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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Marathon Petroleum Corp. Common Stock | AMEX:MPC | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From Dec 2019 to Dec 2024
Tompkins Financial Corporation (NYSE American: TMP)
Tompkins Financial Corporation reported net income of $21.0 million for the first quarter of 2019, an increase of 3.0% from the $20.4 million reported for the same period in 2018. Diluted earnings per share were $1.37 for the first quarter of 2019, a 3.0% increase from $1.33 reported for the first quarter of 2018.
President and CEO, Stephen S. Romaine said, “We are excited to start 2019 with the best first quarter in our Company's history. Growth in loans and deposits, higher fee income, and improved credit quality all contributed to the improved results in 2019. During the quarter we celebrated the grand opening of our office in Amherst, NY. This is our first office in the Buffalo market and provides banking, wealth management and insurance services."
Selected highlights for first quarter:
NET INTEREST INCOME
The net interest margin was 3.34% for the first quarter of 2019, flat compared to the fourth quarter of 2018, and is down from 3.42% for the first quarter of 2018. The net interest margin in the prior year benefited from reduced interest expense associated with accelerated accretion of purchase accounting related to certain acquired deposits.
Net interest income of $51.9 million for the first quarter of 2019 decreased by 1.5% compared to the same period in 2018, and was down 2.5% compared to the fourth quarter of 2018. The decrease in net interest income over prior year was mainly due to higher cost on interest-bearing deposits, which was largely driven by the higher market interest rate environment.
NONINTEREST INCOME
Noninterest income represented 27.2% of total revenues in the first quarter of 2019, compared to 25.3% in the same period in 2018, and 23.9% for the most recent prior quarter. Noninterest income of $19.4 million was up 8.8% compared to the same period last year, and down 2.3% compared to the fourth quarter of 2018. Insurance revenue was the largest contributor to noninterest income and reflected an increase of 8.8% over the same period last year. Noninterest income also included a one-time incentive payment of $500,000 (pre-tax) related to our card services business in the first quarter of 2019.
NONINTEREST EXPENSE
Noninterest expense was $44.2 million for the first quarter of 2019, which was up 1.1% from the same period in 2018, and down 6.4% compared to the fourth quarter of 2018. The increase in noninterest expense from the same period last year was mainly related to higher salaries and wages in the first quarter of 2019. The decline from the most recent prior quarter was primarily due to higher cost in the fourth quarter of 2018 for professional fees, primarily related to investments in strengthening the Company’s compliance and information security infrastructure.
INCOME TAX EXPENSE
The Company’s effective tax rate was 21.0% in the first quarter of 2019, compared to 22.0% for the same period in 2018.
ASSET QUALITY
Asset quality trends remained strong in the first quarter of 2019. Nonperforming assets represented 0.36% of total assets at March 31, 2019, down from 0.42% at December 31, 2018. Nonperforming asset levels continue to be below the most recent Federal Reserve Board Peer Group Average1 of 0.59%.
Provision for loan and lease losses was $445,000 for the first quarter of 2019, down from $567,000 reported for the first quarter of 2018, and $1.6 million reported for the fourth quarter of 2018. Net charge-offs for the first quarter of 2019 were $3.5 million compared to $127,000 reported in the first quarter of 2018. The first quarter of 2019 included a write-down on one large credit in the commercial real estate portfolio, the credit did have an impairment reserve at December 31, 2018.
The Company’s allowance for originated loan and lease losses totaled $40.2 million at March 31, 2019, and represented 0.89% of total originated loans and leases at March 31, 2019, compared to 0.91% at March 31, 2018, and 0.95% at December 31, 2018. The total allowance coverage of nonperforming loans and leases increased to 175.50% at March 31, 2019, up from 159.34% at March 31, 2018, and 163.25% at December 31, 2018.
CAPITAL POSITION
Capital ratios remain well above the regulatory well capitalized minimums. The ratio of tangible common equity to tangible assets was 8.24% at March 31, 2019, improved from the 7.81% reported for the most recent prior quarter ended December 31, 2018, and 7.29% at March 31, 2018.
