Tompkins Financial Corporation (NYSE American: TMP)
Tompkins Financial Corporation reported record diluted earnings
per share of $5.37 for the full year of 2019, an increase of 0.4%
compared to the $5.35 per share reported for the twelve-month
period ended December 31, 2018. For the fourth quarter of 2019,
diluted earnings per share of $1.40 were up 13.8% over the $1.23
per share reported in the same quarter of 2018.
President and CEO, Stephen S. Romaine said, “We are pleased to
report record earnings per share for the year ended December 31,
2019. When compared to the third quarter of 2019, the fourth
quarter of 2019 benefited from growth in average loans and
deposits, along with a slight improvement in net interest margin.
Credit quality remains strong, and during the quarter we saw
improving trends in classified and criticized credits.”
SELECTED HIGHLIGHTS FOR THE FOURTH QUARTER:
- Total loans of $4.9 billion were up 1.7% over total loans at
December 31, 2018.
- Total deposits of $5.2 billion reflect an increase of 6.6% over
the prior year end.
- Noninterest bearing deposits of $1.5 billion increased by 4.2%
over December 31, 2018.
- Net interest margin was 3.44% for the fourth quarter of 2019,
up from 3.34% reported for the fourth quarter of 2018, and up from
3.43% for the third quarter of 2019.
- Return on average equity was 12.59% for the fourth quarter of
2019, up from the 12.38% reported for the quarter ended December
31, 2018, and up from 12.15% for the third quarter of 2019.
NET INTEREST INCOME
Net interest income of $53.2 million for the fourth quarter of
2019 was unchanged from the same quarter of the prior year. The net
interest margin for the fourth quarter of 2019 was 3.44%, compared
to 3.34% reported for the quarter ended December 31, 2018, and
3.43% for the third quarter of 2019. When compared to the third
quarter of 2019, the fourth quarter of 2019 saw lower yields on
earning assets that were offset by lower funding costs.
For the full year ended December 31, 2019, net interest income
of $210.6 million, was down 0.6% from the prior year. The impact of
an improved net interest margin in 2019 was slightly offset by
average balances in the securities portfolio, which were down
$132.1 million or 8.6%.
NONINTEREST INCOME
Noninterest income represented 26.4% of total revenues in 2019,
compared to 26.8% in 2018. Noninterest income for the fourth
quarter of 2019 was $18.0 million, down 9.5% compared to the same
period in 2018. For the full year, noninterest income of $75.4
million was down $2.0 million, or 2.6%, when compared to 2018. The
negative variance to prior year was largely due to the fact that
results from the fourth quarter of the prior year included higher
than normal investment service fees associated with trust and
estate activities, as well as approximately $2.5 million related to
the collection of nonaccrual interest and fees associated with a
loan that was previously charged off. Comparison of full year
noninterest income to the prior year was also impacted by $2.9
million of gains on the sale of real estate that were realized in
the second quarter of 2018.
NONINTEREST EXPENSE
Noninterest expense was $45.9 million for the fourth quarter of
2019, down 2.8%, from the fourth quarter of 2018. For the full year
2019, noninterest expense was $181.8 million, which was in line
with 2018. Other operating expense in 2019 was reduced by $1.5
million of deposit insurance credits received from the FDIC, of
which $0.4 million were applied during the fourth quarter of 2019.
Noninterest expense in 2018 included $2.5 million related to the
write-down of leases on vacated space, which was recognized in the
second quarter of 2018.
INCOME TAX EXPENSE
The Company's effective tax rate was 19.8% in the fourth quarter
of 2019, compared to 20.4% for the same period in 2018. For
calendar year 2019, the Company’s effective tax rate was 20.5%
compared to 20.9% for 2018.
ASSET QUALITY
Asset quality trends remained strong in the fourth quarter of
2019, as the ratio of nonperforming assets to total assets of 0.47%
at December 31, 2019 was unchanged from the prior quarter end, and
was up from 0.42% at December 31, 2018. Nonperforming asset levels
at December 31, 2019 remained below the most recent Federal Reserve
Board Peer Group Average1 of 0.60%.
The provision for loan and lease losses for the fourth quarter
of 2019 was a negative $1.0 million compared to an expense of $2.1
million in the fourth quarter of 2018. For the full year, the
provision for loan and lease losses was $1.4 million in 2019,
compared to $3.9 million for the same period in 2018. Net
charge-offs for the year ended December 31, 2019 were $4.9 million,
compared to $0.3 million reported for the year-to-date period ended
December 31, 2018. The year over year increase in net charge-offs
was mainly attributable to the charge-off of one commercial real
estate credit in the first quarter of 2019.
