Tompkins Financial Corporation (NYSEMKT:TMP)
Tompkins Financial Corporation reported diluted earnings per
share of $0.96 for the third quarter of 2015, representing the best
third quarter in Company history and an increase of 4.35% over
$0.92 reported for the third quarter of 2014. Net income of $14.5
million for the third quarter of 2015, was up 5.6% from the $13.7
million reported for the same period in 2014.
For the year-to-date period ended September 30, 2015, diluted
earnings per share were $2.96, reflecting an increase of 12.1% over
the $2.64 reported for September 30, 2014. Year to date net income
was $44.6 million, an increase of 13.3% from the $39.4 million
reported for the same period in 2014. Year to date results were
helped by a one-time curtailment gain of $3.6 million after tax
($0.24 per share), recognized in the second quarter of 2015,
related to changes to the Company’s pension plan. If this gain was
excluded from current year to date net income, diluted earnings per
share would have been $2.72. 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.
President and CEO, Stephen S. Romaine said "We are very pleased
to report on record earnings performance for the third quarter of
2015. Continued growth in loans and deposits contributed to our
success during the quarter, as earnings improved despite the
challenging interest rate environment that continues to pressure
net interest margin.”
SELECTED HIGHLIGHTS FOR THIRD QUARTER:
- Return on average equity was 11.29% for
the quarter, up from 11.11% for the third quarter of 2014.
- Net interest income of $42.4 million
was up 2.0% compared to the third quarter of 2014.
- Total loans of $3.6 billion were up
11.6% over September 30, 2014.
- Noninterest-bearing deposits of $1.1
billion were up 14.5% over the same period in 2014.
- Tangible book value per share increased
6.8% from the third quarter of 2014. Refer to Non-GAAP disclosure
for additional details on tangible book value per share.
NET INTEREST INCOME
Net interest income of $42.4 million for the third quarter of
2015 reflected an increase of 2.0% when compared to the same period
in 2014, despite a decline in net interest margin to 3.35% in the
current period, down from 3.58% for the third quarter of 2014.
Offsetting the decline in net interest margin was solid balance
sheet growth, which included a 10.3% increase in average loans from
the same quarter last year, and a 13.7% increase in average
noninterest-bearing deposits over the same period.
For the year-to-date period, net interest income of $124.9
million was up 2.3% from the prior year, while net interest margin
declined to 3.39% in 2015, compared to 3.58% in 2014.
NONINTEREST INCOME
Noninterest income was $17.4 million for the third quarter of
2015, and was in line with same period in 2014. Year-to-date
noninterest income of $54.0 million was 2.5% ahead of the $52.7
million reported for September 30, 2014, and included gains on the
sale of other real estate owned totaling $924,000 for 2015.
Noninterest income represented 29.1% of total revenue for the
third quarter of 2015, compared to 29.7% for the same period in
2014. For the year-to-date period ending September 30, 2015,
noninterest income represented 30.2% of total revenue, which was in
line with the same period in 2014.
NONINTEREST EXPENSE
Noninterest expense was $37.9 million for the third quarter of
2015, down 1.7% compared to the third quarter of 2014. For the
year-to-date period, noninterest expense was down 4.5% from the
same period in 2014. The decrease in noninterest expense for the
year-to-date period was mainly due to a $6.0 million gain on a
pension plan curtailment recorded in the third 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 in the third quarter of 2015.
Nonperforming assets as a percentage of total assets represented
0.47% at September 30, 2015, down from 0.63% at September 30, 2014.
Despite a modest increase from the 0.44% reported for the immediate
prior quarter, the ratio remains well below the most recent Federal
Reserve Board Peer Group Average1 of 0.80%. Additionally,
substandard and special mention loans declined by $15.2 million
from the same period last year, and by $628,000 from the previous
quarter.
