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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Tompkins Financial Corporation | AMEX:TMP | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 3.20 | 5.88% | 57.58 | 57.72 | 54.69 | 54.69 | 93,617 | 22:30:00 |
From Jul 2019 to Jul 2024
Tompkins Financial Corporation (TMP–NYSE Amex)
Tompkins Financial Corporation reported net income of $7.8 million for the first quarter of 2012, a decrease of 11.0% from the $8.8 million reported for the same period in 2011. Diluted earnings per share were $0.70 for the first quarter of 2012, a 12.5% decrease from $0.80 reported for the first quarter of 2011.
Stephen S. Romaine, President and CEO stated, “Quarterly earnings results were negatively impacted by the continued weak economic climate. Loan demand has remained slow and the low rate environment continues to put pressure on net interest margin. We are encouraged that despite pressure on net interest margin, net interest income remained relatively stable over the last twelve months and we continue to see improving trends in credit quality.”
Selected highlights for the first quarter:
Mr. Romaine, added, “The first quarter of 2012 was very significant in preparing us for continued success into the future. We announced the planned acquisition with VIST Financial Corporation and are excited by the opportunities as we expand our business into new markets. We remain on track to close this transaction during the third quarter of this year, pending required approvals. We also announced in March that we were successful in raising $38.2 million in equity capital, net of transaction costs, which closed on April 3, 2012. With this new capital, we are well positioned to pursue responsible growth opportunities and manage risk in the continued volatile market environment.”
Tompkins Financial Corporation operates 46 banking offices in the New York State markets served by the Company's three community banks - Tompkins Trust Company, The Bank of Castile, and Mahopac National Bank, and provides insurance through Tompkins Insurance Agencies, Inc. and wealth management through Tompkins Financial Advisors.
"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.
1 Federal Reserve peer ratio as of December 31, 2012, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion.
TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (In thousands, except share and per share data) (Unaudited) As of As of ASSETS 03/31/2012 12/31/2011 Cash and noninterest bearing balances due from banks $ 102,163 $ 47,297 Interest bearing balances due from banks 1,154 2,170 Money market funds 0 100 Cash and Cash Equivalents 103,317 49,567 Trading securities, at fair value 18,766 19,598 Available-for-sale securities, at fair value 1,240,598 1,143,546Held-to-maturity securities, fair value of $26,849 at March 31, 2012, and $27,255 at December 31, 2011
26,321 26,673 Loans and leases, net of unearned income and deferred costs and fees 1,977,569 1,981,849 Less: Allowance for loan and lease losses 26,948 27,593 Net Loans and Leases 1,950,621 1,954,256 Federal Home Loan Bank stock and Federal Reserve Bank stock 16,460 19,070 Bank premises and equipment, net 45,200 44,712 Corporate owned life insurance 43,473 43,044 Goodwill 44,653 43,898 Other intangible assets, net 3,916 4,096 Accrued interest and other assets 53,369 51,788 Total Assets $ 3,546,694 $ 3,400,248 LIABILITIES Deposits: Interest bearing: Checking, savings and money market 1,524,978 1,356,870 Time 729,107 687,321 Noninterest bearing 605,351 616,373 Total Deposits 2,859,436 2,660,564 Federal funds purchased and securities sold under agreements to repurchase 169,456 169,090Other borrowings, including certain amounts at fair value of $12,005 at March 31, 2012 and $12,093 at December 31, 2011
132,884 186,075 Trust preferred debentures 25,066 25,065 Other liabilities 53,885 60,311 Total Liabilities $ 3,240,727 $ 3,101,105 EQUITYTompkins Financial Corporation shareholders' equity:
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 11,233,280 at March 31, 2012; and 11,159,466 at December 31, 2011
1,123 1,116 Additional paid-in capital 209,472 206,395 Retained earnings 100,251 96,445 Accumulated other comprehensive loss (3,837) (3,677)Treasury stock, at cost – 93,433 shares at March 31, 2012, and 95,105 shares at December 31, 2011
(2,527) (2,588) Total Tompkins Financial Corporation Shareholders’ Equity 304,482 297,691 Noncontrolling interests 1,485 1,452 Total Equity $ 305,967 $ 299,143 Total Liabilities and Equity $ 3,546,694 $ 3,400,248 TOMPKINS FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended (In thousands, except per share data) (Unaudited) 03/31/2012 03/31/2011 INTEREST AND DIVIDEND INCOME Loans $ 25,303 $ 25,701 Due from banks 3 6 Federal funds sold 2 3 Trading securities 198 235 Available-for-sale securities 7,176 7,687 Held-to-maturity securities 225 365 Federal Home Loan Bank stock and Federal Reserve Bank stock 221 290Total Interest and Dividend Income