The Company’s allowance for originated loan and lease losses
totaled $39.8 million at December 31, 2019, and represented 0.85%
of total originated loans and leases, down from 0.89% at September
30, 2019, and 0.95% at December 31, 2018. Improving trends in
classified and criticized loans in the most recent quarter, along
with favorable trends in certain qualitative factors contributed to
the lower allowance level at December 31, 2019. The allowance at
December 31, 2018 included a specific reserve of $3.0 million
related to one commercial real estate credit that was subsequently
charged off in the first quarter of 2019, as noted above. The total
allowance represented 126.90% of total nonperforming loans and
leases at December 31, 2019, compared to 137.46% at September 30,
2019, and 163.25% at December 31, 2018.
CAPITAL POSITION
Capital ratios remained well above the regulatory minimums for
well capitalized institutions. The ratio of Tier 1 capital to
average assets was 9.61% at December 31, 2019, improved from 9.43%
at September 30, 2019, and 9.05% at December 31, 2018. During the
year ended December 31, 2019, the Company repurchased 376,021
common shares at an average price of $79.43 per share. During 2018,
the Company repurchased 32,483 common shares at an average price of
$75.36 per share.
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)
As of
As of
ASSETS
12/31/2019
12/31/2018
Cash and noninterest bearing balances due
from banks
$
136,010
$
78,524
Interest bearing balances due from
banks
1,972
1,865
Cash and Cash
Equivalents
137,982
80,389
Available-for-sale securities, at fair
value (amortized cost of $1,293,239 at December 31, 2019 and
$1,363,902 at December 31, 2018)
1,298,587
1,332,658
Held-to-maturity securities, at amortized
cost (fair value of $0 at December 31, 2019 and $139,377 at
December 31, 2018)
0
140,579
Equity securities, at fair value
(amortized cost $1,000 at December 31, 2019 and $1,000 at December
31, 2018)
915
887
Originated loans and leases, net of
unearned income and deferred costs and fees
4,697,401
4,568,741
Acquired loans
220,149
265,198
Less: Allowance for loan and lease
losses
39,892
43,410
Net Loans and Leases
4,877,658
4,790,529
Federal Home Loan Bank and other stock
33,695
52,262
Bank premises and equipment, net
94,355
97,202
Corporate owned life insurance
82,961
81,928
Goodwill
92,447
92,283
Other intangible assets, net
6,223
7,628
Accrued interest and other assets
100,800
82,091
Total Assets
$
6,725,623
$
6,758,436
LIABILITIES
Deposits:
Interest bearing:
Checking, savings and money
market
3,080,686
2,853,190
Time
675,014
637,295
Noninterest bearing
1,457,221
1,398,474
Total Deposits
5,212,921
4,888,959
Federal funds purchased and securities
sold under agreements to repurchase
60,346
81,842
Other borrowings
658,100
1,076,075
Trust preferred debentures
17,035
16,863
Other liabilities
114,167
73,826
Total Liabilities
$
6,062,569
$
6,137,565
EQUITY
Tompkins Financial Corporation
shareholders' equity:
Common Stock - par value $.10 per share:
Authorized 25,000,000 shares; Issued: 15,014,499 at December 31,
2019; and 15,348,287 at December 31, 2018
1,501
1,535
Additional paid-in capital
338,507
366,595
Retained earnings
370,477
319,396
Accumulated other comprehensive loss
(43,564
)
(63,165
)
Treasury stock, at cost – 123,956 shares
at December 31, 2019, and 122,227 shares at December 31, 2018
(5,279
)
(4,902
)
Total Tompkins Financial
Corporation Shareholders’ Equity
661,642
619,459
Noncontrolling interests
1,412
1,412
Total Equity
$
663,054
$
620,871
