Tompkins Financial Corporation (NYSE American:TMP)
Tompkins Financial Corporation reported diluted earnings per
share of $1.14 for the third quarter of 2017, which represents an
increase of 14.0% compared to the $1.00 reported in the third
quarter of 2016. Net income for the third quarter of 2017 was $17.4
million, up 14.9% compared to the $15.1 million reported in the
third quarter of 2016.
Year-to-date diluted earnings per share of $3.27 for the first
nine months of 2017 represents an increase of 12.0% over the same
period in 2016. Year-to-date net income was $50.0 million through
the first nine months of 2017, an increase of 13.2% over the same
period in 2016.
President and CEO, Stephen S. Romaine said, “We are extremely
pleased with our earnings performance as the reported results
reflect the best third quarter and best year-to-date performance
through the first nine months of any year in our Company’s history.
A key growth driver for the quarter and year-to-date periods has
been the improvement in net interest income, which has benefited
from solid growth trends in loans and deposits.”
SELECTED HIGHLIGHTS FOR THIRD QUARTER AND YEAR TO DATE:
- Best earnings performance for the first
nine months of any year in our Company’s history. Also, the best
third quarter earnings performance in our Company’s history.
- Net interest income for the quarter was
up 12.5% compared to the third quarter of 2016, and up year-to-date
11.2% compared to the same period in 2016.
- Net interest margin of 3.40% for the
quarter and 3.41% for the year-to-date, are both improved from the
same periods in 2016.
- Total loans of $4.5 billion were up
9.8% over the same period in 2016; and are up 5.5% over December
31, 2016.
- Total deposits of $4.9 billion reflect
an increase of 5.4% over the same period last year, and are up 6.9%
from December 31, 2016.
- Third quarter return on average equity
was 11.77% compared to 10.81% for the same quarter last year.
NET INTEREST INCOME
Net interest income of $51.0 million for the third quarter of
2017 increased by $5.7 million, or 12.5% compared to the same
period in 2016. For the year-to-date period, net interest income
was $149.3 million, up $15.1 million, or 11.2% from the same
nine-month period in 2016.
Growth in net interest income for the third quarter of 2017 over
the third quarter of 2016 was largely driven by $430.1 million of
growth in average loans over the third quarter of 2016, an increase
of 10.7%. Average deposits increased $249.1 million, or 5.5%
compared to the same period in 2016. Included in the increase in
average deposits was a $165.7 million or 14.4% increase in
noninterest bearing deposits. For the third quarter of 2017, net
interest margin measured 3.40%, compared to 3.45% for the quarter
ended June 30, 2017, and 3.31% in the third quarter of 2016.
NONINTEREST INCOME
Noninterest income represented 25.2% of total revenues in the
third quarter of 2017, compared to 28.3% in the same period in
2016, and 25.8% for the most recent prior quarter. Noninterest
income of $17.2 million was down $703,000, or 3.9% compared to the
same period last year. The third quarter of 2017 included a loss on
sales of available for sale securities of approximately $423,000
compared to a gain of $455,000 reported in the third quarter of
2016. Sales of available-for-sale securities are generally the
result of general investment security portfolio maintenance and
interest rate risk management.
Year-to-date noninterest income of $51.9 million was in line
with the previous year noninterest income of $52.5 million.
NONINTEREST EXPENSE
Noninterest expense was $41.9 million for the third quarter of
2017, up $1.6 million, or 3.9%, over the third quarter of 2016. For
the year-to-date period, noninterest expense was $124.8 million, up
$5.6 million, or 4.7%, from the same period in 2016. The increase
in noninterest expense for both the third quarter and year-to-date
periods was mainly due to higher salaries and benefits. Expenses
for the quarter also included $345,000 of expense related to OREO
properties held by the bank.
ASSET QUALITY
Asset quality trends remained strong in the third quarter of
2017. Nonperforming assets represented 0.37% of total assets at
September 30, 2017, compared to 0.36% at December 31, 2016, and
0.32% at September 30, 2016. Though credit quality metrics showed
some modest deterioration during the quarter, overall credit
quality remains strong and compares favorably to our peers.
Nonperforming asset levels as a percentage of total assets of 0.37%
compares favorably to the most recent Federal Reserve Board Peer
Group Average1 of 0.51%.