33,128 34,287 INTEREST EXPENSE Time certificates of deposits of $100,000 or more 734 849 Other deposits 2,027 2,625 Federal funds purchased and securities sold under agreements to repurchase 1,092 1,291 Trust preferred debentures 405 405 Other borrowings 1,429 1,575 Total Interest Expense 5,687 6,745 Net Interest Income 27,441 27,542 Less: Provision for loan and lease losses 1,125 1,910 Net Interest Income After Provision for Loan and Lease Losses 26,316 25,632 NONINTEREST INCOME Investment services income 3,397 3,841 Insurance commissions and fees 3,638 3,374 Service charges on deposit accounts 1,785 1,984 Card services income 1,569 1,245 Mark-to-market loss on trading securities (82) (50) Mark-to-market gain on liabilities held at fair value 88 174 Other income 1,264 1,829 Net gain on securities transactions 2 95 Total Noninterest Income 11,661 12,492 NONINTEREST EXPENSES Salaries and wages 11,300 10,825 Pension and other employee benefits 4,299 4,031 Net occupancy expense of premises 1,805 1,894 Furniture and fixture expense 1,100 1,038 FDIC insurance 528 1,050 Amortization of intangible assets 133 170 Other operating expense 7,206 6,208 Total Noninterest Expenses 26,371 25,216 Income Before Income Tax Expense 11,606 12,908 Income Tax Expense 3,762 4,102 Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation 7,844 8,806 Less: Net income attributable to noncontrolling interests 33 33 Net Income Attributable to Tompkins Financial Corporation $ 7,811 $ 8,773 Basic Earnings Per Share $ 0.70 $ 0.80 Diluted Earnings Per Share $ 0.70 $ 0.80 Average Consolidated Statements of Condition and Net Interest Analysis Year to Date Period Ended Year to Date Period Ended March 31, 2012 March 31, 2011 Average Average Balance Average Balance Average (Dollar amounts in thousands) (YTD) Interest Yield/Rate (YTD) Interest Yield/Rate ASSETS Interest-earning assets Interest-bearing balances due from banks $ 38,652 $ 3 0.03% $ 16,151 $ 6 0.15% Money market funds 73 - 0.00% 100 - 0.00% Securities (1) U.S. Government securities 1,061,800 6,577 2.49% 928,576 6,988 3.05% Trading securities 19,352 198 4.12% 22,542 235 4.23% State and municipal (2) 83,113 1,129 5.46% 112,328 1,447 5.22% Other securities 12,051 139 4.64% 15,237 180 4.79% Total securities 1,176,316 8,043 2.75% 1,078,683 8,850 3.33% Federal Funds Sold 7,376 2 0.11% 8,767 3 0.14% FHLBNY and FRB stock 16,722 221 5.32% 18,923 290 6.21% Loans, net of unearned income (3) Real estate 1,437,328 18,231 5.10% 1,368,589 18,429 5.46% Commercial loans (2) 466,753 6,091 5.25% 456,691 6,022 5.35% Consumer loans 62,551 1,034 6.65% 72,532 1,254 7.01% Direct lease financing 5,762 83 5.79% 8,752 131 6.07% Total loans, net of unearned income 1,972,394 25,439 5.19% 1,906,564 25,836 5.50% Total interest-earning assets 3,211,533 33,708 4.22% 3,029,188 34,985 4.68% Other assets 253,384 223,361 Total assets 3,464,917 3,252,549 LIABILITIES & EQUITY Deposits Interest-bearing deposits Interest bearing checking, savings, & money market 1,458,332 1,004 0.28% 1,309,121 1,171 0.36% Time deposits > $100,000 333,061 734 0.89% 309,746 849 1.11% Time deposits < $100,000 382,098 1,023 1.08% 424,028 1,434 1.37% Brokered time deposits < $100,000 - - 0.00% 6,074 20 1.34% Total interest-bearing deposits 2,173,491 2,761 0.51% 2,048,969 3,474 0.69%Federal funds purchased & securities sold under agreements to repurchase
169,903 1,092 2.59% 185,456 1,291 2.82% Other borrowings 138,687 1,429 4.14% 171,659 1,575 3.72% Trust preferred debentures 25,065 405 6.50% 25,061 405 6.55% Total interest-bearing liabilities 2,507,146 5,687 0.91% 2,431,145 6,745 1.13% Noninterest bearing deposits 596,416 507,660 Accrued expenses and other liabilities 57,809 36,461 Total liabilities 3,161,371 2,975,266 Tompkins Financial Corporation Shareholders’ equity 302,077 275,814 Noncontrolling interest 1,469 1,469 Total equity 303,546 277,283 Total liabilities and equity $ 3,464,917 $ 3,252,549 Interest rate spread 3.31% 3.55% Net interest income/margin on earning assets 28,021 3.51% 28,240 3.78% Tax Equivalent Adjustment (580) (698) Net interest income per consolidated financial statements $ 27,441 $ 27,542(1) Average balances and yields on available-for-sale securities are based on historical amortized cost.
(2) Interest income includes the tax effects of taxable-equivalent adjustments using a combined New York State and Federal effective income tax rate of 40% to increase tax exempt interest income to taxable-equivalent basis.
(3) 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, 2011.