Total Liabilities and
Equity
$
6,725,623
$
6,758,436
TOMPKINS FINANCIAL
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Twelve Months Ended
12/31/2019
12/31/2018
12/31/2019
12/31/2018
INTEREST AND DIVIDEND INCOME
Loans
$
57,039
$
55,951
$
226,723
$
214,370
Due from banks
9
9
41
31
Available-for-sale securities
6,406
7,556
28,460
30,377
Held-to-maturity securities
568
865
3,151
3,437
Federal Home Loan Bank and other stock
561
944
3,003
3,377
Total Interest and Dividend
Income
64,583
65,325
261,378
251,592
INTEREST EXPENSE
Time certificates of deposits of $250,000
or more
912
624
3,095
1,712
Other deposits
7,399
5,184
27,809
14,883
Federal funds purchased and securities
sold under agreements to repurchase
33
37
143
152
Trust preferred debentures
303
323
1,276
1,227
Other borrowings
2,696
5,921
18,427
21,818
Total Interest Expense
11,343
12,089
50,750
39,792
Net Interest Income
53,240
53,236
210,628
211,800
Less: Provision for loan
and lease losses
(1,000
)
2,058
1,366
3,942
Net Interest Income After
Provision for Loan and Lease Losses
54,240
51,178
209,262
207,858
NONINTEREST INCOME
Insurance commissions and fees
6,777
6,685
31,091
29,369
Investment services income
4,268
4,923
16,434
17,288
Service charges on deposit accounts
2,110
2,135
8,321
8,435
Card services income
2,436
2,484
10,526
9,693
Other income
2,171
4,387
8,416
13,130
Net gain (loss) on securities
transactions
210
(756
)
645
(466
)
Total Noninterest Income
17,972
19,858
75,433
77,449
NONINTEREST EXPENSE
Salaries and wages
23,250
21,221
89,399
85,625
Other employee benefits
6,394
6,231
23,488
22,090
Net occupancy expense of premises
3,115
3,436
13,210
13,309
Furniture and fixture expense
1,921
1,890
7,815
7,351
Amortization of intangible assets
421
437
1,673
1,771
Other operating expense
10,799
14,013
46,249
50,921
Total Noninterest Expenses
45,900
47,228
181,834
181,067
Income Before Income Tax
Expense
26,312
23,808
102,861
104,240
Income Tax Expense
5,200
4,866
21,016
21,805
Net Income Attributable to
Noncontrolling Interests and Tompkins Financial Corporation
21,112
18,942
81,845
82,435
Less: Net Income
Attributable to Noncontrolling Interests
32
32
127
127
Net Income Attributable to
Tompkins Financial Corporation
$
21,080
$
18,910
$
81,718
$
82,308
Basic Earnings Per Share
$
1.41
$
1.24
$
5.39
$
5.39
Diluted Earnings Per Share
$
1.40
$
1.23
$
5.37
$
5.35
Average Consolidated Statements of
Condition and Net Interest Analysis (Unaudited)
Quarter Ended
Year Ended
Year Ended
December 31, 2019
December 31, 2019
December 31, 2018
Average
Average
Average
Balance
Average
Balance
Average
Balance
Average
(Dollar amounts in thousands)
Quarter Ended
Interest
Yield/ Rate
Year Ended
Interest
Yield/ Rate
Year Ended
Interest
Yield/ Rate
ASSETS
Interest-earning assets
Interest-bearing balances due from
banks
$
2,763
$
9
1.29
%
$
1,647
$
41
2.49
%
$
2,139
$
31
1.45
%
Securities (2)
U.S. Government securities
1,192,035
6,421
2.14
%
1,301,813
29,411
2.26
%
1,429,875
31,645
2.21
%
State and municipal (3)
93,275
643
2.73
%
93,168
2,547
2.73
%
97,116
2,520
2.59
%
Other securities (3)
3,417
37
4.30
%
3,417
158
4.62
%
3,491
153
4.38
%
Total securities
1,288,727
7,101
2.19
%
1,398,398
32,116
2.30
%
1,530,482
34,318
2.24
%
FHLBNY and FRB stock
25,469
561
8.74
%
38,308
3,003
7.84
%
51,815
3,377
6.52
%
Total loans and leases, net of unearned
income (3)(4)
4,871,483
57,332
4.67
%
4,830,089
227,869
4.72
%
4,757,583
215,648
4.53
%
Total interest-earning assets
6,188,442
65,003
4.17
%
6,268,442
263,029
4.20
%
6,342,019
253,374
4.00
%
Other assets