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 03/31/2019 12/31/2018 Cash and noninterest bearing balances due from banks $ 68,531 $ 78,524 Interest bearing balances due from banks 2,043 1,865 Cash and Cash Equivalents 70,574 80,389Available-for-sale securities, at fair value (amortized cost of $1,359,102 at March 31, 2019 and $1,363,902 at December 31, 2018)
1,343,610 1,332,658 Held-to-maturity securities, at amortized cost (fair value of $140,422 at March 31, 2019 and $139,377 at December 31, 2018) 139,642 140,579 Equity securities, at fair value (amortized cost $1,000 at March 31, 2019 and $1,000 at December 31, 2018) 899 887 Originated loans and leases, net of unearned income and deferred costs and fees 4,532,803 4,568,741 Acquired loans 256,897 265,198 Less: Allowance for loan and lease losses 40,328 43,410 Net Loans and Leases 4,749,372 4,790,529 Federal Home Loan Bank and other stock 45,088 52,262 Bank premises and equipment, net 96,864 97,202 Corporate owned life insurance 82,571 81,928 Goodwill 92,283 92,283 Other intangible assets, net 7,266 7,628 Accrued interest and other assets 110,550 82,091 Total Assets $ 6,738,719 $ 6,758,436 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 2,977,593 2,853,190 Time 661,712 637,295 Noninterest bearing 1,350,620 1,398,474 Total Deposits 4,989,925 4,888,959 Federal funds purchased and securities sold under agreements to repurchase 66,918 81,842 Other borrowings 923,427 1,076,075 Trust preferred debentures 16,906 16,863 Other liabilities 94,276 73,826 Total Liabilities $ 6,091,452 $ 6,137,565 EQUITY Tompkins Financial Corporation shareholders' equity: Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 15,349,988 at March 31, 2019; and 15,348,287 at December 31, 2018 1,535 1,535 Additional paid-in capital 367,245 366,595 Retained earnings 332,779 319,396 Accumulated other comprehensive loss (50,950 ) (63,165 ) Treasury stock, at cost – 117,757 shares at March 31, 2019, and 122,227 shares at December 31, 2018 (4,786 ) (4,902 ) Total Tompkins Financial Corporation Shareholders’ Equity 645,823 619,459 Noncontrolling interests 1,444 1,412 Total Equity $ 647,267 $ 620,871 Total Liabilities and Equity $ 6,738,719 $ 6,758,436 TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (In thousands, except per share data) (Unaudited) Three Months Ended 03/31/2019 03/31/2018 INTEREST AND DIVIDEND INCOME Loans $ 55,324 $ 50,894 Due from banks 10 7 Available-for-sale securities 7,858 7,644 Held-to-maturity securities 858 858 Federal Home Loan Bank and other stock 878 737 Total Interest and Dividend Income 64,928 60,140 INTEREST EXPENSE Time certificates of deposits of $250,000 or more 586 (14 ) Other deposits 6,011 2,783 Federal funds purchased and securities sold under agreements to repurchase 44 46 Trust preferred debentures 329 279 Other borrowings 6,044 4,359 Total Interest Expense 13,014 7,453 Net Interest Income 51,914 52,687 Less: Provision for loan and lease losses 445 567 Net Interest Income After Provision for Loan and Lease Losses 51,469 52,120 NONINTEREST INCOME Insurance commissions and fees 8,045 7,394 Investment services income 4,084 4,246 Service charges on deposit accounts 1,998 2,132 Card services income 2,790 2,146 Other income 2,478 1,788 Net gain on securities transactions 12 124 Total Noninterest Income 19,407 17,830 NONINTEREST EXPENSE Salaries and wages 21,101 20,998 Other employee benefits 5,611 5,376 Net occupancy expense of premises 3,601 3,646 Furniture and fixture expense 