Provision for loan and lease losses was $281,000 for the third
quarter of 2015, up $340,000 from the negative provision of $59,000
reported for third quarter of 2014. The increased provision expense
over the third quarter of 2014 is primarily due to growth in the
loan portfolio.
The Company’s allowance for loan and lease losses totaled $31.0
million at September 30, 2015. The allowance represented 0.97% of
total originated loans at September 30, 2015, compared to 0.99% at
year-end 2014. The allowance for loan and lease losses covered
133.18% of nonperforming loans and leases as of September 30, 2015,
compared to 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 8.89% is up from
8.75% at December 31, 2014. The ratio of tangible common equity to
tangible assets (refer to Non-GAAP disclosures) improved to 7.51%,
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
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
CONDITION (In thousands, except share and per share
data) (Unaudited)
As of09/30/2015
As of12/31/2014 ASSETS Cash and
noninterest bearing balances due from banks $ 105,074 $ 53,921
Interest bearing balances due from banks 2,019
2,149
Cash and Cash Equivalents 107,093
56,070 Trading securities, at fair value 7,749 8,992
Available-for-sale securities, at fair value (amortized cost of
$1,378,138 at September 30, 2015 and $1,397,458 at December 31,
2014) 1,388,283 1,402,236 Held-to-maturity securities, at amortized
cost (fair value of $149,112 at September 30, 2015 and $89,036 at
December 31, 2014) 146,300 88,168 Originated loans and leases, net
of unearned income and deferred costs and fees (2) 3,149,386
2,839,974 Acquired loans and leases, covered (3) 15,576 19,319
Acquired loans and leases, non-covered (3) 469,351 533,995 Less:
Allowance for loan and lease losses 30,965
28,997
Net Loans and Leases 3,603,348
3,364,291 FDIC indemnification asset 334 1,903
Federal Home Loan Bank stock 23,562 21,259 Bank premises and
equipment, net 60,060 59,800 Corporate owned life insurance 75,368
73,725 Goodwill 92,243 92,243 Other intangible assets, net 13,028
14,649 Accrued interest and other assets 77,350
86,225
Total Assets $
5,594,718 $ 5,269,561
LIABILITIES Deposits: Interest bearing: Checking, savings
and money market 2,447,841 2,247,708 Time 877,422 898,081
Noninterest bearing 1,111,810 1,023,365
Total Deposits 4,437,073 4,169,154
Federal funds purchased and securities sold under agreements to
repurchase 134,941 147,037 Other borrowings, including certain
amounts at fair value of $10,736 at September 30, 2015 and $10,961
at December 31, 2014 398,946 356,541 Trust preferred debentures
37,466 37,337 Other liabilities 68,333
69,909
Total Liabilities $
5,076,759 $ 4,779,978
EQUITY Tompkins Financial Corporation shareholders' equity:
Common Stock - par value $.10 per share: Authorized 25,000,000
shares; Issued: 14,941,486 at September 30, 2015; and 14,931,354 at
December 31, 2014 1,494 1,493 Additional paid-in capital 350,397
348,889 Retained earnings 190,175 165,160 Accumulated other
comprehensive loss (22,028) (24,011) Treasury stock, at cost –
113,787 shares at September 30, 2015, and 111,436 shares at