Provision for loan and lease losses was $402,000 for the third
quarter of 2017, down $380,000 compared to the third quarter of
2016. Net recoveries for the third quarter of 2017 were $479,000
compared to net recoveries of $205,000 reported in the third
quarter of 2016.
The Company’s allowance for originated loan and lease losses
totaled $37.9 million at September 30, 2017, and represented 0.91%
of total originated loans and leases at September 30, 2017,
relatively unchanged from the most recent prior quarter and the
third quarter of 2016. The total allowance represented 170.12% of
total nonperforming loans and leases at September 30, 2017,
compared to 164.98% at December 31, 2016, and 186.45% at September
30, 2016.
The level of Special Mention originated loans increased during
the quarter to $50.4 million, up from $27.2 million a year ago, and
up from $38.5 million at June 30, 2017. The increase is largely
related to the Company’s agricultural portfolio that has been
negatively impacted by lower average milk prices in 2016, which had
an unfavorable impact on operations of our agricultural customers.
Milk prices have rebounded in 2017. As of September 30, 2017,
payments on all loans in our agricultural portfolio were current.
Of the $50.4 million of loans currently listed as Special Mention,
94.3% of the dollar amount outstanding was current on their
payments as of September 30, 2017.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized
minimums. The ratio of Tier 1 capital to average assets was 8.50%
at September 30, 2017, compared to 8.41% reported at December 31,
2016. Total capital to risk-weighted assets at September 30, 2017
was 12.52%, compared to 12.22% at December 31, 2016. Both ratios
are down from the same period last year, in large part due to the
redemption of $20.5 million of 7% fixed rate Trust Preferred
securities in January 2017.
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.
"Safe Harbor" Statement under the Private Securities
Litigation Reform of 1995:
This press release may include forward-looking statements with
respect to revenue sources, growth, market risk, and corporate
objectives. The Company assumes no duty, and specifically disclaims
any obligation, to update forward-looking statements, and cautions
that these statements are subject to numerous assumptions, risks,
and uncertainties, all of which could change over time. Actual
results could differ materially from forward-looking
statements.
TOMPKINS FINANCIAL CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CONDITION (In thousands,
except share and per share data) (Unaudited)
As of As
of ASSETS 09/30/2017 12/31/2016
Cash and noninterest bearing balances due from banks $ 122,213 $
62,074 Interest bearing balances due from banks 7,199
1,880
Cash and Cash Equivalents 129,412
63,954 Available-for-sale securities, at fair value
(amortized cost of $1,413,238 at September 30, 2017 and $1,442,724
at December 31, 2016) 1,406,231 1,429,538 Held-to-maturity
securities, at amortized cost (fair value of $142,007 at September
30, 2017 and $142,832 at December 31, 2016) 139,968 142,119
Originated loans and leases, net of unearned income and deferred
costs and fees (2) 4,167,254 3,863,922 Acquired loans (3) 323,259
394,111 Less: Allowance for loan and lease losses
38,038 35,755
Net Loans and Leases
4,452,475 4,222,278 Federal Home Loan Bank and
other stock 40,310 43,133 Bank premises and equipment, net 79,940
70,016 Corporate owned life insurance 79,548 77,905 Goodwill 92,291
92,623 Other intangible assets, net 9,750 11,349 Accrued interest
and other assets 94,135 83,841