1,979 1,975 FDIC insurance 582 667 Amortization of intangible assets 412 451 Other operating expense 10,923 10,608 Total Noninterest Expenses 44,209 43,721 Income Before Income Tax Expense 26,667 26,229 Income Tax Expense 5,595 5,761 Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation 21,072 20,468 Less: Net Income Attributable to Noncontrolling Interests 32 32 Net Income Attributable to Tompkins Financial Corporation $ 21,040 $ 20,436 Basic Earnings Per Share $ 1.37 $ 1.34 Diluted Earnings Per Share $ 1.37 $ 1.33 Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) YTD Period Ended YTD Period Ended March 31, 2019 March 31, 2018 Average Average Balance Average Balance Average (Dollar amounts in thousands) (YTD) InterestYield/Rate
(YTD) InterestYield/Rate
ASSETS Interest-earning assets Interest-bearing balances due from banks $ 2,334 $ 10 1.74% $ 2,565 $ 7 1.11% Securities (4) U.S. Government securities 1,409,305 8,172 2.35% 1,454,229 7,954 2.22% State and municipal (5) 94,609 626 2.68% 99,766 643 2.61% Other securities (5) 3,415 41 4.87% 3,571 35 3.97% Total securities 1,507,329 8,839 2.38% 1,557,566 8,632 2.25% FHLBNY and FRB stock 48,055 878 7.41% 49,509 737 6.04% Total loans and leases, net of unearned income (5)(6) 4,792,607 55,614 4.71% 4,688,087 51,229 4.43% Total interest-earning assets 6,350,325 65,341 4.17% 6,297,727 60,605 3.90% Other assets 393,035 355,036 Total assets $6,743,360
$6,652,763
LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings & money market $ 2,940,416 4,470 0.62% $ 2,796,197 1,646 0.24% Time deposits 645,144 2,127 1.34% 717,617 1,123 0.63% Total interest-bearing deposits 3,585,560 6,597 0.75% 3,513,814 2,769 0.32% Federal funds purchased & securities sold under agreements to repurchase 72,664 44 0.25% 75,167 46 0.25% Other borrowings 993,773 6,044 2.47% 1,053,311 4,359 1.68% Trust preferred debentures 16,878 329 7.90% 16,706 279 6.77% Total interest-bearing liabilities 4,668,875 13,014 1.13% 4,658,998 7,453 0.65% Non-interest bearing deposits 1,338,623 1,351,307 Accrued expenses and other liabilities 105,131 67,495 Total liabilities 6,112,629 6,077,800 Tompkins Financial Corporation Shareholders’ equity 629,305 573,536 Noncontrolling interest 1,426 1,427 Total equity 630,731 574,963 Total liabilities and equity $ 6,743,360 $ 6,652,763 Interest rate spread 3.04% 3.25% Net interest income/margin on earning assets 52,327 3.34% 53,152 3.42% Tax equivalent adjustments (413) (465) Net interest income per consolidated financial statements $ 51,914 $ 52,687Tompkins Financial Corporation - Summary Financial Data (Unaudited)
(In thousands, except per share data) Quarter-EndedYear-Ended
Period End Balance Sheet Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-18 Securities $ 1,484,151 $ 1,474,124 $1,452,788 $ 1,483,991 $ 1,510,795 $ 1,474,124 Originated loans and leases, net of unearned income and deferred costs and fees (2) 4,532,803 4,568,741 4,531,241 4,507,006 4,408,081 4,568,741 Acquired loans and leases (3) 256,897 265,198 271,468 284,187 296,765 265,198 Allowance for loan and lease losses 40,328 43,410 41,358 41,225 40,211 43,410 Total assets 6,738,719 6,758,436 6,746,960 6,745,800 6,648,128 6,758,436 Total deposits 4,989,925 4,888,959 5,025,082 4,792,229 4,929,903 4,888,959Federal funds purchased and securities sold under agreements to repurchase
