Tompkins Financial Corporation (NYSEMKT:TMP) reported net
income of $16.9 million for the second quarter of 2017, an increase
of 14.1% from the $14.8 million reported for the same period in
2016. Year to date net income was $32.6 million, an increase of
$3.6 million, up 12.2% over the same period in 2016.
Diluted earnings per share were $1.11 for the second quarter of
2017, up 13.3% over the second quarter of 2016. For the
year-to-date period ended June 30, 2017, diluted earnings per share
were $2.13, up 11.5% over the same period in 2016.
President and CEO, Stephen S. Romaine said, “It is especially
rewarding to show strong performance through the first half of
2017, while our team was also focused on a conversion of our core
banking system, which was successfully completed in May of this
year. Improved net interest income, which was supported by solid
loan growth over the prior year, has been the primary driver of
improved earnings performance in 2017.”
SELECTED HIGHLIGHTS FOR SECOND QUARTER AND YEAR TO DATE:
- Diluted earnings per share of $1.11 for
the second quarter represented a 13.3% increase over the same
period last year, while year-to-date diluted earnings per share of
$2.13 reflect the best earnings through the first six months of any
year in our Company’s history.
- Quarterly returns on average assets and
average equity of 1.07% and 11.85%, respectively, are at their
highest levels since June 2015
- Net interest margin improved for the
second consecutive quarter and is at its highest level since March
2015.
- Total loans of $4.4 billion were up
11.1% over the same period in 2016; and are up 3.8% over December
31, 2016.
- Total deposits of $4.8 billion reflect
an increase of 6.3% over the same period last year, and are up 2.7%
from December 31, 2016.
NET INTEREST INCOME
Net interest income of $50.3 million for the second quarter of
2017 increased by $5.4 million, or 12.0% compared to the same
period in 2016. For the year-to-date period, net interest income
was $98.3 million, up $9.4 million, or 10.6% from the same
six-month period in 2016.
Net interest income benefited from growth in average loans and
deposits. Average loans were up $467.1 million, or 12.2% in the
first six months of 2017, versus the same period in 2016. Average
deposits were up $260.3 million, or 5.8% in the first six months of
2017, versus the same period in 2016. Certain loans benefited from
higher short term interest rates in 2017, resulting in an improved
net interest margin in 2017. For the second quarter of 2017, net
interest margin improved to 3.45%, compared to 3.38% in the first
quarter of 2017, and 3.36% in the second quarter of 2016.
NONINTEREST INCOME
Noninterest income represented 25.8% of total revenues in the
second quarter of 2017, compared to 27.6% in the same period in
2016, and 26.4% for the most recent prior quarter. Noninterest
income of $17.5 million was up 2.1% compared to the same period
last year. Declines in insurance commissions and fees, and gains on
the sale of available-for-sale securities during the quarter were
offset by improved card services income, which included
approximately $500,000 of volume based incentives related to our
branding agreement with MasterCard. Other income for the second
quarter was up $379,000 from the same quarter in 2016. The
improvement included approximately $130,000 of recoveries of
nonaccrued interest on loans previously charged off.
NONINTEREST EXPENSE
Noninterest expense was $41.6 million for the second quarter of
2017, up $2.2 million, or 5.5%, over the second quarter of 2016.
For the year-to-date period, noninterest expense was $82.9 million,
up $4.0 million, or 5.1%, from the same period in 2016. The
increase in noninterest expense for both the second quarter and
year-to-date periods was mainly due to higher salaries and
benefits. Expenses for the quarter also included $411,000 of
expense related to our recently completed core system conversion,
compared to $262,000 in the quarter ended March 31, 2017, and
$76,000 in the quarter ended June 30, 2017.
ASSET QUALITY
Asset quality trends remained strong in the second quarter of
2017. Nonperforming assets represented 0.36% of total assets at
June 30, 2017, unchanged from December 31, 2016, and up slightly
from 0.32% at June 30, 2016. Nonperforming asset levels continue to
be well below the most recent Federal Reserve Board Peer Group
Average1 of 0.55%.