December 31, 2014 (3,629) (3,400)
Total Tompkins
Financial Corporation Shareholders’ Equity 516,409
488,131 Noncontrolling interests 1,550
1,452
Total Equity $
517,959 $ 489,583 Total
Liabilities and Equity $ 5,594,718
$ 5,269,561 TOMPKINS FINANCIAL
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months
Ended (In thousands, except per share data) (Unaudited)
09/30/2015 09/30/2014 09/30/2015
09/30/2014 INTEREST AND DIVIDEND INCOME Loans $
39,235 $ 38,298 $ 114,670 $ 112,601 Due from banks 1 0 3 2 Trading
securities 86 102 270 321 Available-for-sale securities 7,031 7,718
22,219 23,637 Held-to-maturity securities 915 288 2,185 626 Federal
Home Loan Bank stock and Federal Reserve Bank stock
262 212 834 616
Total
Interest and Dividend Income 47,530
46,618 140,181
137,803 INTEREST EXPENSE Time certificates of
deposits of $250,000 or more 369 387 1,058 1,022 Other deposits
2,284 2,439 6,837 7,324 Federal funds purchased and securities sold
under agreements to repurchase 685 683 2,020 2,263 Trust preferred
debentures 583 573 1,726 1,714 Other borrowings 1,223
961 3,596 3,362
Total
Interest Expense 5,144
5,043 15,237
15,685 Net Interest Income
42,386 41,575
124,944 122,118 Less: Provision for
loan and lease losses 281 (59)
1,412 751
Net Interest Income After
Provision for Loan and Lease Losses 42,105
41,634 123,532
121,367 NONINTEREST INCOME Insurance
commissions and fees 7,564 7,520 22,341 21,823 Investment services
income 3,674 3,636 11,518 11,549 Service charges on deposit
accounts 2,410 2,506 6,812 7,010 Card services income 2,001 1,936
5,844 5,968 Mark-to-market loss on trading securities (69) (87)
(206) (181) Mark-to-market gain on liabilities held at fair value
81 132 226 260 Other income 1,669 1,892 6,390 6,129 Gain on sale of
available-for-sale securities 92 20
1,105 151
Total Noninterest
Income 17,422 17,555
54,030 52,709
NONINTEREST EXPENSES Salaries and wages 18,357 17,553 54,319
51,859 Pension and other employee benefits 5,368 4,941 10,843
15,964 Net occupancy expense of premises 2,891 2,969 9,303 9,296
Furniture and fixture expense 1,532 1,451 4,465 4,247 FDIC
insurance 729 682 2,218 2,228 Amortization of intangible assets 496
518 1,503 1,570 Other operating expense 8,509
10,423 27,841 30,511
Total
Noninterest Expenses 37,882
38,537 110,492
115,675 Income Before Income Tax Expense
21,645 20,652
67,070 58,401 Income Tax Expense
7,115 6,897 22,405
18,951
Net Income attributable to Noncontrolling
Interests and Tompkins Financial Corporation
14,530 13,755
44,665 39,450 Less: Net income
attributable to noncontrolling interests 33
33 98 98
Net Income
Attributable to Tompkins Financial Corporation $
14,497 $ 13,722 $
44,567 $ 39,352 Basic Earnings Per
Share $ 0.97 $ 0.92 $
2.98 $ 2.65 Diluted Earnings Per Share
$ 0.96 $ 0.92
$ 2.96 $ 2.64
Average Consolidated Statements of Condition and Net Interest
Analysis (Unaudited)
Quarter EndedSeptember 30,
2015
Year to Date Period EndedSeptember 30, 2015 Year
to Date Period EndedSeptember 30, 2014
AverageBalance(QTD)
AverageInterest Yield/Rate
AverageBalance(YTD)
AverageInterest Yield/Rate
AverageBalance(YTD)
AverageInterest Yield/Rate (Dollar amounts in thousands)