66,918 81,842 52,875 52,042 69,131 81,842 Other borrowings 923,427 1,076,075 988,515 1,229,956 995,074 1,076,075 Trust preferred debentures 16,906 16,863 16,820 16,777 16,734 16,863 Total common equity 645,823 619,459 597,636 589,173 577,967 619,459 Total equity 647,267 620,871 599,144 590,649 579,411 620,871 Average Balance Sheet Average earning assets $ 6,350,325 $ 6,364,113$
6,356,781
$ 6,348,562$
6,297,727 $ 6,342,019 Average assets 6,743,360 6,710,9446,716,452
6,689,649 6,652,763 6,692,678 Average interest-bearing liabilities 4,668,875 4,606,5364,644,533
4,709,122 4,658,998 4,654,625 Average equity 630,731 606,238597,211
584,951 574,963 590,944 Share data Weighted average shares outstanding (basic)
15,060,175
15,057,673
15,047,405
15,038,061
15,013,478
15,039,229
Weighted average shares outstanding (diluted)15,136,523
15,135,750
15,144,491
15,135,970
15,112,518
15,132,257
Period-end shares outstanding15,314,078
15,312,377
15,277,915
15,278,430
15,285,335
15,312,377
Common equity book value per share$
42.17
$
40.45
$
39.12$
38.56
$
37.81
$
40.45 Tangible book value per share (Non-GAAP)$
35.73
$
33.98
$
32.60$
32.02
$
31.24
$
33.98 Income Statement Net interest income $ 51,914 $ 53,236 $ 53,163 $ 52,714 $ 52,687 $ 211,800 Provision for loan/lease losses 445 2,058 272 1,045 567 3,942 Noninterest income 19,407 19,858 18,603 21,158 17,830 77,449 Noninterest expense 44,209 47,228 45,133 44,985 43,721 181,067 Income tax expense 5,595 4,866 5,427 5,751 5,761 21,805 Net income attributable to Tompkins Financial Corporation 21,040 18,911 20,902 22,059 20,436 82,308 Noncontrolling interests 32 31 32 32 32 127 Basic earnings per share (8) $ 1.37 $ 1.24 $ 1.37 $ 1.44 $ 1.34 $ 5.39 Diluted earnings per share (8) $ 1.37 $ 1.23 $ 1.36 $ 1.43 $ 1.33 $ 5.35 Nonperforming Assets Originated nonaccrual loans and leases $ 15,165 $ 19,340 $ 17,518 $ 19,082 $ 18,429 $ 19,340 Acquired nonaccrual loans and leases 2,579 2,856 2,659 2,673 3,352 2,856 Originated loans and leases 90 days past due and accruing 0 0 0 0 0 0 Troubled debt restructurings not included above 5,234 4,395 4,295 4,324 3,455 4,395 Total nonperforming loans and leases 22,978 26,591 24,472 26,079 25,236 26,591 OREO 1,595 1,595 1,870 2,233 2,047 1,595 Total nonperforming assets $ 24,573 $ 28,186 $ 26,342 $ 28,312 $ 27,283 $ 28,186Tompkins Financial Corporation - Summary Financial Data (Unaudited) – continued
Quarter-EndedYear-Ended
Delinquency - Originated loan and lease portfolio Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-18 Loans and leases 30-89 days past due and accruing (2) $ 4,193 $ 7,838 $ 6,454 $ 5,875 $ 6,513 $ 7,838 Loans and leases 90 days past due and accruing (2) 0 0 0 0 0 0 Total originated loans and leases past due and accruing (2) 4,193 7,838 6,454 5,875 6,513 7,838 Delinquency - Acquired loan and lease portfolio Loans 30-89 days past due and accruing (3)(7) $ 474 $ 67 $ 1,109 $ 1,108 $ 823 $ 67 Loans 90 days or more past due 1,218 1,316 1,420 1,110 1,077 1,316 Total acquired loans and leases past due and accruing 1,692 1,383 2,529 2,218 1,900 1,383 Total loans and leases past due and accruing $ 5,885 $ 9,221 $ 8,983 $ 8,093 $ 8,413 $ 9,221 Allowance for Loan Losses - Originated loan and lease portfolio Balance at beginning of period $ 43,321 $ 41,289 $ 41,111 $ 40,107 $ 39,686 $ 39,686 Provision for loan and lease losses 480 2,046 208 1,035 608 3,897 Net loan and lease (recoveries) charge-offs 3,556 14 30 31 187 262 Allowance for loan and lease losses (originated loan portfolio) - balance at end of period $ 40,245 $ 43,321 $ 41,289 $ 41,111 $ 40,107 $ 43,321 Allowance for Loan Losses - Acquired loan and lease portfolio Balance