Provision for loan and lease losses was $976,000 for the second
quarter of 2017, which was in line with the second quarter of 2016.
Net recoveries for the second quarter of 2017 were $15,000 compared
to net charge-offs of $383,000 reported in the second quarter of
2016.
The Company’s allowance for originated loan and lease losses
totaled $37.0 million at June 30, 2017, and represented 0.91% of
total originated loans and leases at June 30, 2017, compared to
0.92% reported for the most recent prior quarter, and 0.93% from
one year ago. The total allowance represented 178.58% of total
nonperforming loans and leases at June 30, 2017, compared to
164.98% at December 31, 2016, and 183.01% at June 30, 2016.
Though most credit quality metrics remained relatively stable
for the quarter, the level of special mention loans increased
during the quarter to $39.0 million, up from $21.2 million a year
ago, and up from $19.4 million at March 31, 2017. The increase is
largely related to the Company’s agricultural portfolio that has
been negatively impacted by lower milk prices over the past 12
months. Though lower prices have negatively impacted cash flow for
this group of borrowers, payments on all of the loans in this
portfolio were current as of June 30, 2017.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized
minimums. The ratio of Tier 1 capital to average assets was 8.43%
at June 30, 2017, compared to 8.41% reported for December 31, 2016.
Total capital to risk-weighted assets at June 30, 2017 was 12.45%,
compared to 12.22% reported 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 06/30/2017
12/31/2016
Cash and noninterest bearing balances due
from banks
$ 76,079 $ 62,074 Interest bearing balances due from banks
2,096 1,880
Cash and Cash Equivalents 78,175 63,954
Available-for-sale securities, at fair value (amortized cost of
$1,433,013 at June 30, 2017 and $1,442,724 at December 31, 2016)
1,424,871 1,429,538 Held-to-maturity securities, at amortized cost
(fair value of $141,654 at June 30, 2017 and $142,832 at December
31, 2016) 139,994 142,119 Originated loans and leases, net of
unearned income and deferred costs and fees (2) 4,070,755 3,863,922
Acquired loans (3) 347,841 394,111 Less: Allowance for loan and
lease losses 37,157
35,755
Net Loans and Leases 4,381,439
4,222,278 Federal Home Loan Bank and other stock
45,714 43,133 Bank premises and equipment, net 72,884 70,016
Corporate owned life insurance 79,093 77,905 Goodwill 92,291 92,623
Other intangible assets, net 9,549 11,349 Accrued interest and
other assets 91,002
83,841
Total Assets $
6,415,012 $ 6,236,756
LIABILITIES Deposits: Interest bearing:
Checking, savings and money market 2,643,292 2,518,318 Time 826,933
870,788 Noninterest bearing 1,280,497
1,236,033
Total Deposits
4,750,722 4,625,139 Federal funds purchased
and securities sold under agreements to repurchase 50,360 69,062
Other borrowings 952,035 884,815 Trust preferred debentures 16,605
37,681 Other liabilities 68,375
70,654
Total Liabilities
$ 5,838,097 $
5,687,351 EQUITY Tompkins Financial
Corporation shareholders' equity: Common Stock - par value $.10 per
share: Authorized 25,000,000 shares; Issued: 15,225,363 at June 30,
2017; and 15,171,816 at December 31, 2016 1,522 1,517 Additional
paid-in capital 362,555 357,414 Retained earnings 249,179 230,182