ASSETS Interest-earning assets Interest-bearing balances due
from banks $ 1,957 $ 1 0.20% $ 1,725 $ 3 0.23% $ 782 $ 2 0.34%
Securities (4) U.S. Government securities 1,438,436 7,439 2.05%
1,441,360 22,807 2.12% 1,304,141 22,163 2.27% Trading securities
8,008 86 4.26% 8,437 270 4.28% 10,327 321 4.16% State and municipal
(5) 85,554 783 3.63% 86,846 2,486 3.83% 96,992 3,157 4.35% Other
securities (5) 3,705 31 3.32%
3,740 91
3.25% 4,571 107
3.13% Total securities 1,535,703 8,339 2.15% 1,540,383
25,654 2.23% 1,416,031 25,748 2.43% FHLBNY and FRB stock 26,556 263
3.93% 23,771 834 4.69% 20,192 616 4.08% Total loans and
leases, net of unearned income (5)(6) 3,574,449
39,913 4.43% 3,479,528
116,547 4.48%
3,218,371 113,924 4.73%
Total interest-earning assets 5,138,665
48,516 3.75%
5,045,407 143,038
3.79% 4,655,376
140,290 4.03%
Other assets 347,980 352,808 368,584
Total assets
5,486,645 5,398,215 5,023,960
LIABILITIES
& EQUITY Deposits Interest-bearing deposits Interest
bearing checking, savings, & money market 2,322,974 949 0.16%
2,332,674 2,863 0.16% 2,265,787 3,276 0.19% Time deposits 890,933
1,704 0.76%
904,911 5,032 0.74%
901,283 5,070
0.75% Total interest-bearing deposits 3,213,907 2,653 0.33%
3,237,585 7,895 0.33% 3,167,070 8,346 0.35% Federal funds
purchased & securities sold under agreements to repurchase
134,620 685 2.02% 136,073 2,020 1.98% 147,775 2,263 2.05% Other
borrowings 470,060 1,223 1.03% 413,819 3,596 1.16% 258,578 3,362
1.74% Trust preferred debentures 37,438 583
6.18% 37,395
1,726 6.17% 37,227
1,714 6.16%
Total interest-bearing
liabilities 3,856,025 5,144 0.53%
3,824,872 15,237 0.53% 3,610,650
15,685 0.58% Noninterest bearing deposits
1,052,669 1,003,318 879,691 Accrued expenses and other liabilities
68,433 65,902 54,040
Total liabilities 4,977,127 4,894,092
4,544,381 Tompkins Financial Corporation Shareholders’
equity 507,984 502,622 478,078 Noncontrolling interest 1,534 1,501
1,501
Total equity 509,518 504,123
479,579 Total liabilities and equity $
5,486,645 $ 5,398,215 $
5,023,960 Interest rate spread
3.22% 3.26%
3.45% Net interest income/margin on earning assets
43,373 3.35% 127,801 3.39%
124,605 3.58% Tax Equivalent Adjustment
(987) (2,857) (2,487) Net interest
income per consolidated financial statements
$ 42,386
$ 124,944
$
122,118
Tompkins Financial Corporation - Summary Financial Data
(Unaudited)
(In
thousands, except per share data)
Quarter-Ended Year-Ended Sep-15
Jun-15 Mar-15
Dec-14 Sep-14
Dec-14
Period End Balance Sheet
Securities $
1,542,332 $ 1,536,374 $ 1,555,597
$ 1,499,396 $ 1,431,837 $
1,499,396
Originated loans and leases, net of
unearned incomeand deferred costs and fees (2)
3,149,386 3,013,968
2,898,533 2,839,974
2,674,971 2,839,974
Acquired loans and leases (3) 484,927
507,963 529,024
553,314 582,498
553,314 Allowance for loan and lease losses
30,965 30,091 29,485
28,997 27,786
28,997 Total assets 5,594,718
5,436,136 5,357,533
5,269,561 5,090,919
5,269,561 Total deposits
4,437,073 4,204,089
4,282,766 4,169,154
4,212,860 4,169,154
Federal funds purchased and securities
sold underagreements to repurchase
134,941 131,063
135,769 147,037
