Tompkins Financial Corporation (NYSE American:TMP):
Tompkins Financial Corporation reported diluted earnings per
share of $1.36 for the third quarter of 2018, which represents an
increase of 19.3% over the $1.14 reported in the third quarter of
2017. Net income for the third quarter of 2018 was $20.9 million,
an increase of 20.2% over the $17.4 million reported for the same
period in 2017.
Year-to-date diluted earnings per share of $4.12 for the first
nine months of 2018 represents an increase of 26.0% over the same
period in 2017. Year-to-date net income was $63.4 million, an
increase of $13.4 million, or 26.7% over the same period in
2017.
President and CEO, Stephen S. Romaine said, “We are pleased to
once again report record earnings for both the year-to-date and
quarterly results. Current period net income growth rates have
benefited from lower tax rates, though our year-to-date income
before tax also reflected strong growth, with an increase of 8.3%
over the same period in 2017. The current interest rate environment
is challenging as we, along with most in our industry, have seen
narrowing of our net interest margin. Despite the pressure on
margins, our ability to grow loans and deposits has allowed us to
see continued growth in net interest income, with the third quarter
of 2018 representing our fourteenth consecutive quarterly increase
in net interest income."
SELECTED HIGHLIGHTS FOR THE THIRD QUARTER AND YEAR-TO-DATE
PERIODS:
- Year-to-date diluted earnings per share
reflect the best performance for the first nine months of any year
in the Company's history. Quarterly diluted earnings per share also
reflect the best third quarter performance in the Company's
history.
- Year-to-date profitability indicators
remain strong with return on average assets of 1.27%; and a return
on average shareholders' equity of 14.47% for 2018, which are
improved from 1.06% and 11.70%, respectively, for the same period
in 2017.
- Total loans of $4.8 billion at
September 30, 2018, were up 7.0% over September 30, 2017, and up
2.9% over December 31, 2017.
- Total deposits of $5.0 billion at
September 30, 2018, were up $81.1 million, or 1.6% compared to
September 30, 2017, and up $187.3 million, or 3.9% over December
31, 2017. Total non-interest bearing deposits were up $26.9 million
over prior quarter.
NET INTEREST INCOME
Net interest income of $53.2 million for the third quarter of
2018 increased by $2.2 million, or 4.2% compared to the same period
in 2017. For the year-to-date period, net interest income was
$158.6 million, up $9.2 million, or 6.2% from the same nine-month
period in 2017.
Growth in net interest income for the nine months ended
September 30, 2018 was largely driven by $388.0 million of growth
in average loans over the same period in 2017, an increase of 8.9%.
Average deposits for the nine months ended September 30, 2018,
increased $93.6 million, or 2.0% compared to the same period in
2017. Included in the increase in average deposits was a $125.0
million or 10.1% increase in average noninterest bearing deposits.
The net interest margin for the third quarter of 2018 was 3.35%,
compared to 3.40% reported for the same period in 2017, and 3.36%
for the quarter ended June 30, 2018. The decline in margin from the
same period last year is largely due to changes in the interest
rate environment, which has resulted in funding costs rising at a
faster rate than asset yields.
NONINTEREST INCOME
Noninterest income represented 25.9% of total revenues in the
third quarter of 2018, compared to 25.2% in the same period in
2017, and 26.6% for the first nine months of 2018, compared to
25.8% in the same period in 2017. Noninterest income of $18.6
million for the third quarter of 2018 was up 8.1% compared to the
same period last year. Fee income in the third quarter of 2018
associated with insurance, wealth management, deposit services, and
card services were up a combined $671,000 or 4.2% over the same
period in 2017.
NONINTEREST EXPENSE
Noninterest expense was $45.1 million for the third quarter of
2018, up $3.3 million, or 7.8%, over the third quarter of 2017. For
the year-to-date period, noninterest expense was $133.8 million, up
$9.0 million, or 7.2%, from the same period in 2017. The higher
noninterest expense in 2018 included lease write-downs of $2.0
million (pre-tax) in the second quarter and $514,000 (pre-tax) in
the third quarter related to leases on recently vacated space.
Noninterest expense increases for both the third quarter and
year-to-date periods of 2018 also included normal annual increases
in salaries and wages.