Accumulated other comprehensive loss (33,624 ) (37,109 ) Treasury
stock, at cost – 117,302 shares at June 30, 2017, and 117,997
shares at December 31, 2016 (4,204 ) (4,051 )
Total
Tompkins Financial Corporation Shareholders’ Equity
575,428 547,953 Noncontrolling interests
1,487 1,452
Total Equity $ 576,915
$ 549,405 Total Liabilities
and Equity $ 6,415,012
$ 6,236,756
TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED
STATEMENTS OF INCOME Three
Months Ended Six Months Ended (In thousands,
except per share data) (Unaudited)
06/30/2017
06/30/2016 06/30/2017 06/30/2016
INTEREST AND DIVIDEND INCOME Loans $ 47,357 $ 41,834 $
92,308 $ 82,321 Due from banks 4 1 6 3 Trading securities 0 77 0
158 Available-for-sale securities 7,647 7,284 14,969 14,815
Held-to-maturity securities 870 903 1,748 1,814 Federal Home Loan
Bank and other stock 464
318 932 615
Total
Interest and Dividend Income
56,342 50,417
109,963 99,726 INTEREST
EXPENSE Time certificates of deposits of $250,000 or more 466
422 907 812 Other deposits 2,482 2,264 4,829 4,473 Federal funds
purchased and securities sold under agreements to repurchase 43 644
151 1,310 Trust preferred debentures 256 594 623 1,183 Other
borrowings 2,794 1,586
5,118 3,003
Total
Interest Expense 6,041
5,510 11,628
10,781 Net Interest Income
50,301
44,907 98,335
88,945 Less: Provision for loan and lease losses
976 978
1,745 1,833
Net Interest Income
After Provision for Loan and Lease Losses
49,325 43,929
96,590 87,112
NONINTEREST INCOME Insurance commissions and fees 7,092
7,517 14,210 15,079 Investment services income 3,891 3,834 7,682
7,620 Service charges on deposit accounts 2,045 2,092 4,212 4,356
Card services income 2,676 2,002 4,685 3,943 Mark-to-market loss on
trading securities 0 (60 ) 0 (106 ) Mark-to-market gain on
liabilities held at fair value 0 92 0 149 Other income 1,746 1,367
3,901 3,074 Gain on sale of available-for-sale securities
0 240 0
472
Total Noninterest Income
17,450 17,084
34,690 34,587
NONINTEREST EXPENSE Salaries and wages 20,424 19,333
39,937 38,322 Pension and other employee benefits 5,092 4,934
10,851 10,217 Net occupancy expense of premises 3,390 2,999 6,901
6,147 Furniture and fixture expense 1,637 1,577 3,234 3,266 FDIC
insurance 617 783 1,155 1,605 Amortization of intangible assets 485
521 978 1,048 Other operating expense
9,923 9,241 19,880
18,289
Total Noninterest Expenses
41,568 39,388
82,936 78,894
Income Before Income Tax Expense
25,207 21,625
48,344 42,805 Income Tax
Expense 8,248 6,760
15,637 13,656
Net
Income attributable to Noncontrolling Interests and Tompkins
Financial Corporation 16,959
14,865 32,707
29,149 Less: Net income attributable to
noncontrolling interests 33
32 65 65
Net
Income Attributable to Tompkins Financial Corporation
$ 16,926 $ 14,833
$ 32,642 $ 29,084
Basic Earnings Per Share
$ 1.11 $ 0.99
$ 2.15 $ 1.93 Diluted
Earnings Per Share $ 1.11
$ 0.98 $ 2.13
$ 1.91 Average
Consolidated Statements of Condition and Net Interest Analysis
(Unaudited) Quarter EndedJune
30, 2017 Year to Date Period EndedJune 30,
2017 Year to Date Period EndedJune 30,
2016
AverageBalance(QTD) AverageBalance(YTD)
AverageBalance(YTD) AverageYield/Rate
AverageYield/Rate AverageYield/Rate (Dollar amounts in thousands)
Interest
Interest Interest
ASSETS Interest-earning assets Interest-bearing