424,760
411,136
350,659
Total assets
$
6,613,202
$
6,679,578
$
6,692,678
LIABILITIES & EQUITY
Deposits
Interest-bearing deposits
Interest bearing checking, savings &
money market
$
3,140,707
5,234
0.66
%
$
3,007,221
20,099
0.67
%
$
2,822,747
9,847
0.35
%
Time deposits
692,541
3,077
1.76
%
676,106
10,805
1.60
%
664,788
6,748
1.02
%
Total interest-bearing deposits
3,833,248
8,311
0.86
%
3,683,327
30,904
0.84
%
3,487,535
16,595
0.48
%
Federal funds purchased & securities
sold under
agreements to repurchase
54,907
33
0.24
%
59,825
143
0.24
%
63,472
152
0.24
%
Other borrowings
469,410
2,696
2.28
%
762,993
18,427
2.42
%
1,086,847
21,818
2.01
%
Trust preferred debentures
17,007
303
7.07
%
16,943
1,276
7.53
%
16,771
1,227
7.32
%
Total interest-bearing
liabilities
4,374,572
11,343
1.03
%
4,523,088
50,750
1.12
%
4,654,625
39,792
0.85
%
Non-interest bearing deposits
1,471,377
1,403,330
1,382,550
Accrued expenses and other liabilities
102,812
101,819
64,559
Total liabilities
5,948,761
6,028,237
6,101,734
Tompkins Financial Corporation
Shareholders’ equity
662,940
649,871
589,475
Noncontrolling interest
1,501
1,470
1,469
Total equity
664,441
651,341
590,944
Total liabilities and equity
$
6,613,202
$
6,679,578
$
6,692,678
Interest rate spread
3.14
%
3.07
%
3.14
%
Net interest income/margin on earning
assets
53,660
3.44
%
212,279
3.39
%
213,582
3.37
%
Tax equivalent adjustments
(420)
(1,651)
(1,782)
Net interest income per consolidated
financial statements
$
53,240
$
210,628
$
211,800
Tompkins Financial Corporation - Summary Financial Data
(Unaudited)
(In thousands, except per share data)
Quarter-Ended
Year-Ended
Period End Balance Sheet
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Dec-19
Securities
$
1,299,502
$
1,282,026
$
1,330,719
$
1,484,151
$
1,474,124
$
1,299,502
Total Loans
4,917,550
4,857,073
4,855,802
4,789,700
4,833,939
4,917,550
Allowance for loan and lease
losses
39,892
41,371
40,790
40,328
43,410
39,892
Total assets
6,725,623
6,627,982
6,654,390
6,738,719
6,758,436
6,725,623
Total deposits
5,212,921
5,369,990
4,988,897
4,989,925
4,888,959
5,212,921
Federal funds purchased and securities
sold under agreements to repurchase
60,346
50,541
63,978
66,918
81,842
60,346
Other borrowings
658,100
429,000
824,562
923,427
1,076,075
658,100
Trust preferred debentures
17,035
16,992
16,949
16,906
16,863
17,035
Total common equity
661,642
658,358
656,201
645,823
619,459
661,642
Total equity
663,054
659,865
657,677
647,267
620,871
663,054
Average Balance Sheet
Average earning assets
$
6,188,442
$
6,203,078
$
6,337,983
$
6,350,325
$
6,364,113
$
6,268,440
Average assets
6,613,202
6,621,412
6,742,409
6,743,360
6,710,944
6,679,578
Average interest-bearing liabilities
4,374,572
4,415,079
4,638,249
4,668,875
4,606,536
4,523,088
Average equity
664,441
659,650
650,079
630,731
606,238
651,341
Share data
Weighted average shares outstanding
(basic)
14,726,023
14,827,114
15,019,710
15,060,175
15,057,673
14,907,057
Weighted average shares outstanding
(diluted)
14,790,503
14,887,626
15,085,945
15,136,523
15,135,750
14,973,951
Period-end shares outstanding
14,978,589
14,975,750
15,160,719
15,314,078
15,312,377
14,978,589
Common equity book value per share
$
44.17
$
43.96
$
43.28
$
42.17
$
40.45
$
44.17
Tangible book value per share
(Non-GAAP)**
$
37.64
$
37.40
$
36.77
$
35.73
$
33.98
$
37.64
** See "Non-GAAP measures" below for a
discussion of non-GAAP financial measures and a reconciliation of
non-GAAP financial measures to the most directly comparable
financial measures presented in accordance with GAAP.
