tangible common equity |
|
399,032 |
|
397,467 |
|
382,279 |
|
382,684 |
|
381,030 |
|
382,279 |
Ending shares outstanding |
|
14,942,107 |
|
14,962,079 |
|
14,895,444 |
|
14,794,092 |
|
14,853,439 |
|
14,895,444 |
Tangible book value per share (Non-GAAP) |
$ |
26.71 |
$ |
26.56 |
$ |
25.66 |
$ |
25.87 |
$ |
25.65 |
$ |
25.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Disclosure - YTD adjusted diluted earnings per share |
|
|
|
|
|
|
|
|
|
Jun-15 |
Jun-14 |
|
|
|
|
|
|
Net income available to common shareholders |
$ |
30,070 |
$ |
25,630 |
|
|
|
|
|
|
Less: Dividends and undistributed earnings allocated to unvested restricted stock awards |
|
420 |
|
234 |
|
|
|
|
|
|
Adjusted net income available to common shareholders |
|
29,650 |
|
25,396 |
|
|
|
|
|
|
Gain on pension plan curtailment |
|
(3,602) |
|
0 |
|
|
|
|
|
|
Net operating income (Non-GAAP) |
|
26,048 |
|
25,396 |
|
|
|
|
|
|
Weighted average shares outstanding (diluted) |
|
14,858,127 |
|
14,798,462 |
|
|
|
|
|
|
Adjusted diluted earnings per share (Non-GAAP) |
$ |
1.75 |
$ |
1.72 |
|
|
|
|
|
|
(1) Federal Reserve peer ratio as of March 31, 2015, 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, 2014.
(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
Friday, July 31, 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 August 17, 2015, to common shareholders
of record on August 10, 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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