Tompkins Financial Corporation - Summary Financial Data (Unaudited) (In thousands, except per share data) Quarter-Ended Year-Ended Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-11 Period End Balance Sheet Securities $ 1,285,685 $ 1,189,817 $ 1,130,769 $ 1,138,563 $ 1,121,443 $ 1,189,817 Loans and leases, net of unearned income and deferred costs and fees 1,977,569 1,981,849 1,951,598 1,920,716 1,914,344 1,981,849 Allowance for loan and lease losses 26,948 27,593 27,878 28,361 28,035 27,593 Total assets 3,546,694 3,400,248 3,359,017 3,287,598 3,278,894 3,400,248 Total deposits 2,859,436 2,660,564 2,675,674 2,572,008 2,612,517 2,660,564 Federal funds purchased and securities sold under agreements to repurchase 169,456 169,090 171,943 178,545 182,009 169,090 Other borrowings 132,884 186,075 138,001 172,643 140,353 186,075 Trust preferred debentures 25,066 25,065 25,063 25,062 25,061 25,065 Shareholders' equity 305,967 299,143 309,335 300,060 282,237 299,143 Average Balance Sheet Average earning assets $ 3,211,533 $ 3,131,051 $ 3,050,346 $ 3,047,494 $ 3,029,188 $ 3,064,761 Average assets 3,464,917 3,368,135 3,286,159 3,271,895 3,252,549 3,294,982 Average interest-bearing liabilities 2,507,146 2,435,326 2,391,576 2,432,556 2,431,145 2,422,577 Average equity 303,546 307,539 303,861 288,341 277,283 294,620 Share data Weighted average shares outstanding (basic) 11,103,192 11,074,330 11,049,831 10,974,615 10,905,197 11,002,106 Weighted average shares outstanding (diluted) 11,147,489 11,104,623 11,124,331 11,016,515 10,955,430 11,035,384 Period-end shares outstanding 11,197,370 11,123,556 11,122,886 11,051,894 10,952,410 11,123,556 Book value per share 27.32 26.89 27.81 27.15 25.77 26.89 Income Statement Net interest income $ 27,441 $ 27,999 $ 27,913 $ 27,952 $ 27,542 $ 111,406 Provision for loan/lease losses 1,125 1,160 4,870 1,005 1,910 8,945 Noninterest income 11,661 11,197 12,312 12,013 12,492 48,014 Noninterest expense 26,371 24,200 23,973 25,163 25,216 98,552 Income tax expense 3,762 4,417 3,490 4,364 4,102 16,373 Net income attributable to Tompkins Financial Corporation 7,811 9,387 7,859 9,400 8,773 35,419 Noncontrolling interests 33 32 33 33 33 131 Basic earnings per share $ 0.70 $ 0.84 $ 0.71 $ 0.86 $ 0.80 $ 3.21 Diluted earnings per share $ 0.70 $ 0.84 $ 0.71 $ 0.85 $ 0.80 $ 3.20 Asset Quality Net charge-offs 1,770 1,445 5,353 679 1,707 9,184 Nonaccrual loans and leases 38,455 39,588 40,419 38,457 39,902 39,588 Loans and leases 90 days past due and accruing 1,552 1,380 379 2,512 1,266 1,380 Troubled debt restructurings not included above 423 428 441 0 2,411 428 Total nonperforming loans and leases 40,430 41,396 41,239 40,969 43,579 41,396 OREO 1,906 1,334 1,632 1,742 2,270 1,334 Nonperforming assets 42,336 42,730 42,871 42,711 45,849 42,730 Loan Classifications Special Mention 62,649 52,156 66,697 80,470 70,765 52,156 Substandard 58,272 72,920 73,313 80,003 85,973 72,920 Doubtful 1,344 1,494 509 2,450 2,468 1,494 RATIO ANALYSIS Quarter-Ended Year-Ended Credit Quality Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-11Net loan and lease losses/ average loans and leases *
0.36% 0.29% 1.10% 0.14% 0.36% 0.48% Nonperforming loans and leases/loans and leases 2.04% 2.09% 2.11% 2.13% 2.28% 2.09% Nonperforming assets/assets 1.19% 1.26% 1.28% 1.30% 1.40% 1.26% Allowance/nonperforming loans and leases 66.65% 66.65% 67.60% 69.23% 64.33% 66.65% Allowance/loans and leases 1.36% 1.39% 1.43% 1.48% 1.46% 1.39% Capital Adequacy (period-end) Tier I capital / average assets 8.46% 8.51% 8.55% 8.39% 8.22% 8.51% Total capital / risk-weighted assets 14.37% 14.17% 14.11% 13.98% 13.66% 14.17% Profitability Return on average assets * 0.91% 1.11% 0.95% 1.15% 1.09% 1.07% Return on average equity * 10.35% 12.07% 10.29% 13.08% 12.83% 12.02% Net interest margin (TE) * 3.51% 3.62% 3.71% 3.77% 3.78% 3.72% * Quarterly ratios have been annualized
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