Income Statement
Net interest income
$
53,240
$
53,156
$
52,318
$
51,914
$
53,236
$
210,628
Provision for loan/lease losses
(1,000
)
1,320
601
445
2,058
1,366
Noninterest income
17,972
19,534
18,520
19,407
19,858
75,433
Noninterest expense
45,900
45,655
46,070
44,209
47,228
181,834
Income tax expense
5,200
5,478
4,743
5,595
4,866
21,016
Net income attributable to Tompkins
Financial Corporation
21,080
20,206
19,392
21,040
18,911
81,718
Noncontrolling interests
32
31
32
32
31
127
Basic earnings per share (5)
$
1.41
$
1.34
$
1.27
$
1.37
$
1.24
$
5.39
Diluted earnings per share (5)
$
1.40
$
1.34
$
1.27
$
1.37
$
1.23
$
5.37
Nonperforming Assets
Originated nonaccrual loans and leases
$
22,485
$
21,404
$
16,543
$
15,165
$
19,340
$
22,485
Acquired nonaccrual loans and leases
1,796
2,164
2,363
2,579
2,856
1,796
Originated loans and leases 90 days past
due and accruing
0
0
0
0
0
0
Troubled debt restructuring not included
above
7,154
6,528
4,889
5,234
4,395
7,154
Total nonperforming loans and leases
31,435
30,096
23,795
22,978
26,591
31,435
OREO
428
888
2,229
1,595
1,595
428
Total nonperforming assets
$
31,863
$
30,984
$
26,024
$
24,573
$
28,186
$
31,863
Tompkins Financial Corporation - Summary Financial Data
(Unaudited) - continued
Quarter-Ended
Year-Ended
Delinquency - Originated loan and lease
portfolio
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Dec-19
Loans and leases 30-89 days past due
and
accruing
$
3,559
$
3,287
$
3,883
$
4,193
$
7,796
$
3,559
Loans and leases 90 days past due and
accruing
0
0
0
0
0
0
Total originated loans and leases past due
and accruing
3,559
3,287
3,883
4,193
7,796
3,559
Delinquency - Acquired loan and lease
portfolio
Loans 30-89 days past due and accruing
(6)
$
165
$
232
$
493
$
474
$
67
$
165
Loans 90 days or more past due
794
1,219
1,229
1,218
1,316
794
Total acquired loans and leases past due
and accruing
959
1,451
1,722
1,692
1,383
959
Total loans and leases past due and
accruing
$
4,518
$
4,738
$
5,605
$
5,885
$
9,179
$
4,518
Allowance for Loan Losses - Originated
loan and lease portfolio
Balance at beginning of period
$
41,231
$
40,689
$
40,245
$
43,321
$
41,289
$
43,321
Provision (credit) for loan and lease
losses
(997
)
1,245
590
480
2,046
1,318
Net loan and lease (recoveries)
charge-offs
420
703
146
3,556
14
4,825
Allowance for loan and lease losses
(originated
loan portfolio) - balance at end of
period
$
39,814
$
41,231
$
40,689
$
40,245
$
43,321
$
39,814
Allowance for Loan Losses - Acquired
loan and lease portfolio
Balance at beginning of period
$
140
$
101
$
83
$
89
$
69
$
89
Provision (credit) for loan and lease
losses
(3
)
75
11
(35
)
12
48
Net loan and lease (recoveries)
charge-offs
59
36
(7
)
(29
)
(8
)
59
Allowance for loan and lease losses
(acquired
loan portfolio) - balance at end of
period
78
140
101
83
89
78
Total allowance for loan and lease
losses
$
39,892
$
41,371
$
40,791
$
40,328
$
43,410
$
39,892
Loan Classification - Originated
Portfolio
Special Mention
$
29,800
$
41,314
$
36,619
$
33,689
$
28,074
$
29,800
Substandard
58,092
58,873
44,770
35,895
43,963
58,092
Loan Classification - Acquired
Portfolio
Special Mention
0
261
265
270
452
0
Substandard
2,407
2,809
2,857
2,830
2,914
2,407
Loan Classifications - Total
Portfolio
Special Mention
29,800
41,575
36,884
33,959
28,526
29,800
Substandard
60,499
61,682
47,627
38,725
46,877
60,499
Ratio Analysis
Credit Quality
Nonperforming loans and leases/total loans
and leases (6)
0.64
%
0.62
%
0.49
%
0.48
%
0.55
%
0.64
%
Nonperforming assets/total assets
0.47
%
0.47
%
0.39
%
0.36
%
0.42
%
0.47
%
Allowance for originated loan and lease
losses/total originated loans and leases
0.85
%
0.89
%
0.88
%
0.89
%
0.95
%
0.85
%
Allowance/nonperforming loans and
leases
126.90
%
137.46
%
171.42
%
175.51
%
163.25
%
126.90
%
Net loan and lease losses annualized/total
average loans and leases
0.04
%
0.06
%
0.01
%
0.30
%
0.00
%
0.10
%
Tompkins Financial Corporation - Summary Financial Data