INCOME TAX EXPENSE
The Company's effective tax rate was 20.6% in the third quarter
of 2018, compared to 32.8% for the same period in 2017. The
decrease is a direct result of The Tax Cuts and Jobs Act of 2017,
which reduced the Federal statutory tax rate from 35% in 2017, to
21% in 2018.
ASSET QUALITY
Asset quality trends remained strong in the third quarter of
2018. Nonperforming assets represented 0.39% of total assets at
September 30, 2018, compared to 0.38% at December 31, 2017, and
0.37% at September 30, 2017. Nonperforming asset levels continue to
be well below the most recent Federal Reserve Board Peer Group
Average1 of 0.61%.
Provision for loan and lease losses was $272,000 for the third
quarter of 2018, compared to $402,000 for the third quarter of
2017. Net charge-offs for the third quarter of 2018 were $138,000
compared to net recoveries of $479,000 in the third quarter of
2017.
The Company’s allowance for originated loan and lease losses
totaled $41.3 million at September 30, 2018, and represented 0.91%
of total originated loans and leases at September 30, 2018,
unchanged from both December 31, 2017, and September 30, 2017. The
total allowance represented 169.00% of total nonperforming loans
and leases at September 30, 2018, compared to 172.84% at December
31, 2017, and 170.12% at September 30, 2017.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized
minimums. The ratio of tangible common equity to tangible assets
was 7.49% at September 30, 2018, improved from the 7.36% reported
for the most recent prior quarter ended June 30, 2018, and down
from 7.58% at September 30, 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.
The statements made herein shall not confer upon any person any
rights or remedies of any nature, and shall not be construed to
establish, amend, or modify any benefit plan, program, agreement,
or arrangement, nor to alter any existing at-will employment
relationship between the Company and its employees.
TOMPKINS FINANCIAL CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CONDITION (In thousands, except
share and per share data) (Unaudited)
As
of As of ASSETS 09/30/2018
12/31/2017 Cash and noninterest bearing
balances due from banks $ 111,245 $ 77,688 Interest bearing
balances due from banks 1,917
6,615
Cash and Cash Equivalents 113,162
84,303 Available-for-sale securities, at fair value
(amortized cost of $1,360,508 at September 30, 2018 and $1,408,996
at December 31, 2017) 1,310,672 1,391,863 Held-to-maturity
securities, at amortized cost (fair value of $138,232 at September
30, 2018 and $140,315 at December 31, 2017) 141,236 139,216 Equity
securities, at fair value (amortized cost $1,000,000 at September
30, 2018 and $1,000,000 at December 31, 2017) 880 913 Originated
loans and leases, net of unearned income and deferred costs and
fees (2) 4,531,241 4,358,543 Acquired loans (3) 271,468 310,577
Less: Allowance for loan and lease losses
41,358 39,771
Net Loans and
Leases 4,761,351 4,629,349 Federal Home
Loan Bank and other stock 48,456 50,498 Bank premises and
equipment, net 95,638 86,995 Corporate owned life insurance 81,625
80,106 Goodwill 92,283 92,291 Other intangible assets, net 7,989
9,263 Accrued interest and other assets 93,668
83,494
Total Assets
$ 6,746,960
$ 6,648,290 LIABILITIES Deposits:
Interest bearing: Checking, savings and money market 2,950,616
2,651,632 Time 640,102 748,250 Noninterest bearing
1,434,364 1,437,925
Total