128,368 147,037 Other borrowings
398,946 493,326
330,850 356,541
166,509 356,541 Trust preferred debentures
37,466 37,423
37,380 37,337
37,298 37,337 Total common equity
516,409 503,877
502,811 488,131
489,061 488,131 Total equity
517,959 505,394
504,296 489,583
490,611 489,583
Average Balance
Sheet
Average earning
assets $ 5,138,665 $ 5,038,586 $
4,956,972 $ 4,799,027 $
4,695,860 $ 4,691,582 Average assets
5,486,645 5,391,114
5,315,002 5,193,347
5,058,608 5,066,655 Average
interest-bearing liabilities 3,856,025
3,835,430 3,782,355
3,668,311 3,587,673
3,625,184 Average equity 509,518
505,667 497,047
495,531 489,920
483,599
Share data
Weighted average shares outstanding (basic)
14,739,915 14,751,844
14,701,397 14,639,631
14,711,709 14,676,622 Weighted
average shares outstanding (diluted)
14,866,735 14,878,107
14,837,935 14,765,855
14,795,343 14,789,624 Period-end shares
outstanding 14,905,576
14,942,107 14,962,079
14,895,444 14,794,092
14,895,444 Common equity book value per share $ 34.65
$ 33.72 $ 33.61 $ 32.77
$ 33.06 $ 32.77 Tangible book value per
share (Non-GAAP) $ 27.64 $ 26.71
$ 26.56 $ 25.66 $ 25.87 $
25.66
Income Statement
Net interest income $ 42,386
$ 41,330 $ 41,228 $
41,692 $ 41,575 $ 163,810 Provision
(Credit) for loan/lease losses 281
922 209
1,555 (59) 2,306
Noninterest income 17,422
18,962 17,646 18,056
17,555 70,765 Noninterest
expense 37,882 32,918
39,692 39,018
38,537 154,693 Income tax
expense 7,115 9,030
6,260 6,453
6,897 25,404 Net income attributable to
Tompkins Financial Corporation 14,497
17,390 12,680
12,689 13,722
52,041 Noncontrolling interests 33
32 33 33
33 131 Basic earnings per
share (9) $ 0.97 $ 1.16 $
0.85 $ 0.86 $ 0.92 $ 3.51
Diluted earnings per share (9) $ 0.96 $
1.15 $ 0.84 $ 0.85 $ 0.92
$ 3.48
Nonperforming Assets
Originated nonaccrual loans and
leases $ 14,821 $ 14,566 $
13,811 $ 14,299 $ 16,319
$ 14,299 Acquired nonaccrual loans and leases
4,908 5,030 4,683
4,729 4,998
4,729 Originated loans and leases 90 days past due and
accruing 57 58
236 106 395
106 Troubled debt restructurings not included
above 3,465 1,939
1,589 3,444
3,800 3,444 Total nonperforming loans and
leases 23,251 21,593
20,319 22,578
25,512 22,578 OREO (8)
3,188 2,570
5,816 5,683 6,533
5,683 Total nonperforming assets $
26,439 $ 24,163 $ 26,135 $
28,261 $ 32,045 $ 28,261
Quarter-Ended Year-Ended
Delinquency - Originated loan and lease portfolio
Sep-15 Jun-15
Mar-15 Dec-14
Sep-14 Dec-14 Loans and leases 30-89 days past
due and accruing (2) $ 3,550 $ 3,315
$ 2,438 $ 6,849 $ 3,811
$ 6,849 Loans and leases 90 days past due and
accruing (2) 57 58
236 106 395
106 Total originated loans and leases past due
and accruing (2) 3,607
3,373 2,674 6,955
4,206 6,955
Delinquency - Acquired loan and lease portfolio Covered
loans and leases 30-89 days past due and accruing (3)(7) $
309 $ 455 $ 547 $
533 $ 0 $ 533 Covered loans and leases
90 days or more past due and accruing (3)(7)
508 674 682
914 1,149 914
Non-covered loans and leases 30-89 days past due and accruing
(3)(7) 1,028 917
2,546 1,186
736 1,186 Non-covered loans and leases 90 days
past due and accruing (3)(7) 2,069
3,031 2,811
2,614 3,171 2,614 Total