balances due from banks $ 1,947 $ 4 0.82 % $ 3,572 $ 6 0.34 % $
2,015 $ 3 0.30 % Securities (4) U.S. Government securities
1,475,530 7,963 2.16 % 1,477,512 15,621 2.13 % 1,461,423 15,549
2.14 % Trading securities 0 0 0.00 % 0 0 0.00 % 7,084 158 4.49 %
State and municipal (5) 102,488 859 3.37 % 101,598 1,701 3.38 %
98,562 1,678 3.42 % Other securities (5) 3,603 32
3.56 % 3,608 64
3.58 % 3,664 61
3.35 % Total securities 1,581,621 8,854 2.25 % 1,582,718 17,386
2.22 % 1,570,733 17,446 2.23 % FHLBNY and FRB stock 40,731 463 4.56
% 39,426 932 4.77 % 29,708 615 4.16 % Total loans and
leases, net of unearned income (5)(6) 4,346,354
48,099 4.44 % 4,305,304
93,772 4.39 % 3,838,211
83,713 4.39 %
Total interest-earning assets
5,970,653 57,420
3.86 % 5,931,020
112,096 3.81 %
5,440,667 101,777
3.76 % Other assets 359,194 354,842 345,662
Total assets
6,329,847 6,285,862 5,786,329
LIABILITIES &
EQUITY Deposits Interest-bearing deposits Interest bearing
checking, savings, & money market 2,696,258 1,203 0.18 %
2,680,639 2,265 0.17 % 2,532,290 1,938 0.15 % Time deposits 865,219
1,745 0.81 % 867,571
3,471 0.81 % 879,479
3,347 0.77 % Total interest-bearing
deposits 3,561,477 2,948 0.33 % 3,548,210 5,736 0.33 % 3,411,769
5,285 0.31 % Federal funds purchased & securities sold under
agreements to repurchase 61,233 43 0.29 % 69,560 151 0.44 % 112,639
1,310 2.34 % Other borrowings 835,573 2,794 1.34 % 813,477 5,118
1.27 % 543,256 3,003 1.11 % Trust preferred debentures 16,577
256 6.19 % 20,063
623 6.26 % 37,545
1,183 6.33 %
Total interest-bearing
liabilities 4,474,860 6,041 0.54 %
4,451,310 11,628 0.53 %
4,105,209 10,781 0.53 %
Noninterest bearing deposits 1,219,803 1,204,272 1,080,375 Accrued
expenses and other liabilities 62,443 65,915 64,946
Total
liabilities 5,757,106 5,721,497 5,250,530 Tompkins
Financial Corporation Shareholders’ equity 571,271 562,896 534,314
Noncontrolling interest 1,470 1,469 1,485
Total equity
572,741 564,365 535,799 Total
liabilities and equity $ 6,329,847 $
6,285,862 $ 5,786,329 Interest rate spread
3.32 % 3.28 %
3.23 % Net interest income/margin on
earning assets
51,379 3.45 % 100,468
3.42 % 90,996 3.36 % Tax
Equivalent Adjustment
(1,078 ) (2,133 )
(2,051 ) Net interest income per consolidated
financial statements
$
50,301
$ 98,335
$ 88,945
Tompkins Financial Corporation -
Summary Financial Data (Unaudited)
(In thousands, except per share data)
Quarter-Ended Year-Ended Jun-17
Mar-17 Dec-16
Sep-16
Jun-16 Dec-16
Period End Balance Sheet
Securities
$ 1,564,865 $ 1,569,068 $
1,571,657 $ 1,515,761 $ 1,564,080
$ 1,571,657 Originated loans and leases, net
of unearned income and deferred costs and fees (2)
4,070,755 3,922,413
3,863,922 3,672,539
3,551,628 3,863,922 Acquired
loans and leases (3) 347,841
375,380 394,111
417,008 426,485 394,111
Allowance for loan and lease losses
37,157 36,166 35,755
34,112 33,125
35,755 Total assets
6,415,012 6,280,047
6,236,756 6,102,215
5,924,906 6,236,756 Total deposits
4,750,722 4,850,585
4,625,139 4,690,300
4,469,721 4,625,139
Federal funds purchased and securities sold under agreements
to repurchase 50,360
70,716 69,062 77,218
97,180 69,062
Other borrowings 952,035
717,285 884,815 671,000
700,026 884,815
Trust preferred debentures 16,605
16,562 37,681
37,638 37,595
37,681 Total common equity 575,428
562,064 547,953
559,640 552,918