Total
Assets $ 6,524,060 $
6,236,756 LIABILITIES Deposits: Interest
bearing: Checking, savings and money market 2,747,345 2,518,318
Time 786,301 870,788 Noninterest bearing 1,410,298
1,236,033
Total Deposits 4,943,944
4,625,139 Federal funds purchased and securities sold
under agreements to repurchase 73,874 69,062 Other borrowings
834,574 884,815 Trust preferred debentures 16,648 37,681 Other
liabilities 65,152 70,654
Total
Liabilities $ 5,934,192 $
5,687,351 EQUITY Tompkins Financial
Corporation shareholders' equity: Common Stock - par value $.10 per
share: Authorized 25,000,000 shares; Issued: 15,238,354 at
September 30, 2017; and 15,171,816 at December 31, 2016 1,524 1,517
Additional paid-in capital 364,150 357,414 Retained earnings
259,738 230,182 Accumulated other comprehensive loss (32,715)
(37,109) Treasury stock, at cost – 119,142 shares at September 30,
2017, and 117,997 shares at December 31, 2016 (4,348) (4,051)
Total Tompkins Financial Corporation Shareholders’
Equity 588,349 547,953 Noncontrolling interests
1,519 1,452
Total Equity
$ 589,868 $ 549,405 Total
Liabilities and Equity $ 6,524,060
$ 6,236,756 TOMPKINS FINANCIAL
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
(In thousands, except per share data) (Unaudited)
09/30/2017
09/30/2016 09/30/2017 09/30/2016
INTEREST AND DIVIDEND INCOME Loans $ 48,949 $ 43,057 $
141,257 $ 125,378 Due from banks 9 2 15 5 Trading securities 0 62 0
220 Available-for-sale securities 7,415 6,683 22,384 21,498
Held-to-maturity securities 865 898 2,613 2,712 Federal Home Loan
Bank and other stock 534 375
1,466 990
Total Interest and Dividend
Income 57,772 51,077
167,735 150,803
INTEREST EXPENSE Time certificates of deposits of $250,000
or more 457 402 1,364 1,214 Other deposits 2,679 2,291 7,508 6,764
Federal funds purchased and securities sold under agreements to
repurchase 44 630 195 1,940 Trust preferred debentures 265 600 888
1,783 Other borrowings 3,327 1,837
8,445 4,840
Total Interest
Expense 6,772 5,760
18,400 16,541 Net
Interest Income 51,000
45,317 149,335
134,262 Less: Provision for loan and lease losses
402 782 2,147
2,615
Net Interest Income After Provision for Loan and Lease
Losses 50,598 44,535
147,188 131,647
NONINTEREST INCOME Insurance commissions and fees 7,682
7,729 21,892 22,808 Investment services income 3,862 3,735 11,544
11,355 Service charges on deposit accounts 2,125 2,203 6,337 6,559
Card services income 2,190 2,037 6,875 5,980 Mark-to-market loss on
trading securities 0 (76) 0 (182) Mark-to-market gain on
liabilities held at fair value 0 77 0 227 Other income 1,766 1,745
5,667 4,819 (Loss)/gain on sale of available-for-sale securities
(423) 455 (423)
926
Total Noninterest Income
17,202 17,905
51,892 52,492 NONINTEREST
EXPENSE Salaries and wages 20,931 19,801 60,868 58,123 Pension
and other employee benefits 5,344 5,218 16,195 15,435 Net occupancy
expense of premises 3,064 3,046 9,965 9,193 Furniture and fixture
expense 1,585 1,707 4,819 4,973 FDIC insurance 620 783 1,775 2,388
Amortization of intangible assets 481 524 1,459 1,572 Other
operating expense 9,858 9,245
29,738 27,534
Total Noninterest
Expenses 41,883
40,324 124,819
119,218 Income Before Income Tax Expense
25,917 22,116
74,261 64,921 Income Tax Expense
8,491 6,945 24,127
20,601
Net Income attributable to Noncontrolling
Interests and Tompkins Financial Corporation
17,426 15,171
50,134 44,320 Less: Net income
attributable to noncontrolling interests 32
33 97 98
Net Income
Attributable to Tompkins Financial Corporation $
17,394 $ 15,138 $
50,037 $ 44,222 Basic Earnings Per
Share $ 1.14 $ 1.01 $