acquired loans and leases past due and accruing
3,914 5,077 6,586
5,247 5,056
5,247 Total loans and leases past due and accruing $
7,521 $ 8,450 $ 9,260 $
12,202 $ 9,262 $ 12,202
Allowance for Loan Losses - Originated loan and lease
portfolio Balance at beginning of period $ 29,428
$ 28,690 $ 28,156 $
27,185 $ 26,752 $ 26,700 Provision
(Credit) for loan and lease losses 173
769 340
1,102 (264) 1,293 Net
loan and lease charge-offs (recoveries) (849)
31 (194)
131 (697) (163)
Allowance for loan and lease losses (originated 30,450 29,428
28,690 28,156 27,185 28,156 loan portfolio) - balance at end of
period $ $ $ $
$ $
Allowance for Loan
Losses - Acquired loan and lease portfolio Balance at beginning
of period $ 663 $ 795 $
841 $ 601 $ 765 $ 1,270
Provision (Credit) for loan and lease losses
108 153 (131)
453 205
1,013 Net loan and lease charge-offs (recoveries)
256 285 (85)
213 369
1,442 Allowance for loan and lease losses (acquired loan
portfolio) - balance at end of period 515
663 795
841 601 841 Total
allowance for loan and lease losses $ 30,965 $
30,091 $ 29,485 $ 28,997
$ 27,786 $ 28,997
Loan
Classification - Originated Portfolio
Special Mention $ 25,133
$ 25,706 $ 34,965 $ 36,331
$ 27,854 $ 36,331 Substandard
19,937 21,600
19,150 19,970
25,889 19,970
Loan Classification -
Acquired Portfolio
Special Mention 1,446
1,589 5,053 5,758
7,605 5,758 Substandard
23,683 21,932
21,752 21,567
24,034 21,567
Loan Classifications - Total
Portfolio
Special
Mention 26,579 27,295
40,018 42,089
35,459 42,089 Substandard
43,620 43,532
40,902 41,537
49,923 41,537
RATIO ANALYSIS
Quarter-Ended Year-Ended Credit Quality
Sep-15 Jun-15
Mar-15 Dec-14
Sep-14 Dec-14 Nonperforming loans and
leases/total loans and leases (7) 0.64%
0.61% 0.59%
0.67% 0.78% 0.67%
Nonperforming assets/total assets 0.47%
0.44% 0.49%
0.54% 0.63% 0.54%
Allowance for originated loan and lease losses/total originated
loans and leases 0.97%
0.98% 0.99% 0.99%
1.02% 0.99%
Allowance/nonperforming loans and leases
133.18% 139.36% 145.11%
128.43% 108.92%
128.43% Net loan and lease losses (recoveries)
annualized/total average loans and leases
(0.07%) 0.04% (0.03%)
0.04% (0.04%)
0.04%
Capital Adequacy (period-end)
Tier 1 capital / average
assets * 8.89% 8.92%
8.85% 8.75%
8.85% 8.75% Total capital /
risk-weighted assets * 13.29%
13.46% 13.37%
13.60% 13.92% 13.60%
*Beginning with March 31, 2015, ratios are calculated utilizing
Basel III regulatory capital framework
Profitability
Return on average assets
* 1.05% 1.29%
0.97% 0.97%
1.08% 1.03% Return on average equity *
11.29% 13.79%
10.35% 10.16%
11.11% 10.76% Net interest margin (TE) *
3.35% 3.37%
3.45% 3.53% 3.58%
3.57% * Quarterly ratios have been annualized
Non-GAAP Disclosure - Adjusted Diluted Earnings Per
Share
Net income
available to common shareholders $ 14,497 $
17,390 $ 12,680 $ 12,689
$ 13,722 $ 52,041 Less: Dividends and
undistributed earnings allocated to unvested restricted stock
awards 189 234
182 150 119
503 Adjusted net income available to common
shareholders 14,308
17,156 12,498 12,539
13,603 51,538 Gain on
pension plan curtailment (net of tax) 0
(3,602) 0 0
0 0 Net operating income
(Non-GAAP) 14,308 13,554