Deposits 5,025,082 4,837,807 Federal funds
purchased and securities sold under agreements to repurchase 52,875
75,177 Other borrowings 988,515 1,071,742 Trust preferred
debentures 16,820 16,691 Other liabilities
64,524 70,671
Total Liabilities
$ 6,147,816
$ 6,072,088 EQUITY Tompkins Financial
Corporation shareholders' equity: Common Stock - par value $.10 per
share: Authorized 25,000,000 shares; Issued: 15,313,825 at
September 30, 2018; and 15,301,524 at December 31, 2017 1,531 1,530
Additional paid-in capital 367,669 364,031 Retained earnings
308,121 265,007 Accumulated other comprehensive loss (74,937 )
(51,296 ) Treasury stock, at cost – 120,278 shares at September
30,2018, and 120,805 shares at December 31, 2017 (4,748 ) (4,492 )
Total Tompkins Financial Corporation Shareholders’ Equity
597,636 574,780 Noncontrolling interests
1,508 1,422
Total Equity $ 599,144
$ 576,202 Total
Liabilities and Equity $
6,746,960 $ 6,648,290
Three Months Ended
Nine Months Ended (In thousands, except per share
data) (Unaudited)
09/30/2018 09/30/2017
09/30/2018 09/30/2017
INTEREST AND DIVIDEND INCOME Loans $
54,769 $ 48,949 $ 158,419 $ 141,257 Due from banks 8 9 22 15
Available-for-sale securities 7,448 7,415 22,821 22,384
Held-to-maturity securities 860 865 2,572 2,613 Federal Home Loan
Bank and other stock 899
534 2,433 1,466
Total Interest and Dividend Income
63,984 57,772
186,267 167,735
INTEREST EXPENSE Time certificates of deposits of $250,000 or more
563 457 1,088 1,364 Other deposits 3,830 2,679 9,699 7,508 Federal
funds purchased and securities sold under agreements to repurchase
35 44 115 195 Trust preferred debentures 318 265 904 888 Other
borrowings 6,075 3,327
15,897 8,445 Total
Interest Expense
10,821
6,772 27,703
18,400 Net Interest Income
53,163 51,000
158,564
149,335 Less: Provision for loan and lease losses
272 402
1,884 2,147 Net Interest Income
After Provision for Loan and Lease Losses
52,891 50,598
156,680 147,188
NONINTEREST INCOME Insurance commissions and fees 7,903 7,682
22,684 21,892 Investment services income 4,097 3,862 12,365 11,544
Service charges on deposit accounts 2,088 2,125 6,300 6,337 Card
services income 2,442 2,190 7,209 6,875 Other income 2,057 1,766
8,743 5,667 Gain (loss) on securities transactions
16 (423 ) 290
(423 ) Total Noninterest Income
18,603 17,202
57,591 51,892
NONINTEREST EXPENSE Salaries and wages 22,029 20,931 64,404 60,868
Pension and other employee benefits 5,300 5,344 15,859 16,195 Net
occupancy expense of premises 3,057 3,064 9,873 9,965 Furniture and
fixture expense 1,814 1,585 5,461 4,819 FDIC insurance 712 620
2,083 1,775 Amortization of intangible assets 440 481 1,334 1,459
Other operating expense 11,781
9,858 34,825
29,738 Total Noninterest Expenses
45,133 41,883
133,839 124,819
Income Before Income Tax Expense
26,361
25,917
80,432 74,261 Income Tax
Expense 5,427 8,491
16,939 24,127 Net
Income Attributable to Noncontrolling Interests and Tompkins
Financial Corporation
20,934
17,426 63,493
50,134 Less: Net Income
Attributable to Noncontrolling Interests 32
32 96
97 Net Income Attributable to Tompkins Financial
Corporation
$ 20,902
$ 17,394 $
63,397 $ 50,037
Basic Earnings Per Share
$ 1.37 $ 1.14
$ 4.15 $ 3.30 Diluted Earnings Per
Share
$ 1.36
$ 1.14 $
4.12 $ 3.27
Average Consolidated Statements of Condition and Net Interest
Analysis (Unaudited)
Quarter Ended YTD Period
Ended YTD Period Ended
September 30, 2018 September