at beginning of period $ 89 $ 69 $ 114 $ 104 $ 85 $ 85 Provision (credit) for loan and lease losses (35 ) 12 64 10 (41 ) 45 Net loan and lease (recoveries) charge-offs (29 ) (8 ) 109 0 (60 ) 41 Allowance for loan and lease losses (acquired loan portfolio) - balance at end of period 83 89 69 114 104 89 Total allowance for loan and lease losses 40,328 $ 43,410 $ 41,358 $ 41,225 $ 40,211 $ 43,410 Loan Classification - Originated Portfolio Special Mention $ 33,689 $ 28,074 $ 34,245 $ 44,068 $ 34,546 $ 28,074 Substandard 35,895 43,963 49,597 41,572 35,746 43,963 Loan Classification - Acquired Portfolio Special Mention 270 452 465 469 476 452 Substandard 2,830 2,914 3,041 3,180 3,468 2,914 Loan Classifications – Total Portfolio Special Mention 33,959 28,526 34,710 44,537 35,022 28,526Substandard
2,830
2,914
3,041
3,180
3,468
2,914
Ratio Analysis
Credit Quality
Nonperforming loans and leases/total loans and leases (7) 0.48% 0.55% 0.51% 0.54% 0.54% 0.55% Nonperforming assets/total assets 0.36% 0.42% 0.39% 0.42% 0.41% 0.42% Allowance for originated loan and lease losses/total originated loans and leases 0.89% 0.95% 0.91% 0.91% 0.91% 0.95% Allowance/nonperforming loans and leases 175.51% 163.25% 169.00% 158.11% 159.34% 163.25% Net loan and lease losses annualized/total average loans and leases 0.30% 0.00% 0.01% 0.00% 0.01% 0.01%Tompkins Financial Corporation - Summary Financial Data (Unaudited) - continued
Year-Ended Capital Adequacy (period-end) Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-18 Tangible common equity/tangible assets 8.24% 7.81% 7.49% 7.36% 7.29% 7.81%Profitability
Return on average assets * 1.27% 1.12% 1.23% 1.32% 1.25% 1.23% Return on average equity * 13.53% 12.38% 13.89% 15.13% 14.41% 13.93% Net interest margin (TE) * 3.34% 3.34% 3.35% 3.36% 3.42% 3.37% * Quarterly ratios have been annualizedNon-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 Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-18 Net income available to common shareholders $ 21,040 $ 18,911 $ 20,902 $ 22,059 $ 20,436 $ 82,308Income attributable to unvested stock-basedcompensation awards
349 291 318 359 347 1,315 Net earnings allocated to common shareholders 20,691 18,620 20,584 21,700 20,089 80,993 Remeasurement of net deferred taxes 0 0 0 0 0 0 Gain on sale of real estate, net of tax 0 0 0 2,227 0 2,227 Write-down of impaired leases, net of tax 0 0 (388) (1,527) 0 (1,915) Net income (Non-GAAP) 20,691 18,620 20,972 21,000 20,089 80,681 Weighted average shares outstanding (diluted) 15,136,523 15,135,750 15,144,491 15,135,970 15,112,518 15,132,257 Adjusted diluted earnings per share (Non-GAAP) $ 1.37 $ 1.23 $ 1.38 $ 1.39 $ 1.33 $ 5.33Non-GAAP Disclosure - Tangible Book Value Per Share
Total common equity $ 645,823 $ 619,459 $ 597,636 $ 589,173 $ 577,967 $ 619,459 Less: Goodwill and intangibles (9) 98,694 99,106 99,543 99,983 100,436 99,106 Tangible common equity 547,129 520,353 498,093 489,190 477,531 520,353 Ending shares outstanding 15,314,078 15,312,377 15,277,915 15,278,430 15,285,335 15,312,377 Tangible book value per share (Non-GAAP) $ 35.73 $ 33.98 $ 32.60 $ 32.02 $ 31.24 $ 33.98(1) Federal Reserve peer ratio as of December 31, 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, 2018.(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190426005107/en/
For more information:Stephen S. Romaine, President & CEOFrancis M. Fetsko, Executive VP, CFO & COOTompkins Financial Corporation (888) 503-5753
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