3.30 $ 2.94 Diluted Earnings Per Share
$ 1.14 $ 1.00
$ 3.27 $ 2.92
Average Consolidated Statements of Condition and Net Interest
Analysis (Unaudited)
Quarter Ended Year to Date Period
Ended Year to Date Period Ended
September 30, 2017 September 30, 2017
September 30, 2016 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 $ 3,498 $ 9 1.02% $ 3,547 $ 15 0.57% $
1,968 $ 5 0.34% Securities (4) U.S. Government securities 1,474,389
7,730 2.08% 1,476,459 23,352 2.11% 1,447,450 22,608 2.09% Trading
securities 0 0 0.00% 0 0 0.00% 6,536 220 4.50% State and municipal
(5) 100,060 851 3.37% 101,080 2,552 3.38% 97,906 2,488 3.39% Other
securities (5) 3,592 33 3.64%
3,602 96 3.56% 3,653
91 3.33% Total securities 1,578,041 8,614 2.17%
1,581,141 26,000 2.20% 1,555,545 25,407 2.18% FHLBNY and FRB stock
45,994 534 4.61% 41,639 1,466 4.71% 31,767 990 4.16% Total
loans and leases, net of unearned income (5)(6) 4,444,736
49,725 4.44% 4,352,292
143,497 4.41% 3,897,461 127,484
4.37%
Total interest-earning assets 6,072,269
58,882 3.85%
5,978,619 170,978 3.82%
5,486,741 153,886
3.75% Other assets 358,228 355,983 351,944
Total assets 6,430,497 6,334,602
5,838,685
LIABILITIES & EQUITY Deposits Interest-bearing deposits
Interest bearing checking, savings, & money market 2,632,467
1,355 0.20% 2,664,405 3,620 0.18% 2,514,159 2,958 0.16% Time
deposits 800,769 1,781 0.88%
845,058 5,252 0.83% 876,947
5,020 0.76% Total interest-bearing deposits
3,433,236 3,136 0.36% 3,509,463 8,872 0.34% 3,391,106 7,978 0.31%
Federal funds purchased & securities sold under
agreements to repurchase 58,397 44 0.30% 65,798 195 0.40% 108,189
1,940 2.40% Other borrowings 955,353 3,327 1.38% 861,289 8,445
1.31% 589,726 4,840 1.10% Trust preferred debentures 16,620
265 6.33% 18,903 888
6.28% 37,567 1,783 6.34%
Total interest-bearing liabilities 4,463,606
6,772 0.60% 4,455,453 18,400
0.55% 4,126,588 16,541 0.54%
Noninterest bearing deposits 1,313,773 1,241,173 1,103,108 Accrued
expenses and other liabilities 66,447 66,094 65,978
Total
liabilities 5,843,826 5,762,720 5,295,674 Tompkins
Financial Corporation Shareholders’ equity 585,171 570,403 541,510
Noncontrolling interest 1,500 1,479 1,501
Total equity
586,671 571,882 543,011 Total
liabilities and equity $ 6,430,497 $
6,334,602 $ 5,838,685 Interest rate spread
3.25% 3.27%
3.21% Net interest income/margin on earning assets
52,110 3.40% 152,578 3.41%
137,345 3.34% Tax Equivalent Adjustment
(1,110) (3,243) (3,083) Net interest
income per consolidated financial statements
$ 51,000
$ 149,335
$ 134,262
Tompkins Financial Corporation - Summary Financial Data
(Unaudited)
(In thousands, except per share data)
Quarter-Ended Year-Ended Sep-17
Jun-17 Mar-17 Dec-16
Sep-16 Dec-16
Period End Balance Sheet
Securities $ 1,546,199
$ 1,564,865 $ 1,569,068 $ 1,571,657 $
1,515,761 $ 1,571,657 Originated loans and leases, net of
unearned income and deferred costs and fees (2)
4,167,254 4,070,755 3,922,413
3,863,922 3,672,539 3,863,922
Acquired loans and leases (3) 323,259
347,841 375,380 394,111
417,008 394,111 Allowance for loan and lease losses
38,038 37,157 36,166
35,755 34,112 35,755
Total assets 6,524,060 6,415,012
6,280,047 6,236,756 6,102,215
6,236,756 Total deposits 4,943,944
4,750,722 4,850,585
4,625,139 4,690,300 4,625,139 Federal
funds purchased and securities sold under agreements to repurchase
73,874 50,360 70,716
69,062 77,218 69,062
Other borrowings 834,574 952,035
717,285 884,815 671,000
884,815 Trust preferred debentures 16,648
16,605 16,562 37,681
37,638 37,681 Total common equity
588,349 575,428 562,064
547,953 559,640 547,953