30, 2018 September 30, 2017 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 $ 2,513 $ 8 1.26 % $ 2,121 $ 22 1.39 % $
3,547 $ 15 0.57 % Securities (4) U.S. Government securities
1,418,742 7,766 2.17 % 1,438,322 23,763 2.21 % 1,476,459 23,352
2.11 % State and municipal (5) 95,758 627 2.60 % 97,556 1,898 2.60
% 101,080 2,552 3.38 % Other securities (5) 3,435
39 4.50 % 3,516
113 4.30 % 3,602
96 3.56 % Total securities 1,517,935
8,432 2.20 % 1,539,394 25,774 2.24 % 1,581,141 26,000 2.20 % FHLBNY
and FRB stock 54,871 899 6.50 % 52,802 2,433 6.16 % 41,639 1,466
4.71 % Total loans and leases, net of unearned income (5)(6)
4,781,462 55,095 4.57 %
4,740,257 159,398
4.50 % 4,352,292 143,497
4.41 %
Total interest-earning assets
6,356,781 64,434
4.02 % 6,334,574
187,627 3.96 %
5,978,619 170,978
3.82 % Other assets 359,671 351,949
355,983
Total assets $
6,716,452
$ 6,686,523
$ 6,334,602
LIABILITIES & EQUITY
Deposits Interest-bearing deposits Interest bearing checking,
savings & money market $ 2,789,432 2,532 0.36 % $ 2,806,119
6,118 0.29 % $ 2,664,405 3,620 0.18 % Time deposits 637,426
1,861 1.16 %
671,888 4,669
0.93 % 845,058
5,252 0.83 % Total interest-bearing deposits
3,426,858 4,393 0.51 % 3,478,007 10,787 0.41 % 3,509,463 8,872 0.34
% Federal funds purchased & securities sold under
agreements to repurchase 59,626 35 0.23 % 62,956 115 0.24 % 65,798
195 0.40 % Other borrowings 1,141,257 6,075 2.11 % 1,113,120 15,897
1.91 % 861,289 8,445 1.31 % Trust preferred debentures
16,792 318 7.51 %
16,749 904 7.22 %
18,903 888 6.28 %
Total
interest-bearing liabilities 4,644,533 10,821
0.92 % 4,670,832 27,703 0.79
% 4,455,453 18,400 0.55 %
Non-interest bearing deposits 1,409,401 1,366,219 1,241,173 Accrued
expenses and other liabilities 65,307 63,682 66,094
Total
liabilities 6,119,241 6,100,733 5,762,720 Tompkins
Financial Corporation Shareholders’ equity 595,721 584,331 570,403
Noncontrolling interest 1,490 1,459 1,479
Total
equity 597,211 585,790 571,882
Total liabilities and equity $ 6,716,452
$ 6,686,523 $ 6,334,602 Interest
rate spread
3.10 %
3.17 % 3.27
% Net interest income/margin on earning assets
53,613
3.35 % 159,924 3.38 %
152,578 3.41 % Tax equivalent
adjustments
(450) (1,360) (3,243) Net
interest income per consolidated financial statements
$ 53,163
$ 158,564
$ 149,335
Tompkins Financial Corporation -
Summary Financial Data (Unaudited)
(In thousands, except per share data)
Quarter-Ended
Year-Ended
Period End Balance Sheet Sep-18
Jun-18 Mar-18
Dec-17
Sep-17
Dec-17
Securities $ 1,452,788 $
1,483,991 $ 1,510,795 $ 1,531,991
$ 1,546,199 $1,531,991 Originated loans
and leases, net of unearned income and deferred costs and fees (2)
4,531,241
4,507,006 4,408,081
4,358,543 4,167,254 4,358,543
Acquired loans and leases (3) 271,468
284,187 296,765
310,577 323,259
310,577 Allowance for loan and lease losses
41,358 41,225
40,211 39,771 38,038
39,771 Total assets
6,746,960 6,745,800
6,648,128 6,648,290
6,524,060 6,648,290 Total deposits
5,025,082 4,792,229
4,929,903 4,837,807
4,943,944 4,837,807 Federal funds
purchased and securities sold under agreements to repurchase
52,875 52,042
69,131 75,177
73,874 75,177 Other borrowings
988,515 1,229,956
995,074 1,071,742
834,574 1,071,742 Trust preferred debentures
16,820 16,777
16,734 16,691
16,648 16,691 Total common equity
597,636 589,173
577,967 574,780
588,349 574,780 Total equity
599,144 590,649
579,411 576,202
589,868 576,202
Average Balance Sheet