547,953 Total equity 576,915
563,518 549,405
561,190 554,435
549,405
Average Balance Sheet
Average earning assets $ 5,970,653 $
5,890,945 $ 5,707,121 $ 5,577,885
$ 5,492,913 $ 5,542,137 Average
assets 6,329,847
6,241,388 6,074,973
5,942,260 5,842,387
5,898,080 Average interest-bearing liabilities
4,474,860 4,427,501
4,237,126 4,168,879
4,143,031 4,154,374 Average
equity 572,741 555,893
559,106 557,281
543,283 547,057
Share data
Weighted average shares outstanding (basic)
14,944,934 14,900,938
14,862,189 14,829,222
14,798,515 14,812,712
Weighted average shares outstanding (diluted) (10)
15,066,861 15,042,614
15,014,221 14,965,233
14,917,206 14,936,231
Period-end shares outstanding 15,189,453
15,181,198 15,135,906
15,055,954 15,035,369
15,135,906 Common equity book value per
share $ 37.88 $ 37.02 $
36.20 $ 37.17 $ 36.77 $
36.20 Tangible book value per share (Non-GAAP)
$ 31.18 $ 30.28 $ 29.38 $
30.28 $ 29.82 $ 29.38
Income Statement
Net interest income $
50,301 $ 48,034 $ 46,374
$ 45,317 $ 44,907 $ 180,636
Provision for loan/lease losses 976
769 1,706
782 978 4,321
Noninterest income 17,450
17,240 16,316 17,905
17,084 68,808
Noninterest expense 41,568
41,368 39,389
40,324 39,388 158,607
Income tax expense (10) 8,248
7,388 6,444
6,945 6,760 27,045
Net income attributable to Tompkins Financial Corporation (10)
16,926 15,717
15,118 15,138
14,833 59,340 Noncontrolling
interests 33 32
33 33 32
131 Basic earnings per share (8)
$ 1.11 $ 1.04 $ 1.00
$ 1.01 $ 0.99 $ 3.94
Diluted earnings per share (8) (10) $ 1.11
$ 1.03 $ 0.99 $ 1.00
$ 0.98 $ 3.91
Nonperforming
Assets
Originated nonaccrual loans and leases
$ 14,284 $ 13,786 $ 14,300
$ 11,554 $ 11,008 $ 14,300
Acquired nonaccrual loans and leases
2,903 3,356 4,741
4,559 4,831
4,741 Originated loans and leases 90 days past due and
accruing 639 0
- 35 89
0 Troubled debt restructurings not
included above 2,980
2,948 2,631 2,148
2,172 2,631 Total
nonperforming loans and leases 20,806
20,090 21,672
18,296 18,100
21,672 OREO 2,331
2,520 908 1,008
1,001 908 Total
nonperforming assets $ 23,137 $ 22,610
$ 22,580 $ 19,304 $
19,101 $ 22,580
Tompkins Financial Corporation -
Summary Financial Data (Unaudited) - continued
Quarter-Ended Year-Ended
Delinquency - Originated loan and lease
portfolio
Jun-17 Mar-17
Dec-16 Sep-16 Jun-16
Dec-16 Loans and leases 30-89 days past due and accruing (2)
$ 6,188 $ 5,462 $ 6,694
$ 4,551 $ 4,464 $ 6,694
Loans and leases 90 days past due and accruing (2)
639 0 -
35 89 0
Total originated loans and leases past due and accruing (2)
6,827 5,462
6,694 4,586 4,553
6,694
Delinquency - Acquired
loan and lease portfolio Loans 30-89 days past
due and accruing (3)(7) $ 751 $ 907
$ 2,553 $ 1,069 $ 1,750
$ 2,553 Loans 90 days or more past due
2,581 2,701
2,557 2,555 1,861
2,557 Total acquired loans and leases past due
and accruing 3,332 3,608
5,110 3,624
3,611 5,110 Total loans and
leases past due and accruing $ 10,159 $
9,070 $ 11,804 $ 8,210 $
8,164 $ 11,804
Allowance for Loan
Losses - Originated loan and lease portfolio Balance at
beginning of period $ 35,915 $ 35,598
$ 33,956 $ 32,968 $
31,981 $ 31,312 Provision for loan and lease
losses 846 602
1,419 868
978 4,137 Net loan and lease
(recoveries) charge-offs (199 )
285 (223 ) (120 )
(9 ) (149 ) Allowance for loan and lease losses
(originated 36,960 35,915 35,598 33,956