Total equity 589,868 576,915
563,518 549,405 561,190
549,405
Average Balance Sheet
Average earning
assets $ 6,072,269 $ 5,970,653 $ 5,890,945
$ 5,707,121 $ 5,577,885 $ 5,542,137 Average
assets 6,430,497 6,329,847
6,241,388 6,074,973 5,942,260
5,898,080 Average interest-bearing liabilities
4,463,606 4,474,860 4,427,501
4,237,126 4,168,879
4,154,374 Average equity 586,671
572,741 555,893 559,106
557,281 547,057
Share data
Weighted
average shares outstanding (basic) 14,966,231
14,944,934 14,900,938 14,862,189
14,829,222 14,812,712 Weighted average
shares outstanding (diluted) (10) 15,078,555
15,066,861 15,042,614 15,014,221
14,965,233 14,936,231 Period-end shares
outstanding 15,202,444 15,189,453
15,181,198 15,135,906
15,055,954 15,135,906 Common equity book value per
share $ 38.70 $ 37.88 $ 37.02 $ 36.20
$ 37.17 $ 36.20 Tangible book value per share
(Non-GAAP) $ 32.03 $ 31.18 $ 30.28 $
29.38 $ 30.28 $ 29.38
Income Statement
Net
interest income $ 51,000 $ 50,301 $ 48,034
$ 46,374 $ 45,317 $ 180,636 Provision for
loan/lease losses 402 976
769 1,706 782 4,321
Noninterest income 17,202 17,450
17,240 16,316 17,905
68,808 Noninterest expense 41,883
41,568 41,368 39,389
40,324 158,607 Income tax expense (10)
8,491 8,248 7,388
6,444 6,945 27,045 Net income
attributable to Tompkins Financial Corporation (10)
17,394 16,926 15,717
15,118 15,138 59,340 Noncontrolling
interests 32 33 32
33 33 131 Basic earnings per
share (8) $ 1.14 $ 1.11 $ 1.04 $ 1.00
$ 1.01 $ 3.94 Diluted earnings per share (8) (10)
$ 1.14 $ 1.11 $ 1.03 $ 0.99 $
1.00 $ 3.91
Nonperforming Assets
Originated
nonaccrual loans and leases $ 15,667 $ 14,284
$ 13,786 $ 14,300 $ 11,554 $ 14,300 Acquired
nonaccrual loans and leases 3,152 2,903
3,356 4,741 4,559
4,741 Originated loans and leases 90 days past due and
accruing 0 639 0
0 35 0 Troubled debt
restructurings not included above 3,541
2,980 2,948 2,631 2,148
2,631 Total nonperforming loans and leases
22,360 20,806 20,090
21,672 18,296 21,672 OREO
2,030 2,331 2,520
908 1,008 908 Total nonperforming
assets $ 24,390 $ 23,137 $ 22,610 $
22,580 $ 19,304 $ 22,580
Tompkins Financial Corporation -
Summary Financial Data (Unaudited) - continued
Quarter-Ended Year-Ended Delinquency
- Originated loan and lease portfolio Sep-17
Jun-17 Mar-17 Dec-16
Sep-16 Dec-16 Loans and leases 30-89
days past due and
accruing (2) $ 5,567 $ 6,188 $
5,462 $ 6,694 $ 4,551 $ 6,694 Loans and leases
90 days past due and accruing (2) 0 639
0 0 35 0
Total originated loans and leases past due and accruing (2)
5,567 6,827 5,462
6,694 4,586 6,694
Delinquency
- Acquired loan and lease portfolio Loans 30-89 days past due
and accruing (3)(7) $ 2,857 $ 751 $ 907
$ 2,553 $ 1,069 $ 2,553 Loans 90 days or more past
due 1,306 2,581 2,701
2,557 2,555 2,557 Total
acquired loans and leases past due and accruing 4,163
3,332 3,608 5,110
3,624 5,110 Total loans and leases past due
and accruing $ 9,730 $ 10,159 $ 9,070 $
11,804 $ 8,210 $ 11,804
Allowance for Loan
Losses - Originated loan and lease portfolio Balance at
beginning of period $ 36,960 $ 35,915 $ 35,598
$ 33,956 $ 32,968 $ 31,312 Provision for loan
and lease losses 931 846
602 1,419 868 4,137 Net
loan and lease (recoveries) charge-offs (12)
(199) 285 (223)
(120) (149) Allowance for loan and lease losses
(originated 37,903 36,960 35,915 35,598 33,956 35,598 loan
portfolio) - balance at end of period $ $ $
$ $ $
Allowance for Loan Losses -
Acquired loan and lease portfolio Balance at beginning of
period $ 197 $ 251 $ 157 $ 156 $
157 $ 692 Provision (credit) for loan and lease losses
(529) 130 167
287 (86) 184 Net loan and lease