Average earning assets $ 6,356,781
$ 6,348,562 $ 6,297,727 $
6,159,396 $ 6,072,269 $6,024,186
Average assets 6,716,452
6,689,649 6,652,763
6,552,414 6,430,497
6,389,504 Average interest-bearing liabilities
4,644,533 4,709,122
4,658,998 4,500,649
4,463,606 4,466,846 Average equity
597,211 584,951
574,963 593,956
586,671 577,446
Share data
Weighted average shares outstanding (basic)
15,047,405 15,038,061
15,013,478 14,988,542
14,966,231 14,950,432 Weighted average
shares outstanding (diluted) 15,144,491
15,135,970 15,112,518
15,103,906 15,078,555
15,073,255 Period-end shares outstanding
15,277,915 15,278,430
15,285,335 15,265,614
15,202,444 15,265,614 Common
equity book value per share $ 39.12
$ 38.56 $ 37.81 $ 37.65
$ 38.70 $37.65 Tangible book value per share
(Non-GAAP) $ 32.60 $ 32.02
$ 31.24 $ 31.04 $ 32.03
$31.04
Income Statement
Net
interest income $ 53,163 $
52,714 $ 52,687 $ 51,969
$ 51,000 $201,304 Provision for loan/lease losses
272 1,045
567 2,014
402 4,161 Noninterest income
18,603 21,158
17,830 17,312 17,202
69,204 Noninterest expense
45,133 44,985
43,721 46,286 41,883
171,105 Income tax expense
5,427 5,751 5,761
18,493 8,491
42,620 Net income attributable to Tompkins Financial
Corporation 20,902
22,059 20,436 2,457
17,394 52,494 Noncontrolling
interests 32 32
32 31
32 128 Basic earnings per share (8)
$ 1.37 $ 1.44 $ 1.34
$ 0.16 $ 1.14 $3.46
Diluted earnings per share (8) $ 1.36
$ 1.43 $ 1.33 $ 0.16
$ 1.14 $3.43
Nonperforming
Assets
Originated nonaccrual loans and leases
$ 17,518 $ 19,082 $ 18,429
$ 16,253 $ 15,667 $16,253
Acquired nonaccrual loans and leases
2,659 2,673 3,352
3,264 3,152 3,264
Originated loans and leases 90 days past due and accruing
0 0
0 44 0 44
Troubled debt restructurings not included above
4,295 4,324
3,455 3,449 3,541
3,449 Total nonperforming loans and leases
24,472 26,079
25,236 23,010
22,360 23,010 OREO 1,870
2,233 2,047
2,047 2,030 2,047 Total
nonperforming assets $ 26,342 $
28,312 $ 27,283 $ 25,057
$ 24,390 $25,057
Tompkins Financial Corporation -
Summary Financial Data (Unaudited) - continued
Quarter-Ended
Year-Ended Delinquency - Originated loan
and lease portfolio Sep-18
Jun-18 Mar-18
Dec-17 Sep-17
Dec-17
Loans and leases 30-89 days past due and
accruing (2)
$ 6,454 $ 5,875
$ 6,513 $ 6,791
$ 5,567 $ 6,791 Loans and leases
90 days past due and accruing (2) 0
0 0
44 0
44 Total originated loans and leases past due
and accruing (2) 6,454
5,875 6,513
6,835 5,567
6,835
Delinquency - Acquired loan
and lease portfolio Loans 30-89 days past due and accruing
(3)(7) $ 1,109 $ 1,108
$ 823 $ 1,256
$ 2,857 $ 1,256 Loans 90
days or more past due 1,420
1,110 1,077
1,146 1,306
1,146 Total acquired loans and leases
past due and accruing 2,529
2,218 1,900
2,402 4,163
2,402 Total loans and leases past due
and accruing $ 8,983 $
8,093 $ 8,413 $ 9,237
$ 9,730 $ 9,237
Allowance for Loan Losses - Originated loan and lease
portfolio Balance at beginning of period $
41,111 $ 40,107 $ 39,686
$ 37,903 $ 36,960
$ 35,598 Provision for loan and lease losses
208 1,035
608 1,849
931 4,428
Net loan and lease (recoveries) charge-offs
30 31
187 66
(12 ) 140 Allowance for
loan and lease losses (originated
loan portfolio) - balance at end of
period $ 41,289 $ 41,111
$ 40,107 $ 39,686
$ 37,903 $ 39,686
Allowance for Loan Losses - Acquired loan and lease
portfolio Balance at beginning of period $
114 $ 104 $ 85
$ 135 $ 197
$ 157 Provision (credit) for loan and lease losses
64 10
(41 ) 165