12,498 12,539
13,603 51,538 Weighted average
shares outstanding (diluted) 14,866,735
14,878,107 14,837,935
14,765,855 14,795,343
14,789,624 Adjusted diluted earnings per share
(Non-GAAP) (9) $ 0.96 $ 0.91 $
0.84 $ 0.85 $ 0.92 $
3.48
Non-GAAP Disclosure - Tangible Common Equity
/ Tangible Assets
Total Common equity $ 516,409 $
503,877 $ 502,811 $ 488,131 $
489,061 $ 488,131 Less: Goodwill and
intangibles (10) 104,349
104,845 105,344 105,852
106,377 105,852 Tangible
common equity 412,060
399,032 397,467 382,279
382,684 382,279 Total
assets 5,594,718
5,436,136 5,357,533
5,269,561 5,090,919
5,269,561 Less: Goodwill and intangibles (10)
104,349 104,845 105,344
105,852 106,377
105,852 Tangible assets
5,490,369 5,331,291
5,252,189 5,163,709
4,984,542 5,163,709 Tangible common equity /
tangible assets (Non-GAAP) 7.51%
7.48% 7.57% 7.40%
7.68% 7.40%
Non-GAAP Disclosure - Return
on Average Quarter-Ended
Year-Ended Tangible Common Equity
Sep-15 Jun-15
Mar-15 Dec-14 Sep-14
Dec-14 Net income available to common
shareholders $ 14,497 $ 17,390 $
12,680 $ 12,689 $ 13,722
$ 52,041 Less: Dividends and undistributed earnings
allocated to unvested restricted stock awards
189 234 182
150 119 503
Adjusted net income available to common shareholders
14,308 17,156
12,498 12,539 13,603
51,538 Gain on pension plan curtailment (net
of tax) 0 (3,602)
0 0 0
0 Net operating income (Non-GAAP)
14,308 13,554
12,498 12,539
13,603 51,538 Amortization of intangibles (net
of tax) 298 300
304 315 311
1,257 Adjusted net operating income (Non-GAAP)
14,606 13,854
12,802 12,854
13,914 52,795 Average common equity
507,984 504,166
495,579 493,986
488,386 482,087 Less: Average goodwill
and intangibles (10) 104,633
105,130 105,644
106,151 106,471 106,748
Average tangible common equity capital 403,351
399,036 389,935
387,835 381,915
375,339 Adjusted operating return on average tangible common
equity (annualized) (Non-GAAP) 14.37%
13.93% 13.32%
13.15% 14.46%
14.07%
Non-GAAP Disclosure - Tangible Book
Value Per Share
Total common equity
$
516,409
$
503,877
$
502,811
$
488,131
$
489,061
$
488,131
Less: Goodwill and intangibles
(10)
104,349
104,845
105,344
105,852
106,377
105,852
Tangible common equity
412,060
399,032
397,467
382,279
382,684
382,279
Ending shares outstanding
14,905,576
14,942,107
14,962,079
14,895,444
14,794,092
14,895,444
Tangible book value per share
(Non-GAAP)
$
27.64
26.71
26.56
25.66
25.87
$
25.66
Non-GAAP Disclosure - YTD adjusted diluted earnings per
share Sep-15 Sep-14 Net
income available to common shareholders $ 44,567
$ 39,352 Less: Dividends and undistributed earnings
allocated to unvested restricted stock awards
609 353 Adjusted net income available to
common shareholders 43,958
38,999 Gain on pension plan curtailment
(3,602) 0 Net operating income (Non-GAAP)
40,356 38,999 Weighted
average shares outstanding (diluted)
14,861,003 14,797,520 Adjusted diluted
earnings per share (Non-GAAP) $ 2.72 $
2.64
(1)
Federal Reserve peer ratio as of June 30,
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151030005114/en/
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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