(Unaudited) - continued
Year-Ended
Capital Adequacy (period-end)
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Dec-19
Tier 1 Capital (to average assets)
9.61
%
9.43
%
9.25
%
9.24
%
9.05
%
9.61
%
Common Equity Tier 1 Capital (to
risk-weighted assets)
12.33
%
12.14
%
12.13
%
12.19
%
11.84
%
12.33
%
Profitability
Return on average assets *
1.26
%
1.21
%
1.15
%
1.27
%
1.12
%
1.22
%
Return on average equity *
12.59
%
12.15
%
11.96
%
13.53
%
12.38
%
12.55
%
Net interest margin (TE) *
3.44
%
3.43
%
3.34
%
3.34
%
3.34
%
3.39
%
* 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 below tables. The
Company believes the non-GAAP measures provide meaningful
comparisons of our underlying operational performance and
facilitate management's and investors' assessments of business and
performance trends in comparison to others in the financial
services industry. These non-GAAP financial measures should
not be considered in isolation or as a measure of the Company's
profitability or liquidity; they are in addition to, and are not a
substitute for, financial measures under GAAP. The non-GAAP
financial measures presented herein may be different from non-GAAP
financial measures used by other companies, and may not be
comparable to similarly titled measures reported by other
companies. Further, the Company may utilize other measures to
illustrate performance in the future. Non-GAAP financial
measures have limitations since they do not reflect all of the
amounts associated with the Company's results of operations as
determined in accordance with GAAP.
Reconciliation of Common Equity Book
Value Per Share (GAAP) to Tangible Book Value Per Share
(non-GAAP)
Total common equity
$
661,642
$
658,358
$
656,201
$
645,823
$
619,459
$
661,642
Less: Goodwill and intangibles
(7)
97,855
98,277
98,698
98,694
99,106
97,855
Tangible common equity (Non-GAAP)
563,787
560,081
557,503
547,129
520,353
563,787
Ending shares outstanding
14,978,589
14,975,750
15,160,719
15,314,078
15,312,377
14,978,589
Tangible book value per share
(Non-GAAP)
$
37.64
$
37.40
$
36.77
$
35.73
$
33.98
$
37.64
Tompkins Financial Corporation - Summary Financial Data
(Unaudited) - continued
Reconciliation of Diluted Earnings Per
Share (GAAP) to Adjusted Diluted Earnings Per Share
(non-GAAP)
Dec-19
Dec-18
Net income available to common
shareholders
$81,718
$82,308
Income attributable to unvested
stock-based compensation awards
1,306
1,315
Net earnings allocated to common
shareholders (GAAP)
80,412
80,993
Weighted average shares outstanding
(diluted)
14,973,951
15,132,257
Diluted earnings per share (5)
$5.37
$5.35
Adjustments for non-operating income and
expense:
Gain on sale of real estate, net of
tax
0
2,227
Write-down of impaired leases, net
of tax
0
(1,915)
Adjusted net income (Non-GAAP)
80,412
80,681
Weighted average shares outstanding
(diluted)
14,973,951
15,132,257
Adjusted diluted earnings per share
(Non-GAAP)
$5.37
$5.33
(1) Federal Reserve peer ratio as of September 30, 2019, the
most recent data available, includes banks and bank holding
companies with consolidated assets between $3 billion and $10
billion. (2) Average balances and yields on available-for-sale
securities are based on historical amortized cost. (3) Interest
income includes the tax effects of taxable-equivalent basis. (4)
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, 2018.
(5) 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 (6) 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. 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 (7) "Goodwill and
intangibles" equal Total Intangible Assets less Mortgage Servicing
Rights in the above tables.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200131005060/en/
Stephen S. Romaine, President & CEO Francis M. Fetsko,
Executive VP, CFO & COO Tompkins Financial Corporation (888)
503-5753
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