(recoveries) charge-offs (467) 184
73 286 (85)
719 Allowance for loan and lease losses (acquired loan portfolio) -
balance at end of period 135 197
251 157 156 157
Total allowance for loan and lease losses $ 38,038
$ 37,157 $ 36,166 $ 35,755 $ 34,112
$ 35,755
Loan Classification - Originated
Portfolio
Special Mention $ 50,423 $ 38,488
$ 18,861 $ 20,485 $ 27,215 $ 20,485
Substandard 20,532 19,532
20,909 20,316 18,121
20,316
Loan Classification - Acquired Portfolio
Special
Mention 539 547 519
526 540 526 Substandard
8,193 8,796 9,628
13,141 14,000 13,141
Loan
Classifications - Total Portfolio
Special Mention
50,962 39,035 19,380
21,011 27,755 21,011 Substandard
28,725 28,328 30,537
33,457 32,121 33,457
RATIO ANALYSIS
Credit Quality Sep-17
Jun-17 Mar-17 Dec-16
Sep-16 Dec-16 Nonperforming loans and
leases/total loans and leases (7) 0.50%
0.47% 0.47% 0.51% 0.45%
0.51% Nonperforming assets/total assets
0.37% 0.36% 0.36% 0.36%
0.32% 0.36% Allowance for originated
loan and lease losses/total originated loans and leases
0.91% 0.91% 0.92%
0.92% 0.92% 0.92%
Allowance/nonperforming loans and leases 170.12%
178.59% 180.02% 164.98%
186.45% 164.98% Net loan and lease
losses (recoveries) annualized/total average loans and leases
(0.04%) 0.00% 0.03%
0.01% (0.02%) 0.01%
Tompkins Financial Corporation -
Summary Financial Data (Unaudited) - continued
Quarter-Ended Year-Ended Capital Adequacy
(period-end) Sep-17 Jun-17
Mar-17 Dec-16 Sep-16
Dec-16 Tier 1 capital / average assets * 8.50%
8.43% 8.36% 8.41%
8.83% 8.41% Total capital / risk-weighted
assets * 12.52% 12.45%
12.41% 12.22% 12.97%
12.22%
Profitability
Return on average assets * (10)
1.07% 1.07% 1.02%
0.99% 1.01% 1.01% Return on
average equity * (10) 11.77% 11.85%
11.47% 10.76% 10.81%
10.85% Net interest margin (TE) * 3.40%
3.45% 3.38% 3.30%
3.31% 3.33% * Quarterly ratios have been
annualized
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.
Non-GAAP Disclosure
- Tangible Book Value Per Share
Quarter-Ended Year-Ended
Sep-17 Jun-17 Mar-17
Dec-16 Sep-16 Dec-16 Total common
equity $ 588,349 $ 575,428 $ 562,064 $
547,953 $ 559,640 $ 547,953 Less: Goodwill and
intangibles (9) 101,360 101,840
102,326 103,214 103,732
103,214 Tangible common equity 486,989
473,588 459,738 444,739
455,908 444,739 Ending shares outstanding
15,202,444 15,189,453
15,181,198 15,135,906 15,055,954
15,135,906 Tangible book value per share (Non-GAAP) $
32.03 $ 31.18 $ 30.28 $ 29.38 $ 30.28
$ 29.38
_____________________________________________________________
(1) Federal Reserve peer ratio as of June 30, 2017, 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. (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, 2016. (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)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. (9) "Goodwill and
intangibles" equal Total Intangible Assets less Mortgage Servicing
Rights in the above tables. (10) The third quarter 2016 information
is revised to reflect the impact of the early adoption of ASU
2016-09, "Improvements to Employee Share-Based Payment Accounting".
The early adoption resulted in $847,000 and $274,000 excess
benefits recognized within "income tax expense" during the three
months ended December 31, and September 30, 2016, respectively.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171027005090/en/
Tompkins Financial CorporationStephen S. Romaine, President
& CEOFrancis M. Fetsko, Executive VP, CFO &
COO888-503-5753
Tompkins Financial (AMEX:TMP)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Tompkins Financial (AMEX:TMP)
Historical Stock Chart
Von Jul 2023 bis Jul 2024