32,968 35,598 loan portfolio) - balance at end of
period $ $ $ $ $ $
Allowance for Loan Losses - Acquired loan and lease
portfolio Balance at beginning of period $ 251
$ 157 $ 156 $ 157
$ 549 $ 692 Provision (credit) for loan
and lease losses 130 167
287 (86 ) 0
184 Net loan and lease (recoveries)
charge-offs 184 73
286 (85 ) 392
719 Allowance for loan and lease losses
(acquired loan portfolio) - balance at end of period
197 251 157
156 157 157
Total allowance for loan and lease losses
$ 37,157 $ 36,166 $
35,755 $ 34,112 $ 33,125
$ 35,755
Loan Classification - Originated
Portfolio
Special Mention $ 38,488
$ 18,861 $ 20,485 $ 27,215
$ 20,639 $ 20,485 Substandard
19,532 20,909
20,316 18,121
16,462 20,316
Loan
Classification - Acquired Portfolio
Special Mention
547 519 526
540 550
526 Substandard 8,796
9,628 13,141
14,000 13,975
13,141
Loan Classifications - Total Portfolio
Special Mention 39,035
19,380 21,011 27,755
21,189 21,011
Substandard 28,328 30,537
33,457 32,121
30,437 33,457
RATIO ANALYSIS
Credit Quality
Jun-17
Mar-17
Dec-16
Sep-16
Jun-16
Dec-16
Nonperforming loans and leases/total loans and leases (7)
0.47 % 0.47 % 0.51 %
0.45 % 0.45 % 0.51 %
Nonperforming assets/total assets 0.36 %
0.36 % 0.36 % 0.32 %
0.32 % 0.36 % Allowance for originated
loan and lease losses/total originated loans and leases
0.91 % 0.92 % 0.92 %
0.92 % 0.93 % 0.92 %
Allowance/nonperforming loans and leases
178.59 % 180.02 % 164.98 %
186.45 % 183.01 % 164.98 % Net
loan and lease losses (recoveries) annualized/total average loans
and leases 0.00 % 0.03 %
0.01 % (0.02 %) 0.04 %
0.01 %
Tompkins Financial Corporation -
Summary Financial Data (Unaudited) - continued
Quarter-Ended
Year-Ended
Capital Adequacy (period-end)
Jun-17
Mar-17
Dec-16
Sep-16
Jun-16
Dec-16
Tier 1 capital / average assets * 8.43 %
8.36 % 8.41 % 8.83 %
8.79 % 8.41 % Total capital /
risk-weighted assets * 12.45 %
12.41 % 12.22 % 12.97 %
12.95 % 12.22 %
Profitability
Return on average assets * (10) 1.07 %
1.02 % 0.99 % 1.01 %
1.02 % 1.01 % Return on average equity * (10)
11.85 % 11.47 %
10.76 % 10.81 % 10.98 %
10.85 % Net interest margin (TE) * 3.45 %
3.38 % 3.30 % 3.31 %
3.36 % 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
Jun-17 Mar-17
Dec-16 Sep-16 Jun-16
Dec-16 Total common equity $ 575,428 $
562,064 $ 547,953 $ 559,640 $ 552,918 $
547,953 Less: Goodwill and intangibles (9)
101,840 102,326 103,214
103,732 104,636 103,214 Tangible
common equity 473,588
459,738 444,739 455,908
448,282 444,739 Ending shares outstanding
15,189,453 15,181,198
15,135,906 15,055,954 15,035,369
15,135,906 Tangible book value per share (Non-GAAP)
$ 31.18 $ 30.28 $ 29.38 $
30.28 $ 29.82 $ 29.38
(1) Federal Reserve peer ratio as of
March 31, 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, second quarter,
and first quarter of 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, $274,000, $262,000, and $71,000 of excess
benefits recognized within "income tax expense" during the three
months ended December 31, September 30, June 30, and March 31,
2016, respectively.
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Tompkins Financial CorporationStephen S. Romaine, President
& CEOFrancis M. Fetsko, Executive VP, CFO &
COO888-503-5753
Tompkins Financial (AMEX:TMP)
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