(529 ) (67 ) Net loan and lease
(recoveries) charge-offs 108
0 (60 )
215 (467 )
5 Allowance for loan and lease losses (acquired loan
portfolio) - balance at end of period
69 114 104
85 135
85
Total allowance for loan and lease
losses $ 41,358 $ 41,225
$ 40,211 $ 39,771
$ 38,038 $ 39,771
Loan Classification - Originated Portfolio Special Mention
$ 34,245 $ 44,068
$ 34,546 $ 46,074
$ 50,423 $ 46,074 Substandard
49,597
41,572 35,746
20,584 20,532
20,584
Loan Classification - Acquired
Portfolio
Special Mention 465
469 476
525 539
525 Substandard
3,041 3,180
3,468 5,355
8,193 5,355
Loan
Classifications - Total Portfolio Special Mention
34,710 44,537
35,022 46,599
50,962
46,599 Substandard 52,638
44,752 39,214
25,939
28,725 25,939
Ratio Analysis
Credit Quality
Nonperforming loans and leases/total loans and leases (7)
0.51 % 0.54 %
0.54 % 0.49 %
0.50 % 0.49 % Nonperforming
assets/total assets 0.39 %
0.42 % 0.41 %
0.38 % 0.37 % 0.38
% Allowance for originated loan and lease losses/total originated
loans and leases 0.91 %
0.91 % 0.91 % 0.91
% 0.91 % 0.91 %
Allowance/nonperforming loans and leases
169.00 % 158.11 %
159.34 % 172.84 % 170.12
% 172.84 % Net loan and lease losses
(recoveries) annualized/total average loans and leases
0.01 % 0.00 %
0.01 % 0.02 %
(0.04 )% 0.00 %
Tompkins Financial Corporation -
Summary Financial Data (Unaudited) - continued
Quarter-Ended
Year-Ended Capital Adequacy
(period-end) Sep-18 Jun-18
Mar-18 Dec-17 Sep-17
Dec-17 Tangible common equity/tangible assets
7.49 % 7.36 % 7.29 %
7.24 % 7.58 % 7.24 %
Profitability
Return on average assets *
1.23 % 1.32 % 1.25 %
0.15 % 1.07 % 0.82 %
Return on average equity * 13.89 %
15.13 % 14.41 % 1.64 %
11.77 % 9.09 % Net interest margin (TE) *
3.35 % 3.36 % 3.42
% 3.42 % 3.40 % 3.41 % *
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 - Adjusted Diluted Earnings Per Share
Quarter-Ended
Year-Ended Sep-18
Jun-18 Mar-18
Dec-17 Sep-17
Dec-17 Net income available to common shareholders
$ 20,902 $ 22,059
$ 20,436 $ 2,457 $ 17,394
$ 52,494 Income attributable to unvested
stock-based compensation awards 318
359 351
26 266
818 Net earnings allocated to common
shareholders 20,584
21,700 20,085
2,431 17,128
51,676 Remeasurement of net deferred
taxes 0 0
0 14,944
0 14,994
Gain on sale of real estate, net of tax
2,227 0
0 0
0 Write-down of impaired leases, net of tax
(388 ) (1,527 )
0 0
0 0 Net income (Non-GAAP)
20,972
21,000 20,085
17,375 17,128
66,620 Weighted average shares outstanding (diluted)
15,144,491 15,135,970
15,112,518 15,103,906
15,078,555 15,073,255
Adjusted diluted earnings per share (Non-GAAP)
$ 1.38 $ 1.39 $ 1.33
$ 1.15 $ 1.14
$ 4.42
Non-GAAP Disclosure - Tangible Book
Value Per Share Total common equity $
597,636 $ 589,173 $
577,967 $ 574,780 $
588,349 $ 574,780 Less: Goodwill and
intangibles (9) 99,543
99,983 100,436
100,887 101,360
100,887 Tangible common equity
498,093 489,190
477,531
473,893 486,989
473,893 Ending shares outstanding
15,277,915 15,278,430
15,285,335 15,265,614
15,202,444 15,265,614 Tangible book value per
share (Non-GAAP) $ 32.60
$ 32.02 $ 31.24 $ 31.04
$ 32.03 $ 31.04
(1) Federal Reserve peer ratio as of June 30, 2018, 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, 2017.(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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181019005044/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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